Adobe Inc (ADBE) 2022 Q2 法說會逐字稿

Good day, and welcome to the Q2 FY '22 Adobe Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jonathan Vaas, VP of Investor Relations. Please go ahead.

美好的一天，歡迎參加 Adob​​e 財年第 2 季財報電話會議。今天的會議正在錄製中。這次，我想把會議交給投資人關係副總裁喬納森‧瓦斯(Jonathan Vaas)。請繼續。

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 second quarter fiscal year 2022 financial results. You can find our Q2 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 財年第二季的財務表現。您可以在 Adob​​e 的投資者關係網站上找到我們的第二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, June 16, 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 6 月 16 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. During this presentation, Adobe's executives will refer to constant currency 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。我們報告的結果包括公認會計準則成長率以及以固定匯率計算的調整後成長率。在本次示範中，除非另有說明，Adobe 的高階主管將提及恆定的貨幣成長率。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.

謝謝，喬納森。下午好，感謝您加入我們。

Adobe had a strong Q2, driven by the secular shift to digital that is transforming how we live, work and play. In Q2, we achieved a record $4.39 billion in revenue, representing 15% year-over-year growth. GAAP earnings per share for the quarter was $2.49 and non-GAAP earnings per share was $3.35.

Adobe 在第二季度表現強勁，這得益於數位化的長期轉變，數位化正在改變我們的生活、工作和娛樂方式。第二季度，我們實現了創紀錄的 43.9 億美元收入，年增 15%。本季 GAAP 每股收益為 2.49 美元，非 GAAP 每股收益為 3.35 美元。

In our Digital Media business, we drove strong growth in both Creative Cloud and Document Cloud, achieving $3.2 billion in revenue. Net new Digital Media annualized recurring revenue, or ARR, was $464 million. And total Digital Media ARR exiting Q2 grew to $12.95 billion.

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 32 億美元的營收。新數位媒體淨年度經常性收入 (ARR) 為 4.64 億美元。第二季數位媒體 ARR 總額成長至 129.5 億美元。

In our Experience Cloud business, we achieved $1.1 billion in revenue, and subscription revenue was $961 million for the quarter.

在我們的 Experience Cloud 業務中，本季我們實現了 11 億美元的收入，訂閱收入為 9.61 億美元。

The digital economy runs on Adobe's tools and platforms. Customers from individuals and small businesses to the largest enterprises are using our products to unleash their creativity, accelerate document productivity and deliver personalized customer experiences. Digital experiences from the apps on our devices to the digital documents we consume, edit and sign to the personalized online shopping experiences is made possible by Adobe. Our mission to enable the world's digital experiences has never been more relevant, and we remain focused on executing our long-term growth initiatives.

數位經濟在 Adob​​e 的工具和平台上運作。從個人、小型企業到大型企業的客戶都在使用我們的產品來釋放他們的創造力、提高文件生產力並提供個人化的客戶體驗。從我們裝置上的應用程式到我們使用、編輯和簽署的數位文檔，再到個人化的線上購物體驗，Adobe 使數位體驗成為可能。我們實現全球數位體驗的使命從未如此重要，我們仍然專注於執行我們的長期成長計畫。

We are delivering mission-critical products that serve an ever-increasing base of customers, and we have a track record of strong growth and profitability. In my conversations around the world, it is clear that digital is playing a pivotal role in powering the economy and enabling the world to keep moving forward.

我們正在提供關鍵任務產品，為不斷增長的客戶群提供服務，並且我們擁有強勁增長和盈利能力的記錄。在我在世界各地的談話中，很明顯，數位化在推動經濟發展和使世界不斷前進方面發揮著關鍵作用。

I will now turn it over to David to share more about our momentum in the Digital Media business. David?

現在我將把它交給 David 來分享更多關於我們在數位媒體業務方面的發展勢頭。大衛？

Thanks, Shantanu, and hello, everyone. Adobe products have always been the solution of choice for the world's creators, whether they're designers, photographers, filmmakers or illustrators. Today, the explosion of the creator economy is enabling even more individuals, solopreneurs and small business owners to express themselves in creative ways, whether it's a hobby, a side hustle or a full-time job. Every creator and business is reimagining how they build their brand and engage their audiences in a digital-first world, underscoring the rapidly growing demand for content and creativity.

謝謝，山塔努，大家好。 Adobe 產品始終是全世界創作者的首選解決方案，無論他們是設計師、攝影師、電影製作人還是插畫家。如今，創作者經濟的爆炸式增長使更多的個人、個人企業家和小企業主能夠以創造性的方式表達自己，無論是業餘愛好、副業還是全職工作。每個創作者和企業都在重新構想如何建立自己的品牌並在數位優先的世界中吸引受眾，這凸顯了對內容和創造力的快速增長的需求。

Adobe Creative Cloud offers the most comprehensive portfolio of products and services across every creative category, including imaging, photography, design, video and 3D and immersive.

Adobe Creative Cloud 提供最全面的產品和服務組合，涵蓋每個創意類別，包括影像、攝影、設計、影片、3D 和沈浸式體驗。

We continue to invest across our core flagship products, including a heavy dose of new AI features. As demand for content increases, content creators are looking to Adobe to help them work together efficiently. We're responding by integrating collaboration capabilities directly into our flagship applications that enable creative teams to collaborate with each other and with stakeholders.

我們繼續投資我們的核心旗艦產品，包括大量新的人工智慧功能。隨著內容需求的增加，內容創作者希望 Adob​​e 能夠幫助他們有效率地協作。我們的應對措施是將協作功能直接整合到我們的旗艦應用程式中，使創意團隊能夠相互協作以及與利害關係人協作。

As communicators have become a growing part of our Creative Cloud customer base, we've expanded our offering to include Adobe Express, our new template-based easy-to-use web and mobile product. Express creates an opportunity to serve a broader base of communicators who need lightweight task-based tools to create everything from social media posts, logos and flyers for their small businesses to party invitations and posters for their personal needs. Real estate entrepreneur, Chrishell Stause, is a great example of a social media influencer who is leveraging Adobe Express to transform how she markets her properties and engages her followers. She's one of millions of users promoting their products and services with Adobe Express.

隨著傳播者成為我們 Creative Cloud 客戶群中不斷增長的一部分，我們擴展了我們的產品範圍，將 Adob​​e Express 包括在內，這是我們新的基於模板的易於使用的 Web 和行動產品。 Express 創造了一個機會，為更廣泛的傳播者群體提供服務，這些傳播者需要基於任務的輕量級工具來創建從社交媒體帖子、徽標和小型企業傳單到滿足個人需求的聚會邀請函和海報等各種內容。房地產企業家 Chrishell Stause 是社群媒體影響者的一個很好的例子，她利用 Adob​​e Express 來改變她行銷房產和吸引追隨者的方式。她是使用 Adob​​e Express 推廣其產品和服務的數百萬用戶之一。

In Q2, we achieved net new Creative Cloud ARR of $357 million and revenue of $2.61 billion, which grew 14% year-over-year. Q2 highlights include continued innovation in the imaging category. This quarter, we launched powerful new capabilities in Photoshop, including Photo Restoration Neural Filter that detects and restores damage photos in seconds. Neural Filters are one of Photoshop's most used AI-powered features. They have now been used by millions of users and applied to hundreds of millions of images. We're also delivering enhancements to Photoshop on the web, including new editing features, support for mobile browsers and integrated learning content.

第二季度，我們實現 Creative Cloud 淨新增 ARR 為 3.57 億美元，營收為 26.1 億美元，年增 14%。第二季的亮點包括成像類別的持續創新。本季度，我們在 Photoshop 中推出了強大的新功能，包括照片恢復神經過濾器，可在幾秒鐘內檢測並恢復損壞的照片。神經濾鏡是 Photoshop 最常用的 AI 功能之一。它們現已被數百萬用戶使用，並應用於數億張圖像。我們也為 Photoshop 網頁版提供了增強功能，包括新的編輯功能、對行動瀏覽器的支援以及整合的學習內容。

Video production also continues to explode, and Premiere Pro remains a leader in video creation, editing and now collaboration with Frame.io. The new integration between Frame and Premiere Pro and After Effects is streamlining review and collaboration workflows across stakeholders. Frame had another strong quarter with new customer wins, including Epic Games and NBC Universal, which are using it to manage their video content supply chain, something that Anil will talk more about in a few minutes.

影片製作也持續爆炸性成長，Premiere Pro 仍然是影片創作、編輯以及現在與 Frame.io 合作的領導者。 Frame 與 Premiere Pro 和 After Effects 之間的新整合正在簡化利害關係人之間的稽核和協作工作流程。 Frame 迎來了一個強勁的季度，贏得了新客戶，包括 Epic Games 和 NBC Universal，他們正在使用它來管理他們的視訊內容供應鏈，Anil 將在幾分鐘後詳細討論這一點。

We're also seeing the emergence of new categories like 3D as customer demand for metaverse-ready content continues to increase. Substance 3D had its strongest Q2 ever as customers like HUGO BOSS, Mattel and Unity rely on it to deliver immersive experiences across fashion, gaming and e-commerce. We continue to rapidly innovate in this space, including delivering native Apple hardware support for painter, designer and sampler, enabling creators to work faster than ever before. The Substance team also delivered a new SDK for developers who want to integrate 3D capabilities into their applications.

隨著客戶對虛擬宇宙就緒內容的需求不斷增加，我們也看到 3D 等新類別的出現。 Substance 3D 在第二季度表現最為強勁，HUGO BOSS、Mattel 和 Unity 等客戶依靠它在時尚、遊戲和電子商務領域提供身臨其境的體驗。我們繼續在這一領域快速創新，包括為畫家、設計師和採樣者提供原生 Apple 硬體支持，使創作者能夠比以往更快地工作。 Substance 團隊也為想要將 3D 功能整合到應用程式中的開發人員提供了新的 SDK。

And finally, we're excited about the momentum we're seeing for Adobe Express, with millions of monthly active users and strong growth in traffic and new users in Q2. We continue to bring the magic of Photoshop imaging, Premiere video and Acrobat PDF capabilities like background removal, QR code generation, video resizing and PDF editing to Express. And we released our new content scheduler feature, thanks to our recent acquisition of ContentCal, allowing creators to quickly create preview, schedule and publish social media content.

最後，我們對 Adob​​e Express 的發展勢頭感到興奮，第二季每月活躍用戶數以百萬計，流量和新用戶強勁增長。我們繼續將 Photoshop 成像、Premiere 影片和 Acrobat PDF 功能（如背景移除、QR 程式碼產生、影片大小調整和 PDF 編輯）引入 Express。由於我們最近收購了 ContentCal，我們發布了新的內容調度程序功能，使創作者能夠快速創建預覽、調度和發布社交媒體內容。

We're also excited to kick off our Express Your Brand partnership with Meta, which will enable over 200 million businesses to grow their online presence using Adobe Express. And our product-led growth strategy allows us to use millions of data points to continuously test, learn and optimize the entire Express experience from search to export.

我們也很高興與 Meta 開始我們的 Express Your Brand 合作夥伴關係，這將使超過 2 億家企業能夠使用 Adob​​e Express 擴大其線上影響力。我們以產品為主導的成長策略使我們能夠使用數百萬個數據點來不斷測試、學習和優化從搜尋到導出的整個 Express 體驗。

Adobe Express recently received the Editor's Choice Award on the App Store, recognizing top apps for design, functionality and performance.

Adobe Express 最近榮獲 App Store 編輯選擇獎，表彰在設計、功能和效能方面表現出色的應用程式。

We're very excited about the strong demand for Creative Cloud offerings globally, driven by acquisition, engagement and retention from our data-driven operating model across individuals, SMBs and enterprises. Key enterprise customer wins include Activision, Bertelsmann, Hasbro, Honda Motor, Daimler AG, NCSOFT, Services Australia, State of California and WPP.

我們對全球範圍內對 Creative Cloud 產品的強勁需求感到非常興奮，這是由個人、中小企業和企業的數據驅動營運模式的獲取、參與和保留所推動的。贏得的主要企業客戶包括動視暴雪、貝塔斯曼、孩之寶、本田汽車、戴姆勒股份公司、NCSOFT、澳洲服務部、加州和 WPP。

In our Document Cloud business, digital document workflows are automating manual paper processes across our personal and professional lives. Whether it's a legal contract, invoice or school permission slip we now need to scan, edit, share and sign from anywhere. Adobe Document Cloud offers the most comprehensive intuitive tools for document productivity across every device and platform.

在我們的文件雲端業務中，數位文件工作流程正在使我們個人和職業生活中的手動紙張流程自動化。無論是法律合約、發票或學校許可單，我們現在都需要從任何地方掃描、編輯、分享和簽署。 Adobe Document Cloud 提供最全面、直覺的工具，可提高所有裝置和平台的文件生產力。

In Education, the University of East London is adopting Document Cloud to manage workflows for enrolling 17,000 students from 135 countries. In Financial Services, TSB Bank is transforming the online banking experience by enabling customers to quickly and securely complete common tasks like loan applications that could previously only be done in branches.

在教育領域，東倫敦大學正在採用 Document Cloud 來管理來自 135 個國家的 17,000 名學生的招生工作流程。在金融服務領域，TSB Bank 正在改變線上銀行體驗，使客戶能夠快速、安全地完成以前只能在分行完成的貸款申請等常見任務。

In Q2, we achieved net new Document Cloud ARR of $107 million and record revenue of $595 million, which grew 28% year-over-year. Q2 highlights include strong growth in monthly active users across desktop, mobile and web. The rising volume of search traffic for Acrobat verbs remains a productive funnel to Acrobat Web, which surpassed 50 million monthly active users in Q2, more than doubling year-over-year.

第二季度，我們實現了 1.07 億美元的新 Document Cloud ARR 和創紀錄的 5.95 億美元收入，年增 28%。第二季的亮點包括桌面、行動和網路每月活躍用戶的強勁成長。 Acrobat 動詞搜尋流量的不斷增長仍然是 Acrobat Web 的一個富有成效的管道，第二季度的月度活躍用戶超過 5000 萬，同比增長了一倍多。

Mobile app momentum remains strong with billions of PDFs opened in Acrobat Mobile and hundreds of millions of cumulative Adobe Scan installs.

行動應用程式的勢頭依然強勁，在 Acrobat Mobile 中打開了數十億個 PDF，並且累積安裝了數億個 Adob​​e Scan。

Acrobat and Adobe Sign integration continues to drive strong demand for Adobe Sign as users increasingly send PDFs for signature directly from the unified Acrobat experience. Acrobat and Adobe Express integrations now give hundreds of millions of Acrobat users the ability to embed customized templates and make their PDFs visually stunning. And Acrobat and Sign APIs are thriving as customers increasingly customize, integrate and automate document services.

隨著用戶越來越多地直接從統一的 Acrobat 體驗發送 PDF 以供簽名，Acrobat 和 Adob​​e Sign 整合繼續推動對 Adob​​e Sign 的強勁需求。 Acrobat 和 Adob​​e Express 整合現在使數億 Acrobat 用戶能夠嵌入自訂模板並使他們的 PDF 具有令人驚嘆的視覺效果。隨著客戶越來越多地客製化、整合和自動化文件服務，Acr​​obat 和 Sign API 正在蓬勃發展。

We're thrilled with the momentum we see in the Acrobat ecosystem and our business performance across routes to market and customer segments, including key enterprise customer wins with Automatic Data Processing, Duke Energy, Quanta Services and U.S. Bank.

我們對 Acrobat 生態系統的發展勢頭以及我們在市場和客戶細分領域的業務表現感到非常興奮，其中包括透過自動資料處理、杜克能源、廣達服務和美國銀行贏得的關鍵企業客戶。

We continue to see strong demand for our products in the second half of FY '22. We'll continue to win in the Digital Media business through product innovation across Creative Cloud and Document Cloud, which are targeting a broad and growing base of customers. Our tremendous scale, consistent marketing investments, proven data-driven operating model and new product-led growth initiatives are accelerating our momentum across our new and established businesses.

我們繼續看到 22 財年下半年對我們產品的強勁需求。我們將透過 Creative Cloud 和 Document Cloud 的產品創新繼續贏得數位媒體業務，這些產品的目標客戶群廣泛且不斷成長。我們龐大的規模、持續的行銷投資、經過驗證的數據驅動營運模式和新產品主導的成長計畫正在加速我們新業務和舊業務的發展勢頭。

I'll now pass it to Anil.

我現在將其傳遞給阿尼爾。

Thanks, David. Hello, everyone. Even in this uncertain economy, every business continues to prioritize its digital investments. Our June Adobe Digital Index report, which leverages trillions of data points from Adobe Analytics, found that consumers spent $1 billion more online in May compared to April. Year-to-date, shoppers have spent over $377 billion online, which is roughly 9% more than the same period last year. Driving this digital momentum is the imperative for personalized customer experiences at scale.

謝謝，大衛。大家好。即使在當前不確定的經濟狀況下，每個企業仍繼續優先考慮其數位投資。我們的 6 月 Adob​​e 數位指數報告利用了 Adob​​e Analytics 的數萬億個數據點，發現消費者 5 月的線上支出比 4 月增加了 10 億美元。今年迄今為止，購物者在網路上的支出已超過 3,770 億美元，比去年同期成長約 9%。推動這種數位化勢頭是大規模個人化客戶體驗的必要條件。

Adobe Experience Cloud is the leader in the customer experience management category, offering a comprehensive set of integrated applications and services, spanning data insights and audiences, content and commerce, customer journeys and marketing workflow.

Adobe Experience Cloud 是客戶體驗管理的領導者，提供一整套整合應用程式和服務，涵蓋資料洞察和受眾、內容和商務、客戶旅程和行銷工作流程。

Built natively on Adobe Experience Platform, our real-time customer data platform, real-time CDP, provides businesses with a single view of their customers' data across every channel, allowing them to create precise segments and deliver personalized experiences regardless of when and where a customer interacts with their brand. Adobe delivers real-time data with more than 24 trillion audience segment evaluations per day.

我們的即時客戶資料平台即時CDP 原生建構於AdAdobe Experience Platform 之上，為企業提供跨每個管道的客戶資料的單一視圖，使他們能夠創建精確的細分並提供個人化體驗，無論何時何地客戶與他們的品牌互動。 Adobe 每天提供超過 24 兆個細分受眾群評估的即時數據。

The Home Depot is the latest in a large and growing set of industry-leading customers who are adopting Adobe's real-time CDP as the underlying platform to power their digital business. Real-time CDP provides a comprehensive view of the Home Depot's customers across e-commerce, mobile and in-store purchases, enabling them to build customer loyalty and grow their business. In Q2, we continued to drive outstanding Experience Cloud growth, achieving a record $1.1 billion in revenue.

Home Depot 是眾多且不斷成長的業界領先客戶中的最新一家，這些客戶正在採用 Adob​​e 的即時 CDP 作為底層平台來推動其數位業務。即時 CDP 提供了家得寶 (Home Depot) 客戶在電子商務、行動和店內購買方面的全面視圖，使他們能夠建立客戶忠誠度並發展業務。第二季度，我們繼續推動 Experience Cloud 的出色成長，實現了創紀錄的 11 億美元收入。

Subscription revenue was $961 million for the quarter, representing 18% year-over-year growth. Q2 highlights include native integration across real-time CDP, Customer Journey Analytics and Adobe Journey Optimizer, which is a significant differentiator, allowing brands to orchestrate, measure and optimize the entire customer experience.

該季度訂閱營收為 9.61 億美元，年增 18%。第二季度的亮點包括跨實時 CDP、客戶旅程分析和 Adob​​e Journey Optimizer 的原生集成，這是一個顯著的差異化因素，使品牌能夠編排、衡量和優化整個客戶體驗。

New innovations such as segment match enable brands to securely share customer segment data with business partners while respecting customer privacy. Major enterprises are adopting real-time CDP as their platform of choice, with key customer wins this quarter, including Autodesk, National Football League and U.S. Bank. Expanding Experience Cloud leadership in the health care industry by making Adobe Journey optimizer and real-time CDP HIPAA-ready through Healthcare Shield. This quarter's customer win with CVS is a great proof point of this massive market opportunity.

細分匹配等新創新使品牌能夠與業務合作夥伴安全地共享客戶細分數據，同時尊重客戶隱私。主要企業正在採用即時 CDP 作為他們的首選平台，本季度贏得了主要客戶，包括 Autodesk、美國國家橄欖球聯盟和美國銀行。透過 Healthcare Shield 讓 Adob​​e Journey 優化器和即時 CDP HIPAA 做好準備，擴大 Experience Cloud 在醫療保健產業的領導地位。本季 CVS 贏得的客戶充分證明了這個巨大的市場機會。

New services in Adobe Analytics, delivering a single workspace for brands to unify data and insights from new media types such as 3D and streaming media with traditional channels to get a holistic view of customer engagement with Customer Journey Analytics.

Adobe Analytics 中的新服務為品牌提供單一工作區，將 3D 和串流等新媒體類型的數據和見解與傳統管道統一起來，從而透過客戶旅程分析全面了解客戶互動情況。

Strong adoption of Adobe Experience Manager for unified content management demonstrating Adobe's leadership in helping businesses effectively manage their content supply chain from creation through delivery. Tremendous growth in demand for partner and Adobe professional services, underscoring the urgency for implementation and value realization. And key customer wins, including Audible, Anthem, Bank of Nova Scotia, Humana, McDonald's, Stellantis and Toyota.

大力採用 Adob​​e Experience Manager 進行統一內容管理，展示了 Adob​​e 在幫助企業有效管理從創建到交付的內容供應鏈方面的領導地位。對合作夥伴和 Adob​​e 專業服務的需求大幅成長，凸顯了實施和價值實現的迫切性。贏得的主要客戶包括 Audible、Anthem、Bank of Nova Scotia、Humana、McDonald's、Stellantis 和 Toyota。

Reinforcing our leadership position, Adobe continued to receive strong industry analyst recognition, including being named #1 by Gartner for both the marketing subsegment of customer experience and relationship management and digital experience platforms. We were also named a leader in the inaugural IDC MarketScape for Worldwide Retail and CPG Customer Data Platforms and the IDC MarketScape for Professional Services.

Adobe 繼續獲得產業分析師的高度認可，進一步鞏固了我們的領導地位，包括被 Gartner 評為客戶體驗、關係管理和數位體驗平台行銷子領域第一名。我們也在首屆 IDC MarketScape 全球零售和 CPG 客戶資料平台以及 IDC MarketScape 專業服務中被評為領導者。

Looking ahead, our category-leading solutions, strong pipeline and tremendous scale through our partner ecosystem position us to deliver personalization at scale across every industry and drive strong growth in the second half.

展望未來，我們領先的解決方案、強大的管道以及合作夥伴生態系統的巨大規模使我們能夠在每個行業大規模提供個人化服務，並推動下半年的強勁成長。

Dan, over to you.

丹，交給你了。

Thanks, Anil. Today, I'll start by summarizing Adobe's performance in Q2 fiscal 2022, highlighting growth drivers across our businesses, and I'll finish with financial targets. Adobe delivered a strong quarter, surpassing our issued Q2 financial targets in an uncertain macro environment.

謝謝，阿尼爾。今天，我將首先總結 Adob​​e 在 2022 財年第二季的業績，強調我們業務的成長動力，最後我將提出財務目標。 Adobe 的季度業績表現強勁，在不確定的宏觀環境下超出了我們發布的第二季財務目標。

On the top line, we grew revenue by 14% year-over-year or 15% in constant currency. While making long-term growth investments, we delivered operating margins of 35% on a GAAP basis and 45% on a non-GAAP basis, continuing to be one of the most predictable and profitable growth companies in technology.

在營收方面，我們的營收年增 14%，以固定匯率計算成長 15%。在進行長期成長投資的同時，我們的營業利潤率（以 GAAP 計算）為 35%，以非 GAAP 計算為 45%，繼續成為科技領域最可預測且獲利的成長型公司之一。

We have 3 strategic businesses growing into massive addressable markets with differentiated products used by hundreds of millions of individuals every month. In addition to our established businesses, we are delivering innovations and new offerings that will drive transformational growth in the future.

我們的 3 項策略性業務已發展成為巨大的潛在市場，每月有數億人使用差異化產品。除了我們既定的業務之外，我們還提供創新和新產品，以推動未來的轉型成長。

Q2 business and financial highlights included: record revenue of $4.39 billion, GAAP diluted earnings per share of $2.49 and non-GAAP diluted earnings per share of $3.35, Digital Media revenue of $3.20 billion, net new Digital Media ARR of $464 million, Digital Experience revenue of $1.10 billion, cash flows from operations of $2.04 billion, RPO of $13.82 billion exiting the quarter and repurchasing approximately 1.9 million shares of our stock during the quarter.

第二季業務與財務亮點包括：創紀錄的收入43.9 億美元、GAAP 攤薄每股收益2.49 美元、非GAAP 攤薄每股收益3.35 美元、數位媒體收入32 億美元、新數位媒體ARR 淨值4.64 億美元、數位體驗收入11.0 億美元，營運現金流 20.4 億美元，本季退出的 RPO 為 138.2 億美元，並在本季回購了約 190 萬股股票。

[In our Digital Media segment, we achieved] 15% year-over-year revenue growth [in Q2, or 16% in constant] currency. We exited the quarter with $12.95 billion of Digital Media ARR. We achieved creative revenue of $2.61 billion, which represents 12% year-over-year growth or 14% in constant currency. We added $357 million of net new Creative ARR in the quarter, a sequential increase of 13% from Q1.

[在我們的數位媒體部門，我們實現] [第二季] 15% 的年收入成長，以固定匯率計算為 16%。本季結束時，我們的數位媒體 ARR 為 129.5 億美元。我們實現了 26.1 億美元的創意收入，年增 12%，以固定匯率計算成長 14%。本季我們新增創意 ARR 淨值 3.57 億美元，較第一季季增 13%。

Second quarter Creative growth drivers included continued strength in acquisition, engagement and retention across our customer segments; momentum in the small and medium business segment, where our team's offering continues to drive new customer acquisition; demand for our flagship products, including Photoshop, Illustrator and Premiere; mobile applications, where our ending ARR grew greater than 30% year-over-year exiting the quarter; Adobe Stock, where we saw strong book of business growth across organizations and new customers; and momentum in new businesses with strong growth in Frame.io as well as our Substance offerings, which grew ending ARR greater than 60% year-over-year exiting the quarter.

第二季創意成長驅動因素包括我們客戶群的獲取、參與和保留方面的持續強勁；中小型企業領域的勢頭強勁，我們團隊的產品持續推動新客戶的取得；對我們旗艦產品的需求，包括 Photoshop、Illustrator 和 Premiere；行動應用程序，本季結束後，我們的最終 ARR 同比增長超過 30%； Adobe Stock，我們看到各個組織和新客戶的業務成長強勁； Frame.io 以及我們的 Substance 產品的強勁成長帶來了新業務的勢頭，本季末 ARR 年比成長超過 60%。

Adobe achieved Document Cloud revenue of $595 million, which represents 27% year-over-year growth or 28% in constant currency. Document Cloud continues to be our fastest-growing business given the relevance and importance of PDF to knowledge workers around the globe. We added $107 million of net new Document Cloud ARR in the quarter.

Adobe 實現文件雲端營收 5.95 億美元，年增 27%，以固定匯率計算成長 28%。鑑於 PDF 對全球知識工作者的相關性和重要性，文件雲仍然是我們成長最快的業務。本季我們新增 Document Cloud ARR 淨值達 1.07 億美元。

Second quarter Document Cloud growth drivers included continued strength in acquisition, engagement and retention for Acrobat across our customer segments; momentum in the small and medium business segment and the reseller channel, continuing to drive new Document Cloud subscriptions; continued growth of searches online for document actions, funneling millions of new customers into our document franchise through Acrobat Web; strength in mobile with ending ARR growing greater than 40% year-over-year exiting the quarter; and strong adoption of Acrobat with integrated sign capabilities within organizations of all sizes. Our document business also had a strong quarter in sales of Acrobat perpetual licenses.

第二季文檔雲端成長驅動因素包括 Acrobat 在我們客戶群中的取得、參與和保留方面的持續強勁；中小型企業領域和經銷商通路的勢頭，繼續推動新的 Document Cloud 訂閱；線上文件操作搜尋量持續成長，透過 Acrobat Web 將數百萬新客戶引入我們的文件專營權；行動業務實力雄厚，本季末 ARR 年增超過 40%；以及在各種規模的組織中廣泛採用具有整合簽名功能的 Acrobat。我們的文件業務季度 Acrobat 永久授權的銷售也表現強勁。

Turning to our Digital Experience segment. In Q2, we achieved revenue of $1.10 billion, which represents 17% year-over-year growth or 18% in constant currency. Digital Experience subscription revenue was $961 million, representing 18% year-over-year growth.

轉向我們的數位體驗部分。第二季度，我們營收 11 億美元，年增 17%，以固定匯率計算成長 18%。數位體驗訂閱收入為 9.61 億美元，年增 18%。

Second quarter Digital Experience growth drivers included strong growth in our Adobe Experience Platform business, or AEP, with Real-Time CDP revenue more than doubling year-over-year; increasing customer interest and pipeline generation for new applications built on AEP, including Real-Time CDP, Customer Journey Optimizer and Customer Journey Analytics; success with Workfront where average deal sizes grew greater than 35% year-over-year; continued customer demand in Content and Commerce with significant new customer acquisition in Adobe Experience Manager as a Cloud Service; enterprise demand for Adobe professional services, driving customer success and new implementations across our solutions and strength in retention rates during the quarter, driven by product differentiation and our focus on delivering customer value.

第二季數位體驗成長動力包括 Adob​​e 體驗平台業務 (AEP) 的強勁成長，即時 CDP 營收年增了一倍以上；提高客戶對基於 AEP 建立的新應用程式的興趣和管道生成，包括即時 CDP、客戶旅程優化器和客戶旅程分析； Workfront 取得成功，平均交易規模較去年同期成長超過 35%；透過 Adob​​e Experience Manager 雲端服務中的大量新客戶獲取，滿足內容和商務領域的持續客戶需求；企業對 Adob​​e 專業服務的需求，在產品差異化和我們對交付客戶價值的關注的推動下，推動了客戶成功和整個解決方案的新實施，以及本季保留率的增強。

Our strategy of enabling enterprises to activate first-party data to provide personalization at scale in real time is resonating with customers, driving our continuing Digital Experience growth. In Q2, we continued to focus on making disciplined investments to drive growth, including marketing campaigns and headcount additions in our R&D and sales organizations. We're pleased with our success in talent acquisition during the quarter in a competitive market.

我們使企業能夠啟動第一方數據以即時提供大規模個人化的策略引起了客戶的共鳴，推動了我們數位體驗的持續成長。在第二季度，我們繼續專注於進行嚴格的投資以推動成長，包括行銷活動以及研發和銷售組織的人員增加。我們對本季在競爭激烈的市場中成功招募人才感到高興。

Adobe's effective tax rate in Q2 was 21% on a GAAP basis and 18.5% on a non-GAAP basis. The increase in the GAAP tax rate is primarily due to the lower-than-expected tax benefits associated with stock-based compensation and geographic mix of earnings. RPO exiting the quarter was $13.82 billion, growing 13% year-over-year or 15% year-over-year when factoring in a 2% foreign exchange headwind.

Adobe 第二季的有效稅率（以 GAAP 計算）為 21%，以非 GAAP 計算為 18.5%。公認會計準則稅率的增加主要是由於與股票薪酬和收益地域組合相關的稅收優惠低於預期。本季的 RPO 為 138.2 億美元，年增 13%，如果考慮到 2% 的外匯逆風，則年增 15%。

Our ending cash and short-term investment position exiting Q2 was $5.30 billion, and cash flows from operations in the quarter were $2.04 billion. In Q2, we repurchased approximately 1.9 million shares at a cost of $800 million. We currently have $9.5 billion remaining of our $15 billion authorization granted in December 2020, which goes through 2024.

第二季末我們的現金和短期投資部位為 53 億美元，本季營運現金流為 20.4 億美元。第二季度，我們以 8 億美元的成本回購了約 190 萬股股票。在 2020 年 12 月授予的 150 億美元授權中，我們目前還剩下 95 億美元，該授權將持續到 2024 年。

We will now provide Q3 targets as well as an update on the annual targets we provided in December, factoring in the following 4 items. First, in March, we stated that as a result of lower-than-expected tax benefits associated with stock-based compensation, our effective tax rates would increase in fiscal 2022.

我們現在將提供第三季目標以及 12 月提供的年度目標的更新，其中考慮以下 4 項。首先，我們在 3 月表示，由於與股票薪酬相關的稅收優惠低於預期，我們的有效稅率將在 2022 財年提高。

Second, in March, we outlined the impact of the ongoing war in Ukraine and our decision to cease all new sales in Russia and Belarus, resulting in an expected $75 million revenue impact on our Digital Media business. Third, as a result of the continued strength of the U.S. dollar, we are now factoring in an incremental FX headwind of $175 million across Q3 and Q4 revenue. And fourth, while demand for our products remain strong, we now expect the second half of the fiscal year to show more pronounced summer seasonality in Q3 in the enterprise business with a stronger sequential increase in Q4.

其次，在 3 月份，我們概述了烏克蘭持續戰爭的影響以及我們決定停止在俄羅斯和白俄羅斯的所有新銷售，預計將對我們的數位媒體業務造成 7500 萬美元的收入影響。第三，由於美元持續走強，我們現在考慮到第三季和第四季營收中 1.75 億美元的外匯逆風增量。第四，雖然對我們產品的需求仍然強勁，但我們現在預計本財年下半年企業業務將在第三季度表現出更明顯的夏季季節性，第四季度將出現更強勁的環比增長。

As a result, for Q3, we are targeting total Adobe revenue of approximately $4.43 billion, net new Digital Media ARR of approximately $430 million, Digital Media segment revenue growth of approximately 13% year-over-year or 16% in constant currency, Digital Experience segment revenue growth of approximately 12% year-over-year or 14% in constant currency, Digital Experience subscription revenue growth of approximately 13% year-over-year or 15% in constant currency, tax rate of approximately 22.5% on a GAAP basis and 18.5% on a non-GAAP basis and GAAP earnings per share of approximately $2.35 and non-GAAP earnings per share of approximately $3.33.

因此，第三季度，我們的目標是AdAdobe 總營收約44.3 億美元，新數位媒體淨收入約為4.3 億美元，數位媒體部門營收年增約13%，以固定匯率計算成長16% 。 ，以GAAP 計算每股收益約為2.35 美元，非GAAP 每股收益約為3.33 美元。

For fiscal year 2022, we're now targeting total Adobe revenue of approximately $17.65 billion, net new Digital Media ARR of approximately $1.90 billion, Digital Media segment revenue growth of approximately 12% year-over-year or 17% on an adjusted basis, Digital Experience segment revenue growth of approximately 14% year-over-year or 17% on an adjusted basis, Digital Experience subscription revenue growth of approximately 15% year-over-year or 19% on an adjusted basis, tax rate of approximately 21% on a GAAP basis and 18.5% on a non-GAAP basis and GAAP earnings per share of approximately $9.95 and non-GAAP earnings per share of approximately $13.50.

對於 2022 財年，我們目前的目標是 Adob​​e 總收入約為 176.5 億美元，新數位媒體 ARR 約為 19 億美元，數位媒體部門營收年增約 12%，調整後成長 17%，數位體驗部門營收年增約14%，調整後成長17%，數位體驗訂閱營收年增約15%，調整後成長19%，稅率約21%以GAAP 基準計算，以非GAAP 基準計算18.5%，GAAP 每股收益約為9.95 美元，非GAAP 每股收益約為13.50 美元。

In summary, I'm pleased by the way Adobe executed in Q2. We are driving growth across Creative Cloud, Document Cloud and Experience Cloud, with momentum in our established businesses and early success in our new initiatives. As a result of our disciplined operating model and focused execution, we were able to dramatically reduce the expected impact of increased tax rates and FX headwinds on our EPS. The investments we're making today in people, products and marketing will enable us to drive strong growth for years to come, and we are on track for another year of record revenue and operating cash flows.

總之，我對 Adob​​e 在第二季的執行方式感到滿意。我們正在推動創意雲、文件雲和體驗雲的成長，現有業務勢頭強勁，新舉措也取得了早期成功。由於我們嚴格的營運模式和專注的執行力，我們能夠大幅降低稅率上升和外匯不利因素對每股盈餘的預期影響。我們今天在人員、產品和行銷方面進行的投資將使我們能夠在未來幾年推動強勁成長，並且我們有望再創收入和營運現金流創紀錄的一年。

Shantanu, back to you.

山塔努，回到你身邊。

Thanks, Dan. We are proud of our strong Q2 performance across Creative Cloud, Document Cloud and Experience Cloud. Adobe remains one of the greatest places to work in the industry, and I want to thank our employees for their relentless dedication.

謝謝，丹。我們對 Creative Cloud、Document Cloud 和 Experience Cloud 第二季度的強勁表現感到自豪。 Adobe 仍然是業界最好的工作場所之一，我要感謝我們的員工不懈的奉獻。

This quarter, Forbes named us a top employer for college graduates, and we were ranked on their list of America's Best Employers for Diversity. I'm thrilled to welcome our largest cohort of interns and university graduates this summer.

本季度，《富比士》將我們評為大學畢業生最佳雇主，並且我們名列其「美國多元化最佳雇主」名單。我很高興今年夏天迎來我們最大的一群實習生和大學畢業生。

Demand for our category-defining products and services continues to grow. We're innovating at rapid speed for new and existing customer segments accelerating our leadership in established categories and seeing strong momentum for our newer initiatives. Our strategy remains to focus on long-term growth initiatives while delivering world-class profitability. Our business fundamentals and market tailwinds are strong, and I've never been more confident in our ability to execute on the $205 billion market opportunity ahead of us.

對我們類別定義產品和服務的需求持續成長。我們正在為新的和現有的客戶群快速創新，加速我們在既定類別中的領導地位，並看到我們新舉措的強勁勢頭。我們的策略仍然是專注於長期成長計劃，同時提供世界一流的獲利能力。我們的業務基本面和市場順風強勁，我對我們抓住眼前的 2050 億美元市場機會的能力充滿信心。

I will now turn it back over to Jonathan.

我現在將把它轉回給喬納森。

Thanks, Shantanu. Adobe MAX, our creativity conference, will take place during the third week of October this year in Los Angeles. On day 1 at MAX on Tuesday, October 18, we plan to host a financial analyst meeting. Invitations, including discounted registration information, will be sent to our analyst and investor e-mail list later this summer. More information about the event can be found online at max.adobe.com.

謝謝，山塔努。我們的創意大會 Adob​​e MAX 將於今年 10 月第三週在洛杉磯舉行。 10 月 18 日星期二，MAX 的第一天，我們計劃舉辦一次金融分析師會議。包括折扣註冊資訊在內的邀請函將在今年夏天晚些時候發送到我們的分析師和投資者的電子郵件清單中。有關該活動的更多信息，請訪問 max.adobe.com。

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

我們現在很樂意回答您的問題。 （操作員指示）操作員？

(Operator Instructions) And we will go to our first question from Kirk Materne of Evercore ISI.

（操作員說明）我們將回答 Evercore ISI 的 Kirk Materne 提出的第一個問題。

Congrats on the strong results. Shantanu and Anil, I was wondering if you guys could just talk a little bit about the type of conversations you're having with your enterprise customers these days given the macro backdrop. Are you seeing any hesitancy to spend? Obviously, you guys are keeping your full year guidance despite all these headwinds. But I was also just curious if there's any change in kind of the type of deals. Is it more smaller deals but more deals? Or is the product mix changing at all on the Experience Cloud side? I was just wondering if you could give us some color on that because that obviously remains a very primary concern for folks these days.

祝賀取得強勁的成果。 Shantanu 和 Anil，我想知道你們能否在宏觀背景下談談你們這些天與企業客戶進行的對話類型。您是否在花錢方面猶豫不決？顯然，儘管存在這些不利因素，你們仍保持全年指導。但我也很好奇交易類型是否有任何變化。是更多的小額交易還是更多的交易？或者 Experience Cloud 方面的產品組合是否發生了根本變化？我只是想知道你能否給我們一些關於這個問題的信息，因為這顯然仍然是當今人們最關心的問題。

Thanks, Kirk. Yes, we are pleased with what we saw in the quarter. In the conversations that we're having, both Anil and I would first say, that the interest level in executives all around the world is very high. Unlike last time, I would say, right now, the focus is also a lot on execution. So a lot of the investments that people have made in digital, they recognize that given how critical the imperative is to engage with customers digitally. So we're actually pleased both Adobe as well as if you look at the entire systems integrator and partner network, they are finding that there's a lot of demand for implementation on Adobe products.

謝謝，柯克。是的，我們對本季所看到的情況感到滿意。在我們正在進行的對話中，阿尼爾和我首先要說的是，世界各地的高階主管對此的興趣非常高。我想說，與上次不同的是，現在的重點也非常放在執行上。因此，人們在數位化領域進行了大量投資，他們認識到以數位化方式與客戶互動的重要性。因此，我們實際上很高興 Adob​​e 以及整個系統整合商和合作夥伴網絡，他們發現對 Adob​​e 產品的實施有很多需求。

I think the other part of the conversation that you all have with enterprise CEOs right now is they all recognize it's an uncertain time, and that's the conversation that we have. But despite that uncertain macroeconomic environment, the thing that all of them recognize is that digital is a priority. And they really want to continue to have conversations with us as to how they can do digital.

我認為你們現在與企業執行長的對話的另一部分是他們都認識到這是一個不確定的時期，這就是我們的對話。但儘管宏觀經濟環境存在不確定性，但他們都認識到數位化是重中之重。他們真的很想繼續與我們對話，討論如何數位化。

I'll have Anil maybe add a little bit of what he's seeing across different verticals as well. But the importance of digital remains undiminished.

我可能會讓阿尼爾添加一些他在不同垂直領域看到的東西。但數位化的重要性仍然沒有減弱。

Yes. Thanks, Shantanu. Just to add a little bit on the vertical color. We were really pleased with some of the wins we had in Q2. If you look at automotive and what we had with Daimler over in Europe, however, we continue our strength in sports, media and entertainment with NFL, which is using the Real-Time CDP for personalization at scale across their fan base and in health care, where we had a really important win with CVS, that was a great validation of all the HIPAA readiness we built into our platform.

是的。謝謝，山塔努。只是在垂直顏色上添加一點。我們對第二季度取得的一些勝利感到非常滿意。然而，如果你看看汽車業以及我們與戴姆勒在歐洲的合作，我們會繼續與NFL 合作，在體育、媒體和娛樂領域發揮優勢，NFL 正在使用實時CDP 在其粉絲群和醫療保健領域實現大規模個人化，我們在 CVS 方面取得了非常重要的勝利，這是對我們平台中內建的所有 HIPAA 準備情況的一個很好的驗證。

So that opens up a big market opportunity. So we were really pleased with those wins. And as you said, digital continues to be a priority, and we are seeing that in the pipeline for the second half.

這開啟了一個巨大的市場機會。所以我們對這些勝利感到非常滿意。正如您所說，數位化仍然是優先事項，我們在下半年看到了這一點。

And Kirk, did you have anything further?

柯克，你還有什麼進一步的嗎？

No, that was it. I'll keep to my one-question limit.

不，就是這樣。我會遵守一個問題的限制。

And we'll go next to Brent Thill of Jefferies.

接下來我們將請傑富瑞 (Jefferies) 的布倫特希爾 (Brent Thill) 演講。

Dan, I was curious if you could just comment on the more pronounced summer seasonality, what are you seeing this year versus perhaps in past years?

丹，我很好奇你是否能評論一下更明顯的夏季季節性，與過去幾年相比，你今年看到了什麼？

And just a quick follow-up on the numbers. The net new ARR guide was down in Q2 to Q3. And I think last quarter, you said it would be up. Did we misinterpret what you said last quarter? I just want to make sure you clarify that.

只是對數字進行快速跟進。第二季至第三季的淨新 ARR 指南有所下降。我想上個季度，你說過會上漲。我們是否誤解了您上季所說的內容？我只是想確保你澄清這一點。

Yes, Brent, the way I would describe it is we had a strong first half, and we actually continue to see a strong demand for our unique solutions. And all of our new initiatives as well as the established businesses are doing well. I guess what we are also paying attention to is what we all read as part of the macro environment.

是的，布倫特，我的描述是我們在上半年表現強勁，而且我們實際上繼續看到對我們獨特解決方案的強烈需求。我們所有的新措施以及現有業務都表現良好。我想我們也關注的是我們所讀到的宏觀環境的一部分。

And when I look at what we expect for our second half, the confidence remains undiminished. The question really for us is timing. And maybe we're being a little cautious as it relates to what happens given the summer seasonality, as you know, Brent, better than most is sort of the July and August. So as it relates to our second half pipeline, the confidence remains undiminished. And we're just maybe a little cautious as it relates to timing.

當我看到我們對下半年的期望時，信心仍然沒有減弱。對我們來說真正的問題是時機。也許我們有點謹慎，因為這與考慮到夏季季節性發生的情況有關，布倫特，你知道，比大多數七月和八月要好。因此，就我們的下半年管道而言，信心仍然沒有減弱。我們可能只是在時間安排上有點謹慎。

In terms of what we had said in March, you're right, we had sort of alluded to the fact that we would have expected some sequential increase. Clearly, we had a strong Q2. But that's part of the reason why we wanted to give a little bit of color and be transparent on how we see it. And as you noticed, we reaffirmed the $1.9 billion for net new ARR for the year.

就我們三月所說的而言，你是對的，我們曾經提到我們預計會出現一些連續增長的事實。顯然，我們的第二季表現強勁。但這就是為什麼我們想要提供一點色彩並透明地表達我們的看法的部分原因。正如您所注意到的，我們重申了今年淨新 ARR 為 19 億美元。

And we'll go next to our question from Brad Sills of Bank of America.

接下來我們將回答美國銀行布拉德希爾斯 (Brad Sils) 提出的問題。

I wanted to ask about Creative Cloud Express. You mentioned some new features here, imaging, video, editing for Acrobat. It seems to me like those are -- would be considered typically premium features. Is there any change in strategy with Creative Cloud Express as to where you see that playing in different segments of the market?

我想問 Creative Cloud Express。您在這裡提到了 Acrobat 的一些新功能，成像、影片、編輯。在我看來，這些都是典型的進階功能。您認為 Creative Cloud Express 的策略有什麼改變嗎？

Yes. Thanks for the question. First of all, we're really thrilled with the reception of Creative Cloud Express -- Adobe Express into the market. And frankly, it's been a lot of fun for us because it's a product that everyone at Adobe can also be using. It's amazing to see the creativity coming out of finance and legal, for example.

是的。謝謝你的提問。首先，我們對 Creative Cloud Express - Adob​​e Express 進入市場感到非常興奮。坦白說，這對我們來說很有趣，因為 Adob​​e 的每個人都可以使用它。例如，看到金融和法律領域的創造力令人驚嘆。

As a reminder, just to sort of up level for a second, we've been focused on the communicator and creator economy ecosystem for years. In fact, we believe that we're the largest provider of creative tools to professionals and communicators on the back of our core products. So I want to just make sure people recognize that the core products are playing to this incredibly large market.

提醒一下，我們多年來一直專注於傳播者和創造者經濟生態系統。事實上，我們相信，憑藉我們的核心產品，我們是向專業人士和傳播者提供創意工具的最大提供者。因此，我只想確保人們認識到核心產品正在為這個極其龐大的市場發揮作用。

Where we see Express filling in is that Express is additive and broadens the reach in that new communicator base because of exactly what you're saying, the freemium business model, the zero-friction onboarding. It's clearly showing that we're able to attract millions of new users into the franchise. And we're able to do it very efficiently by optimizing how we onboard customers from search terms that typically were not ones that we focused on in the past. We also look at the ability to onboard those users and differentiate the offering with the integration of these amazing features that we get from the desktop applications like Adobe Magic. And all of this helps differentiate what we're doing with Express.

我們看到 Express 填補的地方是 Express 具有附加功能，並擴大了新傳播者基礎的覆蓋範圍，正如您所說的那樣，免費增值業務模式、零摩擦入職。這清楚地表明我們能夠吸引數百萬新用戶加入該系列。透過優化我們從搜尋字詞吸引客戶的方式，我們能夠非常有效地做到這一點，而這些搜尋字詞通常不是我們過去關注的。我們還著眼於吸引這些用戶的能力，並透過整合從 Adob​​e Magic 等桌面應用程式獲得的這些令人驚嘆的功能來使產品脫穎而出。所有這些都有助於讓我們在 Express 上所做的事情與眾不同。

And if we take a step back and look at it from a business perspective, we feel very confident that Adobe Express and the way we actually pull people into that funnel is additive to the market opportunity that we're playing. So we are really emphasizing the ability to add more capabilities there and differentiate there.

如果我們退後一步，從商業角度來看，我們非常有信心 Adob​​e Express 以及我們實際將人們拉入該管道的方式會增加我們正在利用的市場機會。因此，我們真正強調的是在那裡添加更多功能並在那裡實現差異化的能力。

I do also want to remind folks that Express is also available to core Creative Cloud customers. And by integrating some of those features into Express, we're enabling workflows between the core Creative Cloud products and also Express, and we believe that's going to have a strong retentive value on the core base. And we just had, in fact, a great quarter with very strong retention for Creative Cloud as well.

我還想提醒大家，核心 Creative Cloud 客戶也可以使用 Express。透過將其中一些功能整合到 Express 中，我們可以在核心 Creative Cloud 產品和 Express 之間實現工作流程，我們相信這將在核心基礎上具有強大的保留價值。事實上，我們剛剛度過了一個出色的季度，Creative Cloud 的保留率也非常高。

Brad, maybe if I were to add, I think the team is actually having a lot of fun with all these cool features. To your point, they're showing some incredible stuff as part of the quick actions. But if you look at the depth of what they have, I mean, there is so much behind the scenes that we will be able to monetize. But clearly, the focus is on usage right now, as David said. It's been fun.

Brad，也許如果我要補充的話，我認為團隊實際上對所有這些很酷的功能感到很有趣。就您而言，作為快速行動的一部分，他們展示了一些令人難以置信的東西。但如果你看看他們所擁有的深度，我的意思是，幕後有很多我們可以從中獲利的東西。但顯然，正如大衛所說，現在的重點是使用。這很有趣。

We'll go next to Alex Zukin of Wolfe Research.

接下來我們請沃爾夫研究中心的 Alex Zukin 發言。

I guess maybe just a 2-parter. The first one, we've talked, I think, a lot about pricing tailwinds during last quarter in terms of the impact for the year. And I guess can you help us just quantify the impact that you're anticipating for Q3 and Q4? Because it does look to start ramping here pretty meaningfully.

我想也許只是兩人吧。第一個，我認為，我們已經討論了很多關於上季度定價順風對今年的影響的問題。我想您能幫助我們量化您對第三季和第四季的預期影響嗎？因為它看起來確實開始在這裡非常有意義地增長。

And then, Shantanu, I guess maybe just for you, with respect to the strategic approach to M&A and kind of what's on the horizon given the changing valuation paradigms in the market, how important is either a large strategic M&A to the growth profile of the business versus tuck-ins?

然後，Shantanu，我想也許只是對你來說，關於併購的戰略方法以及考慮到市場不斷變化的估值範式即將發生的事情，大型戰略併購對於公司的增長狀況有多重要生意與折騰？

I'm happy to -- go ahead, Shantanu.

我很高興——繼續吧，山塔努。

I think as it relates to your M&A question and then David can certainly answer the other one. Clearly, valuations, to your point, have changed quite a bit. And the first thing I'll start off by saying is we're really pleased with our portfolio. If you look at some of the new initiatives, and we've touched on that, whether it's Adobe Express, whether it's the Real-Time CDP customer journey analytics, what we are doing with things on the web, including PDF, we feel really good. I do feel, Alex, that there are going to be a number of small single-product companies that are probably not going to survive what's happening. And the valuation sort of multiple changing is actually, I think, good for a larger company like Adobe.

我認為這與你的併購問題有關，那麼大​​衛當然可以回答另一個問題。顯然，就您而言，估值已經發生了很大變化。首先我要說的是我們對我們的產品組合非常滿意。如果你看看我們的一些新舉措，無論是 Adob​​e Express，還是即時 CDP 客戶旅程分析，以及我們對網路上的內容（包括 PDF）所做的事情，我們都覺得真的好的。亞歷克斯，我確實覺得，將會有許多小型單一產品公司可能無法在正在發生的事情中生存。我認為，估值的多重變化實際上對於像 Adob​​e 這樣的大公司來說是件好事。

So it doesn't feel like we need anything, but we'll always be on the lookout for things that are additive, that are adjacent and that will provide great shareholder value. And our metrics associated with ensuring great technology, great cultural fit and adjacency remain. But we have so much going on within the company that we're excited about our current portfolio. Clearly, things will be more reasonable in terms of M&A as well.

因此，我們並不需要任何東西，但我們將始終尋找可附加的、相鄰的、能夠提供巨大股東價值的東西。我們與確保卓越技術、良好文化契合度和鄰近性相關的指標仍然存在。但我們公司內部發生了很多事情，因此我們對目前的產品組合感到興奮。顯然，併購方面也會更合理。

And on pricing, Alex, you're right. We did sort of introduce a modest price increase to a portion of our customer base in Q2. The new prices were in market for about a month and drove a little under a $10 million of benefit, which is exactly what we were expecting. And as you can see, is a very small part of the $464 million that we drove in Q2.

關於定價，亞歷克斯，你是對的。我們確實在第二季對部分客戶群進行了適度的漲價。新價格上市約一個月，帶來了略低於 1000 萬美元的收益，這正是我們的預期。正如您所看到的，這只是我們第二季度實現的 4.64 億美元收入中很小的一部分。

Customer reaction overall to this has been good because we've added so many new features since the last price update that it's been very positive overall. And in fact, if we get asked anything by analysts, it's why we didn't make a bigger price increase. And the reality there is we're primarily focused on adding millions of new users. We are a growth business. We want to continue to grow the user base. And we believe that with the initiatives we have around both the core and the new products, we want to run the business through acquisition of new users, engagement and retention.

客戶對此的整體反應很好，因為自上次價格更新以來我們添加了許多新功能，總體來說非常積極。事實上，如果分析師問我們什麼問題，這就是我們沒有大幅提價的原因。事實上，我們主要關注的是增加數百萬新用戶。我們是一家成長型企業。我們希望繼續擴大用戶群。我們相信，透過圍繞核心產品和新產品的舉措，我們希望透過獲取新用戶、參與度和保留來經營業務。

Got it. And sorry, Dan, just maybe just the impact on Q3 that you're anticipating in the guide for net new ARR on pricing?

知道了。抱歉，Dan，您在定價指南中預計的淨新 ARR 可能只是對第三季的影響？

Yes. That -- we won't provide that as part of the guide. I think the metrics that David gave you around Q2 give you a good sense of the expected actions that we anticipate going forward.

是的。我們不會將其作為指南的一部分提供。我認為大衛在第二季為您提供的指標可以讓您很好地了解我們預計未來將採取的預期行動。

And we'll go next to Saket Kalia of Barclays.

接下來我們將採訪巴克萊銀行的 Saket Kalia。

Okay. Great. David, maybe just to stay with you, given the questions on macro, I was wondering if we could go one level deeper into the makeup of Creative ARR. We have a very helpful disclosure from Analyst Day, the single-app versus the all-app mix, which is helpful. But how do you think about the mix from maybe consumers versus professionals, if there's a way to break that down because, of course, right now, there are lots of questions just about the health of the consumer.

好的。偉大的。 David，也許只是為了留下來，考慮到有關宏觀的問題，我想知道我們是否可以更深入地了解 Creative ARR 的構成。我們在分析師日上披露了一個非常有用的信息，即單一應用程式與所有應用程式組合，這很有幫助。但是，如果有辦法分解的話，您如何看待消費者與專業人士的混合，因為當然，現在存在著許多關於消費者健康的問題。

How do you think about that mix? And how do you think about maybe the defensiveness or the retention rates on both of those different cohorts? Does that make sense?

您如何看待這種組合？您如何看待這兩個不同群體的防禦性或保留率？這樣有道理嗎？

Yes, makes perfect sense. Yes, happy to take that one. So at a high level, we think about the business through, obviously, multiple segmentations. But as you're looking at it, we think about it as enterprise buyers, mid-market and SMB buyers, communicators and consumers. So we have a very broad and diverse portfolio, which has served us very well in the past.

是的，很有道理。是的，很高興接受那個。因此，在較高的層面上，我們顯然是透過多個細分來思考業務的。但當你看到它時，我們將其視為企業買家、中端市場和中小企業買家、傳播者和消費者。因此，我們擁有非常廣泛和多樣化的產品組合，這在過去為我們提供了很好的服務。

And as you are alluding to, we've been through multiple recessions before. So we have some good insight into how these different cohorts respond to difficult financial times. And overall, we fared very well. Enterprises, we've talked about, you heard Anil and Shantanu talk about content is fueling the digital economy and needing to stay very focused on their digital investments. From a pro market perspective, we have professionals that are making their living using our products. So we feel very good about that offering as well.

正如您所提到的，我們之前經歷過多次衰退。因此，我們對這些不同群體如何應對金融困難時期有了一些深入的了解。總的來說，我們表現得很好。企業，我們已經討論過，你聽到 Anil 和 Shantanu 談論內容正在推動數位經濟，並且需要非常關注他們的數位投資。從專業市場的角度來看，我們有專業人士使用我們的產品謀生。因此，我們對該產品也感覺非常好。

From a communicators perspective, where they tend to be either working in departments or small businesses or they're part of this growing movement around the creator economy and they're aspiring to make money or build followers with that, so it's an essential part of their tool set that they're going to do to grow their side hustle and their activities.

從傳播者的角度來看，他們往往要么在部門或小型企業工作，要么是圍繞創作者經濟不斷發展的運動的一部分，他們渴望以此賺錢或建立追隨者，因此這是傳播的重要組成部分。他們將用來發展副業和活動的工具集。

And as it relates to the consumer businesses, we've been very thoughtful with pricing there and have very attractive pricing that we think has fared very well for us in the past around through recession. So overall, we think the business is diverse, and we see the business as very resilient.

由於它與消費者業務相關，我們在定價方面一直非常周到，並且具有非常有吸引力的定價，我們認為在過去的經濟衰退期間，我們的表現非常好。總的來說，我們認為該業務是多元化的，而且我們認為該業務非常有彈性。

And we'll go to our next question from Karl Keirstead of UBS.

我們將討論瑞銀集團 (UBS) 的卡爾凱斯特德 (Karl Keirstead) 提出的下一個問題。

I'd love to ask about the Digital Experience guide. You set it for 14% in the third quarter. That's down about 4 points in constant currency from 18% in May and is the lowest in a bit. I know it's a tougher comp. Is that the issue? Or is there anything else to call out on the DX business?

我很想詢問有關數位體驗指南的資訊。您將第三季的成長率設定為 14%。以固定匯率計算，這一數字比 5 月的 18% 下降了約 4 個百分點，是近來最低的。我知道這是一個更艱難的比賽。這是問題所在嗎？或者關於 DX 業務還有什麼值得指出的嗎？

Nothing, Karl, to call out. I mean if you look at what our targets are for the year and if you look at it in terms of what we would expect for both subscription and total revenue, we're, in effect, saying exactly the same at the beginning of the year in what's a really tough economic environment. So yes, the interest in our solutions remains strong.

卡爾，沒什麼好說的。我的意思是，如果你看看我們今年的目標是什麼，如果你看看我們對訂閱和總收入的預期，我們實際上在年初說的是完全相同的在非常艱難的經濟環境中。所以，是的，人們對我們的解決方案仍然很感興趣。

I also wanted to maybe add to a little bit of what David said for Saket. So the consumer sentiment that we continue to hear from banks such as yourselves is that the consumer sentiment actually continues to remain strong, both in the U.S. and in Europe. So I didn't want to have anybody feel like that's not what we are seeing as well.

我還想補充大衛對薩基特所說的話。因此，我們不斷從像你們這樣的銀行那裡聽到的消費者情緒是，美國和歐洲的消費者情緒實際上繼續保持強勁。所以我不想讓任何人覺得這也不是我們所看到的。

And we'll move to our next question from Jay Vleeschhouwer of Griffin Securities.

我們將轉向格里芬證券 (Griffin Securities) 的 Jay Vleeschhouwer 提出的下一個問題。

I'd like to ask about 2 important attributes of your product-led growth strategy. First, could you comment on the contribution from or expectations for what you call your application and intelligent services. Is that becoming meaningful at this point?

我想問一下你們以產品為主導的成長策略的兩個重要特徵。首先，您能否評論一下您所稱的應用程式和智慧服務的貢獻或期望。現在這變得有意義了嗎？

And then secondly, at Summit a couple of months ago and again this evening, we heard multiple examples of integrations within and across your segments, which is longstanding Adobe practice, but we've heard a great to more about that the last couple of years. Could you comment on which of the many integrations you think, either in terms of addressable market or your own sales capacities, might be the most meaningful over the next number of quarters and years?

其次，在幾個月前和今晚的峰會上，我們聽到了多個細分市場內部和跨細分市場的整合範例，這是AdAdobe 的長期實踐，但在過去幾年中我們聽到了更多有關此方面的資訊。您能否評論一下您認為在未來幾季和幾年中，無論是在潛在市場還是您自己的銷售能力方面，您認為哪些整合可能是最有意義的？

Thanks for the question, Jay. In terms of the Application & Intelligence Services, it fits really well into the portfolio of our Adobe Experience platform-based services. So just to recap, we have 3 major services, the Real-Time CDP, Customer Journey Analytics and the Journey Optimizer. And what we have done is really integrated these intelligent services as part of these applications that run natively on the Adobe Experience Platform. And where that has been extremely valuable to us is we have a broad base of customers through our Digital Experience portfolios. For example, with Adobe Analytics, we have -- that's been the gold standard for a long time on -- for web traffic analysis and trends and insights.

謝謝你的提問，傑伊。就應用程式和智慧服務而言，它非常適合我們基於 Adob​​e Experience 平台的服務組合。回顧一下，我們有 3 項主要服務：即時 CDP、客戶旅程分析和旅程優化器。我們所做的是將這些智慧服務真正集成為在 Adob​​e Experience Platform 上本機運行的應用程式的一部分。這對我們來說非常有價值，因為我們透過數位體驗產品組合擁有廣泛的客戶群。例如，借助 Adob​​e Analytics，我們長期以來一直是網路流量分析、趨勢和見解的黃金標準。

And with Customer Journey Analytics, our enterprise customers can now get a 360-degree view of everything that's happening across the customer journey, whether it's web traffic or through mobile apps, social, call center and so on. And that's where the intelligence services really fit in to really be able to expand the portfolio and drive value from how you segment those into audiences and activate them.

透過客戶旅程分析，我們的企業客戶現在可以 360 度全方位了解客戶旅程中發生的一切，無論是網路流量還是透過行動應用程式、社交、呼叫中心等。這就是情報服務真正適合的地方，能夠真正擴展產品組合，並透過將這些受眾細分為受眾並激活他們來驅動價值。

Okay. And the second part of the question?

好的。問題的第二部分呢？

If you could repeat the second part of the question, please?

請您重複問題的第二部分，好嗎？

Sure. I was trying to get some insights into which of the many integrations that you've done, either within or across your segments, whether it's Digital Media, DX or combinations thereof, you think had, had or will have the most meaningful impact, assuming that not all of these integrations are created equally?

當然。我試圖深入了解您認為在您的細分市場內或跨細分市場所做的眾多整合中，哪些整合曾經、曾經或將會產生最有意義的影響，無論是數位媒體、DX 還是其組合並非所有這些整合都是平等創建的？

I'll start off maybe on that particular question, Jay, because one of the areas that we're seeing just tremendous interest is what we are referring to as content supply chain. And both David and Anil can touch on that as well a little bit more. But this notion of people creating campaigns, if you agree with us that the greatest value that we can provide is enabling every enterprise to do personalization at scale, the amount of content that's being created, the amount of content that's being delivered and to understand the efficacy of the campaigns is just absolutely top of mind.

傑伊，我可能會從這個特定問題開始，因為我們看到巨大興趣的領域之一就是我們所說的內容供應鏈。大衛和阿尼爾都可以談及這一點。但是，如果您同意我們可以提供的最大價值，那就是人們創建活動的概念，那就是使每個企業能夠大規模地進行個性化、正在創建的內容量、正在交付的內容量，並了解活動的效果絕對是最重要的。

I mean we have a large, large consumer company that has completely consolidated all of their marketing activity to really understand what this content supply chain is. And so the notion of content supply chain and what we can do between our creative applications, the asset management that we deliver, the website and what we are doing with AEM, Experience Manager, that and work front, to be able to do workflow associated with that, that is really resonating with every single customer right now.

我的意思是，我們有一家非常非常大的消費公司，它已經完全整合了他們所有的行銷活動，以真正了解這個內容供應鏈是什麼。因此，內容供應鏈的概念以及我們可以在我們的創意應用程式、我們提供的資產管理、網站以及我們使用AEM、體驗管理器以及工作前端所做的事情之間做什麼，以便能夠執行相關的工作流程因此，現在確實引起了每位客戶的共鳴。

And we will go next to Keith Weiss of Morgan Stanley.

接下來我們請摩根士丹利的基斯‧韋斯 (Keith Weiss)。

I have a question for Dan, and it's about sort of the guidance philosophy. And I think what a lot of people are trying to get at is understanding holding the Digital Media ARR guide at $1.9 billion for the full year. Despite the kind of increased seasonality in Q3. Despite the fact -- like The Street kind of gave you a pass. We've already taken our numbers down to like $1.8 billion. Why keep that risk out there? Why push more risk into Q4? Or why put a high bar out there when -- obviously, it's not in the stock. All the stocks are getting killed here. It's not in our expectations. Like what is it that it gives you so much confidence to like keep that number out there?

我有一個問題想問丹，是關於指導理念的。我認為很多人想要理解的是，將全年數位媒體 ARR 指南保持在 19 億美元。儘管第三季季節性有所增加。儘管如此，就像《華爾街日報》給你的通行證一樣。我們已經將我們的數字減少到 18 億美元左右。為什麼要保留這種風險呢？為何將更多風險推入第四季？或者為什麼要在那裡設置一個高欄——顯然，它不在股票中。所有的股票都在這裡被殺死。這不在我們的預期之內。是什麼讓您如此有信心將這個數字保留在那裡？

So I guess where I'd start is, if you take a look at where we are in the first half, I would say the performance of the business is really good. We talked about it earlier, conversations with the customers, what we're seeing in data and DDOM and the insights that it gives us, we see strength into the back half of the year. So we're confident in the underlying performance of the business.

所以我想我會從哪裡開始，如果你看看我們上半年的情況，我會說業務表現非常好。我們之前談過，與客戶的對話，我們在數據和 DDOM 中看到的內容以及它為我們提供的見解，我們看到了今年下半年的優勢。因此，我們對業務的基本業績充滿信心。

And I'd go back to the earlier comments, we see the headlines, we see what others are talking about. And so in an environment like this, maybe we're a little cautious about Q3. I think that's the prudent way to go. But it doesn't take away from the insights we have and the belief we have and confidence in the underlying performance and the strength we see into the second half. And so I think we've taken everything into account, and we've got the right set of targets out there that reflect what we're seeing in the business and how we expect to perform.

我會回到之前的評論，我們看到頭條新聞，我們看到其他人在談論什麼。因此，在這樣的環境下，也許我們對第三季有點謹慎。我認為這是謹慎的做法。但這並沒有消除我們的洞察力、我們對潛在表現的信心、我們對下半年的實力的信心。因此，我認為我們已經考慮了一切，並且制定了正確的目標，反映了我們在業務中看到的情況以及我們期望的表現。

Got it. And I mean any visibility into what gets better in Q4 that's going to enable that? Because you're looking for net new ARR to go from basically down in the first half of the year to growing in the back half. What -- could you give us any kind of visibility into like what gives you guys that confidence?

知道了。我的意思是，對第四季哪些方面變得更好的了解可以實現這一目標？因為您希望淨新 ARR 從上半年的基本下降轉為下半年的成長。什麼－你能給我們任何形式的了解，例如是什麼給了你們這樣的信心嗎？

If you look at the rhythm of how we've managed the business, certainly, you look at what happens with education in Q4, you look at the enterprise which tends to be a seasonally strong Q4, you start to look at what's happening with the emerging businesses that will continue to ramp. And so it's a combination. I think somebody else alluded to pricing, and we'll have a full quarter of pricing as well.

如果你看看我們管理業務的節奏，當然，你看看第四季度的教育發生了什麼，你看看第四季度往往是季節性強勁的企業，你開始看看第四季度發生了什麼新興業務將持續增長。所以這是一個組合。我認為其他人提到了定價，我們也會有一個完整季度的定價。

And so when you put all of those together, every Q3 to Q4, we see a seasonal uptick. And if you look at what happened even last year and you look at what the numbers look like, it's something that we're going to go drive.

因此，當你將所有這些放在一起時，每個第三季度到第四季度，我們都會看到季節性上升。如果你看看去年發生的事情，看看數字是什麼樣的，你會發現這是我們要推動的事情。

And we'll go next to Tyler Radke with Citi.

接下來我們將介紹花旗銀行的泰勒‧拉德克 (Tyler Radke)。

Yes. I wanted to ask you about the CDP space. I think you talked about your revenue there doubling year-over-year. I guess just a couple of questions.

是的。我想問你有關 CDP 空間的問題。我想你談到了你的收入逐年翻倍。我想只有幾個問題。

Number one, how significant is CDP as part of the overall experience business is a growth driver? And two, could you just talk a little bit about the competitive landscape? This is something that Salesforce talked a lot about on their last earnings call. We've seen Amplitude recently launch a CDP. So how do you kind of see all this evolving? And how do you think this plays out?

第一，CDP 作為整體體驗業務的一部分對成長驅動力有多重要？第二，可以談談競爭格局嗎？這是 Salesforce 在上次財報電話會議上多次談論的事情。我們看到 Amplitude 最近推出了 CDP。那麼您如何看待這一切的演變呢？您認為結果如何？

Thanks, Tyler. Yes, let me take the big picture first on what we see with the overall CDP market. First of all, all the interest in CDP is a great validation of the fact that the traditional CRM is not the way to go to build the next-generation customer experience. Some of the data might be there, but you really need to activate the data and construct a rich profile before you can activate that.

謝謝，泰勒。是的，讓我先概述一下我們對整個 CDP 市場的看法。首先，對CDP的所有興趣都很好地驗證了這樣一個事實：傳統的CRM並不是建立下一代客戶體驗的最佳途徑。有些數據可能在那裡，但您確實需要激活數據並建立豐富的配置文件，然後才能激活它。

So if we look at the CDP market, what we see is, from our perspective, it's the platform for full customer engagement. And then that involves a number of different components. You look at the data collection that's required, and we built a lot of connectors not only with our apps. We have over 100 connectors out there for the data collection. Then you need to be able to assemble that into a real-time database so that you can make that next best action, the next best offer. We call it personalization at scale to millions of people in milliseconds. And that real-time customer profile needs to be activated.

因此，如果我們審視 CDP 市場，從我們的角度來看，我們看到的是，它是一個全面客戶參與的平台。然後這涉及到許多不同的組成部分。您查看所需的資料收集，我們不僅使用我們的應用程式建立了許多連接器。我們有 100 多個連接器用於資料收集。然後，您需要能夠將其組裝到即時資料庫中，以便您可以採取下一個最佳行動，下一個最佳報價。我們稱之為在幾毫秒內為數百萬人提供大規模個人化。並且需要啟動即時客戶檔案。

And third, it then becomes the platform for not just the apps in our portfolio. But then, for example, the integration we have with Dynamics, for example, with customer service or the integration we have with ServiceNow and so on. It needs to become the customer data platform that serves the entire range of customer-facing applications. That's the way we look at CDP. That's what makes it a broad and exciting market. And that's really where we are differentiated. When we talk to customers, and I'll give you the examples of, say, CBS and NFL and so on, they recognize and agree with that vision, and that's why they are betting on us. And most of the players you see do one piece of it and don't really have either the comprehensive nature of the products in their portfolio or the real ability to pull it off in a true real-time manner.

第三，它不僅成為我們產品組合中應用程式的平台。但是，例如，我們與 Dynamics 的集成，例如與客戶服務的集成，或者我們與 ServiceNow 的集成等等。它需要成為服務整個面向客戶的應用程式的客戶資料平台。這就是我們看待 CDP 的方式。這就是它成為一個廣闊且令人興奮的市場的原因。這確實是我們的與眾不同之處。當我們與客戶交談時，我會給你舉一些例子，例如 CBS 和 NFL 等，他們認識並同意這個願景，這就是他們押注於我們的原因。你看到的大多數參與者都只做其中的一部分，並且並不真正具備其產品組合中產品的綜合性，也不具備以真正實時的方式實現這一目標的真正能力。

Maybe the one thing I would add to all of that is we have 32 billion profiles right now. I mean, clearly, every customer has their profile kept isolated. So we're clearly the leader as it relates to large companies that have a CDP in the market that's real time.

也許我要補充的一件事是我們現在有 320 億個個人資料。我的意思是，顯然，每個客戶的個人資料都被隔離。因此，我們顯然是領先者，因為這與市場上擁有即時 CDP 的大公司有關。

And we'll move next to Gregg Moskowitz with Mizuho.

接下來我們將與瑞穗一起轉到格雷格·莫斯科維茨 (Gregg Moskowitz) 的旁邊。

Can you talk about the Express Your Brand program? Obviously, Meta has huge small business reach, but it would be helpful to get your expectations on what this partnership will do for Adobe incrementally.

您能談談「表達您的品牌」計畫嗎？顯然，Meta 擁有巨大的小型企業影響力，但了解您對這種合作夥伴關係將為 Adob​​e 帶來的好處的預期會很有幫助。

Yes. So happy to do that. It's been -- it's actually a very exciting program for us. So as you know, Adobe Express is predominantly focused on communicators, small, medium businesses as they start to move more online. We've talked a lot about the rise of the creator economy. We've mentioned that there are hundreds of millions of small, medium businesses that are really targeting more online communication and really focused on social media. In fact, in a recent survey, we found that the majority of small, medium businesses actually say that their online presence is more important than their physical presence. And so they need to coordinate and communicate digitally.

是的。很高興這樣做。這對我們來說實際上是一個非常令人興奮的計劃。如您所知，Adobe Express 主要專注於通訊者、中小型企業，因為他們開始更多地轉向線上。我們已經談論了很多關於創作者經濟的崛起。我們已經提到，有數億中小型企業真正的目標是更多的線上交流並真正關注社交媒體。事實上，在最近的一項調查中，我們發現大多數中小型企業實際上表示他們的網路形像比他們的實體形象更重要。因此他們需要以數位方式進行協調和溝通。

And our ability to provide -- with Meta provide all the tools that they need end-to-end to build incredible content that stands out and participate in the online experience that Meta is providing and, of course, also work more broadly across all the other social networks, I think, is a really great opportunity for Meta, for us and certainly for the small, medium business owners that are part of that program.

我們有能力透過 Meta 提供他們端到端所需的所有工具，以建立令人難以置信的內容，這些內容脫穎而出並參與 Meta 提供的線上體驗，當然，也可以在所有領域更廣泛地發揮作用我認為，其他社交網路對於Meta、對於我們、當然對於參與該計劃的中小型企業主來說都是一個非常好的機會。

We'll go next to Kash Rangan of Goldman Sachs.

接下來我們請高盛的卡什·蘭根 (Kash Rangan)。

Shantanu and team, this upcoming maybe recession is the one that everybody has been predicting. And the company, as David said, has been through a couple of recessions before.

尚塔努和團隊，每個人都在預測即將到來的經濟衰退。正如大衛所說，該公司之前經歷過幾次經濟衰退。

The company is a very different company today than it was even just a few years ago. What is your best prognosis as to how the portfolio of Adobe products behaves if we are to enter a downturn, not that we wish it? But if we were to enter one, how do you think the portfolio is positioned? And from the financial angle, are you prepared to at all slow down hiring. The beauty of the subscription model is that you still start on hiring and produce nice margin upside, that sort of thing from a financial perspective. But curious to get your thoughts overall on this particular topic.

如今，這家公司與幾年前相比已經是一家截然不同的公司。如果我們進入經濟低迷時期（而不是我們所希望的那樣），您對 Adob​​e 產品組合的表現有何最佳預測？但如果我們要進入其中，您認為投資組合的定位如何？從財務角度來看，您是否準備好放慢招募速度？訂閱模式的美妙之處在於，你仍然可以開始招募並產生可觀的利潤上升空間，從財務角度來看就是這樣。但很想了解您對這個特定主題的整體想法。

Sure. Let me first cover your second part, Kash, as it relates to the bottom line. And our philosophy right now, given all of the myriad opportunities that we have is we're planning for the upside. We know how to react to the downside when that happens. I mean look at what's happened with the tax rate and the financial team and the product teams what they were able to do to really address all of that is truly remarkable. I mean we take it for granted at the company, but we've done an amazing, amazing job at continuing to be extremely profitable.

當然。讓我先介紹一下你的第二部分，卡什，因為它與底線有關。鑑於我們擁有無數的機會，我們現在的理念是我們正在為上行空間做計劃。當這種情況發生時，我們知道如何應對負面影響。我的意思是看看稅率、財務團隊和產品團隊發生了什麼，他們為真正解決所有這些問題所做的事情確實非常了不起。我的意思是，我們在公司認為這是理所當然的，但我們在繼續保持極高的盈利方面做得非常非常出色。

For me, I think when you talk about a recession, the question I ask people is when you look at the 3 things that Adobe does, which is focus on content, focus on automation, focus on customer engagement, I just don't look at any of those and feel like the secular trend for that will change. So there may be some change in the rhythm of that quarter-over-quarter. But the fundamental shift of what we are doing, I mean, Anil talked about this real-time CDP, customer engagement is going to be the only thing that differentiates the business from another business. And the success that we're seeing in health care clearly points to that as well.

對我來說，我認為當你談論經濟衰退時，我問人們的問題是當你看看AdAdobe 所做的三件事時，即專注於內容、專注於自動化、專注於客戶參與，我只是不看對於其中任何一個，我都覺得這種趨勢將會改變。因此，季度環比的節奏可能會發生一些變化。但我們正在做的事情發生了根本性轉變，我的意思是，Anil 談到了即時 CDP，客戶參與將是該業務與其他業務的唯一區別。我們在醫療保健領域看到的成功也清楚地表明了這一點。

So we'll navigate it. We have an incredibly experienced management team. We're planning for the upside right now, which is all of our growth initiatives. And we'll react as appropriate. And we are clearly not going to be in denial. But right now, it feels like a very strong time for Adobe to continue to execute against the things that we have on our plate.

所以我們將對其進行導航。我們擁有一支經驗豐富的管理團隊。我們現在正在計劃上漲，這是我們所有的成長舉措。我們將做出適當的反應。我們顯然不會否認。但現在，對於 Adob​​e 來說，這是一個非常有利的時機，可以繼續執行我們手邊的事情。

Yes, I just want to build a little bit on the first part of Shantanu's answer. We talked about offsetting some of the headwinds we see. We talked about the increase in tax rate. We talked about the FX headwind into the back half of the year. In Q1, we discussed the impact we were seeing from the war in Ukraine. When we take the FX and the impact we discussed in Q1, that's a $250 million revenue headwind in the back half of the year. The increase in tax rate is about a $0.25 a share impact full year. When I net both of those together, we would expect to see about $0.60 to $0.70 a share erosion of the earnings power of the company. And to Shantanu's point, it really underscores a philosophy that's underpinned how this company has operated for a very long time.

是的，我只是想在 Shantanu 答案的第一部分的基礎上進行一些闡述。我們討論了抵消我們看到的一些不利因素。我們談到了提高稅率的問題。我們討論了今年下半年的外匯逆風。在第一季度，我們討論了烏克蘭戰爭的影響。當我們考慮外匯和我們在第一季討論的影響時，下半年的收入將出現 2.5 億美元的逆風。稅率上調對全年每股影響約為 0.25 美元。當我將這兩者加在一起時，我們預計該公司的獲利能力每股將受到約 0.60 至 0.70 美元的侵蝕。就尚塔努的觀點而言，它確實強調了支撐該公司長期營運的理念。

It's about focused execution. It's about operating discipline, and the fact that the full year targets have come down $0.20 when the math would suggest it should be much greater than that, just really underscores the power of the model. We're investing for innovation. We're investing to serve our customers, but we're doing it in a very focused disciplined way. And I think that says a lot about who we are as a company.

這是關於集中執行。這是關於營運紀律的，事實上全年目標已經下降了 0.20 美元，而數學表明它應該比這個數字大得多，這確實強調了該模型的力量。我們正在投資創新。我們投資是為了服務我們的客戶，但我們是以一種非常專注、嚴格的方式來做的。我認為這充分說明了我們作為一家公司的身份。

And our last question is from Brad Zelnick with Deutsche Bank.

我們的最後一個問題來自德意志銀行的 Brad Zelnick。

Excellent. Congrats on a strong Q2. My question is for David. David, we've seen reports of the trial you're running in Canada for a free browser-based version of Photoshop, which I assume is another Express-like offering to build top-of-funnel interest and awareness. Can you share more about the strategy here? And how you think about the balance of more simplified products, creating incremental demand versus competing with more premium SKUs?

出色的。恭喜第二季度表現強勁。我的問題是問大衛的。 David，我們已經看到您在加拿大試用基於瀏覽器的免費 Photoshop 版本的報道，我認為這是另一個類似 Express 的產品，旨在培養漏斗頂部的興趣和意識。您能在這裡分享更多有關該策略的資訊嗎？您如何看待更簡化的產品、創造增量需求與與更優質的 SKU 競爭之間的平衡？

Yes, absolutely happy to talk about that. We are very excited about the work we're doing here, frankly, not just with Adobe Express, but with Photoshop, as we mentioned here, with Lightroom as we've done in the past and also with Acrobat. Our focus has always been to take the strength that we have in the desktop and build a multi-surface experience for our customers across desktop, mobile and web.

是的，非常高興談論這個。坦白說，我們對在這裡所做的工作感到非常興奮，不僅使用AdAdobe Express，還使用Photoshop（正如我們在這裡提到的）、使用Lightroom（就像我們過去所做的那樣）以及使用Acrobat。我們的重點始終是利用我們在桌面領域的優勢，為桌面、行動和網路領域的客戶打造多介面體驗。

And as we've done that, we've noticed that web and mobile really represents an opportunity to broaden our audience in a very significant way. And we do that by capturing search traffic and at the point of intent, bringing them into the zero-friction web experience with a freemium model.

當我們這樣做時，我們注意到網路和行動確實代表了一個以非常重要的方式擴大受眾範圍的機會。我們透過捕捉搜尋流量並在意圖點上透過免費增值模式將其帶入零摩擦網路體驗來做到這一點。

And so PS Web and what you're seeing there is a step along that journey for our core imaging franchise. And we absolutely anticipate it being a source of funnel opportunity, similar to the way that Acrobat has seen -- Acrobat web as a source of that funnel activity. You see how strong the core Acrobat business is and how it's performing.

因此，PS Web 以及您所看到的內容是我們核心影像專營權在這趟旅程中邁出的一步。我們絕對預期它會成為漏斗機會的來源，類似於 Acrobat 所看到的方式 - Acrobat Web 作為該漏斗活動的來源。您將看到 Acrobat 核心業務的實力及其表現如何。

We have a version of Acrobat web that's available. We've been able to double traffic to that, and we now have over 50 million monthly active users leveraging Acrobat web, and we use that as a top of -- leveraging Acrobat web on a monthly active basis, and we're able to leverage that and convert that traffic into a real business. We're playing that same playbook now with Photoshop as well, and we expect that to be a very productive opportunity.

我們有可用的 Acrobat Web 版本。我們已經能夠將流量增加一倍，現在我們有超過 5000 萬每月活躍用戶使用 Acrobat Web，我們將其作為每月活躍用戶利用 Acrobat Web 的基礎，我們能夠利用這一點並將流量轉化為真正的業務。我們現在也在 Photoshop 上使用相同的策略，我們希望這將是一個非常有成效的機會。

I think if I were to add to that, I mean, really, in effect, what we do is we look at platforms in an unbelievably expansive way. And on any platform, just making sure that we get the magic of our technology and as friction-free way possible is part of what we are continuing to do. And we have an unbelievably rigorous process also of them really understanding how to monetize it. So some of the press releases may be a little bit more sensationalistic in terms of how they announced that, Brad.

我想如果我要補充一點，我的意思是，實際上，我們所做的是以一種令人難以置信的廣泛方式來看待平台。在任何平台上，確保我們能夠發揮技術的魔力並盡可能實現無摩擦，這就是我們繼續做的事情的一部分。我們有一個令人難以置信的嚴格流程，他們也真正了解如何將其貨幣化。因此，布拉德，一些新聞稿在宣布這一點時可能會更加聳人聽聞。

But since that was the last question, I just have to say, we're proud of how we're executing against our strategy. I mean everybody would acknowledge that it's an uncertain macroeconomic environment. But we believe that we will continue to win by delivering great innovative products that at the end of the day, delight and ever increasing for our set of customers. We're making some very creative marketing campaigns. We have strong sales and go-to-market motions that are appropriate for the set of customers that we're targeting. And I think with being the best users of our product, which actually gives us tremendous credibility to both innovate at a rapid pace as well as deliver great customer satisfaction and growth to our customers worldwide.

但由於這是最後一個問題，我不得不說，我們為我們執行策略的方式感到自豪。我的意思是每個人都會承認這是一個不確定的宏觀經濟環境。但我們相信，我們將透過提供出色的創新產品來繼續獲勝，這些產品最終會讓我們的客戶感到高興並不斷增加。我們正在進行一些非常有創意的行銷活動。我們擁有適合我們目標客戶群的強勁銷售和進入市場行動。我認為，成為我們產品的最佳用戶，這實際上為我們提供了巨大的信譽，既可以快速創新，又可以為全球客戶帶來巨大的客戶滿意度和成長。

So thank you for joining us. And with that, I'll turn it over to Jonathan.

感謝您加入我們。有了這個，我會把它交給喬納森。

Great. Thanks, Shantanu. Thanks, everyone, for joining the call. We look forward to speaking to many of you soon, and this does conclude the event. Thank you.

偉大的。謝謝，山塔努。感謝大家加入通話。我們期待很快與你們中的許多人交談，這次活動到此結束。謝謝。