(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 22 財年第二季度 Adobe 收益電話會議。今天的會議正在錄製中。此時，我想將會議轉交給投資者關係副總裁 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。 Adobe 的董事長兼首席執行官 Shantanu Narayen 和我一起參加了今天的電話會議。數字媒體總裁 David Wadhwani； Anil Chakravarthy，數字體驗總裁；以及執行副總裁兼首席財務官 Dan Durn。

On this call, which is being recorded, we will discuss Adobe's 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.

在這次錄音中，我們將討論 Adobe 2022 財年第二季度的財務業績。您可以在 Adobe 的投資者關係網站上找到我們的第二季度新聞稿以及我們準備好的評論和財務結果的 PDF。

The information discussed on this call, including our financial targets and product plans, is as of today, 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信息，包括我們的財務目標和產品計劃，截至今天 6 月 16 日，包含涉及風險、不確定性和假設的前瞻性陳述。實際結果可能與這些聲明中所述的結果大不相同。有關這些風險的討論，您應該查看今天的新聞稿和 Adobe 提交給美國證券交易委員會的文件中討論的因素。

On this call, we will discuss GAAP and non-GAAP financial measures. Our reported results include GAAP growth rates as well as adjusted growth rates in constant currency. 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.

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

I will now turn the call over to Shantanu.

我現在將把電話轉給 Shantanu。

Thanks, Jonathan. Good afternoon, and thank you for joining us.

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，這得益於向數字化的長期轉變，這種轉變正在改變我們的生活、工作和娛樂方式。在第二季度，我們實現了創紀錄的 43.9 億美元收入，同比增長 15%。本季度 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.

在我們的數字媒體業務中，我們推動了 Creative Cloud 和 Document Cloud 的強勁增長，實現了 32 億美元的收入。淨新數字媒體年化經常性收入或 ARR 為 4.64 億美元。第二季度的數字媒體 ARR 總額增長至 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，我們實現了 11 億美元的收入，本季度訂閱收入為 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.

數字經濟在 Adobe 的工具和平台上運行。從個人和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、提高文檔生產力並提供個性化的客戶體驗。從我們設備上的應用程序到我們消費、編輯和簽署的數字文檔，再到個性化的在線購物體驗，Adobe 實現了數字體驗。我們實現世界數字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增長計劃。

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.

我們正在提供任務關鍵型產品，為不斷增長的客戶群提供服務，並且我們擁有強勁的增長和盈利能力。在我在世界各地的談話中，很明顯，數字化在推動經濟發展和使世界繼續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?

我現在將把它交給大衛，以分享更多關於我們在數字媒體業務中的發展勢頭。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，Shantanu，大家好。 Adobe 產品一直是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。今天，創造者經濟的爆炸式增長使更多的個人、個體企業家和小企業主能夠以創造性的方式表達自己，無論是愛好、副業還是全職工作。每個創作者和企業都在重新構想他們如何建立自己的品牌並在數字優先的世界中吸引觀眾，突顯出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 為每個創意類別提供最全面的產品和服務組合，包括成像、攝影、設計、視頻和 3D 以及沉浸式。

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.

我們繼續投資於我們的核心旗艦產品，包括大量新的人工智能功能。隨著對內容需求的增加，內容創建者希望 Adobe 幫助他們高效地協同工作。作為回應，我們將協作功能直接集成到我們的旗艦應用程序中，使創意團隊能夠相互協作並與利益相關者協作。

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.

隨著傳播者已成為我們 Creative Cloud 客戶群中越來越多的一部分，我們擴展了我們的產品以包括 Adobe Express，這是我們新的基於模板的易於使用的 Web 和移動產品。 Express 創造了一個機會，可以服務於更廣泛的傳播者群體，他們需要基於任務的輕量級工具來創建從社交媒體帖子、徽標和傳單到滿足他們個人需求的派對邀請和海報的所有內容。房地產企業家 Chrishell Stause 是社交媒體影響者的一個很好的例子，她利用 Adobe Express 改變了她營銷房產和吸引追隨者的方式。她是數百萬使用 Adobe Express 推廣其產品和服務的用戶之一。

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.

在第二季度，我們實現了 3.57 億美元的 Creative Cloud ARR 淨額和 26.1 億美元的收入，同比增長 14%。第二季度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，包括可在幾秒鐘內檢測並恢復受損照片的照片修復神經濾鏡。神經過濾器是 Photoshop 最常用的人工智能功能之一。它們現在已被數百萬用戶使用並應用於數億張圖像。我們還提供了 Photoshop 網頁版的增強功能，包括新的編輯功能、對移動瀏覽器的支持和集成的學習內容。

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.

視頻製作也繼續爆炸式增長，Premiere Pro 仍然是視頻創作、編輯以及現在與 Frame.io 合作的領導者。 Frame 與 Premiere Pro 和 After Effects 之間的新集成正在簡化跨利益相關者的審查和協作工作流程。 Frame 在另一個強勁的季度贏得了新的客戶，包括 Epic Games 和 NBC Universal，它們正在使用它來管理他們的視頻內容供應鏈，Anil 將在幾分鐘內詳細討論這一點。

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 Metaverse 就緒內容的需求不斷增加，我們還看到了 3D 等新類別的出現。由於 HUGO BOSS、美泰和 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，Substance 3D 迎來了有史以來最強勁的第二季度。我們繼續在這個領域快速創新，包括為畫家、設計師和採樣器提供原生 Apple 硬件支持，使創作者能夠比以往更快地工作。 Substance 團隊還為希望將 3D 功能集成到其應用程序中的開發人員提供了一個新的 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 Adobe Express 的發展勢頭感到興奮，第二季度每月活躍用戶數以百萬計，流量和新用戶強勁增長。我們繼續為 Express 帶來 Photoshop 成像、Premiere 視頻和 Acrobat PDF 功能（如背景去除、二維碼生成、視頻調整大小和 PDF 編輯）的魔力。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，允許創作者快速創建預覽、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 啟動我們的 Express Your Brand 合作夥伴關係，這將使超過 2 億家企業能夠使用 Adobe Express 發展他們的在線業務。我們以產品為主導的增長戰略使我們能夠使用數百萬個數據點來不斷測試、學習和優化從搜索到導出的整個 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 最近在 App Store 上獲得了編輯選擇獎，以表彰在設計、功能和性能方面的頂級應用程序。

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.

我們對全球對 Creative Cloud 產品的強勁需求感到非常興奮，這是由我們在個人、中小型企業和企業的數據驅動運營模式中獲得、參與和保留所推動的。贏得的主要企業客戶包括動視、貝塔斯曼、孩之寶、本田汽車、戴姆勒股份公司、NCSOFT、澳大利亞服務公司、加利福尼亞州和 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 Document Cloud 業務中，數字文檔工作流程正在自動化我們個人和職業生活中的手動紙質流程。無論是法律合同、發票還是學校許可單，我們現在都需要在任何地方掃描、編輯、共享和簽名。 Adobe Document Cloud 提供了最全面的直觀工具，可在各種設備和平台上提高文檔生產力。

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.

在教育方面，東倫敦大學正在採用 Document Cloud 來管理工作流程，以招收來自 135 個國家的 17,000 名學生。在金融服務領域，TSB 銀行正在改變網上銀行體驗，使客戶能夠快速安全地完成貸款申請等常見任務，而這些任務以前只能在分行完成。

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.

在第二季度，我們實現了 1.07 億美元的淨新 Document Cloud ARR 和創紀錄的 5.95 億美元收入，同比增長 28%。第二季度的亮點包括桌面、移動和網絡每月活躍用戶的強勁增長。 Acrobat 動詞搜索流量的不斷增長仍然是 Acrobat Web 的一個高效渠道，Acrobat Web 在第二季度每月活躍用戶超過 5000 萬，同比增長一倍多。

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

移動應用程序的勢頭依然強勁，在 Acrobat Mobile 中打開了數十億個 PDF，累積安裝了數億次 Adobe 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.

隨著越來越多的用戶直接從統一的 Acrobat 體驗發送 PDF 以供簽名，Acrobat 和 Adobe Sign 的集成繼續推動對 Adobe Sign 的強勁需求。 Acrobat 和 Adobe Express 的集成現在使數億 Acrobat 用戶能夠嵌入自定義模板並使他們的 PDF 在視覺上令人驚嘆。隨著客戶越來越多地自定義、集成和自動化文檔服務，Acrobat 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.

我們對在 Acrobat 生態系統中看到的勢頭以及我們在通往市場和客戶細分市場的業務表現感到興奮，包括通過自動數據處理、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.

在 22 財年下半年，我們繼續看到對我們產品的強勁需求。我們將繼續通過 Creative Cloud 和 Document Cloud 的產品創新在數字媒體業務中獲勝，這些產品的目標客戶群越來越廣泛。我們巨大的規模、一致的營銷投資、經過驗證的數據驅動運營模式和以新產品為主導的增長計劃正在加速我們在新業務和成熟業務中的發展勢頭。

I'll now pass it to Anil.

我現在把它交給阿尼爾。

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。即使在這個不確定的經濟中，每個企業都繼續優先考慮其數字投資。我們 6 月份的 Adobe 數字指數報告利用了 Adobe Analytics 的數万億數據點，發現與 4 月份相比，5 月份消費者的在線支出增加了 10 億美元。年初至今，購物者在網上的花費超過 3770 億美元，比去年同期增長了大約 9%。推動這種數字化勢頭是大規模個性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 是客戶體驗管理類別的領導者，提供一套全面的集成應用程序和服務，涵蓋數據洞察和受眾、內容和商業、客戶旅程和營銷工作流程。

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.

我們的實時客戶數據平台 real-time CDP 原生構建於 Adobe Experience Platform，為企業提供跨每個渠道的客戶數據的單一視圖，使他們能夠創建精確的細分並提供個性化體驗，無論何時何地客戶與他們的品牌互動。 Adobe 每天提供超過 24 萬億個細分受眾群評估的實時數據。

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 是眾多行業領先客戶中的最新成員，這些客戶正在採用 Adobe 的實時 CDP 作為基礎平台來支持他們的數字業務。實時 CDP 提供了家得寶客戶在電子商務、移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。在第二季度，我們繼續推動 Experience Cloud 的出色增長，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.

本季度訂閱收入為 9.61 億美元，同比增長 18%。第二季度的亮點包括實時 CDP、Customer Journey Analytics 和 Adobe Journey Optimizer 的原生集成，這是一個顯著的差異化因素，允許品牌協調、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安全地與業務合作夥伴共享客戶細分數據，同時尊重客戶隱私。大型企業正在採用實時 CDP 作為首選平台，本季度贏得了主要客戶，包括 Autodesk、National Football League 和 U.S. Bank。通過 Healthcare Shield 使 Adobe Journey 優化器和實時 CDP HIPAA 就緒，擴大 Experience Cloud 在醫療保健行業的領導地位。本季度 CVS 贏得的客戶是這一巨大市場機會的一個很好的證明。

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，以將來自新媒體類型（如 3D 和流媒體）的數據和洞察與傳統渠道統一起來，從而通過 Customer Journey Analytics 全面了解客戶參與情況。

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.

廣泛採用 Adobe Experience Manager 進行統一內容管理，這表明 Adobe 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 Adobe 專業服務的需求大幅增長，突顯了實施和價值實現的緊迫性。並且贏得了主要客戶，包括 Audible、Anthem、新豐業銀行、Humana、麥當勞、Stellantis 和豐田。

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.

為了鞏固我們的領導地位，Adobe 繼續獲得行業分析師的強烈認可，包括被 Gartner 評為客戶體驗和關係管理以及數字體驗平台的營銷子領域的第一名。我們還在首屆 IDC MarketScape 全球零售和 CPG 客戶數據平台以及 IDC MarketScape 專業服務方面被評為領導者。

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、強大的管道和通過我們的合作夥伴生態系統實現的巨大規模使我們能夠在每個行業大規模提供個性化服務，並在下半年推動強勁增長。

Dan, over to you.

丹，交給你。

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 Adobe 在 2022 財年第二季度的表現，重點介紹我們業務的增長動力，最後我將完成財務目標。 Adobe 在不確定的宏觀環境中實現了強勁的季度業績，超過了我們發布的第二季度財務目標。

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.

最重要的是，我們的收入同比增長了 14%，或按固定匯率計算增長了 15%。在進行長期增長投資的同時，我們在 GAAP 基礎上實現了 35% 的營業利潤率，在非 GAAP 基礎上實現了 45% 的營業利潤率，繼續成為技術領域最具可預測性和盈利能力的增長公司之一。

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.

我們有 3 項戰略業務成長為龐大的潛在市場，每月有數億人使用差異化產品。除了我們已建立的業務外，我們還提供創新和新產品，以推動未來的轉型增長。

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.

第二季度的業務和財務亮點包括：創紀錄的 43.9 億美元收入、2.49 美元的 GAAP 攤薄每股收益和 3.35 美元的非 GAAP 攤薄每股收益、32 億美元的數字媒體收入、4.64 億美元的新數字媒體 ARR 淨收入、數字體驗收入11.0 億美元，運營現金流 20.4 億美元，RPO 為 138.2 億美元，本季度末回購了約 190 萬股我們的股票。

[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.

[在我們的數字媒體部門，我們實現了] 15% 的收入同比增長 [在第二季度，或 16% 的不變價]。我們以 129.5 億美元的數字媒體 ARR 退出了本季度。我們實現了 26.1 億美元的創意收入，同比增長 12% 或按固定匯率計算增長 14%。我們在本季度增加了 3.57 億美元的淨新創意 ARR，比第一季度環比增長 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.

第二季度創意增長驅動力包括我們客戶群的收購、參與和保留方面的持續實力；中小型業務領域的勢頭，我們團隊的產品繼續推動新客戶的獲取；對我們的旗艦產品的需求，包括 Photoshop、Illustrator 和 Premiere；移動應用，我們的期末 ARR 在本季度末同比增長超過 30%； Adobe Stock，我們在其中看到了跨組織和新客戶的強勁業務增長； Frame.io 以及我們的 Substance 產品強勁增長的新業務勢頭強勁，截至本季度末 ARR 同比增長超過 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 實現了 5.95 億美元的 Document Cloud 收入，同比增長 27% 或按固定匯率計算 28%。鑑於 PDF 對全球知識工作者的相關性和重要性，Document Cloud 繼續成為我們增長最快的業務。我們在本季度增加了 1.07 億美元的淨新 Document Cloud ARR。

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.

第二季度 Document Cloud 的增長驅動因素包括 Acrobat 在我們客戶群中的持續獲取、參與和保留；中小型業務部門和經銷商渠道的勢頭，繼續推動新的 Document Cloud 訂閱；在線搜索文檔操作的持續增長，通過 Acrobat Web 將數百萬新客戶吸引到我們的文檔專營權中；移動領域實力強勁，本季度末 ARR 同比增長超過 40%；並在各種規模的組織中廣泛採用具有集成簽名功能的 Acrobat。我們的文檔業務在 Acrobat 永久許可證的銷售方面也有強勁的季度表現。

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.

轉向我們的數字體驗部分。在第二季度，我們實現了 11 億美元的收入，同比增長 17% 或按固定匯率計算 18%。數字體驗訂閱收入為 9.61 億美元，同比增長 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.

第二季度數字體驗增長驅動因素包括我們的 Adobe 體驗平台業務 (AEP) 的強勁增長，實時 CDP 收入同比增長一倍以上；增加客戶對基於 AEP 構建的新應用程序的興趣和管道生成，包括實時 CDP、客戶旅程優化器和客戶旅程分析； Workfront 取得成功，平均交易規模同比增長超過 35%；通過 Adobe Experience Manager 雲服務獲得大量新客戶，內容和商務領域的客戶需求持續增長；企業對 Adobe 專業服務的需求，推動了客戶成功和我們解決方案的新實施以及本季度保留率的優勢，這是由產品差異化和我們對提供客戶價值的關注所推動的。

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.

我們使企業能夠激活第一方數據以實時大規模提供個性化的戰略正在引起客戶的共鳴，從而推動我們持續的數字體驗增長。在第二季度，我們繼續專注於進行有紀律的投資以推動增長，包括營銷活動以及在我們的研發和銷售組織中增加員工人數。我們對本季度在競爭激烈的市場中在人才招聘方面取得的成功感到高興。

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 在第二季度的有效稅率為 21%（按 GAAP 計算）和 18.5%（按非 GAAP 計算）。 GAAP 稅率的增加主要是由於與基於股票的薪酬和地理收入組合相關的稅收優惠低於預期。本季度的 RPO 為 138.2 億美元，在考慮到 2% 的外匯逆風時，同比增長 13% 或同比增長 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.

我們在第二季度結束時的現金和短期投資頭寸為 53.0 億美元，本季度的運營現金流為 20.4 億美元。在第二季度，我們以 8 億美元的成本回購了大約 190 萬股股票。我們目前在 2020 年 12 月授予的 150 億美元授權中剩餘 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度目標以及我們在 12 月提供的年度目標的更新，其中包括以下 4 項。首先，我們在 3 月份表示，由於與基於股票的薪酬相關的稅收優惠低於預期，我們的有效稅率將在 2022 財年增加。

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，預計對我們的數字媒體業務產生 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度和第四季度收入增加的 1.75 億美元的外匯逆風。第四，雖然對我們產品的需求依然強勁，但我們現在預計本財年下半年在企業業務的第三季度將顯示出更加明顯的夏季季節性，第四季度的環比增長更為強勁。

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，對於第三季度，我們的目標是 Adobe 總收入約為 44.3 億美元，淨新數字媒體 ARR 約為 4.3 億美元，數字媒體部門收入同比增長約 13% 或按固定匯率計算 16%，數字體驗部門收入同比增長約 12% 或按固定貨幣計算 14%，數字體驗訂閱收入同比增長約 13% 或按固定貨幣計算 15%，按公認會計原則計算的稅率約為 22.5%基礎和 18.5% 的非 GAAP 基礎和 GAAP 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，我們現在的目標是 Adobe 總收入約為 176.5 億美元，新數字媒體 ARR 淨額約為 19 億美元，數字媒體部門收入同比增長約 12% 或調整後增長 17%，數字體驗部門收入同比增長約 14%，調整後增長 17%，數字體驗訂閱收入同比增長約 15%，調整後增長 19%，稅率約為 21%按公認會計原則計算，按非公認會計原則計算為 18.5%，按公認會計原則計算的每股收益約為 9.95 美元，按非公認會計原則計算的每股收益約為 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 Adobe 在第二季度的執行方式感到滿意。我們正在推動 Creative Cloud、Document Cloud 和 Experience Cloud 的增長，我們的既有業務勢頭強勁，新舉措也取得了初步成功。由於我們紀律嚴明的運營模式和專注的執行，我們能夠顯著降低稅率增加和外匯逆風對我們每股收益的預期影響。我們今天在人員、產品和營銷方面的投資將使我們能夠在未來幾年推動強勁增長，我們有望再創紀錄的收入和經營現金流的一年。

Shantanu, back to you.

Shantanu，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。我們為我們在 Creative Cloud、Document Cloud 和 Experience Cloud 的第二季度強勁表現感到自豪。 Adobe 仍然是業內最出色的工作場所之一，我要感謝我們的員工的不懈奉獻。

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，福布斯將我們評為大學畢業生的最佳雇主，我們在他們的美國多元化最佳雇主名單中名列前茅。我很高興今年夏天歡迎我們最大的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.

對我們定義類別的產品和服務的需求持續增長。我們正在為新的和現有的客戶群快速創新，加速我們在已建立的類別中的領導地位，並看到我們新舉措的強勁勢頭。我們的戰略仍然是專注於長期增長計劃，同時提供世界一流的盈利能力。我們的業務基本面和市場順風強勁，我對我們把握擺在我們面前的 2050 億美元市場機會的能力充滿信心。

I will now turn it back over to Jonathan.

我現在將把它交給喬納森。

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。 Adobe MAX 是我們的創意大會，將於今年 10 月的第三週在洛杉磯舉行。 10 月 18 日，星期二，在 MAX 的第一天，我們計劃召開一次金融分析師會議。邀請，包括折扣註冊信息，將在今年夏天晚些時候發送到我們的分析師和投資者電子郵件列表。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。 （操作員說明）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 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.

恭喜取得了不錯的成績。 Shantanu 和 Anil，我想知道你們是否可以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。你有沒有猶豫要不要花錢？顯然，儘管有所有這些不利因素，你們仍然保持全年指導。但我也很好奇交易類型是否有任何變化。是更多的小交易，但更多的交易？或者 Experience Cloud 端的產品組合是否發生了變化？我只是想知道你是否可以給我們一些顏色，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，我們對本季度看到的情況感到滿意。在我們正在進行的對話中，我和 Anil 首先要說的是，世界各地的高管們的興趣都非常高。與上次不同，我想說，現在，重點也放在執行上。因此，人們在數字化方面進行了大量投資，他們認識到，以數字方式與客戶互動至關重要。所以我們實際上很高興 Adobe 以及如果您查看整個系統集成商和合作夥伴網絡，他們會發現對 Adobe 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 CEO 進行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，這就是我們正在進行的對話。但是，儘管存在不確定的宏觀經濟環境，但他們所有人都認識到，數字化是一個優先事項。他們真的很想繼續與我們討論他們如何進行數字化。

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.

我會讓 Anil 加入一些他在不同垂直領域看到的東西。但數字化的重要性並未減弱。

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。但是，如果您看看汽車以及我們與戴姆勒在歐洲的合作，我們將繼續與 NFL 在體育、媒體和娛樂方面保持優勢，NFL 正在使用實時 CDP 在其粉絲群和醫療保健領域進行大規模個性化，我們在 CVS 上取得了非常重要的勝利，這是對我們在平台中構建的所有 HIPAA 就緒性的一個很好的驗證。

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.

因此，這開闢了一個巨大的市場機會。所以我們對這些勝利感到非常高興。正如你所說，數字化仍然是一個優先事項，我們看到下半年正在籌備中。

And Kirk, did you have anything further?

柯克，你還有什麼要說的嗎？

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

不，就是這樣。我會保持我的一個問題的限制。

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

我們將在傑富瑞的布倫特希爾旁邊。

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，我很好奇您是否可以評論一下更明顯的夏季季節性，您今年與過去幾年相比有何看法？

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.

只是對數字的快速跟進。淨新 ARR 指南在第二季度至第三季度有所下降。我認為上個季度，你說它會上漲。我們是否誤解了你上個季度所說的話？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勁需求。我們所有的新舉措以及已建立的業務都做得很好。我想我們也關注的是我們作為宏觀環境的一部分閱讀的內容。

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預期時，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，因為它與夏季的季節性有關，正如你所知道的，布倫特原油比大多數情況下要好於七月和八月。因此，由於它與我們的下半年管道有關，信心仍然沒有減弱。我們可能只是有點謹慎，因為它與時間有關。

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.

就我們在 3 月份所說的而言，你是對的，我們在某種程度上暗示了這樣一個事實，即我們預計會出現一些連續增長。顯然，我們有一個強勁的第二季度。但這就是為什麼我們想要提供一點顏色並透明地展示我們如何看待它的部分原因。正如你所注意到的，我們重申了今年 19 億美元的淨新 ARR。

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

接下來我們將討論美國銀行的布拉德·西爾斯提出的問題。

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?

我想問一下 Creative Cloud Express。您在這裡提到了一些新功能，包括 Acrobat 的圖像、視頻、編輯。在我看來，那些是——通常被認為是高級功能。 Creative Cloud Express 的戰略是否有任何變化，您認為它在不同的市場領域中發揮什麼作用？

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。謝謝你的問題。首先，我們對 Creative Cloud Express - Adobe Express 進入市場感到非常興奮。坦率地說，這對我們來說很有趣，因為它是 Adobe 的每個人都可以使用的產品。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，只是為了提高一秒鐘的水平，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，我們相信在我們的核心產品背後，我們是為專業人士和傳播者提供創意工具的最大供應商。因此，我只想確保人們認識到核心產品正在打入這個令人難以置信的巨大市場。

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 具有附加性，並擴大了新傳播者基礎的覆蓋範圍，因為正是您所說的，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特許經營權。我們能夠通過優化我們從搜索詞中吸引客戶的方式來非常有效地做到這一點，這些搜索詞通常不是我們過去關注的。我們還研究了通過集成這些從 Adobe Magic 等桌面應用程序中獲得的驚人功能來吸引這些用戶並區分產品的能力。所有這些都有助於區分我們使用 Express 所做的事情。

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 Adobe Express 以及我們實際將人們拉入該渠道的方式會增加我們正在玩的市場機會。因此，我們確實強調了在那裡添加更多功能並在那里區分的能力。

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，Creative Cloud 的核心客戶也可以使用 Express。通過將其中一些功能集成到 Express 中，我們可以在核心 Creative Cloud 產品和 Express 之間啟用工作流程，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很棒的季度，Creative Cloud 的留存率也非常高。

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.

布拉德，如果我要補充一點，我認為團隊實際上對所有這些很酷的功能感到很開心。就您而言，他們正在展示一些令人難以置信的東西作為快速行動的一部分。但如果你看看他們所擁有的東西的深度，我的意思是，我們可以在幕後賺錢。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.

我們將在 Wolfe Research 的 Alex Zukin 旁邊。

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.

我想也許只是一個 2-parter。第一個，我認為，就今年的影響而言，我們已經談了很多關於上個季度的定價順風。我想你能幫助我們量化你對第三季度和第四季度的預期影響嗎？因為它看起來確實很有意義地開始在這裡傾斜。

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，我想也許只適合你，關於併購的戰略方法以及考慮到市場估值範式不斷變化的情況，大型戰略併購對公司的增長情況有多重要商務與休閒？

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

我很高興 - 繼續，Shantanu。

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.

我認為這與您的併購問題有關，然後大衛當然可以回答另一個問題。顯然，就你的觀點而言，估值已經發生了很大變化。我首先要說的是我們對我們的產品組合非常滿意。如果您查看一些新計劃，並且我們已經觸及到，無論是 Adobe Express，還是實時 CDP 客戶旅程分析，我們正在對 Web 上的事物（包括 PDF）做些什麼，我們覺得真的好的。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倖存下來。我認為，估值的多重變化實際上對 Adobe 這樣的大公司有利。

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.

所以感覺我們不需要任何東西，但我們會一直在尋找具有附加性的東西，這些東西是相鄰的，並且會為股東提供巨大的價值。我們與確保優秀技術、優秀文化契合度和鄰接性相關的指標仍然存在。但是我們在公司內部有很多事情要做，以至於我們對我們目前的投資組合感到興奮。顯然，在併購方面，事情也會更加合理。

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.

在定價方面，亞歷克斯，你是對的。我們確實在第二季度向部分客戶群引入了適度的價格上漲。新價格上市大約一個月，帶來的收益略低於 1000 萬美元，這正是我們所期望的。正如你所看到的，這只是我們在第二季度推動的 4.64 億美元的一小部分。

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.

總體而言，客戶對此的反應很好，因為自上次價格更新以來，我們添加了許多新功能，總體而言非常積極。事實上，如果分析師問我們任何問題，這就是我們沒有大幅提價的原因。現實情況是，我們主要專注於增加數百萬新用戶。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，通過圍繞核心產品和新產品採取的舉措，我們希望通過獲取新用戶、參與和保留來運營業務。

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，丹，可能只是您在定價指南中預期的對第三季度的影響？

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。那 - 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度給你的指標讓你很好地了解了我們預期未來的預期行動。

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

我們將在 Barclays 的 Saket Kalia 旁邊。

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。大衛，也許只是為了和你在一起，考慮到關於宏觀的問題，我想知道我們是否可以更深入地了解 Creative ARR 的構成。我們從分析師日獲得了非常有用的披露，即單一應用程序與全應用程序組合，這很有幫助。但是，您如何看待消費者與專業人士的混合，如果有辦法打破這種情況，因為當然，現在有很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組的防禦性或保留率？那有意義嗎？

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，完全有道理。是的，很高興接受那個。因此，在高層次上，我們顯然通過多個細分來考慮業務。但是，當您看到它時，我們將其視為企業買家、中端市場和 SMB 買家、傳播者和消費者。所以我們有一個非常廣泛和多樣化的產品組合，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.

正如你所暗示的，我們之前經歷過多次衰退。因此，我們對這些不同的群體如何應對困難的財務時期有了一些很好的了解。總的來說，我們的表現非常好。企業，我們已經討論過，你聽說過 Anil 和 Shantanu 談到內容正在推動數字經濟，需要非常專注於他們的數字投資。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，我們也對該產品感到非常滿意。

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，他們傾向於在部門或小企業工作，或者他們是圍繞創造者經濟不斷發展的運動的一部分，他們渴望賺錢或以此建立追隨者，因此這是必不可少的一部分他們將要做的工具集是為了增加他們的副業和他們的活動。

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有關，我們在定價方面非常周到，並且我們認為在過去經濟衰退期間對我們來說表現非常好的定價非常有吸引力。所以總的來說，我們認為業務是多元化的，我們認為業務非常有彈性。

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

我們將回答 UBS 的 Karl Keirstead 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?

我很想問一下數字體驗指南。您在第三季度將其設置為 14%。以固定匯率計算，這比 5 月份的 18% 下降了約 4 個百分點，是最低的一點。我知道這是一個更艱難的比賽。是這個問題嗎？或者在 DX 業務上還有什麼可以呼籲的嗎？

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，沒什麼好叫的。我的意思是，如果你看看我們今年的目標是什麼，如果你根據我們對訂閱和總收入的預期來看待它，我們實際上在年初說的完全一樣在一個非常艱難的經濟環境中。所以，是的，對我們的解決方案的興趣仍然很強烈。

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.

我還想補充一點 David 對 Saket 所說的話。因此，我們繼續從像你們這樣的銀行那裡聽到的消費者情緒是，無論是在美國還是在歐洲，消費者情緒實際上都繼續保持強勁。所以我不想讓任何人覺得這不是我們所看到的。

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

我們將轉向格里芬證券公司的 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增長戰略的兩個重要屬性。首先，您能否評論一下您所謂的應用程序和智能服務的貢獻或期望。這在這一點上變得有意義嗎？

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，在幾個月前和今天晚上的峰會上，我們聽到了多個在您的細分市場內和跨細分市場進行集成的示例，這是 Adobe 的長期實踐，但在過去幾年中，我們聽到了更多關於這一點的信息.您能否評論一下您認為在潛在市場或您自己的銷售能力方面，在接下來的幾個季度和幾年中，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.

謝謝你的問題，傑。在應用程序和智能服務方面，它非常適合我們基於 Adobe Experience 平台的服務組合。回顧一下，我們有 3 項主要服務，即實時 CDP、客戶旅程分析和旅程優化器。我們所做的是真正將這些智能服務集成為這些應用程序的一部分，這些應用程序在 Adobe Experience Platform 上原生運行。而這對我們來說非常有價值的地方在於，我們通過我們的數字體驗產品組合擁有廣泛的客戶群。例如，借助 Adobe Analytics，我們擁有——長期以來一直是黃金標準——用於網絡流量分析以及趨勢和洞察力。

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.

通過客戶旅程分析，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，無論是網絡流量還是通過移動應用程序、社交、呼叫中心等。這就是情報服務真正適合的地方，真正能夠擴展投資組合，並通過將這些細分為受眾並激活它們來推動價值。

Okay. And the second part of the question?

好的。問題的第二部分？

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

如果你能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。我試圖深入了解您已經完成的許多集成中的哪些，無論是在您的細分市場內部還是跨細分市場，無論是數字媒體、DX 還是它們的組合，您認為已經、已經或將產生最有意義的影響，假設並非所有這些集成都是平等創建的？

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的問題開始，因為我們看到的非常感興趣的領域之一就是我們所說的內容供應鏈。 David 和 Anil 都可以多談一點。但是，如果您同意我們可以提供的最大價值是讓每個企業能夠大規模地進行個性化、創建的內容量、交付的內容量以及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大型消費公司，它已經完全整合了他們所有的營銷活動，以真正了解這個內容供應鍊是什麼。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序、我們提供的資產管理、網站以及我們正在使用 AEM、Experience Manager 所做的事情以及工作前沿之間做些什麼，以便能夠進行相關的工作流有了這個，這確實引起了每個客戶的共鳴。

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

我們將在摩根士丹利的 Keith Weiss 旁邊進行討論。

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?

我有一個問題要問丹，是關於指導理念的。而且我認為很多人試圖理解的是，將數字媒體 ARR 指南全年保持在 19 億美元。儘管第三季度的季節性有所增加。儘管如此——就像 The Street 給了你一個通行證。我們已經將我們的數字降低到 18 億美元左右。為什麼要把風險放在那裡？為什麼將更多風險推向第四季度？或者為什麼在 - 很明顯，它不在庫存中時，為什麼要設置一個高標準。所有的股票都在這裡被殺死。這不在我們的預期之內。是什麼讓你如此自信地喜歡保留這個數字？

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，我會說業務的表現非常好。我們之前討論過它，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洞察力，我們看到了今年下半年的實力。因此，我們對業務的基本表現充滿信心。

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。所以在這樣的環境下，也許我們對第三季度有點謹慎。我認為這是謹慎的做法。但這並沒有影響我們的洞察力和信念，以及對基本表現的信心以及我們在下半年看到的實力。因此，我認為我們已經考慮了所有因素，並且我們已經制定了正確的目標集，這些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度變得更好的任何可見性將實現這一點？因為您正在尋找從上半年基本下降到下半年增長的淨新 ARR。什麼 - 你能給我們任何形式的可見性，比如是什麼讓你們有信心嗎？

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.

如果你看看我們如何管理業務的節奏，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，你開始看看發生了什麼新興業務將繼續增長。所以這是一個組合。我認為其他人提到了定價，我們也會有整整一個季度的定價。

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，當您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，你看看數字是什麼樣的，這就是我們要推動的事情。

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

我們將與花旗一起去泰勒拉德克旁邊。

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。我想問你關於 CDP 空間的問題。我想你談到你的收入同比翻了一番。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，作為整體體驗業務的一部分，CDP 在增長動力方面的重要性如何？第二，你能談談競爭格局嗎？這是 Salesforce 在上一次財報電話會議上談到的很多內容。我們已經看到 Amplitude 最近推出了 CDP。那麼你如何看待這一切的演變？你認為這會如何發展？

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，讓我先來看看我們對整個 CDP 市場的看法。首先，對 CDP 的所有興趣都很好地證明了傳統 CRM 不是構建下一代客戶體驗的方式。一些數據可能存在，但您確實需要激活數據並構建豐富的配置文件，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，如果我們看一下 CDP 市場，我們看到的是，從我們的角度來看，它是全面客戶參與的平台。然後這涉及到許多不同的組件。您查看所需的數據收集，我們不僅使用我們的應用程序構建了許多連接器。我們有超過 100 個連接器用於數據收集。然後，您需要能夠將其組裝到實時數據庫中，以便您可以做出下一個最佳操作，下一個最佳報價。我們稱其為數以百萬計的大規模個性化。並且需要激活實時客戶檔案。

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序的平台。但是，例如，我們與 Dynamics 的集成，例如，與客戶服務或我們與 ServiceNow 的集成等等。它需要成為服務於所有面向客戶的應用程序的客戶數據平台。這就是我們看待 CDP 的方式。這就是使它成為一個廣闊而令人興奮的市場的原因。這就是我們與眾不同的地方。當我們與客戶交談時，我會給你舉 CBS 和 NFL 等的例子，他們認可並同意這一願景，這就是他們押注我們的原因。而且你看到的大多數玩家都只做其中的一部分，他們既不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它的真正能力。

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擁有 320 億個人資料。我的意思是，很明顯，每個客戶的個人資料都被隔離了。因此，我們顯然是領導者，因為它涉及在市場上擁有實時 CDP 的大公司。

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

我們將和瑞穗一起搬到格雷格莫斯科維茨旁邊。

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”計劃嗎？顯然，Meta 擁有巨大的小型企業影響力，但讓您對這種合作夥伴關係將逐步為 Adobe 做些什麼的期望會有所幫助。

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。這一直是——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 主要專注於傳播者、中小型企業，因為他們開始更多地轉向在線。我們已經談了很多關於創造者經濟的興起。我們已經提到，有數以億計的中小型企業真正瞄準了更多的在線交流並真正專注於社交媒體。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在線形像比實體形象更重要。因此，他們需要以數字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.

我們提供的能力——通過 Meta 提供他們端到端所需的所有工具，以構建令人難以置信的內容，這些內容脫穎而出並參與 Meta 提供的在線體驗，當然，還可以更廣泛地在所有我認為，其他社交網絡對 Meta 來說是一個非常好的機會，對於我們來說，當然對於作為該計劃一部分的中小型企業主來說也是如此。

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

我們將在高盛的 Kash Rangan 旁邊進行討論。

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.

Shantanu 和團隊，即將到來的衰退也許是每個人都在預測的。正如大衛所說，該公司之前曾經歷過幾次衰退。

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.

與幾年前相比，今天的公司是一家非常不同的公司。如果我們進入低迷期，您對 Adobe 產品組合的最佳預測是什麼，而不是我們希望的？但是，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聘速度。訂閱模式的美妙之處在於，您仍然可以開始招聘並產生可觀的利潤增長，從財務角度來看就是這樣。但是很想知道您對這個特定主題的整體看法。

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。讓我首先介紹您的第二部分，Kash，因為它與底線有關。鑑於我們擁有的所有無數機會，我們現在的理念是我們正在為上行做好計劃。當這種情況發生時，我們知道如何應對不利因素。我的意思是看看稅率、財務團隊和產品團隊發生了什麼，他們能夠做些什麼來真正解決所有這些問題，這真的很了不起。我的意思是，我們認為這在公司是理所當然的，但我們在繼續保持極高利潤方面做得非常出色。

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，當你看到 Adobe 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，我只是不看在其中任何一個上，感覺這種長期趨勢都會改變。因此，該季度環比的節奏可能會有所變化。但是我們正在做的事情的根本轉變，我的意思是，Anil 談到了這個實時 CDP，客戶參與將是唯一能將業務與其他業務區分開來的東西。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.

所以我們將導航它。我們擁有一支經驗豐富的管理團隊。我們現在正在計劃上行，這是我們所有的增長計劃。我們會做出適當的反應。我們顯然不會否認。但是現在，對於 Adobe 來說，這是一個非常好的時機，可以繼續執行我們手頭上的事情。

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 回答的第一部分基礎上再做一點。我們談到了抵消我們看到的一些不利因素。我們談到了稅率的提高。我們談到了今年下半年的外匯逆風。在第一季度，我們討論了我們從烏克蘭戰爭中看到的影響。當我們考慮外彙和我們在第一季度討論的影響時，這是今年下半年 2.5 億美元的收入逆風。稅率的增加對全年每股的影響約為 0.25 美元。當我將這兩者加在一起時，我們預計公司的盈利能力會受到每股約 0.60 至 0.70 美元的侵蝕。就 Shantanu 而言，它確實強調了一種哲學，這種哲學支撐著這家公司長期以來的運營方式。

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。這是關於運營紀律，而全年目標已經下降了 0.20 美元，而數學表明它應該比這要大得多，這確實強調了該模型的力量。我們正在為創新投資。我們正在投資以服務我們的客戶，但我們是以一種非常專注、有紀律的方式來做這件事的。我認為這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。祝賀第二季度強勁。我的問題是給大衛的。大衛，我們已經看到關於您在加拿大運行基於瀏覽器的免費 Photoshop 版本的試用報告，我認為這是另一種類似於 Express 的產品，用於建立漏斗頂部的興趣和意識。你能在這里分享更多關於這個策略的信息嗎？您如何看待更簡化的產品、創造增量需求與與更多優質 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。坦率地說，我們對我們在這裡所做的工作感到非常興奮，不僅僅是使用 Adobe Express，還使用 Photoshop，正如我們在此處提到的那樣，使用 Lightroom，就像我們過去所做的那樣，還使用 Acrobat。我們的重點一直是利用我們在桌面端的優勢，為我們的客戶在桌面端、移動端和網絡上構建多表面體驗。

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，我們注意到網絡和移動確實代表了一個以非常重要的方式擴大我們的受眾的機會。我們通過捕獲搜索流量並在意圖點通過免費增值模式將它們帶入零摩擦網絡體驗來做到這一點。

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，我們的核心影像特許經營之旅已經邁出了一步。我們絕對期望它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。您會看到 Acrobat 的核心業務有多麼強大以及它的表現如何。

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.

我們有一個可用的 Acrobat Web 版本。我們已經能夠將流量翻倍，現在我們每月有超過 5000 萬活躍用戶使用 Acrobat web，我們將其用作每月活躍的 Acrobat web 的頂部，我們能夠利用這一點並將流量轉化為真正的業務。我們現在也在用 Photoshop 玩同樣的劇本，我們希望這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，我們所做的是我們以一種令人難以置信的擴展方式看待平台。在任何平台上，只要確保我們能夠獲得技術的魔力，並且盡可能以無摩擦的方式進行，這就是我們將繼續做的事情的一部分。我們有一個令人難以置信的嚴格過程，他們也真正了解如何將其貨幣化。因此，布拉德，就他們如何宣布這一點而言，一些新聞稿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，我們為我們如何執行我們的戰略而感到自豪。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，我們將繼續通過提供出色的創新產品來贏得勝利，這些產品最終會讓我們的客戶感到高興並不斷增加。我們正在製作一些非常有創意的營銷活動。我們有適合我們目標客戶群的強勁銷售和進入市場的動議。我認為，成為我們產品的最佳用戶，這實際上給了我們巨大的信譽，既可以快速創新，又可以為我們的全球客戶提供出色的客戶滿意度和增長。

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

所以感謝您加入我們。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。謝謝大家加入電話會議。我們期待很快與你們中的許多人交談，這確實結束了活動。謝謝你。