(ADBE) 2022 Q3 法說會逐字稿

Good day, and welcome to the Q3 FY '22 Adobe Earnings Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加 22 財年第三季度 Adobe 收益電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Jonathan Vaas, VP of Investor Relations. Please go ahead, sir.

此時，我想將會議轉交給投資者關係副總裁 Jonathan Vaas。請繼續，先生。

Good morning, 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; and Anil Chakravarthy, President of Digital Experience; and Dan Durn, Executive Vice President and CFO.

早上好，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；和數字體驗總裁 Anil Chakravarthy；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 third quarter fiscal year 2022 financial results. You can find our Q3 press release as well as PDFs of our prepared remarks and financial results on Adobe's Investor Relations website. The information discussed on this call, including our financial targets and product plans, is as of today, September 15, 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.

在這次正在錄音的電話會議中，我們將討論 Adobe 2022 財年第三季度的財務業績。您可以在 Adobe 的投資者關係網站上找到我們的第三季度新聞稿以及我們準備好的評論和財務結果的 PDF。本次電話會議上討論的信息，包括我們的財務目標和產品計劃，截至今天 9 月 15 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. I will now turn the call over to Shantanu.

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。我現在將把電話轉給 Shantanu。

Thanks, Jonathan, and thank you for joining us. Adobe had another record quarter, achieving $4.43 billion in revenue, which represents 15% year-over-year growth. GAAP earnings per share for the quarter was $2.42 and non-GAAP earnings per share was $3.40. In our Digital Media business, we achieved $3.23 billion in revenue. Net new Digital Media annualized recurring revenue, or ARR, was $449 million, and total Digital Media ARR, exiting Q3, grew to $13.40 billion. In our Experience Cloud business, we achieved $1.12 billion in revenue, and subscription revenue was $981 million.

謝謝喬納森，謝謝你加入我們。 Adobe 又一個創紀錄的季度實現了 44.3 億美元的收入，同比增長 15%。本季度 GAAP 每股收益為 2.42 美元，非 GAAP 每股收益為 3.40 美元。在我們的數字媒體業務中，我們實現了 32.3 億美元的收入。新數字媒體的年化經常性淨收入 (ARR) 為 4.49 億美元，截至第三季度，數字媒體的總 ARR 增長至 134 億美元。在我們的 Experience Cloud 業務中，我們實現了 11.2 億美元的收入，訂閱收入為 9.81 億美元。

In this digital-first world, Adobe Creative Cloud, Document Cloud and Experience Cloud have become even more mission-critical to an increasingly wide range of customers. From students to creative professionals to small businesses to the world's largest enterprises fueled by our groundbreaking technology, track record of creating and leading categories and consistently strong execution, our opportunity is larger than ever before. Adobe's greatness has been rooted in defining new categories and platforms and delivering cutting-edge solutions through both organic innovation and inorganic acquisitions.

在這個數字優先的世界中，Adobe Creative Cloud、Document Cloud 和 Experience Cloud 對越來越廣泛的客戶來說變得更加關鍵。從學生到創意專業人士，再到小型企業，再到世界上最大的企業，我們的突破性技術、創造和領先類別的記錄以及始終如一的強大執行力推動了我們的發展，我們的機會比以往任何時候都大。 Adobe 的偉大之處在於定義新的類別和平台，並通過有機創新和無機收購提供尖端解決方案。

Throughout our history, Adobe's innovations have touched billions of lives around the globe. From revolutionizing imaging and creative expression with Photoshop to pioneering electronic documents through PDF, to creating the digital marketing category with Adobe Experience Cloud, Adobe continues to invent and transform categories. We are in the golden age of design, and we believe we have a unique opportunity to usher in a new era of collaborative creative computing.

縱觀我們的歷史，Adobe 的創新已經觸動了全球數十億人的生活。從使用 Photoshop 革新成像和創意表達到通過 PDF 開創電子文檔，再到使用 Adobe Experience Cloud 創建數字營銷類別，Adobe 繼續發明和轉變類別。我們正處於設計的黃金時代，我們相信我們有一個獨特的機會來開創協作創意計算的新時代。

I'm thrilled to share that today we announced our intention to acquire Figma, a leading web-first design platform that will help us accelerate this vision. Figma enables designers, developers and all stakeholders to collaborate in the product-design process from ideation to design to delivery. The combination of Adobe and Figma will significantly expand our reach and market opportunity while making the creative process more accessible, and productive to more people. I will now turn it over to David to share more about our vision for Adobe and Figma and momentum in the Digital Media business. David?

我很高興與大家分享，今天我們宣布有意收購 Figma，這是一個領先的網絡優先設計平台，將幫助我們加速實現這一願景。 Figma 使設計師、開發人員和所有利益相關者能夠在從構思到設計再到交付的產品設計過程中進行協作。 Adobe 和 Figma 的結合將顯著擴大我們的影響力和市場機會，同時讓更多的人更容易訪問和高效地創作創作過程。我現在將把它交給大衛，以分享更多關於我們對 Adobe 和 Figma 的願景以及數字媒體業務的發展勢頭。大衛？

It's an exciting day for Adobe and Figma. Figma's mission is to help teams collaborate visually and make design accessible to all. Dylan Field, Figma's CEO, and his team, launched Figma as the first design tool purpose built for the web in 2012. Figma and FigJam make it possible for all stakeholders designing interactive mobile and web applications to collaborate through multiplayer workflows, sophisticated design systems and a rich extensible developer ecosystem. Figma has built an incredible product and an outstanding business, delivering world-class ARR growth and net-dollar retention with a disciplined and efficient operating model.

對於 Adobe 和 Figma 來說，這是激動人心的一天。 Figma 的使命是幫助團隊進行可視化協作並讓所有人都可以使用設計。 Figma 的首席執行官 Dylan Field 和他的團隊於 2012 年推出了 Figma 作為第一個專為 Web 構建的設計工具。Figma 和 FigJam 使設計交互式移動和 Web 應用程序的所有利益相關者能夠通過多人工作流程、複雜的設計系統和豐富的可擴展開發者生態系統。 Figma 建立了令人難以置信的產品和出色的業務，通過嚴格高效的運營模式實現了世界級的 ARR 增長和淨美元保留率。

Figma has attracted a new generation of millions of designers and developers and a loyal student-following. To give you a sense of their scale and financial success, Figma is expected to add approximately $200 million in net new ARR this year, surpassing $400 million in total ARR exiting 2022 with greater than 150% net-dollar retention rate. With the total addressable market of $16.5 billion by 2025, Figma is just getting started.

Figma 吸引了新一代數以百萬計的設計師和開發人員以及忠實的學生追隨者。為了讓您了解他們的規模和財務成功，預計 Figma 今年將增加約 2 億美元的淨新 ARR，到 2022 年總 ARR 將超過 4 億美元，淨美元保留率超過 150%。到 2025 年，總目標市場將達到 165 億美元，Figma 才剛剛起步。

Adobe has always been focused on empowering everyone to create digital experiences, and the combination of Adobe and Figma is the perfect better-together opportunity. The combination of Adobe and Figma will create new opportunities and accelerate our strategy in a few ways. First, reimagining the future of creativity and productivity. Adobe and Figma share a passion for helping individuals and teams be more creative and productive. Adobe and Figma now have a new opportunity to make content creation more efficient, collaborative and fun by bringing together Adobe Express, Acrobat and FigJam, an online white-boarding solution for Teams. With the combination of these products, we can offer tremendous value to hundreds of millions of customers.

Adobe 一直專注於讓每個人都能夠創造數字體驗，而 Adobe 和 Figma 的結合是一個完美的合作機會。 Adobe 和 Figma 的結合將在幾個方面創造新的機會並加速我們的戰略。首先，重新構想創造力和生產力的未來。 Adobe 和 Figma 都熱衷於幫助個人和團隊提高創造力和生產力。 Adobe 和 Figma 現在有了一個新的機會，通過將 Adobe Express、Acrobat 和 FigJam（一種適用於 Teams 的在線白板解決方案）結合起來，使內容創建更加高效、協作和有趣。通過這些產品的組合，我們可以為數億客戶提供巨大的價值。

Second, accelerating creativity on the web. As creativity becomes increasingly collaborative, the web makes it easier for teams to create together. Figma's web-based multiplayer platform can accelerate the delivery of Adobe's Creative Cloud technologies on the web, making the creative process accessible to more people. This will dramatically increase Adobe's reach and addressable market opportunity.

其次，加速網絡上的創造力。隨著創造力變得越來越協作，網絡使團隊更容易共同創造。 Figma 的基於網絡的多人遊戲平台可以加速 Adobe 的 Creative Cloud 技術在網絡上的交付，讓更多人可以訪問創作過程。這將大大增加 Adobe 的影響力和可尋址的市場機會。

Third, advancing product design. Web and mobile applications are increasingly underpinning how we live and work. This is driving explosive growth in the product design category. The combination of Adobe and Figma will benefit all stakeholders in the product design process from designers to product managers to developers by bringing powerful capabilities from Adobe's imaging, photography, illustration, video, 3D and font technologies into the Figma platform over time.

三是推進產品設計。 Web 和移動應用程序正日益成為我們生活和工作方式的基礎。這推動了產品設計類別的爆炸性增長。 Adobe 和 Figma 的結合將使產品設計過程中的所有利益相關者受益，從設計師到產品經理再到開發人員，隨著時間的推移將 Adobe 的成像、攝影、插圖、視頻、3D 和字體技術的強大功能帶入 Figma 平台。

And fourth, empowering and expanding the community. Throughout our history, Adobe's community has been a constant source of inspiration and a catalyst for innovation. Figma has a thriving community who develop and share everything from tutorials, templates and plug-ins with their large and growing ecosystem. The combination of our communities will bring designers and developers closer together to unlock the future of collaborative design. Adobe and Figma could not be a better match. Our people, innovative technology and joint mission to democratize creativity and collaboration will deliver increased value to a growing base of customers.

第四，賦權和擴大社區。縱觀我們的歷史，Adobe 社區一直是靈感的源泉和創新的催化劑。 Figma 擁有一個蓬勃發展的社區，他們通過其龐大且不斷發展的生態系統開發和分享教程、模板和插件等所有內容。我們社區的結合將使設計師和開發人員更加緊密地聯繫在一起，以開啟協作設計的未來。 Adobe 和 Figma 再合適不過了。我們的員工、創新技術以及實現創造力和協作民主化的共同使命將為不斷增長的客戶群帶來更大的價值。

I look forward to welcoming Dylan and the entire Figma team to Adobe once the transaction closes. The acquisition of Figma could not come at a more exciting time for Adobe's Digital Media business, which surpassed $13 billion in ARR this quarter, growing 16% year-over-year exiting the quarter. Adobe Creative Cloud remains the world's creative engine, empowering everyone to create whenever and wherever inspiration strikes. In Q3, we achieved net new Creative Cloud ARR of $330 million and revenue of $2.63 billion, which grew 14% year-over-year.

我期待在交易完成後歡迎 Dylan 和整個 Figma 團隊加入 Adobe。對於 Adobe 的數字媒體業務而言，收購 Figma 的時機再好不過了，該業務本季度的 ARR 超過 130 億美元，本季度同比增長 16%。 Adobe Creative Cloud 仍然是世界上的創意引擎，讓每個人都能隨時隨地進行創作。第三季度，我們實現了 3.3 億美元的 Creative Cloud ARR 淨額和 26.3 億美元的收入，同比增長 14%。

Q3 highlights include strong momentum for Adobe Express, with significant growth in new users. Adobe Express is serving an expansive universe of creative professionals, communicators and knowledge workers from students to small business owners to social influencers. It's exciting to see the rapid innovation we're delivering to enable millions of customers to create standout multimedia content.

第三季度的亮點包括 Adobe Express 的強勁勢頭，新用戶顯著增長。 Adobe Express 為廣大的創意專業人士、傳播者和知識工作者提供服務，從學生到小企業主再到社會影響者。很高興看到我們提供的快速創新使數百萬客戶能夠創建出色的多媒體內容。

Adobe Express has thousands of templates, millions of stock assets and quick-action functionality that make it easy to do any creative task. Millions of new users are coming to Adobe Express driven by viral adoption and our creative marketing campaigns. Fast Company recently named Adobe Express, one of the best new productivity apps of 2022. Strength in our Photoshop and Lightroom offerings across desktop and mobile, tailwinds in our video segment for Premier Pro and Frame.io are integrated video editing and collaboration offering. Demand for our substance products as brands across every industry embrace 3D and immersive content as a new medium, and momentum in the Adobe Stock business, emphasizing the importance of content velocity for businesses of all sizes.

Adobe Express 擁有數千個模板、數百萬個庫存資源和快速操作功能，可讓您輕鬆完成任何創意任務。在病毒式採用和我們的創意營銷活動的推動下，數以百萬計的新用戶正在使用 Adobe Express。 Fast Company 最近將 Adobe Express 命名為 2022 年最好的新生產力應用程序之一。我們在桌面和移動設備上的 Photoshop 和 Lightroom 產品的優勢，我們的 Premier Pro 和 Frame.io 視頻部分的順風是集成的視頻編輯和協作產品。作為各個行業的品牌，對我們的實體產品的需求都將 3D 和沈浸式內容作為一種新的媒介，以及 Adobe Stock 業務的發展勢頭，強調了內容速度對於各種規模的企業的重要性。

And finally, we are really excited about Adobe MAX, the world's largest creativity conference. It will be held in Los Angeles and streamed live for our global community. In addition to unveiling amazing new Creative Cloud innovations, we will hear from luminaries including renowned film directors, artists and musicians.

最後，我們對全球最大的創意會議 Adobe MAX 感到非常興奮。它將在洛杉磯舉行，並為我們的全球社區直播。除了展示令人驚嘆的全新 Creative Cloud 創新，我們還將聆聽知名電影導演、藝術家和音樂家等知名人士的演講。

Now on to our Document Cloud business. Digital documents are enabling individuals and businesses to be productive in a digital-first world. With more than 300 billion PDFs opened and more than 8 billion digital signatures processed each year, Adobe Document Cloud is accelerating document productivity and workflows across web, desktop and mobile. Document Cloud had its best Q3 ever, achieving net new Document Cloud ARR of $119 million and record revenue of $607 million, which grew 25% year-over-year. Q3 highlights include continued adoption of PDF across every computing surface with over 2.6 billion cumulative installs of Acrobat and Reader. Significant enhancements to the Acrobat web experience, making popular verbs like View, Edit and Collaborate easier than ever and adding accessibility capabilities such as Readout Loud and High Contrast Support.

現在開始我們的 Document Cloud 業務。數字文檔使個人和企業能夠在數字優先的世界中高效工作。 Adobe Document Cloud 每年打開超過 3000 億個 PDF 文件並處理超過 80 億個數字簽名，正在加快 Web、桌面和移動設備的文檔生產力和工作流程。 Document Cloud 實現了有史以來最好的第三季度，實現了 1.19 億美元的 Document Cloud ARR 淨額和 6.07 億美元的創紀錄收入，同比增長 25%。第三季度的亮點包括在每個計算表面繼續採用 PDF，累計安裝超過 26 億次 Acrobat 和 Reader。對 Acrobat Web 體驗的顯著增強，使 View、Edit 和 Collaborate 等流行動詞比以往更容易，並添加了 Readout Loud 和 High Contrast Support 等輔助功能。

Acrobat web now continues to see tremendous growth driven by the high volume of web searches for document actions. Strong growth in Adobe Sign driven by integrated e-signature functionality in Acrobat, integrated workflows between Acrobat Desktop, Acrobat Web and Adobe Express. And key enterprise customer wins, including Amazon, Boeing, Chubb, Lloyds Bank and ServiceNow. Demand for our industry-leading Digital Media products remains strong across a growing base of customers. We are accelerating momentum across the business with continued product innovation, strong go-to-market capabilities and a proven data-driven operating model. I'll now pass it to Anil.

Acrobat web 現在繼續看到巨大的增長，這是由對文檔操作的大量 Web 搜索推動的。 Adobe Sign 的強勁增長得益於 Acrobat 中集成的電子簽名功能、Acrobat Desktop、Acrobat Web 和 Adobe Express 之間的集成工作流程。關鍵企業客戶獲勝，包括亞馬遜、波音、安達、勞埃德銀行和 ServiceNow。不斷增長的客戶群對我們行業領先的數字媒體產品的需求依然強勁。通過持續的產品創新、強大的上市能力和經過驗證的數據驅動運營模式，我們正在加速整個業務的發展勢頭。我現在把它交給阿尼爾。

Thanks, David. Hello, everyone. One thing has become abundantly clear in this environment, digital has become the critical channel to engage customers and drive growth. Across the globe, companies in every industry are prioritizing investments in software solutions and services that enable them to anticipate and meet the expectations of their consumers. Customer experience management is an imperative, and Adobe is the category leader. Adobe Experience Cloud delivers predictive, personalized, real-time digital experiences from acquisition to monetization to retention across content and commerce, customer journeys, data insights and audiences and marketing workflow. In particular, we are driving strong enterprise adoption of Adobe Experience platform and Real-time CDP, which are foundational to this next-generation enterprise architecture.

謝謝，大衛。大家好。在這種環境下，一件事已經變得非常清楚，數字已經成為吸引客戶和推動增長的關鍵渠道。在全球範圍內，各行各業的公司都在優先投資軟件解決方案和服務，使他們能夠預測並滿足消費者的期望。客戶體驗管理勢在必行，而 Adobe 是該類別的領導者。 Adobe Experience Cloud 提供預測性、個性化、實時的數字體驗，從獲取到獲利再到內容和商業的保留、客戶旅程、數據洞察以及受眾和營銷工作流程。特別是，我們正在推動企業大力採用 Adobe Experience Platform 和 Real-time CDP，這是下一代企業架構的基礎。

FC Bayern, one of the world's most successful football clubs is leveraging Adobe Experience Cloud and Real-time CDP to transform their fan experience. This gives them a holistic view of every fans engagement online and offline, enabling them to deliver personalized experiences such as discounts at the stadium or an immersive shopping experience for viewers at home. In Q3, we continued to drive strong Experience Cloud growth, achieving a record $1.12 billion in revenue. Subscription revenue was $981 million for the quarter, representing 15% year-over-year growth. Q3 highlights include strong momentum for Adobe Experience platform and AEP native applications, with the book of business more than doubling year-over-year. Significant growth for Adobe Commerce underscoring the demand for digital storefronts and marketplaces.

FC Bayern 是世界上最成功的足球俱樂部之一，它正在利用 Adobe Experience Cloud 和實時 CDP 來改變他們的球迷體驗。這讓他們能夠全面了解線上和線下的每一位球迷的互動，讓他們能夠提供個性化的體驗，例如在體育場打折或在家中為觀眾提供身臨其境的購物體驗。在第三季度，我們繼續推動 Experience Cloud 的強勁增長，實現了創紀錄的 11.2 億美元的收入。本季度訂閱收入為 9.81 億美元，同比增長 15%。第三季度的亮點包括 Adobe Experience 平台和 AEP 原生應用程序的強勁勢頭，業務量同比增長超過一倍。 Adobe Commerce 的顯著增長突顯了對數字店面和市場的需求。

Experience Cloud was named a leader for the sixth consecutive year in the Gartner Magic Quadrant for digital commerce and achieved the highest position in the Forrester wave for enterprise marketing suites. And key customer wins, including Credit Agricole, Morgan Stanley, NASA, Qualcomm, T-Mobile and UnitedHealth Group.

Experience Cloud 在 Gartner 數字商務魔力像限中連續第六年被評為領導者，並在 Forrester 企業營銷套件浪潮中名列前茅。並贏得了主要客戶，包括法國農業信貸銀行、摩根士丹利、NASA、高通、T-Mobile 和聯合健康集團。

Looking forward, Adobe is leading an explosive growth category that's increasingly important to enterprises of all sizes. Adobe is well positioned to help enterprises deliver exceptional customer experiences with industry-leading platforms and applications, a strong track record of deploying solutions successfully for thousands of customers, and a proven ability to deliver the next-generation architecture for customer-experience management. Dan, over to you.

展望未來，Adobe 正在引領一個對各種規模的企業越來越重要的爆炸性增長類別。 Adobe 有能力幫助企業通過行業領先的平台和應用程序提供卓越的客戶體驗，為成千上萬的客戶成功部署解決方案的良好記錄，以及為客戶體驗管理提供下一代架構的成熟能力。丹，交給你。

Thanks, Anil. Today, I'll start by summarizing Adobe's performance in Q3 fiscal 2022, highlighting growth drivers across our businesses, then I'll discuss the announced acquisition of Figma, and I'll finish with financial targets. Adobe delivered a solid Q3, continuing to demonstrate that our products are mission-critical to our customers' success in any macro environment, from the millions of individuals who use our offerings to create digital content to the small businesses that run their document workflows on Adobe to the large enterprises that have transformed how they interact with their end users by providing personalization at scale.

謝謝，阿尼爾。今天，我將首先總結 Adobe 在 2022 財年第三季度的業績，重點介紹我們業務的增長動力，然後我將討論宣布收購 Figma，最後是財務目標。 Adobe 實現了穩健的第三季度，繼續證明我們的產品對於我們的客戶在任何宏觀環境中的成功都至關重要，從使用我們的產品創建數字內容的數百萬個人到在 Adobe 上運行其文檔工作流程的小型企業面向通過大規模提供個性化服務改變了與最終用戶交互方式的大型企業。

Q3 business and financial highlights included record revenue of $4.43 billion, GAAP diluted earnings per share of $2.42, and non-GAAP diluted earnings per share of $3.40, Digital Media revenue of $3.23 billion, net new Digital Media ARR of $449 million, Digital Experience revenue of $1.12 billion, cash flows from operations of $1.70 billion, RPO of $14.11 billion exiting the quarter and repurchasing approximately 5.1 million shares of our stock during the quarter.

第三季度的業務和財務亮點包括創紀錄的 44.3 億美元收入、2.42 美元的 GAAP 攤薄每股收益和 3.40 美元的非 GAAP 攤薄每股收益、32.3 億美元的數字媒體收入、4.49 億美元的新數字媒體 ARR 淨收入、數字體驗收入11.2 億美元，運營現金流 17.0 億美元，本季度結束後的 RPO 為 141.1 億美元，並在本季度回購了約 510 萬股我們的股票。

In our Digital Media segment, we achieved 13% year-over-year revenue growth in Q3 or 16% in constant currency. We exited the quarter with $13.40 billion of Digital Media ARR. We saw expected summer seasonality in the quarter, with the overall acquisition and engagement environment for offerings remaining strong. We achieved creative revenue of $2.63 billion, which represents 11% year-over-year growth or 14% in constant currency. We added $330 million of net new creative ARR in the quarter.

在我們的數字媒體部門，我們在第三季度實現了 13% 的收入同比增長或 16% 的固定匯率。我們以 134 億美元的數字媒體 ARR 退出了本季度。我們在本季度看到了預期的夏季季節性，產品的整體收購和參與環境保持強勁。我們實現了 26.3 億美元的創意收入，同比增長 11% 或按固定匯率計算增長 14%。我們在本季度增加了 3.3 億美元的淨新創意 ARR。

Third quarter creative growth drivers included momentum in small and medium businesses with our Teams offering where we continue to drive strong new customer acquisition, and are seeing engagement and retention at all-time highs, strong growth in our Illustrator and in-design businesses. Demand for our flagship photography, imaging and video applications, Adobe Stock where we continue to drive strong book of business growth and momentum in our new growth initiatives such as Frame.io and Substance, each of which grew ending ARR greater than 50% year-over-year exiting the quarter.

第三季度的創意增長驅動因素包括我們的 Teams 產品在中小型企業的發展勢頭，我們繼續推動強勁的新客戶獲取，並且看到參與度和保留率達到歷史最高水平，我們的 Illustrator 和設計業務強勁增長。對我們的旗艦攝影、成像和視頻應用程序 Adobe Stock 的需求，我們繼續在 Frame.io 和 Substance 等新的增長計劃中推動強勁的業務增長和勢頭，每個項目的年末 ARR 均增長超過 50%-退出本季度。

Adobe achieved Document Cloud revenue of $607 million, which represents 23% year-over-year growth or 25% in constant currency. We added $119 million of net new Document Cloud ARR in the quarter, our strongest Q3 to date. Third quarter Document Cloud growth drivers included accelerated adoption of PDF and Adobe Reader across multiple surfaces, growth of Acrobat Web, fueled by online searches for PDF and document actions, strong performance of Acrobat and Adobe Sign. Performance of our reseller channel continuing to drive new Document Cloud subscriptions, particularly with small and medium businesses, and continued seat expansion in the enterprise.

Adobe 實現了 6.07 億美元的 Document Cloud 收入，同比增長 23% 或按固定匯率計算 25%。我們在本季度增加了 1.19 億美元的淨新 Document Cloud ARR，這是我們迄今為止最強勁的第三季度。第三季度 Document Cloud 的增長驅動因素包括 PDF 和 Adobe Reader 在多個平台上的加速採用、Acrobat Web 的增長（由在線搜索 PDF 和文檔操作推動）、Acrobat 和 Adobe Sign 的強勁表現。我們經銷商渠道的表現繼續推動新的 Document Cloud 訂閱，尤其是對中小型企業的訂閱，並在企業中繼續擴大席位。

In August, we began to roll out the new Acrobat integrated with Sign offering, which included updated pricing.

8 月，我們開始推出與 Sign 產品集成的新 Acrobat，其中包括更新的定價。

Turning to our Digital Experience segment. In Q3, we achieved revenue of $1.12 billion, which represents 14% year-over-year growth or 15% in constant currency. Digital Experience subscription revenue was $981 million. Third quarter Digital Experience growth drivers included strong retention, upsell and enterprise bookings in the quarter across our solutions, particularly in the U.S. Success closing numerous million-dollar deals as well as larger transformational deals that span our portfolio of solutions. Continued momentum with our foundational Adobe Experience platform and Real-time CDP business with our book of business for platform and AEP-native applications more than doubling year-over-year exiting the quarter. Success integrating our solutions with workflow, including Workfront, which grew revenue greater than 35% year-over-year in the quarter, and higher customer demand for Professional Services as enterprises focus on implementations and value realization.

轉向我們的數字體驗部分。第三季度，我們實現了 11.2 億美元的收入，同比增長 14% 或按固定匯率計算 15%。數字體驗訂閱收入為 9.81 億美元。第三季度數字體驗增長驅動因素包括本季度我們解決方案的強勁保留、追加銷售和企業預訂，特別是在美國成功完成了數百萬美元的交易以及跨越我們解決方案組合的更大的轉型交易。我們的基礎 Adobe 體驗平台和實時 CDP 業務繼續保持勢頭，我們的平台業務手冊和 AEP 原生應用程序在本季度同比增長了一倍以上。成功將我們的解決方案與工作流集成，包括 Workfront，該季度收入同比增長超過 35%，以及隨著企業專注於實施和價值實現，客戶對專業服務的需求增加。

In Q3, we focused on making disciplined investments to drive growth, including a strong class of university hires and marketing campaigns to raise awareness of new and flagship offerings. We continue to have world-class operating margins, and drove strong EPS performance in the quarter. Adobe's effective tax rate in Q3 was 22% on a GAAP basis and 17.5% on a non-GAAP basis. The GAAP tax rate came in lower, primarily due to benefits associated with share-based payments. The non-GAAP tax rate came in lower, primarily due to additional U.S. income tax credits. RPO exiting the quarter was $14.11 billion, growing 12% year-over-year or 15% when factoring in a 3% foreign exchange headwind.

在第三季度，我們專注於進行有紀律的投資以推動增長，包括強大的大學招聘和營銷活動，以提高對新產品和旗艦產品的認識。我們繼續擁有世界一流的營業利潤率，並推動了本季度強勁的每股收益表現。 Adobe 在第三季度的有效稅率按公認會計原則計算為 22%，按非公認會計原則計算為 17.5%。 GAAP 稅率較低，主要是由於與基於股份的支付相關的好處。非公認會計原則稅率下降，主要是由於額外的美國所得稅抵免。退出本季度的 RPO 為 141.1 億美元，同比增長 12%，如果考慮到 3% 的外匯逆風，則增長 15%。

Our ending cash and short-term investment position exiting Q3 was $5.76 billion, and cash flows from operations in the quarter were $1.70 billion, up 20% year-over-year. In Q3, we repurchased approximately 5.1 million shares at a cost of $1.80 billion including shares received for the final settlement of our ASR entered into in December 2021. We currently have $8.3 billion remaining of our $15 billion authorization granted in December 2020, which goes through 2024. As Shantanu and David mentioned, we are thrilled about the opportunity to acquire Figma, which will accelerate Adobe's strategy.

我們在第三季度結束時的現金和短期投資頭寸為 57.6 億美元，本季度運營現金流為 17.0 億美元，同比增長 20%。在第三季度，我們以 18 億美元的成本回購了大約 510 萬股股票，其中包括為 2021 年 12 月簽訂的 ASR 最終結算而收到的股票。我們目前在 2020 年 12 月授予的 150 億美元授權中剩餘 83 億美元，該授權通過2024. 正如 Shantanu 和 David 所說，我們很高興有機會收購 Figma，這將加速 Adobe 的戰略。

Under the definitive agreement, we've agreed to acquire Figma for approximately $20 billion comprised of approximately half cash and half stock, subject to customary adjustments. Approximately 6 million additional restricted stock units will be granted to Figma's CEO and employees that will vest over 4 years subsequent to closing. The transaction is expected to close in 2023, subject to regulatory approvals. We plan to finance the cash portion of the consideration with cash on hand, and if necessary, a term loan to be paid down from our operating cash flows following the closing.

根據最終協議，我們同意以大約 200 億美元的價格收購 Figma，其中包括大約一半的現金和一半的股票，但須進行習慣性調整。大約 600 萬股額外的限制性股票將授予 Figma 的首席執行官和員工，這些股票將在交易完成後的 4 年內歸屬。該交易預計將於 2023 年完成，但需獲得監管部門的批准。我們計劃用手頭現金為對價的現金部分提供資金，如有必要，還可以在交易完成後從我們的經營現金流中支付定期貸款。

Figma's products address a $16.5 billion market opportunity, and the company has an impressive financial profile. This year, they are expected to add $200 million of net new ARR, surpassing $400 million total ARR by the end of the year with greater than 150% net dollar retention. They have a disciplined, efficient operating model with gross margins of approximately 90% and positive operating cash flows.

Figma 的產品解決了 165 億美元的市場機會，該公司的財務狀況令人印象深刻。今年，他們預計將增加 2 億美元的淨新 ARR，到年底將超過 4 億美元的總 ARR，淨美元保留率超過 150%。他們擁有嚴謹、高效的運營模式，毛利率約為 90%，運營現金流為正。

Figma has strong business momentum, a large and expanding customer base, and we are incredibly excited about what we can bring to this combination from a financial perspective. While this transaction is primarily about creating new markets, expanding adjacent opportunities and accelerating growth, we are committed to maintaining Adobe's strong profitability and maximizing EPS for investors. In year 1 and 2 after closing, the transaction will be dilutive to Adobe's non-GAAP EPS, and we expect it to be breakeven in year 3 and accretive at the end of year 3.

Figma 擁有強勁的業務發展勢頭，龐大且不斷擴大的客戶群，從財務角度來看，我們可以為這種組合帶來什麼，我們感到非常興奮。雖然此次交易主要是為了創造新市場、擴大相鄰機會和加速增長，但我們致力於保持 Adobe 的強勁盈利能力並為投資者最大限度地提高每股收益。在完成後的第 1 年和第 2 年，該交易將稀釋 Adobe 的非公認會計原則每股收益，我們預計它在第 3 年將實現盈虧平衡，並在第 3 年末實現增值。

While the transaction has not yet closed, I want to provide color on the path to non-GAAP EPS accretion as a combined company exiting year 3, assuming Adobe's operating margin for the second half of fiscal 2022 as the baseline. The combination will accelerate top line growth for both Adobe and Figma based on 3 primary drivers: one, we extend Figma's reach to our customers and through our global go-to-market footprint; two, Figma accelerates the delivery of new Adobe offerings on the web to the next generation of users; and three, we jointly introduced new offerings to market as we unlock the possibilities of collaborative creativity.

雖然交易尚未完成，但我想為退出第 3 年的合併公司提供非 GAAP 每股收益增長的路徑，假設以 Adobe 2022 財年下半年的營業利潤率為基準。基於 3 個主要驅動因素，此次合併將加速 Adobe 和 Figma 的營收增長：第一，我們將 Figma 的影響力擴展到我們的客戶，並通過我們的全球進入市場足跡；第二，Figma 加快了向下一代用戶提供網絡上新的 Adobe 產品的速度；第三，我們共同向市場推出了新產品，以釋放協作創造力的可能性。

Clearly, the explosive revenue growth of Figma, combined with their efficient operating model, would result in an expanding stand-alone operating margin. Figma's innovative technology platform will accelerate our R&D road map, including the delivery of our Creative Cloud technologies on the web which will allow Adobe to focus and manage our future R&D investments. We will quickly pay down any term loan, if necessary, after close and then resume stock repurchase to reduce Adobe's share count. While the transaction is pending, at a minimum, we expect to maintain share repurchases sufficient to offset the dilution of equity issuances to Adobe employees.

顯然，Figma 的爆炸式收入增長，加上其高效的運營模式，將導致獨立運營利潤率的擴大。 Figma 的創新技術平台將加速我們的研發路線圖，包括在網絡上交付我們的 Creative Cloud 技術，這將使 Adobe 能夠專注和管理我們未來的研發投資。如有必要，我們將在收盤後迅速償還任何定期貸款，然後恢復股票回購以減少 Adobe 的股票數量。雖然交易尚未完成，但我們預計至少會維持足夠的股票回購，以抵消向 Adobe 員工發行股票的稀釋。

We will now provide Q4 targets, which factor in the overall macroeconomic environment, FX headwinds as the U.S. dollar has continued to strengthen against foreign currencies, and typical year-end seasonal strength in demand for our offerings. As a result, for Q4, we are targeting total Adobe revenue of approximately $4.52 billion, net new Digital Media ARR of approximately $550 million, Digital Media segment revenue growth of approximately 10% year-over-year or 14% in constant currency, Digital Experience segment revenue growth of approximately 13% year-over-year or 15% in constant currency, Digital Experience subscription revenue growth of approximately 13% year-over-year or 15% in constant currency, tax rate of approximately 23% on a GAAP basis and 17.5% on a non-GAAP basis, and GAAP earnings per share of approximately $2.44 and non-GAAP earnings per share of approximately $3.50.

我們現在將提供第 4 季度目標，該目標將整體宏觀經濟環境、美元兌外幣匯率持續走強導致的外匯逆風以及對我們產品的典型年終季節性需求強勁等因素考慮在內。因此，對於第四季度，我們的目標是 Adobe 總收入約為 45.2 億美元，淨新數字媒體 ARR 約為 5.5 億美元，數字媒體部門收入同比增長約 10% 或按固定匯率計算 14%，數字體驗部門收入同比增長約 13% 或按固定貨幣計算 15%，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 23%基礎和 17.5% 的非 GAAP 基礎，GAAP 每股收益約為 2.44 美元，非 GAAP 每股收益約為 3.50 美元。

In summary, Adobe continues to drive performance across Creative Cloud, Document Cloud and Experience Cloud, while making transformational investments in strategic growth initiatives. I look forward to sharing more about our growth opportunities next month in Los Angeles at Adobe's Financial Analyst Meeting. Shantanu, back to you.

總之，Adobe 繼續推動 Creative Cloud、Document Cloud 和 Experience Cloud 的性能，同時對戰略增長計劃進行轉型投資。我期待下個月在洛杉磯的 Adobe 財務分析師會議上分享更多關於我們增長機會的信息。 Shantanu，回到你身邊。

Thanks, Dan. It was great to be back on the road this quarter, meeting customers and partners as businesses return to a new hybrid work model. I was inspired and energized welcoming our new hires and meeting Adobe employees across multiple sites who will together drive the next phase of innovation, growth and culture. Adobe's strength has always come from our most important asset, people. I'm incredibly proud of the recognition we continue to receive as a great place to work. This quarter, Adobe was named to Fast Company's Best Workplace for innovators and Fortune's Best Workplaces in tech.

謝謝，丹。隨著企業回歸新的混合工作模式，本季度能夠重回正軌，與客戶和合作夥伴會面真是太好了。歡迎我們的新員工並在多個站點與 Adobe 員工會面，他們將共同推動下一階段的創新、增長和文化，這讓我受到鼓舞和鼓舞。 Adobe 的優勢始終來自我們最重要的資產——人才。作為一個工作的好地方，我們繼續獲得認可，我感到無比自豪。本季度，Adobe 被 Fast Company 評為創新者最佳工作場所和《財富》科技領域最佳工作場所。

Next week, we will hold our Adobe For All conference to bring employees together to celebrate our shared values of diversity, equity and inclusion. It's an exciting time at Adobe. Our strategy to unleash creativity for all, accelerate document productivity and power digital businesses is working. We're delivering on our innovative product road map driving growth across new and established businesses and delighting a growing universe of customers.

下週，我們將舉行 Adobe For All 會議，讓員工聚集在一起，慶祝我們在多元化、公平和包容方面的共同價值觀。在 Adobe，這是一個激動人心的時刻。我們為所有人釋放創造力、提高文檔生產力和推動數字業務發展的戰略正在奏效。我們正在實施我們的創新產品路線圖，推動新業務和成熟業務的增長，並取悅不斷增長的客戶群。

In addition to achieving all the success, we continue to look around the corner for new transformational opportunities that will drive decades of growth for Adobe. We believe that every individual, team and business will strive to be more creative and productive in this digital era. Adobe has a unique opportunity to usher in a world of collaborative creativity. In my conversations with Dylan at Figma, it became abundantly clear that together we could accelerate this new vision, delivering great value to our customers and shareholders. I look forward to welcoming Figma into the Adobe family upon close of the transaction. We look forward to seeing you at MAX, and closing the year strong. Now we'll take questions. Operator?

除了取得所有成功之外，我們還將繼續尋找新的轉型機會，這些機會將推動 Adobe 數十年的增長。我們相信，在這個數字時代，每個個人、團隊和企業都將努力提高創造力和生產力。 Adobe 有一個獨特的機會來開創一個協作創造力的世界。在 Figma 與 Dylan 的交談中，我非常清楚地認識到，我們可以共同加速這一新願景，為我們的客戶和股東帶來巨大的價值。我期待在交易完成後歡迎 Figma 加入 Adobe 大家庭。我們期待在 MAX 與您相見，並以強勁的勢頭結束這一年。現在我們將回答問題。操作員？

(Operator Instructions) Our first question comes from Kash Rangan of Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Kash Rangan。

Congratulations on a really massive step forward to the management team. Shantanu, I wonder if you can talk about the persona of Figma? And if there's any overlap at all between what Adobe wanted to be in the future with its Creative family and where Figma is growing -- was going? And if you net it out, what is the incremental opportunity? It looks like $16 billion TAM. It's your own Creator business, you've outlined is having more than a $40 billion TAM.

祝賀管理團隊向前邁出了一大步。 Shantanu，不知道你能不能談談 Figma 的角色？如果 Adobe 未來希望通過其 Creative 家族實現的目標與 Figma 正在發展的方向之間存在任何重疊 - 正在走向何方？如果你把它淨掉，增量機會是什麼？它看起來像 160 億美元的 TAM。這是您自己的創作者業務，您已經概述了擁有超過 400 億美元的 TAM。

So I'm wondering what the term could look like for Figma in the future as it integrates into Adobe, you identified new personas. But then 3 years to breakeven, it sounds like there are some conservative assumptions built in, especially because Figma is generating cash. I'm wondering what your assumptions are for the rather lengthy duration to breakeven.

所以我想知道 Figma 未來會是什麼樣子，因為它集成到 Adobe 中，你確定了新的角色。但是接下來 3 年才能達到收支平衡，這聽起來像是內置了一些保守的假設，特別是因為 Figma 正在產生現金。我想知道你的假設是在相當長的時間內實現盈虧平衡。

Thanks, Kash. And congratulations to you as well for the conference that is happening right now. And given our quiet period, as you know, we can't attend. But let me take a step back and talk about why we believe this is a fundamentally transformative move for Adobe. When we think about the future of what's happening with Creativity, and in a sense, what's going to happen as it relates to multiple people engaging in that with respect to collaboration. We just believe that this is going to be an incredible value and a way to attract a whole bunch of new customers to the combined platform. When you think about Adobe, certainly, we target knowledge workers, we target communicators. We target creative professionals.

謝謝，卡什。並祝賀你以及現在正在舉行的會議。如你所知，鑑於我們的安靜期，我們不能參加。但讓我退後一步，談談為什麼我們認為這對 Adobe 來說是一個根本性的變革舉措。當我們考慮創造力的未來時，從某種意義上說，會發生什麼，因為它涉及到與協作相關的多人參與。我們只是相信這將是一個令人難以置信的價值，也是一種吸引一大群新客戶加入這個組合平台的方式。當您想到 Adobe 時，當然，我們的目標是知識工作者，我們的目標是溝通者。我們針對創意專業人士。

Figma really focuses a lot also on developers. They focus very much on the other stakeholders who are involved in the product-design process. So when we talk about the fact that Figma has a $16 billion TAM that's referring to the TAM as it exists today in terms of what they are doing, both as it relates to product design as well as it relates to collaborative white-boarding and ideation, which, as you know, FigJam's this incredible product that has, I believe, a much, much larger available addressable opportunity.

Figma 也非常關注開發人員。他們非常關注參與產品設計過程的其他利益相關者。因此，當我們談到 Figma 擁有 160 億美元的 TAM 時，它指的是目前存在的 TAM，無論是與產品設計相關，還是與協作白板和構思相關，如您所知，FigJam 是一款令人難以置信的產品，我相信它有一個更大的可用可尋址機會。

But if you take really what we think is the massive opportunity in putting this together, I think there are 4 aspects that are really exciting for us. First, there is going to be a next generation of creative collaboration that happens in the industry. And we believe that the combination of the 2 companies enables us to really position Adobe and deliver great value for this creative-collaboration industry.

但如果你真的把我們認為的巨大機會放在一起，我認為有四個方面對我們來說真的很令人興奮。首先，該行業將發生下一代創造性合作。我們相信，兩家公司的合併使我們能夠真正定位 Adobe，並為這個創意協作行業帶來巨大的價值。

Second, we continue to believe that we can accelerate what it means to create on the web. What Figma has done is they've delivered a really incredible technology platform and solved a number of the issues that need to be solved to allow multiple people to collaborate on the web. Third, we think that we can advance product design. And if you take the decades of Adobe technology that exists, our imaging technology, our vector technology, the video technology that we have, and think about what that means to bring that to the web and dramatically increase the number of customers who can then benefit from it.

其次，我們仍然相信我們可以加速在網絡上創造的意義。 Figma 所做的是他們提供了一個非常令人難以置信的技術平台，並解決了許多需要解決的問題，以允許多人在網絡上進行協作。第三，我們認為我們可以推進產品設計。如果您了解現有的 Adobe 技術數十年的歷史，我們的成像技術、矢量技術、我們擁有的視頻技術，並思考將這些技術帶到網絡並顯著增加可以從中受益的客戶數量意味著什麼從中。

And last but not least, I think to your question, this now really addresses that sort of holy grail of anybody creating a mobile application, anybody creating a website, anybody creating an application for any device that has a screen combining what we can do on the designers, developers and the stakeholders to make that happen. So I think today, what we shared with you is -- what they talk about is their addressable market opportunity, what we talk about is ours. But I think the real benefit of this combination is creating brand-new markets, much like we have done with Digital Experience and other industries that we are part of. So thank you, and we're really excited about this.

最後但並非最不重要的一點，我認為你的問題，現在真的解決了任何人創建移動應用程序，任何人創建網站，任何人為任何設備創建應用程序的人，這些設備的屏幕結合了我們可以做的事情設計師、開發人員和利益相關者來實現這一目標。所以我認為今天，我們與你們分享的是——他們談論的是他們可尋址的市場機會，我們談論的是我們的。但我認為這種組合的真正好處是創造了全新的市場，就像我們在數字體驗和我們所屬的其他行業所做的那樣。所以謝謝你，我們對此感到非常興奮。

Yes. Then from an accretion standpoint, first and foremost, this deal is about growth. This is about positioning the company to define new categories and drive growth for decades to come. And as we think about that growth trajectory, walked into -- walked through a number of those drivers. It's about extending the performance of that platform as part of the combined company, getting it access to our customers and our go-to-market global -- go-to-market footprint. It's about accelerating the delivery of new Adobe offerings on the web, and then jointly introduce new offerings as we unlock those possibilities in collaborative creativity.

是的。然後從增值的角度來看，首先，這筆交易是關於增長的。這是關於定位公司以定義新的類別並推動未來幾十年的增長。當我們考慮這個增長軌跡時，走進 - 走過了其中的一些驅動因素。它是關於擴展該平台作為合併後公司的一部分的性能，使其能夠接觸到我們的客戶和我們進入市場的全球——進入市場的足跡。它是關於加速在網絡上交付新的 Adobe 產品，然後在我們釋放協作創造力的可能性時共同推出新產品。

This gives us an opportunity to focus and manage the R&D investments as we drive that road map, and striking the balance between accelerating the growth and preserving that growth trajectory, but doing it in a disciplined way. We're going to deliver a tremendous amount of value over time to investors. Starting in year 2 post close, you'll see our EPS growth rate faster than our overall revenue growth, will be accretive exiting year 3, and we're poised to deliver a lot of value.

這使我們有機會在推動該路線圖的過程中集中精力和管理研發投資，並在加速增長和保持增長軌蹟之間取得平衡，但要以有紀律的方式進行。隨著時間的推移，我們將為投資者帶來巨大的價值。從收盤後的第 2 年開始，您將看到我們的每股收益增長率快於我們的整體收入增長，在第 3 年結束時將會增加，並且我們已準備好提供大量價值。

Our next question comes from Brad Zelnick of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

This is obviously a big moment for Adobe. It's pretty clear what Figma brings to the table in terms of innovation, collaboration and communities. And I appreciate the comments about Figma helping to further webify core Adobe products. But what do you say to the perspective that this $20 billion acquisition seems more reactive versus proactive? And perhaps more importantly, how do we get comfortable that Adobe's organic-innovation engine is alive and well for capturing the trends and opportunities that lie ahead in Creative?

這顯然是 Adobe 的重要時刻。很清楚 Figma 在創新、協作和社區方面帶來了什麼。我很欣賞關於 Figma 有助於進一步網絡化核心 Adobe 產品的評論。但是，對於這次 200 億美元的收購似乎更具被動性而非主動性的觀點，您有何看法？也許更重要的是，我們如何對 Adobe 的有機創新引擎充滿活力並且很好地捕捉創意領域的趨勢和機遇感到滿意？

Brad, it's a good question. And I understand that in these markets, in particular, acquisitions and maybe large ones are viewed with some skepticism. We certainly believe, and I'll talk about it, that Figma will be a transformative deal for the customers and industries. And it dramatically increases our TAM. We can deliver great value to an increasing set of customers. But I also want to reassure all of you, and if you look at our results, this in no way changes our focus or our excitement on our current portfolio.

布拉德，這是個好問題。我知道，在這些市場中，尤其是收購，甚至可能是大型收購，都會受到一些懷疑。我們當然相信，我會談論它，Figma 將成為客戶和行業的變革性交易。它極大地增加了我們的 TAM。我們可以為越來越多的客戶提供巨大的價值。但我也想向你們所有人保證，如果你們看看我們的結果，這絕不會改變我們對當前投資組合的關注或興奮。

We're growing well, and we're demonstrating strength across all of our 3 cloud offerings, and we continue to execute against our current initiatives. And so if you look at the multiple internal businesses that are achieving velocity, whether it's Adobe Experience platform and the apps that are built natively on top of it, what's happening with 3D and immersive, what's happening with Acrobat Forms, what's happening with Frame. This is additive.

我們發展良好，我們在所有 3 個雲產品中展示了實力，我們將繼續執行我們當前的計劃。因此，如果您查看正在實現速度的多個內部業務，無論是 Adobe Experience 平台還是在其上本地構建的應用程序，3D 和沈浸式正在發生什麼，Acrobat Forms 正在發生什麼，Frame 正在發生什麼。這是加法。

And when opportunities like this present themselves, Brad, I think it's the great companies that look at it and say, are you going to focus on the here and now only? Or are you going to seize on the opportunity that really positions Adobe for the next few decades? And so it's a great question. We understand that there'll be questions associated with valuation. We certainly believe that it provides valuation to our shareholders as well. When you look at what this means for us, but in no way diminishes my excitement around our current portfolio.

當這樣的機會出現時，布拉德，我認為是偉大的公司看到它並說，你會只專注於此時此地嗎？還是您要抓住真正為 Adobe 定位未來幾十年的機會？所以這是一個很好的問題。我們知道會有與估值相關的問題。我們當然相信它也為我們的股東提供了估值。當您看到這對我們意味著什麼時，但絕不會削弱我對我們當前投資組合的興奮。

We can go to Alex Zukin of Wolfe Research.

我們可以去找 Wolfe Research 的 Alex Zukin。

So I'll start with a non-Figma question, and then layer in Figma. I guess, Shantanu, can you talk, or David, can you guys give us the kind of lay of the land on the demand environment, how it trended throughout the quarter? Obviously, a lot of companies are seeing some elongation of deal cycles, descoping. Even our channel checks on the Digital Experience side suggested that their deals are taking longer to close as they're requiring a lot more signatures.

所以我將從一個非 Figma 的問題開始，然後在 Figma 中分層。我想，Shantanu，你能談談嗎，或者大衛，你們能給我們介紹一下需求環境的情況，整個季度的趨勢如何？顯然，很多公司都看到了交易週期的延長，具體到說明問題。甚至我們在數字體驗方面的渠道檢查也表明，他們的交易需要更長的時間才能完成，因為他們需要更多的簽名。

So I guess, first of all, what are you seeing in the demand environment? And what are -- because one of the questions we're getting from investors is why now, given that we may be entering a more recessionary environment, couldn't you have done this type of a transaction cheaper later? So that's kind of how I want to weave this in.

所以我想，首先，你在需求環境中看到了什麼？什麼是 - 因為我們從投資者那裡得到的一個問題是，鑑於我們可能正在進入一個更加衰退的環境，為什麼你以後不能更便宜地進行這種類型的交易？所以這就是我想要編織的方式。

Yes. Let me address the first part, which was your second part of the question, which is why now. Again, and as I said, we just believe that this new vision that we can create for -- what we can do with collaborative creativity, there's no time like the present to start working on top of it. And when opportunities like this present themselves, you have to act upon it rather than kicking that can down the road, Alex. So from my perspective, we know how to make this deliver great value to our customers. I'll have David also speak to the demand environment, and the Creative side.

是的。讓我談談第一部分，這是你問題的第二部分，這就是為什麼現在。再一次，正如我所說，我們只是相信我們可以創造的這個新願景——我們可以通過協作創造力做什麼，現在沒有像現在這樣開始在它之上工作的時候了。當這樣的機會出現時，你必須採取行動而不是把它踢下去，亞歷克斯。所以從我的角度來看，我們知道如何讓它為我們的客戶帶來巨大的價值。我會讓大衛也談到需求環境和創意方面。

On the Enterprise side, as we said, we had strong results. I mean the AEP plus apps business, that book of business is doubling, which really reflects the foundational aspects of what we are delivering. But it -- again, I go back to -- opportunities like this present themselves rarely. And Figma is one of those rare companies that has achieved the kind of escape velocity and technology platform that they have. But we equally believe that it's even rarer for a company like Adobe to be able to take advantage of what they deliver and actually accelerate it and provide greater value. And so from my perspective, there's no time like the present.

正如我們所說，在企業方面，我們取得了不錯的成績。我的意思是 AEP 和應用程序業務，業務量翻了一番，這確實反映了我們所交付產品的基礎方面。但它 - 再次，我回到 - 像這樣的機會很少出現。 Figma 是少數幾家實現了他們所擁有的逃逸速度和技術平台的公司之一。但我們同樣認為，像 Adobe 這樣的公司能夠利用他們提供的內容並實際加速它並提供更大的價值，這更加罕見。所以從我的角度來看，沒有像現在這樣的時間。

Yes. And on the Digital Media side, we began the year with a guide of $1.9 billion. And of course, we hope to beat that. And in the context of everything happening in the macro, if you look at Q1, Q2, Q3 and our guide for Q4, we're at $1.88 billion. And in the context of everything happening in the world, we're very proud of this performance. And of course, we're an aggressive company. We hope to beat that number. And all the leading indicators remains strong. New-user acquisition is strong, engagement and retention continues to be strong. Monthly active users continue to be strong. And so we feel really good about the macro -- about our ability to navigate the macro despite what's happening in the world around us.

是的。在數字媒體方面，我們年初的指導價為 19 億美元。當然，我們希望能打敗它。在宏觀上發生的一切情況下，如果您查看第一季度、第二季度、第三季度和我們的第四季度指南，我們的收入為 18.8 億美元。在世界上發生的一切事情的背景下，我們為這種表現感到非常自豪。當然，我們是一家進取的公司。我們希望超過這個數字。所有領先指標都保持強勁。新用戶獲取強勁，參與度和留存率繼續保持強勁。月活躍用戶繼續保持強勁。所以我們對宏觀感覺非常好——不管我們周圍的世界發生了什麼，我們都能駕馭宏觀的能力。

And then in the context of as we start looking for opportunities to grow, we have so much product innovation coming out at -- and we'll see a lot of it at MAX, accelerating what's happening in our flagship applications, what's happening around Express and the kinds of capabilities we're putting in there. We're seeing great growth and momentum in terms of use and NPS there.

然後在我們開始尋找增長機會的背景下，我們有很多產品創新出現 - 我們將在 MAX 看到很多創新，加速我們的旗艦應用程序中發生的事情，圍繞 Express 發生的事情以及我們在那裡投入的各種能力。我們在那裡看到了使用和 NPS 方面的巨大增長和勢頭。

Photoshop and Illustrator coming to the web. We have a lot of share for review collaborative capabilities coming as well. And then as you look at the conversation around Figma, we've known Dylan for years, and we've shared very common values and vision. And the opportunities to grow that business faster and the synergies we have in mind are -- just allow us to take what is already a strong business and make it even stronger and faster.

Photoshop 和 Illustrator 進入網絡。對於即將到來的審查協作功能，我們也有很多分享。然後當你查看圍繞 Figma 的對話時，我們已經認識 Dylan 多年了，我們有著非常共同的價值觀和願景。更快地發展該業務的機會和我們想到的協同效應是 - 讓我們抓住已經很強大的業務，讓它變得更加強大和更快。

The next question is from Brent Thill of Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Shan, you -- everyone's admired your ability to stay disciplined on M&A over the last decade. And I guess many are kind of feeling like you broke the mold on this. And I think everyone just wants to hear on the multiple, even if revenue doubled again, it'd be over 25x ARR. So what was it that was so special? And if you think about in the last few years, you've always said XD could carry you, why -- what happened with XD -- what happens with XD now as the scales?

單，你——每個人都欽佩你在過去十年中保持併購紀律的能力。我想很多人都覺得你打破了這個模式。而且我認為每個人都只想听到倍數，即使收入再次翻倍，也將超過 25 倍 ARR。那麼到底是什麼東西如此特別呢？如果你想想在過去的幾年裡，你總是說 XD 可以承載你，為什麼 - XD 發生了什麼 - XD 現在作為秤會發生什麼？

So 2 things to that, Brent. The first is I understand that what you're saying in effect is some people will say, hey, show me how this value is accruing to Adobe shareholders as well. And we certainly believe that otherwise we wouldn't be doing it. And we do believe that it will be value-generating for the Adobe shareholders. I think as it relates to XD and as it relates to Figma, I mean, we certainly, for designers, we're targeting what needed to happen as it related to screen design with the desktop product.

所以有兩件事，布倫特。首先，我理解你所說的實際上是一些人會說，嘿，讓我看看這個價值是如何為 Adobe 股東帶來的。我們當然相信，否則我們不會這樣做。我們確實相信這將為 Adobe 股東創造價值。我認為，由於它與 XD 和 Figma 相關，我的意思是，我們當然，對於設計師來說，我們的目標是需要發生的事情，因為它與桌面產品的屏幕設計相關。

I think the much newer market that emerged, which Figma effectively both addressed and pioneered was the ability to do this in a collaborative way and dramatically increase the scale. And they, over the last decade, have really invested in and solve some of the hard technical problems that existed to make this happen on the web friction-free. So from our perspective, the Creative products continue to be strong, the ability to really tie the designers and developers is really where there's this unique opportunity as well as to create new markets.

我認為出現的新市場，Figma 有效地解決和開創了這個市場，它能夠以協作的方式做到這一點並顯著擴大規模。在過去的十年中，他們確實投資並解決了一些現有的技術難題，以使這一切在網絡上無摩擦地發生。因此，從我們的角度來看，Creative 產品仍然很強大，真正將設計師和開發人員聯繫在一起的能力確實是這個獨特機會以及創造新市場的地方。

I mean I'll give you one more sort of what-if scenario in terms of how we think about it, which is you combine what they've done with white-boarding and ideation and what will be the future of work. And if you think about the presence of Acrobat and what we have with Acrobat or if you think about the notion of brainstorming and what happens with FigJam, with what happens with Adobe Express, I think the opportunities are tremendous. I understand that there will be some sentiment associated with the price, and ball's in our court to go demonstrate how we execute against our current initiatives as well as to demonstrate the value of this new one.

我的意思是，我會給你另一種假設情景，就我們如何思考而言，你將他們所做的與白板和構思結合起來，以及工作的未來是什麼。如果您考慮 Acrobat 的存在以及我們與 Acrobat 的關係，或者如果您考慮頭腦風暴的概念以及 FigJam 會發生什麼，Adobe Express 會發生什麼，我認為機會是巨大的。我知道會有一些與價格相關的情緒，並且球會在我們的球場上展示我們如何執行我們當前的舉措以及展示這個新舉措的價值。

We can go to Keith Weiss of Morgan Stanley.

我們可以去摩根士丹利的 Keith Weiss。

One -- just a real brief one on Figma, don't want to beat that horse too much. And then some questions on the core business. On Figma, we've definitely heard a lot about them in the field. And it's a great asset you guys are acquiring. It does seem like it overlaps pretty directly with InDesign. So can you talk a little bit about sort of the -- is there a rationalization of those 2 products? Or is Figma just kind of the go-forward product there? And then on the core business, last week, -- not last week. Last quarter, you gave us a little bit of an update on kind of how pricing was impacted -- impacting Digital Media and net new ARR.

一個 - 只是一個關於 Figma 的真正簡短的一個，不想打敗那匹馬太多。然後是一些關於核心業務的問題。在 Figma 上，我們肯定在該領域聽到了很多關於它們的信息。這是你們正在獲得的一項偉大資產。它看起來確實與 InDesign 直接重疊。所以你能談談-這兩種產品的合理化嗎？或者 Figma 只是那裡的一種前進產品？然後是上週的核心業務，而不是上週。上個季度，您向我們提供了一些關於定價如何受到影響的最新信息——影響數字媒體和淨新 ARR。

I was hoping to get an update on sort of how the pricing impact flow through this quarter. And then on the margin front, it looks like you guys pulled back on hiring a little bit. Can you talk to us about the pace of investments on a go-forward basis and whether that's going to be a little bit more measured given the macro impact starting to build up?

我希望獲得有關本季度定價影響如何流動的最新信息。然後在利潤率方面，看起來你們在招聘方面有所退縮。您能否與我們談談未來的投資步伐，以及鑑於宏觀影響開始增強，這是否會更加衡量？

Yes. I'll start by talking about InDesign and Figma. They're very different products at the core. InDesign is around building print and publishing workflows and doing layout. Figma is really all about enabling product design and a collaborative product design model. In fact, if you look at InDesign, it's our traditional base of users, predominantly designers that are using it. One of the things that's really interesting about Figma is the makeup of their user base. In fact, 2/3 of their users are not designers, they're developers and other stakeholders in the process. And the foundation of that collaborative model is what makes this such a special and accretive acquisition for us.

是的。我將從談論 InDesign 和 Figma 開始。它們的核心是非常不同的產品。 InDesign 圍繞構建打印和發布工作流程以及進行佈局。 Figma 真正致力於實現產品設計和協作產品設計模型。事實上，如果你看一下 InDesign，它就是我們傳統的用戶群，主要是使用它的設計師。 Figma 真正有趣的一件事是其用戶群的構成。事實上，他們 2/3 的用戶不是設計師，他們是開發人員和流程中的其他利益相關者。這種協作模式的基礎是使這對我們來說如此特殊和增值的收購。

If you think about going forward, the primary focus is going to be about bringing Figma into the family and then taking all of the capabilities we have across illustration and video and creative imaging and building it on top of the Figma platform to enable a whole new generation of capabilities that are going to resonate with digital-native and next-generation creative professionals, and we're very excited about them. The 2 products are quite different.

如果你考慮向前發展，主要關注點是將 Figma 帶入家庭，然後利用我們在插圖、視頻和創意成像方面的所有功能，並將其構建在 Figma 平台之上，以實現全新的一代將與數字原生和下一代創意專業人士產生共鳴的能力，我們對他們感到非常興奮。 2個產品完全不同。

Yes. Then from an investment standpoint, one of the great things about Adobe is, is we've got tremendous growth opportunities. We've got an opportunity to drive the core franchise to $30 billion to $40 billion of revenue, but we're going to do what we've always done, which is invest in a disciplined way and drive that growth with strong profitability and strong cash flow. And so we'll do what we've always done. We're going to orient towards growth. We're back utilizing our facilities.

是的。然後從投資的角度來看，Adobe 的一大優點是，我們擁有巨大的增長機會。我們有機會將核心特許經營權的收入提高到 300 億至 400 億美元，但我們將做我們一直在做的事情，即以有紀律的方式進行投資，並以強勁的盈利能力和強勁的勢頭推動增長現金周轉。所以我們會做我們一直在做的事情。我們將面向增長。我們回來使用我們的設施。

We're investing to scale our business. We're investing in our products, go-to-market marketing. We're driving PLG motions, but we're going to do it in a disciplined way that delivers strong profitability and cash flow while growing this business in a strong and robust way. So we'll do what we've always done, operating a disciplined business.

我們正在投資以擴大我們的業務。我們正在投資於我們的產品，進入市場營銷。我們正在推動 PLG 運動，但我們將以一種有紀律的方式來做這件事，以提供強大的盈利能力和現金流，同時以強大而穩健的方式發展這項業務。因此，我們將做我們一直在做的事情，經營有紀律的業務。

Got it. And on the pricing side?

知道了。在定價方面？

Yes. On the pricing side, first of all, pricing for us is all about value. The business that we've been building is all based on new-user acquisition, upselling, and of course, occasionally pricing moves. And the pricing is always associated with added value. So on the Creative side, we've been adding lots of apps. We've been enabling Frame.io integration into Creative -- into our Creative Cloud applications. We've been building a lot of share and review workflows, as an example, a lot of stock and content images in there as well.

是的。在定價方面，首先，對我們來說定價就是價值。我們一直在建立的業務都是基於新用戶獲取、追加銷售，當然還有偶爾的定價變動。定價總是與附加值相關聯。所以在創意方面，我們一直在添加很多應用程序。我們一直在將 Frame.io 集成到 Creative 中——集成到我們的 Creative Cloud 應用程序中。我們一直在構建大量共享和審查工作流程，例如，其中還有大量庫存和內容圖像。

And then on the Acrobat Pro side, we've been doing a lot more deep integration with Sign around bulk signatures, branding, web forms payments. So the foundation is that pricing is always connected to the real value that we're adding. And in doing that, we continue to see pricing play out the way we expected. And all of this was baked into what we had planned for the year.

然後在 Acrobat Pro 方面，我們一直在圍繞批量簽名、品牌、Web 表單支付與 Sign 進行更深入的集成。因此，基礎是定價始終與我們正在增加的實際價值相關聯。在這樣做的過程中，我們繼續看到定價以我們預期的方式發揮作用。所有這些都融入了我們今年的計劃。

Next question comes from Brad Sills of Bank of America Securities.

下一個問題來自美國銀行證券的 Brad Sills。

Another question here on Figma. It looks like the company is well positioned for designer-developer use cases, much like Frame.io for video editing, bringing you into more of those use cases really extending the reach for Creative Cloud. I guess the question is, where does Creative Cloud end up? Where does that footprint end, and the Figma footprint began? In other words, could you see a scenario where this acquisition and these use cases bring through -- pull through more sales of Creative Cloud subscriptions?

Figma 上的另一個問題。看起來該公司在設計師-開發人員用例方面處於有利地位，就像 Frame.io 用於視頻編輯一樣，讓您進入更多真正擴展 Creative Cloud 範圍的用例。我想問題是，Creative Cloud 最終會在哪裡？那個足跡在哪裡結束，而 Figma 足跡從哪裡開始？換句話說，您能否看到這種收購和這些用例帶來的場景——通過更多的 Creative Cloud 訂閱銷售？

I think the 3 ways in which we look at that. First, in terms of the customers for Figma, I think, as David mentioned, the number of developers who are part of this products set is actually extremely extensive. But in addition to the product set associated with Figma design for developers as well as stakeholders, I do want to again emphasize the product fit as it relates to FigJam for anybody who's a knowledge worker. And anybody who wants to ideate.

我認為我們看待這個問題的三種方式。首先，就 Figma 的客戶而言，我認為，正如 David 所提到的，作為該產品集一部分的開發人員的數量實際上非常廣泛。但除了為開發人員和利益相關者提供與 Figma 設計相關的產品集之外，我確實想再次強調產品適合性，因為它與 FigJam 相關，適用於任何知識工作者。以及任何想要構思的人。

So if you think about the value of ideation and brainstorming, I mean the reality is, they have tens of millions of people who signed up and trialed Figma. We have hundreds of millions of people who have used our products. And so the adjacency in terms of enabling both of those combined sets of customers to use each other's products, we continue to believe that, that drives great value.

因此，如果您考慮構思和頭腦風暴的價值，我的意思是現實是，他們有數以千萬計的人註冊並試用了 Figma。我們有數億人使用過我們的產品。因此，在使這兩個組合的客戶能夠使用彼此的產品方面，我們仍然相信，這會帶來巨大的價值。

So this is really about, in our sense. And then if you take Acrobat and the penetration that Acrobat has, everybody who's using Acrobat also wants to both share as well as ideate and brainstorm. So I know there's a lot of questions around Figma design which is clearly achieved escape velocity. I would urge you also to spend a little time looking at FigJam as I know you have and then you would really understand that, that also dramatically expands the customer base. So yes, getting Creative Cloud to a more diverse set of customers on the web, allowing collaboration and enabling it much like you said, with Frame. That's very much part of the strategy. And that's why even in the press release, we talk about accelerating creativity on the web as one of the key pillars.

所以這真的是關於，在我們的意義上。然後，如果您使用 Acrobat 和 Acrobat 所具有的滲透力，那麼使用 Acrobat 的每個人都希望既能分享，也能構思和集思廣益。所以我知道關於 Figma 設計存在很多問題，這顯然是實現了逃逸速度。我也敦促你花一點時間看看 FigJam，因為我知道你有，然後你就會真正理解這一點，這也極大地擴大了客戶群。所以，是的，將 Creative Cloud 提供給網絡上更多樣化的客戶群，允許協作並啟用它，就像您所說的那樣，使用 Frame。這在很大程度上是戰略的一部分。這就是為什麼即使在新聞稿中，我們也將加速網絡創造力作為關鍵支柱之一。

Dan, one for you, please, if I could. You've talked about in the past some healthy pipeline build for Q4 backing your confidence for Digital Media ARR guidance based on some good pipeline activity there for Q4. Any update on that, please?

丹，如果可以的話，請給你一份。您過去曾談到，基於第四季度一些良好的管道活動，為第四季度構建了一些健康的管道，以支持您對數字媒體 ARR 指導的信心。請問有這方面的更新嗎？

Yes. No, it's playing out as we expected as we take a look at the enterprise business, closing million-dollar-plus deals, transformational deals as we look forward off of that momentum into Q4. Pipeline is building nicely. Team is doing a good job executing against the opportunity and it's playing out as expected.

是的。不，它正在按照我們的預期發揮作用，因為我們著眼於企業業務，完成了超過百萬美元的交易，以及我們期待第四季度的這種勢頭的轉型交易。管道建設得很好。團隊在把握機會方面做得很好，並且正在按預期進行。

The next question is from Jay Vleeschhouwer of Griffin Securities.

下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

Shantanu, in some of your remarks and Dan in one of your bullet points regarding the rationale for Figma, you made some interesting references to their platform and accelerating your products on the Cloud. Are you suggesting perhaps that there's something in their DevOps, let's call it, that may lead ultimately to a material change in Adobe's product release cadence or product packaging? How do you see portfolio evolving and your underlying R&D, let's call it, infrastructure or process because there's something into in terms of how they develop products that I think you're hoping to splice in that kind of DNA?

Shantanu，在你的一些評論中，Dan 在你關於 Figma 基本原理的要點之一中，你對他們的平台做了一些有趣的參考，並在雲上加速了你的產品。您是否暗示他們的 DevOps 中存在某些東西，我們稱之為，最終可能導致 Adobe 的產品發布節奏或產品包裝發生重大變化？你如何看待投資組合的發展和你的基礎研發，讓我們稱之為基礎設施或流程，因為在他們如何開發產品方面，我認為你希望將這種 DNA 拼接起來？

And then secondly, it's not unprecedented for Adobe to purchase a dynamic competitor. We can go back many years. We've done this before. Maybe put this into context of some of those prior acquisitions where you bought a competitor that had meaningful either competitive impact or complementary technology and thinking, of course, about the material impact that the Macromedia acquisition had many years ago.

其次，Adobe 收購充滿活力的競爭對手並非史無前例。我們可以回到很多年前。我們以前做過。或許可以將這一點放在之前收購的一些背景下，在這些收購中，您購買了具有有意義的競爭影響或互補技術的競爭對手，當然，考慮到多年前收購 Macromedia 所產生的實質性影響。

So Jay, let me first cover the first one, and there's no doubt that what Figma has been able to do on the web by solving a lot of these multiplayer, high scalability requirements to allow the tens of millions of people to use Figma design and even more important FigJam on the web, is an engineering marvel. And having access to that technology and being able to take advantage of it to dramatically increase anybody who's participating in our design products, whether they be stakeholders and developers will, I think, dramatically increase our TAM as well.

那麼 Jay，讓我先介紹第一個，毫無疑問 Figma 能夠在網絡上通過解決大量這些多人遊戲、高可擴展性要求以允許數以千萬計的人使用 Figma 設計和網絡上更重要的 FigJam 是一個工程奇蹟。並且能夠使用該技術並能夠利用它來顯著增加參與我們設計產品的任何人，無論他們是利益相關者和開發人員，我認為，也會顯著增加我們的 TAM。

And so first and foremost, their DevOps is great. I mean we certainly have a lot of that expertise on the Digital Experience side of the house as it relates to the trillions of transactions. But for the Creative, we really believe that this is one of the key pieces of technology that we're getting that are going to be really amazing.

首先，他們的 DevOps 很棒。我的意思是，我們當然在數字體驗方面擁有很多專業知識，因為它與數万億筆交易有關。但對於 Creative，我們真的相信這是我們獲得的關鍵技術之一，這將是非常驚人的。

I think as it relates to your second question, we really view these as when you have the right altitude for us, it's all about how do you take things that might seem competitive but are actually more complementary, and expand the nature of the market. And for me, when I think about what we did with Macromedia, it was really about saying, we're going to target more graphics professionals and not just focus on imaging. We're going to focus on what's happening with video on the web or gaming.

我認為這與你的第二個問題有關，我們真的認為這些是當你對我們有合適的高度時，這一切都是關於你如何看待看似有競爭力但實際上更具互補性的事物，並擴大市場的性質。對我來說，當我想到我們對 Macromedia 所做的事情時，實際上是在說，我們將瞄準更多的圖形專業人士，而不僅僅是專注於成像。我們將專注於網絡視頻或遊戲中正在發生的事情。

And so I think it was an expansive part of how we looked at it. And that's the same situation here.

所以我認為這是我們如何看待它的一個擴展部分。這也是同樣的情況。

For us, it's really not about what we had on the desktop. It's really about expanding to the web. Multi-surface is something that we have talked about a lot. It's about a community in many ways, Jay, and what they have done as it relates to their communities and plug-ins and how they've been able to use artificial intelligence, all of that also power we bring to bear to the combined. So from my perspective, this is really about adjacency.

對我們來說，這實際上與我們在桌面上擁有的東西無關。這實際上是關於擴展到網絡。多表面是我們經常談論的話題。傑伊，這是關於一個社區的許多方面，以及他們所做的與他們的社區和插件相關的事情，以及他們如何能夠使用人工智能，所有這些也是我們為組合所帶來的力量。所以從我的角度來看，這真的是關於鄰接。

It's about complementary things that we have done. Certainly, we did have a presence in screen design on the desktop. But big picture, this is all about dramatically expanding it, and that's the conversation that David, Dylan, Scott and I have been having. And David, feel free to add to that.

這是關於我們所做的互補的事情。當然，我們確實在桌面的屏幕設計中佔有一席之地。但從大局來看，這一切都是為了大幅擴展它，這就是大衛、迪倫、斯科特和我一直在進行的對話。大衛，請隨時補充。

Yes. From the beginning of the conversations with Dylan, the primary focus has been on things that we couldn't do individually. What are the things that we could do and bring to market that combining the 2 products -- and the 2 product sets into 2 companies could really enable a better-together story. And in particular, what we see is that we have this incredible wealth of technology and expertise around illustration and video and imaging and photography and 3D, all from -- coming from the lens of our flagship applications.

是的。從與 Dylan 的對話開始，主要關注點一直是我們無法單獨完成的事情。我們可以做些什麼並將其推向市場，將 2 種產品以及 2 種產品組合到 2 家公司中，才能真正實現更好的合作故事。特別是，我們看到的是，我們在插圖、視頻、成像、攝影和 3D 方面擁有令人難以置信的豐富技術和專業知識，所有這些都來自我們旗艦應用程序的鏡頭。

And as Shantanu mentioned, they've built such a rich platform for collaboration. Bringing these things together allow us to reimagine what the -- basically Creative -- content creation should look like in the future by taking our technology, integrating it on top of -- or building it on top of the Figma platform and then enabling a whole set of new use cases that would never have happened were it not for this combination.

正如 Shantanu 所說，他們建立瞭如此豐富的協作平台。將這些東西結合在一起，我們可以通過採用我們的技術，將其集成到或構建在 Figma 平台之上，然後啟用整個如果不是這種組合，這些用例永遠不會發生。

The next question comes from Saket Kalia of Barclays.

下一個問題來自巴克萊的 Saket Kalia。

Dan, maybe for you. Just to maybe focus on the core business for a minute and then loop in Figma. Are there any puts and takes with margins this year that we should keep in mind when thinking about organic margins next year? And of course, I understand you're guiding to it, but just sort of anything that you want us to note? And then on top of that, how do you think about the EBIT profitability for Figma, and where that can go over time?

丹，也許適合你。只是可能專注於核心業務一分鐘，然後在 Figma 中循環。在考慮明年的有機利潤率時，我們應該牢記今年的利潤看跌期權嗎？當然，我知道你正在指導它，但只是你想讓我們注意的任何事情？最重要的是，您如何看待 Figma 的 EBIT 盈利能力，以及隨著時間的推移會走向何方？

Sure. So let me take them in order. So as we think about our margins this year, I think you can see the trajectory throughout the year. What I would say is what we're seeing in the back half of 2022, I think, is more reflective of the normalized environment. We talked about continuing to invest in the products, how we market those products, how we drive product-led growth, how we're going to market, but also complementing it with repopulating the campuses, being back to in-person interaction, getting on planes. And that's a bit more reflective of a normalized operating environment.

當然。所以讓我把它們按順序排列。因此，當我們考慮今年的利潤率時，我認為您可以看到全年的軌跡。我要說的是我們在 2022 年下半年看到的情況，我認為這更能反映正常化的環境。我們談到了繼續投資於產品、我們如何營銷這些產品、我們如何推動以產品為主導的增長、我們將如何進入市場，以及通過重新填充校園、回到面對面的互動、獲得在飛機上。這更能反映標準化的操作環境。

So that's what I would say. Think about maybe the second half of 2022 as a bit more of a normalized environment. As we think about margins in the context of Figma and the transaction, we talked a couple -- about a couple of things. We talked about this is about growth. This is delivering that growth in a disciplined way.

這就是我要說的。將 2022 年下半年想像成一個更加標準化的環境。當我們在 Figma 和交易的背景下考慮利潤率時，我們談了幾件事——談了幾件事。我們談到這是關於增長的。這是以一種有紀律的方式實現增長。

So when I think about operating margins in that context, we talked about the second half of 2022 being that baseline, more normalized run rate. And if I think about the first couple of years post close, year 1, year 2 post close. Think about margins that are maybe 1 to 2 points delta versus where we would be on a stand-alone basis. And then by the time we get to year 3, I would expect it to be more neutral from an influence standpoint. And again, I also want to register the point that I mentioned earlier in Q&A. As we get past year 1, we're going to start growing EPS faster than our revenue growth profile. And so we feel good about that inflection point and driving it in a disciplined way.

因此，當我在這種情況下考慮營業利潤率時，我們談到 2022 年下半年是基線，更正常化的運行率。如果我考慮收盤後的前幾年，第一年，收盤後的第二年。想想可能是 1 到 2 個點的差值，而不是我們在獨立的基礎上的差值。然後到第 3 年時，從影響的角度來看，我預計它會更加中立。再一次，我還想記錄我之前在問答中提到的觀點。當我們度過第 1 年時，我們將開始以比我們的收入增長速度更快的速度增長每股收益。所以我們對那個拐點感覺很好，並以有紀律的方式推動它。

When we look at GAAP operating margins, obviously, you'll see a bigger delta in the near term. To account for the stock-based compensation, we really view that stock-based compensation to incentivize the employees to stay with the company and unlock those growth potentials. And you'll see that amortize over a 4-year period consistent with our equity programs, and then we'll be back to a more normalized run rate after that amortization period.

顯然，當我們查看 GAAP 營業利潤率時，您會在短期內看到更大的增量。考慮到基於股票的薪酬，我們真正認為基於股票的薪酬可以激勵員工留在公司並釋放這些增長潛力。您會看到與我們的股權計劃一致的 4 年攤銷，然後我們將在該攤銷期後恢復到更正常的運行率。

So you'll see more impact on the GAAP side, and we feel pretty good about the trajectory from a non-GAAP operating margin standpoint.

因此，您會看到對 GAAP 方面的影響更大，從非 GAAP 營業利潤率的角度來看，我們對這一軌跡感到非常滿意。

We can go straight to Phil Winslow of Credit Suisse.

我們可以直接去找瑞士信貸的菲爾溫斯洛。

I just wanted to focus on a little bit more in the near term in terms of your guidance for Q4. If we were in back to last year, you saw sort of a lower uplift around sort of the Black Friday selling period as compared to prior years. Now obviously, going into this Q4 is always is you're a seasonally stronger business or enterprise spend period for Adobe. We're also going into that sort of that Black Friday period again, obviously. When you think about your guidance for Q4, what are you baking in compared to last year for sort of those Black Friday trends, but also that sort of seasonal uplift in the business spending?

就您對第四季度的指導而言，我只是想在短期內多關註一點。如果我們回到去年，與往年相比，您會看到黑色星期五銷售期間的上漲幅度較小。現在顯然，進入第四季度始終是 Adobe 的季節性更強的業務或企業支出期。顯然，我們也將再次進入那種黑色星期五時期。當您考慮對第四季度的指導時，與去年相比，您對黑色星期五的趨勢以及商業支出的季節性增長有何看法？

I think as we said in our prepared remarks, Phil, we're guiding in typical seasonality, Q4 tends to be a strong season, both in terms of the enterprise business for us and closing the enterprise business and the pipeline that we've built over the year as well as some consumer commerce days, as you mentioned. And all of that is factored into the targets that we're guiding. We're not changing that based on anything different than we've seen. So I think we continue to believe that our business is resilient, and if you look at the initial targets that we're providing, we would expect to have another strong seasonal close to the year.

我認為正如我們在準備好的評論中所說的那樣，菲爾，我們正在指導典型的季節性，第四季度往往是一個強勁的季節，無論是在我們的企業業務方面，還是在關閉企業業務和我們建立的管道方面正如你所提到的，過去一年以及一些消費者商務日。所有這些都被考慮到我們正在指導的目標中。我們不會根據與我們看到的任何不同的東西來改變它。因此，我認為我們仍然相信我們的業務具有彈性，如果您查看我們提供的初始目標，我們預計將在接近今年的時候出現另一個強勁的季節性。

And the final question today comes from Kirk Materne of Evercore ISI.

今天的最後一個問題來自 Evercore ISI 的 Kirk Materne。

Dan, I just wanted to follow up on your comments maybe on the dilution around the deal. I think just based on what Shantanu and all of you have said about sort of the complementary nature of the deal, the ability to expand the market, I think people are asking, why isn't there more sort of synergy from a go-to-market perspective with this deal, meaning bringing Figma onto your platform would theoretically just turbocharge sales immediately given sort of your scale?

丹，我只是想跟進您對交易稀釋的評論。我認為只是基於 Shantanu 和你們所有人所說的交易的互補性，擴大市場的能力，我想人們會問，為什麼沒有更多的協同作用？ - 這筆交易的市場觀點，這意味著將 Figma 引入您的平台理論上會在您的規模下立即促進銷售？

So I just -- how much of that's baked into the dilution forecast? Or are you -- I realize it's early, but are you leaving that more for upside? Because I think the length of the dilution given that this should be complementary from a go-to-market perspective, I think is what's somewhat confusing to folks.

所以我只是 - 其中有多少被納入稀釋預測？或者你是 - 我意識到現在還為時過早，但你是否留下更多的好處？因為我認為稀釋的長度從進入市場的角度來看應該是互補的，我認為這讓人們有些困惑。

Well, certainly, for us, this is all about the top line growth. And what -- if you look at actually what we would expect in terms of their continued growth and our continued growth, I think the top line of both companies, they would accelerate. And so I think maybe at the FA meeting, as we get more time, we're happy to share more color associated with it. But from my perspective, we actually think that we have a plan that allows us to really show the benefits of the combination as well as continue to overachieve against those. And since that is the -- go ahead.

好吧，當然，對我們來說，這一切都與收入增長有關。還有什麼 - 如果你看看我們對他們的持續增長和我們的持續增長的實際預期，我認為兩家公司的收入都會加速。所以我想也許在足協會議上，隨著我們有更多的時間，我們很樂意分享更多與之相關的顏色。但從我的角度來看，我們實際上認為我們有一個計劃，可以讓我們真正展示組合的好處，並繼續超越這些好處。既然那是 - 繼續。

Just a follow-up on that. I just -- too difficult for us to -- meaning you both can grow faster -- are these new developers that require sort of new efforts to go get them from Adobe perspective. I'm just trying to get a sense of the overlap of the opportunity would seemingly think that you guys combined could actually do it more effectively together, which would create greater operating leverage to a certain degree sooner. So I'm just trying to -- I realize there's a lot of moving parts in the near term to this, but I was just kind of curious, is that what's sort of embedded in your expectations? Or are you sort of leaving that for -- to see what happens as you get, I guess, a little bit closer to the deal closing?

只是對此的跟進。我只是 - 對我們來說太難了 - 意味著你們倆都可以更快地成長 - 這些新開發人員需要一些新的努力才能從 Adobe 的角度獲得他們。我只是想了解機會的重疊，似乎認為你們聯合起來實際上可以更有效地共同完成，這將在一定程度上更快地創造更大的運營槓桿。所以我只是想——我意識到在短期內會有很多變化的部分，但我只是有點好奇，你的期望中有什麼？或者你是不是要把它留給 - 看看你會發生什麼，我猜，離交易結束更近一點？

I think for us, we're just factoring in everything, including the fact that this is a stock purchase, and half of it is approximately in stock and what that means in terms of dilution. As we said, we will start to offset that. We have tremendous cash flow generation. But from our perspective, we are going to be aggressive about making sure that we continue to drive the top line and the bottom line. And so that is very much on our mind in terms of delivering great value to the customers in the industry and creating new opportunities.

我認為對我們來說，我們只是考慮了一切，包括這是一次股票購買，其中一半大約是庫存，這意味著稀釋。正如我們所說，我們將開始抵消這一點。我們有巨大的現金流產生。但從我們的角度來看，我們將積極地確保我們繼續推動收入和利潤。因此，在為行業客戶提供巨大價值和創造新機會方面，我們非常重視這一點。

And from my perspective, what I do want to say since that was the last question, was first and foremost, we're really excited about our current business. I mean the current business is growing at a great clip in this macroeconomic environment. We have multiple growth initiatives that are all demonstrating how mission-critical they are and how they're relevant, they are in this new digital-first world where whether it's work, life, play, everything is going to be impacted by digital.

從我的角度來看，我想說的是，因為這是最後一個問題，首先，我們對我們目前的業務感到非常興奮。我的意思是，在這種宏觀經濟環境下，當前的業務正在快速增長。我們有多項增長計劃，這些計劃都展示了它們的關鍵任務以及它們的相關性，它們在這個新的數字優先世界中，無論是工作、生活、娛樂，一切都將受到數字的影響。

So first and foremost, we are very confident about our existing portfolio and the growth trajectory of the current portfolio.

因此，首先，我們對我們現有的投資組合和當前投資組合的增長軌跡非常有信心。

The addition of Figma, from my perspective, is the ability to turbocharge that in terms of both the opportunity that the company has as well as the ability to serve ever-broadening set of customers. And so I hope you all view that within that context, which is lot of confidence about our existing business and more excitement about making sure that we're setting in place greater future opportunities.

從我的角度來看，Figma 的加入是在公司擁有的機會以及為不斷擴大的客戶群提供服務的能力方面的能力。所以我希望你們都在這種情況下看到這一點，這對我們現有的業務充滿信心，對確保我們正在創造更大的未來機會更加興奮。

We will look forward to having a lot of you at MAX. I hope you do come there. We are planning an FA part of that section as well. And so we'd be happy to share more with you when we join that. And with that, I'll turn it over to Jonathan.

我們期待在 MAX 有很多人參加。我希望你能來。我們也在計劃該部分的 FA 部分。因此，當我們加入時，我們很樂意與您分享更多信息。有了這個，我會把它交給喬納森。

Thanks, Shantanu, and thanks, everyone, for joining us this morning. This concludes the call.

謝謝，Shantanu，也謝謝大家今天早上加入我們。這結束了通話。