Adobe Inc (ADBE) 2022 Q4 法說會逐字稿

Good day, and welcome to the Q4 and 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, Vice President of Investor Relations. Please go ahead.

各位好，歡迎參加Adobe 2022財年第四季及全年財報電話會議。本次會議正在錄音。現在，我將會議交給投資人關係副總裁喬納森‧瓦斯先生。請開始。

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，感謝各位參加本次電話會議。今天與我一同參加會議的有：Adobe 董事長兼執行長 Shantanu Narayen；數位媒體總裁 David Wadhwani；數位體驗總裁 Anil Chakravarthy；以及執行副總裁兼財務長 Dan Durn。

On this call, which is being recorded, we will discuss Adobe's fourth quarter and fiscal year 2022 financial results. You can find our 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, December 15, and contains forward-looking statements that involve risks, uncertainty and assumptions.

本次電話會議將全程錄音，我們將討論Adobe 2022財年第四季及全年財務表現。您可以在Adobe投資者關係網站上找到我們的新聞稿以及我們準備好的發言稿和財務業績報告的PDF文件。本次電話會議討論的信息，包括我們的財務目標和產品計劃，均截至今日（12月15日），其中包含涉及風險、不確定性和假設的前瞻性陳述。

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. On this call, we will discuss GAAP and non-GAAP financial measures.

實際結果可能與這些聲明中所述的結果有重大差異。有關這些風險的詳細討論，請參閱今天發布的新聞稿以及Adobe提交給美國證券交易委員會（SEC）的文件。本次電話會議我們將討論GAAP和非GAAP財務指標。

Our reported results include GAAP growth rates as well as constant currency rates and adjusted growth rates in constant currency that also account for an extra week in fiscal 2021. During this presentation, Adobe's executives will refer to constant currency and adjusted growth rates unless otherwise stated. Reconciliations between the 2 are available in our earnings release and on Adobe's Investor Relations website.

我們公佈的業績包括以美國通用會計準則 (GAAP) 計算的成長率，以及以固定匯率計算的成長率和經調整後的成長率（其中經調整後的成長率已考慮 2021 財年額外一週的因素）。除非另有說明，本次演示中 Adob​​e 的高階主管將使用固定匯率和經調整後的成長率。兩種成長率之間的調節表可在我們的獲利報告中以及 Adob​​e 投資者關係網站上查閱。

I will now turn the call over to Shantanu.

現在我將把通話轉給沙塔努。

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

謝謝你，喬納森。下午好，感謝你加入我們。

2022 was an exciting and eventful year for Adobe. We achieved record revenue of $17.61 billion, representing 15% year-over-year growth. GAAP earnings per share was $10.10 and non-GAAP earnings per share was $13.71. We delivered record operating cash flows with a focus on profitability. Our strong performance in the uncertain macroeconomic environment underscores the resilience of our business and the mission-critical role of our products in a digital-first world.

2022 年對 Adob​​e 而言是激動人心且碩果累累的一年。我們實現了創紀錄的 176.1 億美元營收，年增 15%。 GAAP 每股收益為 10.10 美元，非 GAAP 每股收益為 13.71 美元。我們專注於獲利能力，並實現了創紀錄的營運現金流。在宏觀經濟環境充滿不確定性的情況下，我們依然取得了強勁的業績，這凸顯了我們業務的韌性，以及我們的產品在數位化優先的世界中發揮的關鍵作用。

Our strategy to unleash creativity for all, accelerate document productivity and power digital businesses is driving momentum across every geography and customer segment making us one of the most innovative, diversified and profitable software companies in the world. We continue to execute against our product road map to serve a vast customer universe from individuals to large enterprises and deliver strong top and bottom line growth.

我們致力於激發所有人的創造力，提昇文件效率，並賦能數位化業務，這項策略正推動我們在全球各個地區和客戶群中蓬勃發展，使我們成為全球最具創新力、多元化和獲利能力的軟體公司之一。我們將繼續推進產品路線圖，服務從個人用戶到大型企業的廣大客戶群，並實現強勁的營收和利潤成長。

Adobe Creative Cloud, Document Cloud and Experience Cloud have become the foundation of digital experiences starting with the first creative spark to the creation and development of all content and media to the personalized delivery across every channel.

Adobe Creative Cloud、Document Cloud 和 Experience Cloud 已成為數位體驗的基礎，從最初的創意火花到所有內容和媒體的創建和開發，再到跨各個管道的個人化交付。

In Q4, we achieved revenue of $4.53 billion representing 14% year-over-year growth. In our Digital Media business, we had our best quarter ever on net new ARR, delivering $576 million and our digital experience business achieved its first $1 billion subscription revenue quarter, growing 16% year-over-year.

第四季度，我們實現營收45.3億美元，年增14%。在數位媒體業務方面，我們實現了有史以來最佳的淨新增年度經常性收入（ARR）季度，達到5.76億美元；數位體驗業務也首次實現了10億美元的訂閱收入季度，同比增長16%。

I will now pass it to David.

現在我把它交給大衛。

Thanks, Shantanu, and hello, everyone.

謝謝 Shantanu，大家好。

The demand for digital content across every creative category, customer segment and media type is accelerating at a rapid pace. Creative Cloud remains the leading creativity platform, offering a comprehensive portfolio of products for every discipline across imaging, photography, design, video, web, animation and 3D. Core products such as Photoshop, Lightroom, Illustrator, Premiere Pro and Acrobat continue to lead their categories as we add new features and enhance their capabilities with Adobe Sensei, our AI engine. The rapid progress we're making with Adobe Express is attracting millions of new users and delivering additional value to Creative Cloud members who are also interested in lightweight task-oriented tools.

各個創意領域、客戶群和媒體類型對數位內容的需求都在快速成長。 Creative Cloud 仍然是領先的創意平台，為影像處理、攝影、設計、影片、網頁、動畫和 3D 等各個領域提供全面的產品組合。 Photoshop、Lightroom、Illustrator、Premiere Pro 和 Acrobat 等核心產品繼續在其各自領域保持領先地位，我們不斷添加新功能，並藉助我們的人工智慧引擎 Adob​​e Sensei 增強其功能。 Adobe Express 的快速發展吸引了數百萬新用戶，並為同樣對輕量級任務導向工具感興趣的 Creative Cloud 會員帶來了更多價值。

New collaboration capabilities like share for review are integrated directly into Creative Cloud and Document Cloud applications to enable seamless creation, sharing and review across creative and document workflows.

新的協作功能（例如共享以供審閱）已直接整合到 Creative Cloud 和 Document Cloud 應用程式中，從而可以在創意和文件工作流程中實現無縫的建立、共享和審查。

Our ongoing product innovation ensures that Adobe remains the preeminent destination for a wide and growing base of individuals, students, creative professionals, small business owners and enterprises to create and monetize amazing content more quickly and easily than ever before. Q4 was a record quarter for Creative Cloud. We achieved net new Creative Cloud ARR of $453 million and revenue of $2.68 billion, which grew 13% year-over-year. This strong performance was a result of demand for our flagship applications, including Photoshop, Lightroom, Illustrator, Premiere Pro and Acrobat; Expansion in SMB and enterprise driven by strong execution of our year-end pipeline across direct sales and our reseller channel, accelerating growth in substance 3D and Frame I/O, underscoring the continued strength and significant opportunities in our newer businesses, Momentum in Express, our template-based web and mobile product for creating everything from year-end sales promotions to holiday cards to social media posts.

我們持續的產品創新確保 Adob​​e 始終​​是廣大用戶（包括個人用戶、學生、創意專業人士、小型企業主和大型企業）創建精彩內容並將其變現的首選平台，用戶群日益增長。第四季是 Creative Cloud 創紀錄的季度。我們實現了 4.53 億美元的 Creative Cloud 新增年度經常性收入 (ARR) 和 26.8 億美元的營收，年增 13%。這一強勁的業績得益於市場對我們旗艦應用程式（包括 Photoshop、Lightroom、Illustrator、Premiere Pro 和 Acrobat）的強勁需求；中小企業和大型企業市場的擴張得益於我們在直銷和經銷商通路中高效執行的年終銷售計劃；Substance 3D 和 Frame I/O 發展巨大的成長機會；的發展勢頭強勁，這款基於模板的 Web 和行動產品可用於創建從年終促銷到節日賀卡再到社交媒體貼文等各種內容。

Express' unparalleled collection of stock images, videos, fonts, design assets and templates and its unique integration of AI Magic from Photoshop, Premiere Pro and Acrobat enable us to deliver the best of Adobe to customers of every skill level. Q4 continued to see exciting growth with millions of monthly active users, greater than 40% quarter-over-quarter visitor growth in the U.S. and an NPS greater than 50.

Express 擁有無與倫比的圖片、影片、字體、設計素材和範本庫，並獨特地整合了 Photoshop、Premiere Pro 和 Acrobat 的 AI 技術，使我們能夠為各種技能水平的客戶提供 Adob​​e 的最佳產品。第四季繼續保持令人振奮的成長勢頭，每月活躍用戶達數百萬，美國地區訪客環比增長超過 40%，淨推薦值 (NPS) 超過 50。

Key customer wins include Electronic Arts, Meta, NBC Universal, Publicis, Roku, Target and United Nations. In October, we were thrilled to be back live with thousands of members from our creative community at Adobe Max. The conference has always been an opportunity to showcase our incredible innovation, and we drove over 0.25 billion video views across all channels.

我們的主要客戶包括 Electronic Arts、Meta、NBC Universal、Publicis、Roku、Target 和聯合國。 10 月，我們非常高興能夠重返 Adob​​e Max 大會，與來自我們創意社群的數千名成員進行線上交流。大會一直是展示我們卓越創新成果的絕佳機會，我們在所有管道上實現了超過 2.5 億次的影片觀看量。

Our announcements included: Powerful new AI capabilities in Photoshop, such as a one-click delete and fill tool to remove and replace objects and a new photo restoration Neural Filter that instantly fixes damaged photos; a share for review service in Photoshop and Illustrator that enables designers to easily collaborate with key stakeholders; the first-to-market camera to cloud integration between Frame I/O and Red Digital camera and Fuji Film, significantly reducing production costs and time; advances in substance 3D that empower brands such as Electronic Arts, HUGO BOSS, NASCAR, NVIDIA and the Coca-Cola Company to create engaging immersive experiences; a new partnership between the content authenticity initiative and LICA and NICON to implement Provenance technology into cameras, allowing photographers to embed when, where and how images were captured and early demonstrations of Adobe's generative AI technology integrated into our tools, which promises to transform the creative process, making it more accessible, fast and efficient than ever before.

我們發布的公告包括：Photoshop 中強大的全新 AI 功能，例如一鍵刪除和填充工具，可移除和替換物件；以及全新的照片修復神經濾鏡，可即時修復損壞的照片；Photoshop 和 Illustrator 中的共享審閱服務，使設計師能夠輕鬆地與關鍵利益相關者協作；Frame I/O 和 Red Digital 相機與富士膠片之間實現了整合成本33；的進步，使 Electronic Arts、HUGO BOSS、NASCAR、NVIDIA 和可口可樂公司等品牌能夠創造引人入勝的沉浸式體驗；內容真實性倡議與 LICA 和 NICON 建立新的合作夥伴關係，將 Provenance 技術整合到相機中，使攝影師能夠嵌入影像的拍攝時間、地點和方式；以及 Adob​​​​e 生成式影像技術整合到我們工具中的早期演示，該技術有望改變創作流程，使其比以往任何時候都更加便利、快速和高效。

Now turning to the Document Cloud business. Digital documents have become synonymous with productivity in our personal and professional lives, whether it's an offer to purchase a new home, a bank deposit form, a school permission slip or a sales contract.

現在我們來談談文檔雲端業務。無論是購買新房的要約、銀行存款單、學校許可單還是銷售合同，數位文件已成為我們個人和職業生活中提高效率的代名詞。

Document Cloud is the leader in digital documents, offering innovative solutions across every device and for every skill level. Our strategy to enable all common document actions, including editing, sharing, reviewing, scanning and signing across desktop, mobile and web is paying strong dividends.

Document Cloud 是數位文件領域的領導者，為各種設備和各種技能水平的使用者提供創新解決方案。我們致力於實現所有常見的文件操作，包括跨桌面、行動裝置和網頁的編輯、分享、審查、掃描和簽名，這項策略已取得顯著成效。

In Q4, Document Cloud had record revenue of $619 million, which represents 19% year-over-year growth and strong net new ARR of $123 million with ending ARR growing 23% year-over-year.

第四季度，Document Cloud 的營收創下 6.19 億美元的紀錄，年增 19%，淨新增 ARR 強勁成長 1.23 億美元，期末 ARR 年成長 23%。

Q4 highlights include new Acrobat functionality for SMBs including the ability to send branded agreement templates and combined payments with e-sign documents, new capabilities between Document Cloud and Creative Cloud to help knowledge workers and creative professionals seamlessly collaborate and improve their productivity. Scan innovation that allows users to simultaneously scan the left and right pages of a book as well as scan both sides of an ID card on 1 page, strong organic growth in both traffic and searches for PDF capabilities, which serve as a critical funnel to Acrobat Web, significant growth in signed transactions within Acrobat underscoring the need for integrated document solutions, outstanding growth in API transactions. API calls nearly doubled quarter-over-quarter, demonstrating the strategic necessity of integrating PDF capabilities within enterprise applications.

第四季度亮點包括：中小企業的全新 Acrobat 功能，例如發送品牌協議模板和將付款與電子簽名文件相結合的功能；Document Cloud 和 Creative Cloud 之間的新功能，旨在幫助知識工作者和創意專業人士無縫協作並提高工作效率；掃描創新功能允許用戶同時掃描書籍的左右頁以及用戶可搜尋的反流媒體的反流量和反流量；提供了重要的管道；Acrobat 內簽署的交易量顯著增長，凸顯了整合文件解決方案的必要性；API 交易量也實現了顯著增長。 API 呼叫量較上季幾乎翻了一番，顯示在企業應用程式中整合 PDF 功能具有戰略意義。

Key customer wins include Bio and tech, Cigna, Deloitte, Mitsubishi Electric, Raytheon, Shell Information Technology and the U.S. Department of State. Q4 was the strongest net new ARR quarter ever for Digital Media, driven by outstanding execution against multiple growth drivers in our core business. In addition, we're excited about the pending Figma acquisition, which represents a tremendous opportunity to accelerate the future of creativity and productivity for millions of people. Overall, the regulatory process is proceeding as expected. The transaction is being reviewed globally, including by the Department of Justice and the Competition and Markets Authority in the U.K. We are currently engaged in the DOJ's second request process. We expect that the transaction will also be reviewed in the EU.

重點客戶包括生技公司、信諾保險、德勤、三菱電機、雷神公司、殼牌資訊科技公司、美國國務院。第四季是數位媒體業務有史以來淨新增年度經常性收入 (ARR) 最高的季度，這得益於我們在核心業務多個成長驅動因素方面取得的卓越成效。此外，我們對即將完成的 Figma 收購感到振奮，這為加速數百萬人的創意和生產力提升提供了絕佳機會。整體而言，監管流程進展順利。該交易正在全球範圍內接受審查，包括英國司法部和競爭與市場管理局的審查。我們目前正在配合美國司法部的第二次審查。我們預計該交易也將在歐盟接受審查。

We continue to feel positive about the facts underlying the transaction and expect to receive approval to close the transaction in 2023. I'll now pass it to Anil.

我們仍然對交易的事實基礎持樂觀態度，並預計在2023年獲得批准完成交易。現在我將把這個話題交給阿尼爾。

Thanks, David. Hello, everyone.

謝謝你，大衛。大家好。

Every business in every category now depends on digital to engage and transact with their customers. Adobe's holiday shopping report which analyzes trillions of data points in Adobe Analytics found a Cyber Monday drove an all-time high of $11.3 billion in online spending, with mobile shopping now accounting for 55% of sales on Thanksgiving and buy now, pay later orders jumping 85% during Cyber Week. We predict spend will exceed $210 billion this holiday season. No company is better positioned than Adobe to capitalize on this large global opportunity.

如今，各行各業的每家企業都依賴數位化與客戶互動和交易。 Adobe 的假期購物報告分析了 Adob​​e Analytics 中數萬億個數據點，結果顯示，網路星期一推動了線上消費額創下歷史新高，達到 113 億美元；感恩節期間，行動購物佔銷售額的 55%；網路週期間，「先買後付」訂單量更是飆升 85%。我們預測，今年假期季節的消費將超過 2,100 億美元。沒有任何一家公司比 Adob​​e 更有能力把握這一巨大的全球機會。

In my customer conversations, it's clear that the current macroeconomic climate requires businesses to prioritize investments and digital remains mission-critical to drive operational efficiency, improve customer engagement and maximize long-term value realization. We are driving a mix of diversified revenue streams through subscription and consulting services across new and existing customers, demonstrating the strength of our business.

在與客戶的交流中，我清楚地感受到，當前的宏觀經濟環境要求企業優先考慮投資，而數位化仍然是提升營運效率、改善客戶互動和最大化長期價值實現的關鍵所在。我們正透過新舊客戶的訂閱和諮詢服務，打造多元化的收入來源，這充分展現了我們業務的實力。

Experience Cloud is powering digital businesses in every industry across B2B and B2C with our leading solutions spanning, data insights and audiences, content and commerce, customer journeys and marketing workflow. And it is unique in that it helps businesses drive customer demand, engagement and growth while simultaneously delivering productivity gains.

Experience Cloud 憑藉其領先的解決方案，為 B2B 和 B2C 各行各業的數位化企業賦能，這些解決方案涵蓋數據洞察和受眾分析、內容和商務、客戶旅程以及行銷工作流程。其獨特之處在於，它能夠幫助企業在提升生產力的同時，推動客戶需求、互動和成長。

Our comprehensive set of applications, including real-time CDP or built natively on our highly differentiated Adobe Experience platform providing companies with a unified profile of each of their customers to deliver the most personalized real-time experiences at scale. Adobe Experience Platform processes 29 trillion segment evaluations per day and executes a response time of less than 250 milliseconds, illustrating the impact of its real-time capabilities at scale.

我們提供全面的應用套件，包括即時客戶資料平台 (CDP) 以及基於我們高度差異化的 Adob​​e Experience Platform 原生建構的應用，為企業提供每位客戶的統一畫像，從而大規模地提供高度個人化的即時體驗。 Adobe Experience Platform 每天處理 29 兆次細分評估，反應時間不到 250 毫秒，充分展現了其大規模即時處理能力的強大影響力。

In Q4, we continued to drive strong growth in our Experience Cloud business, achieving $1.15 billion in revenue. Subscription revenue was $1.01 billion, our first $1 billion quarter and representing 16% year-over-year growth. Adobe is differentiated in our ability to power the entire customer experience from ideation to content creation to personalized delivery to monetization. Chipotle is a great example. They're using Creative Cloud to design content for web and mobile channels and experience cloud to highlight new product offerings based on consumer preferences and support a faster, easier and more customized online ordering process. In government, the state of Illinois is using Experience Cloud and Document Cloud to provide simpler and more equitable access to state services for over 12 million residents.

第四季度，我們的體驗雲業務持續保持強勁成長，營收達到 11.5 億美元。訂閱營收為 10.1 億美元，這是我們首季營收突破 10 億美元大關，年增 16%。 Adobe 的獨特優勢在於能夠為客戶體驗的各個環節提供支持，從創意構思、內容創作、個人化交付到最終實現盈利。 Chipotle 就是一個很好的例子。他們利用 Creative Cloud 為網頁和行動管道設計內容，並利用體驗雲根據消費者偏好突出展示新產品，同時支援更快、更便利、更個人化的線上訂購流程。在政府部門，伊利諾州正在使用體驗雲和文件雲，為超過 1,200 萬居民提供更便利、更公平的州政府服務。

It's especially inspiring to witness the positive social impact of Adobe technology. The National Center for Missing and Exploited Children has long used Photoshop to create age progress photos and now uses Experience Cloud to facilitate the recovery of missing children. Additional Q4 highlights include strong demand for Adobe experience platform in native applications inclusive of real-time CDP, Adobe Journey Optimizer and customer journey analytics, which are rapidly becoming the digital underpinning of large brands globally. Accelerating demand for Adobe Experience Manager demonstrating Adobe's role in helping businesses effectively manage their current supply chain from creation to monetization.

親眼見證Adobe技術帶來的正面社會影響尤其令人振奮。美國國家失蹤與受虐兒童中心長期以來一直使用Photoshop製作兒童成長歷程照片，如今則利用Experience Cloud來協助尋找失蹤兒童。第四季其他亮點包括：Adobe體驗平台在原生應用領域（包括即時客戶資料平台、Adobe Journey Optimizer和客戶旅程分析）的強勁需求，這些平台正迅速成為全球大型品牌數位化發展的基石。此外，Adobe Experience Manager的需求也正在加速成長，這凸顯了Adobe在幫助企業有效管理從產品創建到獲利的現有供應鏈方面所發揮的作用。

A new marketing mix modeling service as part of our data insights and audiences offering, which enables marketers to harness the power of Adobe Sensei to assess marketing ROI in weeks rather than months and forecast resources for campaigns more effectively.

作為我們數據洞察和受眾服務的一部分，我們推出了一項新的行銷組合建模服務，使行銷人員能夠利用 Adob​​e Sensei 的強大功能，在幾週而不是幾個月內評估行銷投資回報率，並更有效地預測行銷活動的資源。

Strong growth in Partner and Adobe Professional Services underscoring our customers' continued focus on implementation and value realization, key customer wins, including BlackRock, Chipotle, Delta Airlines, DFS Group, Disney Park, Levante Health, GM, Office Depot, Publicis, Santander and Wells Fargo. Adobe continued to receive strong industry analyst recognition, including leadership in the Gartner Magic Quadrant for B2B marketing automation platforms, the Forester way for collaborative work management and the Forester way for enterprise marketing suites.

合作夥伴和Adobe專業服務業務的強勁成長凸顯了客戶對實施和價值實現的持續關注，我們成功贏得了包括貝萊德、Chipotle、達美航空、DFS集團、迪士尼樂園、Levante Health、通用汽車、歐迪辦公、陽獅集團、桑坦德銀行和富國銀行在內的重要客戶。 Adobe持續獲得產業分析師的高度認可，包括在Gartner B2B行銷自動化平台魔力像限、Forester協作工作管理模式以及Forester企業行銷套件模式的領導地位。

I'll now pass it over to Dan.

現在我把麥克風交給丹。

Thanks, Anil. Our earnings report today covers both Q4 and fiscal year 2022 results. As you know, in 2022, we experienced significant headwinds from the strengthening of the U.S. dollar, increased tax rates and the impacts from the Russia-Ukraine war. Despite those headwinds in fiscal '22, Adobe achieved record revenue of $17.61 billion, which represents 12% year-over-year growth or 15% growth in constant currency on an adjusted basis. GAAP EPS for the year was $10.10 and non-GAAP EPS was $13.71.

謝謝，Anil。我們今天發布的財報涵蓋了2022財年第四季和全年業績。如你所知，2022年我們面臨美元走強、稅率上升以及俄烏戰爭影響等諸多不利因素。儘管如此，Adobe在2022財年仍實現了創紀錄的176.1億美元營收，年增12%，按固定匯率調整後較去年同期成長15%。全年GAAP每股收益為10.10美元，非GAAP每股收益為13.71美元。

We exceeded our initial non-GAAP EPS target for fiscal year '22, which speaks to the discipline, strong execution and resilient operating model of the company. Fiscal year '22 business and financial highlights included: Digital Media revenue of $12.84 billion; net new Digital Media ARR of $1.91 billion, Digital Experience revenue of $4.42 billion, cash flows from operations of $7.84 billion, RPO of $15.19 billion exiting the year, and repurchasing approximately 15.7 million shares of our stock during the year at a cost of $6.30 billion.

我們超額完成了2022財年非GAAP每股收益目標，這反映了公司嚴謹的營運、高效的執行力和穩健的營運模式。 2022財年業務和財務亮點包括：數位媒體收入128.4億美元；新增數位媒體年度經常性收入淨額19.1億美元；數位體驗收入44.2億美元；經營活動現金流78.4億美元；截至年末的RPO為151.9億美元；以及股票年內以63億美元的價格回購了1570億美元的價格回購了157億美元。

In the fourth quarter of fiscal year '22, Adobe achieved revenue of $4.53 billion, which represents 10% year-over-year growth or 14% in constant currency. GAAP diluted earnings per share in Q4 was $2.53 and non-GAAP diluted earnings per share was a record $3.60.

在2022財年第四季，Adobe實現營收45.3億美元，年增10%，以固定匯率計算成長14%。第四季GAAP攤薄後每股收益為2.53美元，非GAAP攤薄後每股收益創下3.60美元的歷史新高。

Q4 business and financial highlights included: Digital Media revenue of $3.30 billion, record net new Digital Media ARR of $576 million, Digital Experience revenue of $1.15 billion, record cash flows from operations of $2.33 billion, adding over $1 billion to RPO sequentially in the quarter and repurchasing approximately 5 million shares of our stock.

第四季業務和財務亮點包括：數位媒體收入達 33 億美元，創紀錄的淨新增數位媒體 ARR 達 5.76 億美元，數位體驗收入達 11.5 億美元，創紀錄的經營活動現金流達 23.3 億美元，本季 RPO 環比增加超過 10 億美元，並回購了約 500 萬股股票。

In our Digital Media segment, we achieved Q4 revenue of $3.30 billion, which represents 10% year-over-year growth or 14% in constant currency. We exited the quarter with $13.97 billion of Digital Media ARR. We achieved creative revenue of $2.68 billion, which represents 8% year-over-year growth or 13% in constant currency, and we added $453 million of net new creative ARR in the quarter.

在數位媒體業務方面，我們第四季營收達33億美元，年增10%，以固定匯率計算成長14%。本季末，數位媒體年度經常性收入（ARR）達139.7億美元。創意業務營收達26.8億美元，較去年成長8%，以固定匯率計算成長13%。本季新增創意業務淨ARR為4.53億美元。

Driving this performance was good linearity throughout the quarter as well as strong customer purchasing during the peak holiday shopping weeks. Fourth quarter creative growth drivers included new user growth fueled by customer demand, targeted campaigns and promotions and year-end seasonal strength, which drove strong web traffic and conversion rates in the quarter, adoption of our Creative Cloud All Apps offerings across customer segments, from enterprise to team to individual and education, strength of the new Acrobat within our Creative Cloud offering demonstrating the importance of digital documents and workflows to the creative community.

推動此業績成長的因素包括：整個季度良好的線性成長，以及假日購物高峰期強勁的客戶購買力。第四季度創意成長的驅動因素包括：客戶需求推動的新用戶成長、精準的行銷活動和促銷活動，以及年末旺季的強勁勢頭，這些因素共同推動了本季度強勁的網站流量和轉換率；從企業、團隊到個人和教育機構等各個客戶群體對我們Creative Cloud All Apps產品的廣泛採用；

Sales of individual applications, including a strong quarter for our imaging and photography offerings, continued growth of newer businesses, including Express, substance, frame and stock and a solid finish to the year in SMB and enterprise. Adobe achieved Document Cloud revenue of $619 million, which represents 16% year-over-year growth or 19% in constant currency. We added $123 million of net new Document Cloud ARR in the quarter.

單一應用程式的銷售額表現強勁，其中影像和攝影產品在本季表現突出；Express、Substance、Frame and Stock等新興業務持續成長；中小企業和企業級業務也為年末畫上了圓滿的句號。 Adobe Document Cloud 的營收達到 6.19 億美元，年增 16%，以固定匯率計算成長 19%。本季 Document Cloud 新增淨年度經常性收入 (ARR) 為 1.23 億美元。

Fourth quarter Document Cloud growth drivers included: Acrobat subscription demand across all customer segments, continued growth of Acrobat Web, fueled by online searches for PDF and product-led growth, strong performance of our new Acrobat offering integrated with Sign, driving upsell ARR as well as new customer adoption and year-end seasonal strength in SMB, including through our reseller channel.

第四季 Document Cloud 的成長動力包括：所有客戶群對 Acrobat 訂閱的需求，Acrobat Web 的持續成長（受 PDF 線上搜尋和產品驅動成長的推動），我們與 Sign 整合的全新 Acrobat 產品表現強勁，推動了追加銷售 ARR 以及新客戶的採用，以及中小企業在年底的季節性強勁成長通路（包括透過我們的季節性經銷商）。

Turning to our Digital Experience segment. In Q4, we achieved revenue of $1.15 billion and subscription revenue of $1.01 billion, both of which represent 14% year-over-year growth or 16% in constant currency. Fourth quarter digital experience growth drivers included: expected year-end strength with significant bookings of our newer offerings in EMEA that builds on our momentum in North America, success closing numerous transformational deals that span our portfolio of solutions. Momentum with our Adobe Experience platform and native applications, including real-time CDP, strength with our content and Workfront solutions, which are integral components of our content supply chain strategy and increased customer demand for professional services as enterprises focus on implementation and accelerating time to value realization from digital investments.

接下來談談我們的數位體驗業務。第四季度，我們實現了11.5億美元的營收和10.1億美元的訂閱收入，兩者均較去年同期成長14%，以固定匯率計算則成長16%。第四季數位體驗業務成長的主要驅動因素包括：預計年底業績將持續強勁，我們在EMEA地區的新產品預訂量顯著增長，這鞏固了我們在北美市場的發展勢頭；成功達成多項涵蓋我們全線解決方案的轉型交易；Adobe Experience平台和原生應用程式（包括即時客戶數據平台）的強勁成長動能；內容和Workfront解決方案的強勁表現（這些解決方案是我們內容供應鏈策略的重要組成部分）；以及隨著企業專注於實施並加速數位化投資價值實現，客戶對專業服務的需求不斷增長。

In Q4, we focused on making disciplined investments to drive growth and awareness of our products. We continue to have world-class gross and operating margins and drove strong EPS performance in the quarter. Adobe's effective tax rate in Q4 was 22.5% on a GAAP basis and 17.5% on a non-GAAP basis. The GAAP tax rate came in lower than expected, primarily due to lower-than-projected tax on our foreign earnings. RPO exiting the quarter was $15.19 billion growing 9% year-over-year or 12% when factoring in a 3 percentage point FX headwind. Our ending cash and short-term investment position exiting Q4 was $6.10 billion and cash flows from operations in the quarter were a record $2.33 billion, up 14% year-over-year.

第四季度，我們專注於穩健的投資，以推動產品成長並提升品牌知名度。我們繼續保持世界一流的毛利率和營業利潤率，並在本季度實現了強勁的每股收益成長。 Adobe第四季的實際稅率以美國通用會計準則(GAAP)計算為22.5%，以非美國通用會計準則(Non-GAAP)計算為17.5%。 GAAP稅率低於預期，主因是海外收益的稅負低於預期。截至本季末，我們的可回收利潤(RPO)為151.9億美元，年增9%；若計入3個百分點的匯率不利因素，則較去年同期成長12%。截至第四季末，我們的現金及短期投資部位為61億美元，本季經營活動產生的現金流量創下23.3億美元的紀錄，年增14%。

We now intend to use cash on hand to repay the current portion of our debt on or before the due date, which we expect will reduce our interest expense in fiscal year '23. In Q4, we entered into a $1.75 billion share repurchase agreement. And we currently have $6.55 billion remaining of our $15 billion authorization granted in December 2020, which goes through 2024. As a reminder, we measure ARR on a constant currency basis during a fiscal year and revalue ARR at year-end for current currency rates.

我們計劃使用現有現金在到期日或之前償還當前債務，預計這將降低我們2023財年的利息支出。第四季度，我們簽訂了一項17.5億美元的股票回購協議。目前，我們2020年12月核准的150億美元授權額度中還剩餘65.5億美元，該授權有效期至2024年。需要說明的是，我們在每個財政年度以固定匯率計算年度經常性收入（ARR），並在年末以當前匯率重新評估ARR。

FX rate changes between December of 2021 and this year, have resulted in a $712 million decrease to the Digital Media ARR balance entering fiscal year '23, which is now $13.26 billion after the revaluation. This is reflected in our updated investor data sheet, and ARR results will be measured against this amount during fiscal year '23. We provided preliminary fiscal year '23 targets at our Financial Analyst Meeting in October that take into account the macroeconomic environment and the growth drivers of our various businesses.

2021年12月至今年期間的匯率變動導致數位媒體業務年度經常性收入（ARR）餘額在2023財年開始時減少了7.12億美元，經重估後為132.6億美元。這項變更已反映在我們更新後的投資者數據表中，2023財年的ARR業績將以此為基準進行衡量。我們在10月份的財務分析師會議上提供了2023財年的初步目標，這些目標已考慮了宏觀經濟環境和我們各項業務的成長驅動因素。

While there is ongoing macro uncertainty, given the massive long-term opportunity in digital and the momentum in our business, we're pleased to reiterate those financial targets. In summary, for fiscal year '23, we're targeting: total Adobe revenue of $19.1 billion to $19.3 billion; Digital Media net new ARR of approximately $1.65 billion; Digital Media segment revenue of $13.9 billion to $14.0 billion; Digital Experience segment revenue of $4.925 billion to $5.025 billion; Digital Experience subscription revenue of $4.375 billion to $4.425 billion; tax rate of approximately 22% on a GAAP basis and 18.5% on a non-GAAP basis; GAAP earnings per share of $10.75 to $11.05 and non-GAAP earnings per share of $15.15 to $15.45.

儘管宏觀經濟情勢仍存在不確定性，但鑑於數位領域的巨大長期機會以及我們業務的強勁發展勢頭，我們很高興重申這些財務目標。總而言之，對於2023財年，我們的目標是：Adobe總收入191億美元至193億美元；數位媒體淨新增年度經常性收入（ARR）約為16.5億美元；數位媒體部門收入139億美元至140億美元；數位體驗部門收入49.25億美元至50.25億美元；數位體驗訂閱收入43.75億美元至44.25億美元；GAAP準則下的稅率約為22%，非GAAP準則下的稅率約為18.5%；GAAP準則下的每股收益為10.75美元至11.05美元，非GAAP準則下的每股收益為15.15美元至15.45美元。

As a reminder, these targets do not contemplate our planned acquisition of Figma. We expect normal seasonality throughout the year, with Q1 being sequentially down and seasonally light for new business, sequential growth from Q1 to Q2, a dip in Q3 on account of summer seasonality and a strong finish to the year in Q4. For Q1 fiscal '23, we're targeting: total Adobe revenue of $4.60 billion to $4.64 billion; Digital Media net new ARR of approximately $375 million; Digital Media segment revenue of $3.35 billion to $3.375 billion; Digital Experience segment revenue of $1.16 billion to $1.18 billion; Digital Experience subscription revenue of $1.025 billion to $1.045 billion; tax rate of approximately 22% on a GAAP basis and 18.5% on a non-GAAP basis; GAAP earnings per share of $2.60 to $2.65 and non-GAAP earnings per share of $3.65 to $3.70.

再次提醒，這些目標並未考慮我們計劃收購 Figma 的影響。我們預計全年業績將呈現正常的季節性波動，第一季環比下降（受季節性因素影響，新業務增長較為緩慢），第二季度環比增長，第三季度受夏季旺季影響出現下滑，第四季度將強勁收官。 2023 財年第一季度，我們的目標為：Adobe 總營收 46 億美元至 46.4 億美元；數位媒體淨新增年度經常性收入 (ARR) 約 3.75 億美元；數位媒體部門營收 33.5 億美元至 33.75 億美元；數位化部門營收 11.6 億美元至 11.6 億美元至 11.1.50 5.1.5 億億美元；GAAP 準則下的稅率約為 22%，非 GAAP 準則下的稅率約為 18.5%。 GAAP每股收益為2.60美元至2.65美元，非GAAP每股收益為3.65美元至3.70美元。

In summary, Adobe finished fiscal year '22 strong, executing on our strategies across Creative Cloud, Document Cloud and Experience Cloud. I expect this performance to carry into next year as Adobe sustained top line growth and world-class profitability continue to position us well for fiscal '23 and beyond.

總而言之，Adobe 在 2022 財年取得了強勁的收官成績，我們在 Creative Cloud、Document Cloud 和 Experience Cloud 三大業務板塊的策略執行均取得了成功。我預計這項業績將延續到明年，Adobe 持續的營收成長和世界一流的獲利能力將繼續為我們在 2023 財年及以後的發展奠定堅實的基礎。

Shantanu, back to you.

Shantanu，把麥克風交還給你。

Thanks, Dan.

謝謝你，丹。

As the company celebrates its 40th anniversary, it is a perfect time to reflect on our past and our future. Adobe was founded on simple, but enduring principles that remain with us today. Innovation is at our core. Employees are our greatest asset and our customers, communities and shareholders are central to our success.

值此公司成立 40 週年之際，正是回顧過去、展望未來的絕佳時機。 Adobe 的創立基於一些簡單而永恆的原則，這些原則至今仍指導著我們。創新是我們的核心。員工是我們最寶貴的資產，而客戶、社區和股東是我們成功的關鍵。

Over the past 4 decades, Adobe's continuous innovation and leadership have empowered billions of people around the globe to imagine, create and deliver the best digital experiences. Our strong brand and company culture enable us to attract and retain the world's best employees. We are proud to once again be named to Interbrand's Best Global Brands List as a top riser for the seventh year in a row and to Wall Street Journal's Best-Managed Companies, ranking #1 for employee engagement and development. We have everything it takes to continue our success in the future, massive market opportunities, a proven ability to create and expand categories that transform markets, an expansive product portfolio that serves a growing universe of customers, revolutionary technology platforms that advance our industry leadership and competitive advantage and expanding ecosystem that delivers even greater value to customers, strong business fundamentals in the most dedicated and talented employees. I have never been more certain that Adobe's best days are ahead. Thank you, and we will now take questions. Operator?

過去四十年來，Adobe 的持續創新和行業領導地位，賦能全球數十億人，讓他們能夠構思、創造並交付卓越的數位體驗。我們強大的品牌和企業文化，使我們能夠吸引並留住全球最優秀的人才。我們很榮幸連續第七年榮登 Interbrand 全球最佳品牌榜單，並躋身《華爾街日報》最佳管理公司榜單，在員工敬業度和發展方面排名第一。我們擁有未來繼續取得成功所需的一切：巨大的市場機會、創造和拓展變革市場的成熟能力、服務於不斷增長的客戶群的豐富產品組合、鞏固行業領導地位和競爭優勢的革命性技術平台、為客戶創造更大價值的不斷擴展的生態系統，以及最敬業、最有才華的員工所奠定的堅實業務基礎。我從未如此確信 Adob​​e 的輝煌未來就在前方。謝謝大家，現在開始接受提問。接線生？

(Operator Instructions)

（操作說明）

We'll go ahead and take our first question from Mark Moerdler with Bernstein Research.

接下來，我們將接受來自伯恩斯坦研究公司的馬克‧莫德勒提出的第一個問題。

Congratulations on the quarter and the guidance, by the way. Can you give us, David, some more color on Adobe Express and your ability to convert free users to paid users? Are you seeing any impact to creative customers trying to switch Express? And how do you assure express paid adoption with that impact on Creative Cloud?

順便恭喜你們季度業績和業績指引。 David，能否詳細介紹Adobe Express以及你們將免費用戶轉化為付費用戶的能力？你們是否觀察到創意客戶在嘗試切換到Express時所受到的影響？在Creative Cloud受到影響的情況下，你們如何確保Express付費版的普及？

Yes. We're very excited about sort of the state of Express. Express just finished its first year in market. We have millions of monthly active users. As I mentioned, we saw very strong growth sequentially quarter-over-quarter with -- in the U.S., which is our primary focus market, 40% quarter-over-quarter growth in visitors, terrific NPS of over 50% and that's really on the backs of hundreds of millions of stock content that we have, the 20,000 fonts that we've added that is unique to our offering the highest quality templates. And the constant addition of best-breed features from our other Adobe products like Photoshop and Premier and Acrobat.

是的，我們對Express目前的狀況感到非常興奮。 Express剛結束了上市的第一年。我們擁有數百萬月活躍用戶。正如我之前提到的，我們實現了非常強勁的季度環比增長——尤其是在我們的主要目標市場美國，訪客數量環比增長了40%，淨推薦值(NPS)更是超過了50%。這主要得益於我們擁有數億的素材庫，以及我們新增的2萬種獨有字體，還有我們提供的高品質範本。此外，我們也持續整合其他Adobe產品（如Photoshop、Premiere和Acrobat）的優秀功能。

We've had over 100 releases in the first year that Express has been out. So we're very excited about that. And so the Express business itself continues to do well, both in terms of free users and in terms of conversion of those free users. But to your question, we also are seeing very strong adoption of Express within our existing CC customer base. So we see a lot of people, of course, buying our core flagship applications for the power and precision that they have and that they represent, but there are times in those users that are looking to just get something done quickly. And the fact that Express is also entitled to those users gives them the ability to have the power and precision and the speed and ease.

Express 發布的第一年我們就推出了超過 100 個版本，這讓我們非常興奮。 Express 本身的業務也持續表現良好，無論是免費用戶數量還是免費用戶的轉換率都持續成長。至於您提到的問題，我們也看到 Express 在現有 CC 客戶群中的普及率非常高。當然，我們看到很多人購買我們的核心旗艦應用程序，是因為它們強大的功能和精準的定位，以及它們所代表的品質。但有時，這些用戶只想快速完成一些工作。而 Express 正好滿足了這些使用者的需求，讓他們能夠同時擁有強大的功能、精準的定位、快速的速度和便利的操作體驗。

And so as users are coming, we're bringing in more users than we've ever had in audiences, we haven't reached by finding intent-based search for things. We're bringing those users in, which is giving us incredible top of funnel. We're driving the conversion. And we're also able to drive utilization increases in CC customers, which is driving retention of that business overall as well. So the funnel and that migration of that base is very healthy and playing out as expected.

因此，隨著用戶的湧入，我們吸引的用戶數量比以往任何時候都多，這些用戶都是透過基於意圖的搜尋找到的，而我們之前從未觸及這些用戶。這些用戶的湧入為我們帶來了龐大的漏斗頂端流量，並顯著提升了轉換率。同時，我們也提高了信用卡客戶的使用率，進而提升了整體業務的留存率。因此，整個銷售漏斗以及用戶群的遷移都非常健康，一切都在預期中進行。

We'll go ahead and move on to our next question from Brad Sills with Bank of America.

接下來，我們將回答來自美國銀行的布拉德·西爾斯提出的下一個問題。

I wanted to ask another question about Creative Cloud Express. Obviously, you're seeing some success here with that top of funnel business. Is there any color you can provide on where you see the upgrade path for some of those customers? Are there -- is there a certain upsell motion that we could see conversion of other products, even potentially the full suite in that installed base as it's growing?

我想再問一個關於 Creative Cloud Express 的問題。顯然，你們在銷售漏斗頂端的業務方面取得了一些成功。您能否透露一下，對於這些客戶，你們的升級路徑會是怎麼樣的呢？是否存在某種追加銷售模式，讓我們看到其他產品，甚至是隨著現有客戶群的成長而升級到全套產品？

Yes. As we talked about when we launched Creative Cloud Express, the primary focus right now is bringing people into Adobe Express and just making them successful, whether it's at the free tier or whether it's at the paid tier or whether it's a pay tier eventually migrating up into the core flagship applications.

是的。正如我們在推出 Creative Cloud Express 時所討論的那樣，目前的首要任務是吸引用戶使用 Adob​​e Express，並幫助他們取得成功，無論他們是使用免費版、付費版，還是最終從付費版升級到核心旗艦應用程式。

Our primary focus has been and continues to be right now around usage, repeat usage and utilization. We are seeing, though, while that's our primary focus, we are seeing a lot of really interesting data coming in suggesting that we -- that the upgrade has are -- while still early and not our primary focus are working. For example, in many higher ed institutions where we've started to deploy Adobe Express, we're starting to see not just the increase in terms of usage of Express, but we're also starting to see increase in demand for Adobe Creative Cloud flagship applications. And again, part of this is we know and we believe that everyone should be creative and creativity is the new productivity. But as people start to leverage and benefit from that creativity, they naturally want more power and precision as well. So that they do go well hand in hand (inaudible).

我們目前的主要關注點仍然是使用率、重複使用率和利用率。雖然這是我們的主要關注點，但我們也看到很多非常有趣的數據表明，升級——儘管目前還處於早期階段，並非我們的主要關注點——正在發揮作用。例如，在許多我們開始部署 Adob​​e Express 的高等教育機構中，我們不僅看到 Express 的使用率有所提高，而且也開始看到對 Adob​​e Creative Cloud 旗艦應用程式的需求增加。再次強調，部分原因是我們知道並相信每個人都應該發揮創造力，創造力是新的生產力。但隨著人們開始利用和受益於這種創造力，他們自然也希望獲得更強大的功能和更高的精確度。因此，這兩者確實相輔相成（聽不清楚）。

We'll move on to our next question from Sterling Auty with SVB MoffettNathanson.

接下來，我們將回答來自 SVB MoffettNathanson 的 Sterling Auty 的下一個問題。

So I'm curious, is there anything operationally that you can do in preparation for the Figma acquisition, either from an expense structure or development side now before close? And if so, what are those moves that you're making?

所以我很好奇，在收購 Figma 完成之前，從營運層面（例如費用結構或開發方面）是否可以做些準備工作？如果有，你們正在採取哪些措施？

Yes, Sterling, maybe I can speak to that. I mean, first, it's nice to see that since the deal was announced, the excitement associated with both what we can do as combined companies as well as, as you can see from our results, the interest in the core business. And so we're excited overall associated with it. Certainly, as the regulatory bodies are looking at it. We can focus on thinking about strategically. We are getting a lot of great feedback from customers. But these are 2 separate independent companies. And as it relates to our own cost structure as well as our technology, we feel really good about all the prioritizations we've made. And so we feel like we're uniquely positioned when it closes to immediately take advantage of it.

是的，史特林，或許我可以就此談談我的看法。首先，很高興看到自交易宣布以來，大家對合併後的公司所能取得的成就以及核心業務的關注度都感到非常興奮，正如您從我們的業績中所看到的。因此，我們總體上對此感到振奮。當然，在監管機構審查期間，我們可以專注於策略思考。我們收到了許多來自客戶的正面回饋。但這兩家公司是獨立的。就我們自身的成本結構和技術而言，我們對所有已做出的優先排序感到非常滿意。因此，我們相信，一旦交易完成，我們將擁有獨特的優勢，能夠立即從中獲益。

We'll move on to our next question from Brad Zelnick with Deutsche Bank.

接下來，我們將回答來自德意志銀行的布拉德·澤爾尼克提出的問題。

My congrats as well on a strong finish to the year. Following up on Sterling's question, it's good to hear the Figma close process is moving forward as expected. Can you give us an update on how their business is trending, just relative to your commentary at the time the deal was announced especially given the evolution of the macro environment since then.

我也祝賀你們今年取得了不錯的成績。關於Sterling提出的問題，很高興聽到Figma的收購流程正在如預期中推進。能否請您介紹他們目前的業務發展趨勢，特別是考慮到自那以後宏觀環境的變化，並結合您當初宣布收購時的評論進行一些分析？

Brad, as you know, they're a private company. And so we're certainly not at liberty to talk about it. And they have to continue to execute on their opportunity by themselves.

布拉德，你知道，他們是私人公司。所以我們當然不能談論這件事。他們必須繼續自行把握機會。

We'll move on to our next question from Mark Murphy with JPMorgan.

接下來，我們將回答來自摩根大通的馬克墨菲提出的下一個問題。

I'll add my congrats. So Shantanu, the amount of energy and excitement in the audience was quite impressive down at the MAX conference. And I'm wondering which of the innovations that you unveiled has created the most enthusiasm, which you might -- you think might also be monetizable? And I'm wondering whether it could be generative AI or that share for review capability, the intertwine capability or anything else really coming to the forefront.

我也要向你表示祝賀。 Shantanu，MAX大會上觀眾的熱情與活力令人印象深刻。我想知道你發布的創新中，哪一項最能激發大家的熱情，你認為哪一項最有可能商業化？我想知道是生成式人工智慧、分享評論功能、交織功能，還是其他任何真正脫穎而出的技術。

Well, Mark, firstly, thanks for being there, and it's clear that you were also looking at all of the cool new innovative stuff that was delivered. I always worry about questions like that because it's, you know, which of my children do I love the most. But let me just speak to, I think, thematically, what David and Scott showed, which is the core applications. We just continue to make sure the core applications are more accessible, more productive, more fun. And so I think that's one area, thematically, that the team has done an outstanding job of making sure that we continue to deliver innovative capabilities. You mentioned Intertwine and Illustrator.

馬克，首先感謝你的到來，顯然你也一直在關注所有展示的酷炫創新功能。我總是擔心被問到這類問題，因為這就像是在問，我最愛我的哪個孩子。不過，我想就大衛和史考特展示的核心應用談談我的看法。我們一直在努力確保核心應用更易於使用、更有效率、更有趣。我認為，在確保我們持續提供創新功能方面，團隊在這方面做得非常好。你提到了Intertwine和Illustrator。

I think the second thing, thematically, we talk about how do we get more people into the franchise. David also referred to that when he answered the 2 questions on Express, which is, the more we get people into the franchise, whether it's through our trial products, whether it's through Express, whether it's through participating in the collaborative process. I think that only adds to the available market for Adobe. And so I think the work that we're doing in collaboration is really continuing to democratize what we can do. So I'm pretty excited about that. I think the AI and the sneaks that you talked about, that really the potential for that when you see whether it was the individual funds that were being done or whether your ability through a text, to be able to get your content done exactly the way it is.

我認為第二點，從主題上來說，我們討論的是如何讓更多人加入我們的產品體系。 David 在回答 Express 上的兩個問題時也提到了這一點，那就是，我們讓更多人加入到我們的產品體系中來，無論是透過我們的試用產品、Express，還是透過參與協作流程，我認為這都會擴大 Adob​​e 的潛在市場。所以我認為，我們在協作方面所做的工作確實不斷普及我們的產品功能。對此我感到非常興奮。我認為你提到的 AI 和一些小技巧，確實蘊藏著巨大的潛力，無論你是個人開發者，還是僅僅透過文字就能完成內容創作，你都會明白這一點。

I'm sure you've been tracking also what's happened, Mark, in terms of the chat GPT and what you can do with respect to tech.

我相信你也一直在關注聊天 GPT 的發展以及你在技術方面可以做些什麼，馬克。

So I think that entire space, our vision has always been anybody who has a creative idea, how do you get that creative idea to life. And so I think moving from the hundreds of millions to billions of people who can use it. You're right, that has profound impact in terms of getting more people on our platform. And I think you'll see us be quite aggressive about delivering more of that functionality in an augmented way, perhaps first starting with Express. But I think we're excited about all of that. And the frame acquisition certainly also is off. I think David and Dan spoke to substance. So we feel really good about the multiple growth drivers.

所以我認為，我們整個領域的願景始終是：幫助任何擁有創意的人，如何將創意變成現實。因此，我認為，用戶群從數億擴展到數十億，這對吸引更多用戶加入我們的平台有著深遠的影響。我認為，我們將積極以增強的方式提供更多此類功能，或許會先從 Express 開始。但我們對這一切都感到非常興奮。收購 Frame 的交易也完成。我認為 David 和 Dan 的發言都很有實質內容。因此，我們對多重成長動力充滿信心。

If I can adjust a little bit to that. The 3 examples you brought are really interesting examples because Intertwine is an example of the ongoing innovation in our existing flagship application. So that continues to drive an keep people engaged and onboarding into the applications and keep those -- keeps everything fresh and differentiated. Share for review that initial release, while still early, we've been amazed by the repeat use of that once people start using it. And that represents a great growth loop for us because, as you know, anyone that gets shared a document, whether it's a Photoshop document or an Illustrator document or any other document is also an opportunity as a stakeholder to turn into a future user of Adobe products, whether it happens to be the Photoshop document to Photoshop usage or whether it happens to be driving people to try Adobe Express. So those growth loops are really interesting and important to us as well. I just wanted to make sure people saw that opportunity.

如果我稍微調整一下的話。您提到的三個例子確實很有意思，因為 Intertwine 正是我們現有旗艦應用持續創新的體現。這種創新不斷推動用戶參與，引導他們快速上手使用應用，並保持應用的新鮮感和差異化。雖然 Intertwine 的初始版本還處於早期階段，但我們對其用戶重複使用率之高感到非常驚訝。這對我們來說是一個絕佳的成長循環，因為正如您所知，任何共享文件的用戶，無論是 Photoshop 文件、Illustrator 文件還是其他任何文檔，都有機會成為 Adob​​e 產品的未來用戶，無論是 Photoshop 文件的共享，還是引導用戶嘗試 Adob​​e Express。這些成長循環對我們來說也非常重要。我只是想確保大家都能看到這個機會。

The next question will come from Jay Vleeschhouwer with Griffin Securities.

下一個問題將來自 Griffin Securities 的 Jay Vleeschhouwer。

Shantanu, I'd like to ask about a term that you use often at MAX. And in fact, a new 3-letter acronym that you use as well, namely product-led growth. And the question is Adobe has arguably been a product-led growth company for the more than 30 years that I've known you and I'm wondering now what does product-led growth mean differently today from what it might have meant historically? And relatedly, how are you thinking about the cross-sell and upsell opportunity that you also spoke about at MAX, specifically for 2023.

Shantanu，我想問您在 MAX 大會上經常提到的術語，以及您最近使用的一個三字母縮寫詞——「產品驅動成長」。在我認識您的 30 多年裡，Adobe 一直被認為是一家產品驅動成長的公司。我想知道，如今「產品驅動成長」的含義與以往有何不同？另外，您在 MAX 大會上也談到了交叉銷售和向上銷售的機會，您如何看待 2023 年的發展前景？

Yes, Jay, thanks for recognizing that our innovation has really come through an extremely close relationship with customers. So I think in the past, in the desktop era, what product-led growth really was all about was making sure that as we engage with the customers, as we engage with the community, that we were able to use that. I think the best example perhaps in the desktop era was what we did with Lightroom. And when we first came up with Lightroom, given the fact that we had Photoshop already as a product, just getting the millions of people to use it even before we release the product, having all those [Evangelis] and a great product, I think was a great example. What the team in both Creative Cloud and frankly, in the Experience Cloud, are doing is actually also following on the great work that we pioneered in the Document Cloud.

是的，Jay，感謝您認可我們的創新確實源自於與客戶的緊密聯繫。我認為，在過去的桌面時代，產品驅動成長的真正意義在於，確保我們在與客戶和社群互動時，能夠充分利用這些資源。我認為桌面時代最好的例子或許就是我們開發的 Lightroom。當我們最初推出 Lightroom 時，考慮到我們已經擁有 Photoshop 這款產品，在產品正式發布之前就讓數百萬用戶開始使用它，這本身就是一個很好的例子。 Creative Cloud 團隊以及 Experience Cloud 團隊所做的工作，其實也是在延續我們在 Document Cloud 中開創的輝煌成就。

And so in the Document Cloud, I think product-led growth really related to as we think about what people were doing on searches when we introduced our web-based offerings for Acrobat, that's when we just started to see this velocity of how we engage with customers and prioritizing what's clearly top of mind for them, our ability to immediately satisfy them, I think, escalated quite a bit.

因此，在文件雲中，我認為產品驅動的增長實際上與我們思考人們在我們推出基於網絡的 Acrobat 產品時進行的搜索行為有關，那時我們才開始看到我們與客戶互動的方式以及優先考慮他們最關心的事情的速度，以及我們立即滿足他們需求的能力，我認為都得到了相當大的提升。

When David came in, David really said, we've got to take this to a whole new level with product-led growth, and it's integrating both the community as well as, frankly, right now, engagement and engagement marketing in the product. And so when you get into product sessions right now, and you see the product manager and the engineering manager as well as the product marketing manager, all of them are on the same page. We have data. We have things instrumented in the products and your ability to do both AB testing and here's where we use our own products and the products that Anil does. And so product-led growth right now is about saying, at any given time, we probably have 3 tests in market for a particular feature as well. And we're using that to really learn from the customer interactions and to deliver better quality products sooner. But David has really been the pioneer. So David, if you'd like to add? And then maybe a little bit, Anil, on what we are doing for that in digital experience as well.

David加入後，他明確表示，我們必須以產品驅動成長為核心，將業務提升到一個全新的水平。這需要整合社區，坦白說，目前也需要將使用者互動和互動行銷融入產品中。所以，現在你參加產品會議時，會看到產品經理、工程經理和產品行銷經理，他們目標一致。我們擁有數據，產品中也整合了各種工具，可以進行A/B測試。我們既使用自己的產品，也使用Anil開發的產品。因此，目前以產品驅動成長的方式是，我們可能同時針對某個特定功能進行三輪測試。我們利用這些測試來真正了解客戶互動，並更快地交付更高品質的產品。 David確實是這方面的先驅。 David，你還有什麼要補充的嗎？ Anil，也請你談談我們在數位體驗所做的工作。

Yes, Shantanu, I think that was a pretty complete summary. The only thing I would add is that there's an interesting inflection point that we are in terms of our product development cycles that give us an opportunity to take what we've always been doing, to your point, with product-led growth and drive even more use of it, which is the introduction of all the web applications that we have. So we now have Photoshop Web, we have Illustrator Web, we have Acrobat Web, we have Adobe Express, and you combine that with the sharing focus that we have with share for review as an example. And we have new growth loops that we can start optimizing, and that's been a huge area of focus for the teams.

是的，Shantanu，我覺得你的總結相當全面。我唯一想補充的是，我們目前正處於產品開發週期的關鍵轉折點，這讓我們有機會進一步拓展產品驅動成長的模式（正如你所說），並推動其更廣泛的應用，例如我們推出的所有網路應用程式。現在我們有了 Photoshop Web、Illustrator Web、Acrobat Web 和 Adob​​e Express，再加上我們以「共享審查」為代表的共享功能，我們就能更好地利用這些新的成長循環，而這正是團隊目前關注的重點領域。

Yes. I just wanted to add, Shantanu, as you said, several of our enterprise customers are starting to deploy their own product-led growth using our analytics technology, a banking customer, for example, one of our best customers. They have their online mortgage application, and they want to track who is able to use it successfully, who's able to complete applications completely online, and they're using our analytics technology to do that and see what works and what they need to do to fix it. So we're starting to see like exactly, as you said, our technology being both used inside Adobe to drive our own PLG as well as customers doing it.

是的。我只是想補充一點，Shantanu，正如你所說，我們的一些企業客戶開始利用我們的分析技術部署他們自己的產品驅動成長策略。例如，我們最好的客戶之一—一家銀行客戶。他們有自己的線上抵押貸款申請系統，他們想追蹤哪些用戶能夠成功使用該系統，哪些用戶能夠完全在線上完成申請。他們正在使用我們的分析技術來實現這一點，看看哪些方面有效，哪些方面需要改進。所以，正如你所說，我們開始看到我們的技術不僅在Adobe內部用於推動我們自身的產品驅動成長，而且也被我們的客戶用於此。

And Jay, maybe to get to your second question and taking a step back, I do have to say, when we look at our annual targets that we had provided for Digital Media ARR at the beginning of the year of $1.9 billion. And I know even with our Q4 guide, I think people had some questions about where is the momentum. And I think the team crushed that, which I feel really good about. And so a lot of that is happening as a result of just first, attracting and acquiring customers to the platform. And then what you're referring to is the cross-sell upsell, whether it's people who first engage with us on a mobile device, whether it's people in Acrobat we've used Adobe Reader as a very, very good on-ramp to allow people to engage with PDF functionality and then either get a license for our Acrobat web product or for the desktop product. Individual apps, the success and the driving of individual apps has always been an on ramp, and we then do a really good job because we use Adobe Experience platform to then convert them and even promotional pricing.

傑伊，或許可以先回答你的第二個問題，我們先回顧一下。年初我們為數位媒體年度經常性收入 (ARR) 設定了 19 億美元的目標。我知道即使在我們發布了第四季度業績指引後，大家仍然對成長動能有所疑問。但我認為團隊出色地完成了目標，我對此感到非常滿意。這很大程度上得益於我們首先成功地吸引和獲取了用戶。你提到的交叉銷售和追加銷售，無論是透過行動裝置首次接觸我們的用戶，還是透過 Adob​​e Reader 進入 Acrobat 的用戶（我們一直將 Adob​​e Reader 作為非常好的入口，讓他們體驗 PDF 功能），最終購買我們的 Acrobat 網路版或桌面版產品的授權。單一應用程式的成功和發展一直是吸引用戶的重要途徑，而我們之所以做得如此出色，是因為我們利用 Adob​​e Experience 平台以及促銷定價來促成轉換。

I know we've had some questions in the past. And we have incredible data that shows us when people come in, whether that's on educational pricing and then they graduate or on promotional pricing, converting them to customers. So I think there are numerous ways in which we've demonstrated that by personalizing our offer to every creative or knowledge worker that we're able to monetize that as well after they derive the value from it.

我知道過去我們收到過一些疑問。我們擁有大量數據，這些數據表明，無論是透過教育優惠價還是促銷價，當人們進入我們的平台並完成學業後，最終都會轉化為客戶。因此，我認為我們已經透過多種方式證明，透過為每位創意工作者或知識工作者提供個人化服務，我們能夠在他們從中獲得價值之後，獲利。

We'll move on to Derrick Wood with Cowen & Company.

接下來我們將介紹德里克伍德和考恩公司。

Congrats on a strong net new ARR customer -- quarter. I wanted to ask about the composition of this number. The growth dynamic between Creative Cloud and Document Cloud was a little surprising. I mean Creative Cloud had, I think, the second strongest sequential percentage growth Q4 ever. But looking at Document Cloud, net new ARR didn't grow much sequentially in what's typically a stronger uptick in Q4. Can you just give a little more color on the seasonal dynamics you saw between Creative and Document Cloud in the quarter?

恭喜貴公司本季新增淨ARR客戶數量大幅成長。我想了解這個數字的構成。 Creative Cloud和Document Cloud之間的成長動態有點出乎意料。我的意思是，Creative Cloud的第四季環比成長率創下了歷史第二高。但Document Cloud的新增淨ARR環比成長並不顯著，而第四季通常是成長最強勁的時期。您能否更詳細地解釋一下本季Creative Cloud和Document Cloud之間的季節性變化？

Sure. Yes, I'm happy to do that. So first of all, yes, as Shantanu mentioned, we're very pleased with how FY '22 has gone and how the quarter closed out, we saw a lot of strength in the core businesses. And our primary focus across these businesses continues to be around new customer acquisition, new customer ads. We also have a lot of diversity in terms of the drivers that we have and the leverage we have to drive the business.

當然可以。是的，我很樂意這樣做。首先，正如Shantanu所提到的，我們對2022財年的業績以及本季的收官表現非常滿意，核心業務表現強勁。我們這些業務的主要關注點仍然是新客戶獲取和新客戶廣告。此外，我們在業務驅動因素和槓桿作用方面也擁有許多優勢。

As we mentioned, we saw great strength across all of our creative segments imaging, photo, video design. We also grew a lot of -- focused a lot in terms of new campaigns that are targeting new audiences for creative as well. With a new campaign called Everyone can Photoshop that's bringing customers in directly into the products and has been very productive in terms of driving top of funnel and conversion. On the -- in terms of new businesses for creative, we're seeing a lot of strength from new businesses like frame and substance that have contributed more this quarter than ever before.

正如我們之前提到的，我們在所有創意領域——圖像、照片和影片設計——都取得了強勁的成長。我們也專注於了面向新受眾的創意新活動，並取得了顯著的成效。例如，名為「人人都能用Photoshop」的新活動，直接引導客戶了解產品，並在提升轉換率方面取得了顯著成效。在創意新業務方面，我們看到Frame和Submit等新業務表現強勁，本季貢獻額創歷史新高。

And to your point, we've also been seeing a lot of strength in the core business around Acrobat. We're running a Acrobat gated campaign really targeted at new customers in SMB where we show them all the capabilities that Acrobat has now including specifically focused on signatures and things that really help them drive the business.

正如您所說，我們也看到Acrobat的核心業務發展勢頭強勁。我們正在進行一項Acrobat付費推廣活動，主要針對中小企業的新客戶，向他們展示Acrobat的各項功能，包括專門針對簽名等能夠真正幫助他們推動業務發展的功能。

So overall, the business is doing very well. The one dynamic that if you look at from an Acrobat perspective that we're really proud of to is that we saw -- for the year, we saw growth of ARR at 23% despite the complicated macro. And it's important to remember that some portion of this is also -- the Acrobat business is also represented in the creative business. So the Acrobat growth number is probably a bit understated in this point.

整體而言，公司業務發展非常順利。從 Acrobat 的角度來看，我們最引以為傲的一點是，儘管宏觀經濟形勢複雜，但我們今年的年度經常性收入 (ARR) 仍實現了 23% 的成長。需要注意的是，Acrobat 的業務也涵蓋創意產業，因此，Acrobat 的實際成長可能被低估了。

We'll move on to our next question from Michael Turrin with Wells Fargo Securities.

接下來，我們將回答來自富國證券的邁克爾·圖林提出的問題。

Maybe one on the digital experience side, we fielded some questions there just around guidance for next year in the current backdrop. You're holding on targets grew well at 16% in constant currency for the quarter, so can you just talk more around how much visibility you have in the targets there and it's how you closed the year at all, particularly given that EMEA comment provides incremental confidence in those targets going forward.

或許可以談談數位體驗方面的問題，我們收到了一些關於在當前情況下明年業績指引的問題。你們堅持目標，本季以固定匯率計算成長了16%，表現不錯。那麼，能否詳細談談你們對這些目標的掌握程度，以及你們今年的業績表現如何？特別是考慮到歐洲、中東和非洲地區的評論增強了我們對未來目標的信心。

Thanks for the question. We are pleased with the performance of the Digital Experience business. I mean just as a quick reminder, at the beginning of the year, we had guided DX at 17% of distant growth for the year, which is what we achieved in a really tough year with all the different macro issues. So if I really take a step back, we're -- first of all, we're in a really strong position with our product portfolio. We have a clear leader in the market with the investments we made at the Adobe Experience platform starting 5 years ago. And that is really paying off with the book of business that we are seeing and all the customer adoption that we are seeing. And what we are hearing from our conversations with our customers is that they're really eager to invest in a platform that enables them to meet the mission-critical priorities around digital.

感謝您的提問。我們對數位體驗業務的表現非常滿意。簡單回顧一下，年初時我們曾預測數位體驗業務全年成長率將達到 17%，而我們最終在面臨許多宏觀挑戰的艱難一年中實現了這一目標。首先，我們的產品組合非常強大。五年前，我們開始投資 Adob​​e Experience 平台，這使我們在市場上佔據了絕對領先地位。而這些投資也確實得到了回報，我們目前看到的業務成長和客戶採納率都證明了這一點。我們從與客戶的交流中了解到，他們非常渴望投資一個能夠幫助他們實現數位化關鍵業務目標的平台。

And that's what we are enabling them and personalization in real time at scale. So this is a significantly large opportunity. And what we believe is that as we go through this time, single product companies are going to come under a lot of scrutiny. So while we definitely see deals getting scrutinized and going up to higher levels for approval, we also see that customers really want to invest in a market leader like us for their investments, it's going to last the next 10, 15 years to -- for the digital investment. So pleased with where we are.

這就是我們正在為他們提供的：大規模的即時個人化服務。這是一個巨大的機會。我們相信，隨著時間的推移，單一產品公司將面臨更嚴格的審查。因此，雖然我們確實看到交易會受到更嚴格的審查，需要更高層級的審批，但我們也看到，客戶確實希望投資像我們這樣的市場領導者，因為他們的投資將持續未來10到15年——尤其是在數位化領域。我們對目前的成就感到非常滿意。

Maybe Anil, I'll just add a couple of things to what you said. I mean the first is that value realization has been top of mind for a lot of these customers. And so I think if you look at the business as well, the services part, it's very clear that people want to implement it. And what I think is unique about Adobe's offerings in this particular space is that we help both with the customer engagement and frankly, the top of funnel as well as we held with productivity and cost. And so it doesn't matter which side of that equation you are as an enterprise. I think both of them find that the Adobe Experience Cloud as well as, frankly, what we are doing with Sign actually help them on both fronts. And so we're pleased associated with that, and we have good visibility. I want to complement Anil and his team on the execution against the pipeline and transformational deals also, I think, just reflect the overarching interest that people have in making sure digital continues to be an imperative. And so we're not going to be immune to the macroeconomic, but I like our differentiated solution and our execution.

Anil，我再補充幾點。首先，對許多客戶來說，價值實現一直是他們最關心的問題。所以，如果你也從業務和服務的角度來看，很明顯，大家都希望盡快實施。我認為Adobe在這個領域的獨特之處在於，我們既能幫助提升客戶參與度，又能幫助客戶拓展銷售管道，同時還能提高生產力並降低成本。因此，無論企業處於等式的哪一邊，都能從中受益。我認為，Adobe Experience Cloud以及我們與Sign合作推出的產品，都能在這兩方面幫助他們。我們對此感到非常滿意，並且對成果有清晰的了解。我也想讚揚Anil和他的團隊在銷售管道和轉型交易方面的執行力，我認為這反映了大家對數位轉型的普遍重視。因此，我們無法免受宏觀經濟的影響，但我喜歡我們差異化的解決方案和執行方式。

And our next question comes from Brent Thill with Jefferies.

下一個問題來自傑富瑞集團的布倫特·蒂爾。

Dan, in terms of your guide, are you implying the environment gets worse or say the same. And for Shantanu, can you just talk about the next 6 to 9 months as we potentially go into a tougher economic headwind, how you're reshaping and rethinking your go to market or any steps that you can take to ensure you can cut through what is coming in.

丹，就你的指南而言，你是暗示環境會惡化，還是說情況依然如此？還有，沙塔努，你能否談談未來6到9個月，我們可能會面臨更嚴峻的經濟逆風，你們將如何調整和重新思考市場策略，或採取哪些措施來確保能夠應對挑戰？

Yes. So from a guide standpoint, we spent a lot of time talking about the environment we're in during FA day. Against that backdrop, you can see the momentum of the business. You can see the execution against the opportunities. What I really like about the way we're positioned in the market. There's a diversification of the company. It's end markets, it's product segments, it's business models, it gives us a resilience in the environment that we're in and we see that in the momentum we're carrying into next year. There's really no change to the view of the environment that we're in, and you see that reflected in the targets that we set for 2023. So we feel good about the way we're executing against a complicated macro environment, and we'll continue to stay focused on adding value to our customers, but there's a diversification and our resilience to who we are and a mission criticality of what we sell to our customers. And then you could see that in the comment that Shantanu made. You can see us impacting the company's top line. You can see us impacting the productivity with which they serve their customers, and that puts us in a pretty unique position.

是的。從指導的角度來看，我們在財務顧問日花了很多時間討論我們所處的環境。在這種背景下，你可以看到業務的發展勢頭，也可以看到我們如何掌握機會並有效執行。我非常欣賞我們在市場上的定位。公司實現了多元化，涵蓋終端市場、產品領域和商業模式，這賦予了我們在當前環境中的韌性，而這種韌性也體現在我們延續到明年的發展動能。我們對當前環境的看法並沒有改變，這也反映在我們為2023年設定的目標上。因此，我們對在複雜的宏觀環境下執行業務的方式感到滿意，我們將繼續專注於為客戶創造價值，同時，多元化和韌性也體現在我們自身的定位以及我們向客戶銷售的產品的關鍵性上。這一點也體現在Shantanu的評論中。你可以看到我們對公司營收的影響。你可以看到我們對他們服務客戶效率的提升，這使我們處於一個非常獨特的地位。

And Brent, as it relates to your second question, I'll unpack that in maybe 2 ways. First is we're really pleased with what we did and even when the pandemic first started about prioritizing what was really critical for us. And I think the prioritization exercise when you're really focused on your top imperatives, that's really helped bring clarity and alignment within the company that I don't think should be undersold in terms of how effective that has been for execution. As it relates to the next 6 or 9 months and you think about the 3 routes to market, Digital continues to be an area of strength. I mean, I know through our Adobe Digital Index we talk about what we are seeing in terms of people continuing to engage with the customers -- companies that they want to transact with electronically. And so on the digital side, we will just continue to make sure we focus on acquiring the customers.

布倫特，關於你的第二個問題，我可以從兩個方面來解釋。首先，我們對先前的工作非常滿意，即使在疫情初期，我們也優先考慮了對我們至關重要的事情。我認為，當你真正專注於最重要的事項時，這種優先排序的方式確實有助於公司內部的清晰化和目標一致性，其對執行的有效性不容小覷。展望未來6到9個月，考慮到三個市場管道，數位化仍然是我們的優勢領域。我的意思是，透過我們的Adobe數位指數，我們觀察到人們仍在繼續與客戶互動——他們希望與公司進行電子交易。因此，在數位化方面，我們將繼續專注於客戶獲取。

David spoke to some of the effective campaigns. Clearly, we understand the attribution of that. And we just have to remain vigilant on making sure that we're attracting the customers on the new platforms where they exist. And for retention, which is a key issue as well, just how they continue to get value from the offerings that they have, the partner ecosystem, whether that's for the small and medium business or whether that's for what we are doing with the SI and VAR community on digital experience, just continuing to enable them, continuing to engage with them. I think that's a part.

David 談到了一些行之有效的行銷活動。顯然，我們了解這些活動的成功原因。我們必須保持警惕，確保在新平台上吸引客戶。客戶留存也是一個關鍵問題，關鍵在於如何讓他們持續從現有產品和服務、合作夥伴生態系統中獲得價值，無論是針對中小企業，還是針對我們與系統整合商 (SI) 和增值經銷商 (VAR) 社群在數位體驗方面的合作，都要持續賦能他們，持續與他們互動。我認為這是其中的一部分。

Clearly, the small and medium business did see a rebound after what they went through last year, which was a really bad situation. So I think we have to remain vigilant on that. And I think on the direct sales part, as we look at our pipeline, December, despite the fact that it's our first month of our quarter, we will continue to focus on execution against that to take advantage of whatever budget flush exists in companies. And then as you start to come to what happens in Japan in February as it's the end of their fiscal year, continuing to focus on Europe. Brent, Europe was actually one of the highlights for us in the quarter. I think Adobe Experience platform has done well.

顯然，中小企業在經歷了去年的困境後已經出現反彈，去年的情況確實非常糟糕。所以我認為我們必須對此保持警惕。至於直銷方面，考慮到我們12月份的銷售管道，儘管這是我們季度的第一個月，我們仍將繼續專注於執行，以充分利用企業現有的預算盈餘。然後，隨著2月份日本財年的結束，我們將繼續關注歐洲市場。布倫特，歐洲實際上是我們本季的一大亮點。我認為Adobe Experience平台表現出色。

And so we remain cautious, clearly about the macroeconomic, but I think we have visibility into making sure that we can continue to execute, Brent.

因此，我們對宏觀經濟情勢仍然保持謹慎，但我認為我們有能力確保能夠繼續執行布蘭特原油期貨交易計畫。

We'll go ahead and move on to our next question from Keith Bachman with BMO.

接下來，我們將回答 BMO 的 Keith Bachman 的下一個問題。

Apologize in advance for some background noise. Shantanu and David, I wanted to direct this to you, if I could. The ARR net new in the quarter was very good, particularly relative to expectations. If we look back over a little longer period of time though, than the quarter, growth has slowed in net new ARR even if it's assuming of flattening out. And what I didn't -- what we didn't really get -- I think as much as we would have liked at the Analyst Day was, what do you think that the key drivers of the net new ARR and creative have been or total ARR if you want.

先為一些背景噪音致歉。 Shantanu 和 David，如果可以的話，我想直接跟你們說。本季新增 ARR 淨額表現非常出色，尤其是超出預期。但如果我們回顧更長的時間週期，例如本季度，即使假設成長趨於平緩，新增 ARR 淨額的成長速度也已經放緩。還有一點我沒能得到——或者說，我們沒能真正得到——儘管我們很希望在分析師日上能得到答案，那就是：你們認為推動新增 ARR 淨額和創意成長的關鍵因素是什麼？或者，如果你願意的話，也可以說是總 ARR 成長的關鍵因素是什麼？

And what are the key things that you're focused on before Figma that would cause an improvement in AR growth? I assume that one has been perhaps Adobe Express as a more compelling entry point. Is there anything else that you can call out there's some (inaudible) that you believe that Adobe is focused on like really some issues in the past that you think are going to be resolved in (inaudible) before Figma but improve despite the macro or help growth in the creative side.

在 Figma 推出之前，您關注的關鍵事項有哪些？這些事項能否促進 AR 的成長？我猜其中之一可能是 Adob​​e Express，因為它能提供更具吸引力的切入點。您還能指出 Adob​​e 正在關注的其他方面嗎？例如，您認為 Adob​​e 過去存在的一些問題會在 Figma 推出之前得到解決，從而改善整體情況，或促進創意領域的成長？

Yes, I'm happy to jump in and Shantanu can add anything. So at a high level, if you look at what we've talked about at Analyst Day, our strategy is very clear, which is new users and retention are the core drivers and focus areas. As Shantanu mentioned, we're being very focused and very intentional in terms of those 2 things. When it comes to new subscribers, we added more new commercial subscribers this year than we've ever added in our history, and that is a really important intentional sort of activities we are doing.

是的，我很樂意補充，Shantanu 也可以補充其他內容。總的來說，如果你回顧我們在分析師日上討論的內容，你會發現我們的策略非常明確，那就是新用戶成長和用戶留存是核心驅動力和重點關注領域。正如 Shantanu 所說，我們在這兩方面都非常專注且目標明確。就新用戶而言，我們今年新增的商業用戶數量創歷史新高，這是我們正在進行的一項非常重要的、有針對性的活動。

Many of those new users are -- tend to be nonprofessionals, right? Or they tend to be earlier in career professionals. And so they are coming in and leveraging our initial single app plan or Adobe Express, as an example, and we're very happy to have them take that on because we believe very strongly that the opportunities to drive and upsell them from Express to single app and from single app to all apps, is going to be something that is persistent and something that is very ready and available to us at the time we need. The main thing, though, is about getting them into the products and making them successful. And so with that focus, we've been very -- we've also been maniacally operational about retention of those bases. I think people have asked questions, as you broaden the net, you bring in other users that are not typical Adobe users, what's happening to the retention rates.

這些新用戶大多是非專業人士，對吧？或者他們往往是職業生涯初期的專業人士。因此，他們會選擇我們最初的單應用計劃，例如 Adob​​e Express。我們非常樂意看到他們選擇這個計劃，因為我們堅信，引導他們從 Express 升級到單應用，再從單應用升級到所有應用，這樣的機會將會持續存在，並且在我們需要的時候隨時可用。不過，最重要的是讓他們使用我們的產品並取得成功。因此，我們一直非常重視用戶留存，並為此投入了大量精力。我認為，隨著用戶群的擴大，引入了非典型的 Adob​​e 用戶，用戶留存率會受到怎樣的影響，大家可能會問這個問題。

I think we also shared that we're seeing usage of products continues to stay very strong as we bring in these new audiences. And we're starting -- and we're seeing retention continue to tick up and improve. And in fact, retention now is better than it was pre-pandemic as an example. So we continue to bring in new users. We continue to retain those new users and we see organic opportunities to move them up and upgrade them.

我想我們也提到過，隨著新用戶的加入，我們看到產品的使用率仍然非常強勁。而且，我們看到用戶留存率也持續上升和改善。事實上，現在的用戶留存率甚至比疫情前還要高。因此，我們不斷吸引新用戶，不斷留住這些新用戶，並且我們看到了自然引導他們升級和升級產品的機會。

Shantanu mentioned a great example of education. We continue to see a lot of people come in with our education pricing. And then we have the opportunity, 2 years or 3 years later when they graduate to upgrade them to full commercial pricing. And those activities are playing out as expected, and we see a lot more opportunity to it, but it all comes down to bringing new users in, getting them using the products a lot and retaining them.

Shantanu舉了一個教育方面的絕佳例子。我們看到很多人透過教育優惠價格加入我們。然後，在兩三年後，當他們畢業時，我們有機會將他們的價格升級到完整的商業價格。這些活動進展順利，正如我們所預期的那樣，我們看到了更多的機會。但歸根究底，關鍵在於吸引新用戶，讓他們大量使用產品，並留住他們。

And maybe to add to that, Keith. I mean, when you think about the newer businesses that we're talking about, Video just continues to be a really key growth driver, 3D and immersive imaging and photography. But if you take a step back, I think there are 2 things happening in the macroeconomic environment, there are actually going to be tailwinds. The first is the fact that it is the golden age of design. Everybody would like to express themselves. There are more screens on which all of this content is being consumed. So I think the insatiable consumer demand for content, I think, is certainly driving a lot of more content that's being created. One of the exciting areas that I think David and Anil have talked about is what we are calling content supply chain. And when you take even the larger companies, they are all trying to get a handle of as they engage digitally with customers how much content is being created? Where is it being created?

基思，或許我還要補充一點。我的意思是，當我們談到這些新興業務時，影片仍然是關鍵的成長驅動力，3D和沈浸式成像及攝影也是如此。但如果退一步來看，我認為宏觀經濟環境正在發生兩件事，這兩件事實際上會帶來利多。首先，現在是設計的黃金時代。每個人都想表達自己。人們在越來越多的螢幕上消費各種內容。因此，我認為消費者對內容永無止境的需求，無疑地正在推動更多內容的創作。大衛和阿尼爾談到的一個令人興奮的領域，就是我們所說的內容供應鏈。即使是規模較大的公司，在與客戶進行數位互動時，都在努力了解究竟有多少內容被創作出來？這些內容在哪裡創作？

Where is it being delivered? How do I localize it? What's the efficacy of that content. And so I think this content supply chain and everything we have with our creative applications our asset management, the fact that we then deliver that content. I think we continue to believe that, that's going to be a growth driver for the entire business as well.

內容將在哪裡發布？如何進行在地化？這些內容的有效性如何？我認為，內容供應鏈以及我們創意應用、資產管理以及內容交付等所有環節，都將繼續推動整個業務的成長。我們始終堅信這一點。

So I wouldn't underestimate the insatiable consumer demand but I also wouldn't underestimate what's happening as enterprises recognize that the way to engage with people is to personalize that content.

因此，我不會低估消費者永不滿足的需求，但我也不會低估企業意識到與人們互動的方式是個人化內容所帶來的影響。

Okay. Operator, we're at the top of the hour. We'll make time for one more question, and then we'll wrap up.

好的。接線員，現在是整點了。我們再抽出時間回答最後一個問題，然後就結束節目。

You bet. We'll go ahead and take our last question from Alex Zukin with Wolf Research.

當然。接下來，我們將回答來自 Wolf Research 的 Alex Zukin 的最後一個問題。

I apologize for background noise. I guess we've heard a lot about the continuing growth initiatives in the demand environment, sounding like it's pretty resistant to any macro pressures you're seeing at the moment. I'll ask the kind of other side of the equation. As you think about the levers that you have on the margin side, the discipline that you've been exhibiting. It does seem like over the last quarter and maybe the past few quarters, that margin story, that margin discipline has continued to exceed at least our expectations. So as we look at the next year, as you think about the levers that you have in the business if the parts of the business should slow. Can you go through maybe walk through a little bit of where you see the opportunity to either, a, leave in or b, pulled back? And also how we should think about cash conversion in that scenario from a cash flow perspective.

抱歉背景噪音有點大。我想我們已經聽到了很多關於需求環境持續成長的舉措，聽起來它似乎能夠很好地抵禦目前宏觀經濟壓力的影響。我想問一下問題的另一面。您認為貴公司在利潤率上有哪些可操作的手段，以及貴公司一直以來展現的自律性。在過去的幾個季度裡，貴公司的利潤率表現，尤其是利潤率自律性，似乎一直超出了我們的預期。那麼，展望明年，如果某些業務成長放緩，貴公司有哪些因應措施？您能否簡要談談您認為哪些業務應該繼續保持，哪些業務應該縮減規模？另外，從現金流的角度來看，在這種情況下，我們應該如何考慮現金週轉問題？

Yes. So from an operating performance standpoint, you rightfully point out, the company is performing really, really well. But we're doing what we've always done inside the company, which is drive growth deliver industry-leading products and innovation to our customers, help them become more effective on the critical path of driving revenue for their business. But we do it in a very disciplined way that drives margin and cash flow while driving growth. And we talked a lot about rule of 40 at our FA day. If I were to take a step back and reflect on FY '22, it's complicated macro environment. and we were operating at a rule of 60 for the year. So we feel really good about our ability to operate. And so as I look forward into next year, we're going to continue to lead. We're going to continue to innovate. We're going to continue to make our customers successful, but we'll continue to do what we've always done, which is ruthlessly prioritized where we make our investments, constantly review the portfolio, prioritize the things that are going to drive long-term value for our customers and do it in a very disciplined way.

是的。正如您所指出的，從營運績效的角度來看，公司表現確實非常出色。但我們在公司內部一直堅持著同樣的策略，那就是推動成長，為客戶提供業界領先的產品和創新，幫助他們在提升業務營收的關鍵路徑上更有效率。我們以一種非常嚴謹的方式進行工作，在推動成長的同時，也提升了利潤率和現金流。在財務顧問日上，我們重點討論了「40法則」。如果回顧2022財年，當時的宏觀環境十分複雜，而我們那一年的營運遵循的是「60法則」。因此，我們對自身的營運能力充滿信心。展望明年，我們將繼續保持領先地位，並持續創新。我們將繼續幫助客戶取得成功，但我們將繼續做我們一直以來都在做的事情，那就是嚴格把控投資重點，不斷審查投資組合，優先考慮那些能夠為客戶帶來長期價值的事情，並以非常嚴謹的方式去做。

So that's the operating tone inside the company. Nothing's changed on that front. We feel really good about how we're executing in the environment and the momentum we're carrying into 2023. From a cash flow standpoint, it all starts with driving that discipline in the business and we'll continue to drive cash flow and deploy that excess cash on a quarterly basis to create value with the shareholders.

這就是公司內部的營運基調。在這方面，一切都沒有改變。我們對在當前環境下的執行情況以及我們將保持在2023年的良好勢頭感到非常滿意。從現金流的角度來看，一切都始於在業務中貫徹這種紀律，我們將繼續推動現金流，並按季度利用盈餘現金為股東創造價值。

And Alex, given that was the last question, let me start off by saying as we celebrate our 40th anniversary, it's both humbling and inspiring to think about the impact that Adobe has had on the communication world and what we've been able to do. And it's rare to be able to say at this level that we believe that our best years are ahead of us. If I take a step back and I look at what we had done in 2022, there are 3 things that stand out for me, the Digital Media ARR and just continuing to drive new customer acquisition and deliver innovative products across both the Creative Cloud and Document Cloud. We've done a really good job of demonstrating why creativity and design is going to be more important and also combining creativity with productivity.

Alex，既然這是最後一個問題，那麼首先我想說，在我們慶祝成立40週年之際，回顧Adobe對通訊領域的影響以及我們所取得的成就，既令人感到榮幸，也令人振奮。在這個層面上，我們能夠如此自信地說，我們相信最好的時光還在後頭，這實屬難得。回顧2022年，有三件事讓我印象深刻：數位媒體年度經常性收入（ARR）的成長，持續推動新客戶獲取，以及在Creative Cloud和Document Cloud兩大平台上不斷推出創新產品。我們出色地證明了創意和設計的重要性，並將創意與生產力完美結合。

On the DX side, the organic creation of the Adobe Experience platform and its apps, and the success that we've seen associated with that, the fact that we just had a first $1 billion quarter as it related to subscription revenues, I think that just reflects both the fact that we created this category. And unlike all of the other enterprise software companies who are in that space, we're just ruthlessly focused on this. And it is unique in that it helps both the top line and bottom line for enterprises. And to the question that you specifically asked, Alex, I mean, profitability, despite the FX impact that impacted hundreds of millions of dollars when you look back and say, at the end of the year, we exceeded our non-GAAP EPS that we had said a year ago.

在數位轉型方面，Adobe Experience平台及其應用程式的有機創建，以及我們所取得的成功——例如，我們剛剛實現了訂閱收入首次突破10億美元大關——我認為這充分體現了我們開創了這一領域的成就。與其他涉足該領域的企業軟體公司不同，我們始終專注於此。它的獨特之處在於，它能夠同時提升企業的營收和利潤。至於你剛才提出的問題，Alex，我的意思是，儘管匯率波動造成了數億美元的損失，但回顧過去，我們最終在年底實現了超過一年前設定的非GAAP每股收益目標。

I think that is a really amazing performance by the finance and operations team of making sure that we continue to remain focused. And I think as it relates to go forward, we've clearly talked about why we're excited about the innovative road map, why we're excited about all of the things that are going to come up in 2023 and beyond. And so I think it was a good year. We will continue to remain focused. I want to thank our employees who really are the unsung heroes of all of this execution and the work that they do. And for every one of you, thank you again for your interest in Adobe and happy holidays and wishing you all a joyous holiday season.

我認為財務和營運團隊的表現非常出色，確保我們始終保持專注。展望未來，我們已經明確闡述了我們對創新路線圖的興奮之處，以及我們對2023年及以後即將推出的所有計劃的期待。因此，我認為今年是碩果累累的一年。我們將繼續保持專注。我要感謝我們的員工，他們是所有工作的幕後英雄。再次感謝大家對Adobe的關注，祝大家節日快樂，假期愉快！

Thanks, everyone. This concludes the call.

謝謝大家。通話到此結束。

With that, that does conclude today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以掛斷電話了。