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.

美好的一天，歡迎參加 Adobe 22 財年第 4 季度收益電話會議。今天的會議正在錄製中。此時，我想將會議轉交給投資者關係副總裁 Jonathan Vaas。請繼續。

Good afternoon, and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's Chairman and CEO; David Wadhwani, President of Digital Media; Anil Chakravarthy, President of Digital Experience; and Dan Durn, Executive Vice President and CFO.

下午好，感謝您加入我們。今天與我通話的有 Adobe 董事長兼首席執行官 Shantanu Narayen；數字媒體總裁 David Wadhwani；數字體驗總裁 Anil Chakravarthy；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 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.

在這次正在錄音的電話會議上，我們將討論 Adobe 第四季度和 2022 財年的財務業績。您可以在 Adobe 的投資者關係網站上找到我們的新聞稿以及我們準備好的評論和財務結果的 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，截至今天，即 12 月 15 日，並包含涉及風險、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的結果存在重大差異。要討論這些風險，您應該查看今天的新聞稿和 Adobe 提交給 SEC 的文件中討論的因素。在這次電話會議上，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.

我們報告的結果包括 GAAP 增長率以及固定匯率和調整後的固定匯率增長率，這也佔 2021 財年的額外一周。在本次演示中，除非另有說明，否則 Adobe 的高管將參考固定匯率和調整後的增長率。兩者之間的對賬可在我們的收益發布和 Adobe 的投資者關係網站上找到。

I will now turn the call over to Shantanu.

我現在將電話轉給 Shantanu。

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

謝謝，喬納森。下午好，感謝您加入我們。

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 Adobe 來說是激動人心且多事的一年。我們實現了創紀錄的 176.1 億美元收入，同比增長 15%。 GAAP 每股收益為 10.10 美元，非 GAAP 每股收益為 13.71 美元。我們以盈利能力為重點，實現了創紀錄的經營現金流。我們在不確定的宏觀經濟環境中的強勁表現凸顯了我們業務的彈性以及我們產品在數字優先世界中的關鍵任務作用。

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.

我們為所有人釋放創造力、提高文檔生產力和推動數字業務的戰略正在推動每個地區和客戶群的發展勢頭，使我們成為世界上最具創新性、多元化和盈利能力最強的軟件公司之一。我們繼續執行我們的產品路線圖，為從個人到大型企業的廣大客戶群體提供服務，並實現強勁的收入和利潤增長。

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 已成為數字體驗的基礎，從最初的創意火花到所有內容和媒體的創建和開發，再到跨每個渠道的個性化交付。

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，我們實現了 45.3 億美元的收入，同比增長 14%。在我們的數字媒體業務中，我們的淨新 ARR 達到了有史以來最好的一個季度，交付了 5.76 億美元，我們的數字體驗業務實現了其第一個 10 億美元的訂閱收入季度，同比增長 16%。

I will now pass it to David.

我現在將它傳遞給大衛。

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.

每個創意類別、客戶群和媒體類型對數字內容的需求都在快速增長。 Creative Cloud 仍然是領先的創意平台，為圖像、攝影、設計、視頻、網絡、動畫和 3D 等各個學科提供全面的產品組合。 Photoshop、Lightroom、Illustrator、Premiere Pro 和 Acrobat 等核心產品繼續引領其類別，因為我們添加了新功能並通過我們的 AI 引擎 Adobe Sensei 增強了它們的功能。我們在 Adobe Express 方面取得的快速進步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 成員提供了額外的價值。

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.

共享以供審閱等新協作功能直接集成到 Creative Cloud 和 Document Cloud 應用程序中，以實現跨創意和文檔工作流程的無縫創建、共享和審閱。

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.

我們持續不斷的產品創新確保 Adobe 仍然是廣大且不斷增長的個人、學生、創意專業人士、小型企業主和企業的首選目的地，他們可以比以往任何時候都更快、更輕鬆地創建令人驚嘆的內容並從中獲利。第 4 季度是 Creative Cloud 創紀錄的季度。我們實現了 4.53 億美元的淨新 Creative Cloud ARR 和 26.8 億美元的收入，同比增長 13%。這種強勁的表現是對我們旗艦應用程序需求的結果，包括 Photoshop、Lightroom、Illustrator、Premiere Pro 和 Acrobat； SMB 和企業的擴張得益於我們在直銷和經銷商渠道的年終管道的強勁執行，加速了 substance 3D 和 Frame I/O 的增長，突顯了我們新業務 Momentum in Express 的持續實力和重大機遇，我們基於模板的網絡和移動產品，用於創建從年終促銷到節日賀卡再到社交媒體帖子的一切內容。

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 無與倫比的庫存圖像、視頻、字體、設計資產和模板集合及其對來自 Photoshop、Premiere Pro 和 Acrobat 的 AI Magic 的獨特集成使我們能夠為各種技能水平的客戶提供最好的 Adobe。第 4 季度繼續保持令人振奮的增長，每月活躍用戶數以百萬計，美國訪客環比增長超過 40%，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.

贏得的主要客戶包括美國藝電、Meta、NBC Universal、Publicis、Roku、Target 和聯合國。 10 月，我們很高興與來自 Adobe Max 創意社區的數千名成員一起回歸現場。這次會議一直是展示我們令人難以置信的創新的機會，我們通過所有渠道推動了超過 2.5 億次視頻觀看。

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.

我們的公告包括： Photoshop 中強大的新 AI 功能，例如用於刪除和替換對象的一鍵式刪除和填充工具以及可立即修復損壞照片的新照片修復神經過濾器； Photoshop 和 Illustrator 中的共享審閱服務，使設計師能夠輕鬆地與主要利益相關者協作；率先將 Frame I/O 與 Red Digital 相機和 Fuji Film 之間的雲集成推向市場，顯著降低了生產成本和時間；物質 3D 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 之間的新合作夥伴關係，將 Provenance 技術應用到相機中，允許攝影師嵌入圖像的拍攝時間、地點和方式，並將 Adobe 生成人工智能技術的早期演示集成到我們的工具中，這有望改變創意流程，使其比以往任何時候都更易於訪問、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.

現在轉向 Document Cloud 業務。數字文檔已成為我們個人和職業生活中生產力的代名詞，無論是購買新房的要約、銀行存款表格、學校許可單還是銷售合同。

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 是數字文檔領域的領導者，為各種設備和各種技能水平提供創新解決方案。我們支持所有常見文檔操作（包括跨桌面、移動和 Web 的編輯、共享、審閱、掃描和簽名）的策略正在帶來豐厚的回報。

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 的收入達到創紀錄的 6.19 億美元，同比增長 19%，淨新 ARR 達到 1.23 億美元，年末 ARR 同比增長 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 4 季度的亮點包括面向 SMB 的新 Acrobat 功能，包括發送品牌協議模板的能力以及將付款與電子簽名文檔結合起來的能力，以及 Document Cloud 和 Creative Cloud 之間的新功能，以幫助知識工作者和創意專業人士無縫協作並提高他們的工作效率。掃描創新允許用戶同時掃描一本書的左頁和右頁以及在一頁上掃描身份證的兩面，流量和搜索 PDF 功能的強勁有機增長，這是 Acrobat 的重要渠道Web，Acrobat 內簽名交易的顯著增長強調了對集成文檔解決方案的需求，API 交易的顯著增長。 API 調用環比幾乎翻了一番，證明了在企業應用程序中集成 PDF 功能的戰略必要性。

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.

贏得的主要客戶包括 Bio and tech、Cigna、Deloitte、Mitsubishi Electric、Raytheon、Shell Information Technology 和美國國務院。第 4 季度是數字媒體有史以來最強勁的淨新 ARR 季度，這得益於我們核心業務中針對多個增長驅動因素的出色執行。此外，我們對即將進行的 Figma 收購感到興奮，這代表了一個巨大的機會，可以加速數百萬人未來的創造力和生產力。總體而言，監管過程正在按預期進行。該交易正在全球範圍內接受審查，包括美國司法部和英國競爭與市場管理局。我們目前正在參與美國司法部的第二次請求流程。我們預計該交易也將在歐盟進行審查。

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.

我們繼續對交易背後的事實感到樂觀，並希望在 2023 年獲得批准以完成交易。我現在將它傳遞給 Anil。

Thanks, David. Hello, everyone.

謝謝，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.

每個類別的每個企業現在都依賴數字來與客戶互動和交易。 Adobe 的假日購物報告分析了 Adobe Analytics 中的數万億個數據點，發現網絡星期一推動在線支出創下 113 億美元的歷史新高，移動購物現在佔感恩節銷售額的 55%，現在購買，以後付款的訂單激增網絡週期間為 85%。我們預計這個假期的支出將超過 2100 億美元。沒有哪家公司能比 Adobe 更好地利用這一巨大的全球機遇。

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.

在我與客戶的談話中，很明顯，當前的宏觀經濟環境要求企業優先考慮投資，數字化仍然是提高運營效率、提高客戶參與度和最大化長期價值實現的關鍵任務。我們正在通過新老客戶的訂閱和諮詢服務推動多元化收入流的組合，展示了我們業務的實力。

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 通過我們領先的解決方案，涵蓋數據洞察和受眾、內容和商務、客戶旅程和營銷工作流程，為 B2B 和 B2C 各行各業的數字業務提供支持。它的獨特之處在於它可以幫助企業推動客戶需求、參與度和增長，同時提高生產力。

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.

我們全面的應用程序集，包括實時 CDP 或在我們高度差異化的 Adobe Experience 平台上本地構建，為公司提供每個客戶的統一檔案，以大規模提供最個性化的實時體驗。 Adobe Experience Platform 每天處理 29 萬億個細分市場評估並執行不到 250 毫秒的響應時間，展示了其實時能力的大規模影響。

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，我們繼續推動 Experience Cloud 業務的強勁增長，實現了 11.5 億美元的收入。訂閱收入為 10.1 億美元，這是我們第一個 10 億美元的季度，同比增長 16%。 Adobe 的與眾不同之處在於我們能夠為從構思到內容創建到個性化交付再到貨幣化的整個客戶體驗提供支持。 Chipotle 就是一個很好的例子。他們正在使用 Creative Cloud 為 Web 和移動渠道設計內容，並使用雲體驗來突出顯示基於消費者偏好的新產品，並支持更快、更輕鬆和更個性化的在線訂購流程。在政府部門，伊利諾伊州正在使用 Experience Cloud 和 Document Cloud 為超過 1200 萬居民提供更簡單、更公平的州服務訪問權限。

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.

見證 Adobe 技術的積極社會影響尤其令人鼓舞。國家失踪與受虐兒童中心長期以來一直使用 Photoshop 製作年齡增長照片，現在使用 Experience Cloud 幫助失踪兒童找回。第 4 季度的其他亮點包括對原生應用程序中 Adobe 體驗平台的強勁需求，包括實時 CDP、Adobe Journey Optimizer 和客戶旅程分析，這些正在迅速成為全球大型品牌的數字化基礎。加速對 Adobe Experience Manager 的需求表明 Adobe 在幫助企業有效管理其當前供應鏈（從創建到貨幣化）方面的作用。

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.

一種新的營銷組合建模服務，作為我們數據洞察和受眾產品的一部分，使營銷人員能夠利用 Adobe Sensei 的強大功能在數周而不是數月內評估營銷投資回報率，並更有效地預測營銷活動的資源。

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 專業服務的強勁增長凸顯了我們客戶對實施和價值實現的持續關注，贏得了主要客戶，包括 BlackRock、Chipotle、Delta Airlines、DFS Group、Disney Park、Levante Health、GM、Office Depot、Publicis、Santander 和富國銀行。 Adobe 繼續獲得行業分析師的高度認可，包括在 B2B 營銷自動化平台的 Gartner 魔力像限、協作工作管理的 Forester 方式和企業營銷套件的 Forester 方式中處於領先地位。

I'll now pass it over to Dan.

我現在將它傳遞給 Dan。

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，阿尼爾。我們今天的收益報告涵蓋了第四季度和 2022 財年的業績。如您所知，在 2022 年，我們經歷了美元走強、稅率提高以及俄烏戰爭影響等重大不利因素。儘管在 22 財年存在這些不利因素，Adobe 仍實現了創紀錄的 176.1 億美元收入，同比增長 12%，按調整後固定匯率計算增長 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.

我們超過了 22 財年的初始非 GAAP 每股收益目標，這說明了公司的紀律、強大的執行力和彈性運營模式。 22 財年業務和財務亮點包括：數字媒體收入 128.4 億美元；淨新數字媒體 ARR 為 19.1 億美元，數字體驗收入為 44.2 億美元，運營現金流為 78.4 億美元，年內 RPO 為 151.9 億美元，年內回購約 1570 萬股我們的股票，成本為 63 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 22 財年第四季度，Adobe 實現收入 45.3 億美元，同比增長 10%，按固定匯率計算增長 14%。第 4 季度 GAAP 攤薄後每股收益為 2.53 美元，非 GAAP 攤薄後每股收益為創紀錄的 3.60 美元。

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 4 季度業務和財務亮點包括：數字媒體收入 33 億美元，新數字媒體 ARR 創紀錄的 5.76 億美元，數字體驗收入 11.5 億美元，運營現金流創紀錄的 23.3 億美元，本季度 RPO 連續增加超過 10 億美元並回購大約 500 萬股我們的股票。

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.

在我們的數字媒體部門，我們實現了 33 億美元的第四季度收入，同比增長 10% 或按固定匯率計算增長 14%。我們以 139.7 億美元的數字媒體 ARR 結束了本季度。我們實現了 26.8 億美元的創意收入，同比增長 8% 或按固定匯率計算增長 13%，本季度新增創意 ARR 淨額為 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.

推動這一業績的是整個季度的良好線性以及假日購物高峰期的強勁客戶購買。第四季度的創意增長驅動因素包括客戶需求推動的新用戶增長、有針對性的活動和促銷以及年終季節性強勢推動了本季度強勁的網絡流量和轉化率，我們跨客戶群採用 Creative Cloud All Apps 產品，來自企業、團隊、個人和教育，我們 Creative Cloud 產品中新 Acrobat 的強大功能展示了數字文檔和工作流程對創意社區的重要性。

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.

個人應用程序的銷售，包括我們的成像和攝影產品的強勁季度，新業務的持續增長，包括 Express、物質、框架和股票，以及 SMB 和企業今年的堅實收尾。 Adobe 的文檔雲收入為 6.19 億美元，同比增長 16%，按固定匯率計算增長 19%。我們在本季度增加了 1.23 億美元的淨新 Document Cloud ARR。

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.

第四季度 Document Cloud 增長驅動因素包括：所有客戶群的 Acrobat 訂閱需求、Acrobat Web 的持續增長（受 PDF 在線搜索和產品主導增長的推動）、我們與 Sign 集成的新 Acrobat 產品的強勁表現，以及推動追加銷售 ARR作為 SMB 的新客戶採用和年終季節性增長，包括通過我們的經銷商渠道。

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.

轉向我們的數字體驗部分。在第四季度，我們實現了 11.5 億美元的收入和 10.1 億美元的訂閱收入，兩者均同比增長 14% 或按固定匯率計算增長 16%。第四季度數字體驗增長驅動因素包括：基於我們在北美的勢頭，我們在歐洲、中東和非洲地區新產品的大量預訂預計將在年底實現強勁增長，成功完成跨越我們解決方案組合的眾多轉型交易。我們的 Adobe Experience 平台和本機應用程序（包括實時 CDP）的發展勢頭，我們的內容和 Workfront 解決方案的優勢，它們是我們內容供應鏈戰略不可或缺的組成部分，隨著企業專注於實施和加快實現時間，客戶對專業服務的需求不斷增加數字投資的價值實現。

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.

在第四季度，我們專注於進行有紀律的投資，以推動我們產品的增長和知名度。我們繼續擁有世界一流的毛利率和營業利潤率，並在本季度推動了強勁的每股收益表現。 Adobe 在第四季度的有效稅率在 GAAP 基礎上為 22.5%，在非 GAAP 基礎上為 17.5%。 GAAP 稅率低於預期，這主要是由於我們的海外收入稅收低於預期。本季度的 RPO 為 151.9 億美元，同比增長 9%，考慮到 3 個百分點的外匯逆風，增長 12%。第四季度末我們的期末現金和短期投資頭寸為 61 億美元，本季度運營產生的現金流量達到創紀錄的 23.3 億美元，同比增長 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.

我們現在打算使用手頭現金在到期日或之前償還我們債務的流動部分，我們預計這將減少我們在 23 財年的利息支出。第四季度，我們簽訂了價值 17.5 億美元的股票回購協議。我們在 2020 年 12 月授予的 150 億美元授權中目前還有 65.5 億美元，該授權將持續到 2024 年。提醒一下，我們在一個財政年度以固定貨幣為基礎衡量 ARR，並在年末根據當前貨幣匯率對 ARR 進行重估。

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 月至今年的匯率變化導致進入 23 財年的數字媒體 ARR 餘額減少了 7.12 億美元，重估後現在為 132.6 億美元。這反映在我們更新的投資者數據表中，ARR 結果將在 23 財年根據這一數額進行衡量。我們在 10 月份的財務分析師會議上提供了 23 財年的初步目標，其中考慮了宏觀經濟環境和我們各項業務的增長動力。

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.

儘管存在持續的宏觀不確定性，但鑑於數字領域的巨大長期機會和我們業務的發展勢頭，我們很高興重申這些財務目標。總而言之，對於 23 財年，我們的目標是：Adobe 的總收入為 191 億美元至 193 億美元；數字媒體淨新 ARR 約為 16.5 億美元；數字媒體部門收入為 139 億美元至 140 億美元；數字體驗部門收入為 49.25 億美元至 50.25 億美元；數字體驗訂閱收入為 43.75 億美元至 44.25 億美元； GAAP 稅率約為 22%，非 GAAP 稅率約為 18.5%； GAAP 每股收益為 10.75 美元至 11.05 美元，非 GAAP 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.

提醒一下，這些目標並未考慮我們計劃收購 Figma。我們預計全年季節性正常，第一季度新業務連續下降且季節性清淡，從第一季度到第二季度連續增長，第三季度由於夏季季節性而下降，第四季度強勁結束。對於 23 財年第一季度，我們的目標是：Adobe 的總收入為 46 億美元至 46.4 億美元；數字媒體淨新 ARR 約為 3.75 億美元；數字媒體部門收入為 33.5 億美元至 33.75 億美元；數字體驗部門收入為 11.6 億美元至 11.8 億美元；數字體驗訂閱收入為 10.25 億美元至 10.45 億美元； GAAP 稅率約為 22%，非 GAAP 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 以強勁的勢頭結束了 22 財年，執行了我們在 Creative Cloud、Document Cloud 和 Experience Cloud 方面的戰略。我預計這一業績將延續到明年，因為 Adobe 持續的收入增長和世界級的盈利能力繼續使我們在 23 財年及以後處於有利地位。

Shantanu, back to you.

山塔努，回到你身邊。

Thanks, Dan.

謝謝，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.

在公司慶祝成立 40 週年之際，這是反思我們過去和未來的最佳時機。 Adobe 建立在簡單但經久不衰的原則之上，這些原則至今仍伴隨著我們。創新是我們的核心。員工是我們最大的資產，我們的客戶、社區和股東是我們成功的核心。

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?

在過去的 4 年裡，Adobe 的持續創新和領導力使全球數十億人能夠想像、創造和提供最佳數字體驗。我們強大的品牌和公司文化使我們能夠吸引和留住世界上最優秀的員工。我們很自豪能夠連續第七年再次入選 Interbrand 的全球最佳品牌榜單，並在華爾街日報的最佳管理公司中名列前茅，在員工敬業度和發展方面排名第一。我們擁有在未來繼續取得成功所需的一切、巨大的市場機會、創造和擴展改變市場的類別的成熟能力、服務於不斷增長的客戶群的廣泛產品組合、提升我們行業領導地位的革命性技術平台和競爭優勢和不斷擴大的生態系統，為客戶提供更大的價值，最敬業和最有才華的員工擁有強大的業務基礎。我從未如此確信 Adobe 最好的日子就在前方。謝謝，我們現在開始提問。操作員？

(Operator Instructions)

（操作員說明）

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

我們將繼續從伯恩斯坦研究公司的 Mark Moerdler 那裡回答我們的第一個問題。

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?

順便說一句，祝賀本季度和指導。大衛，你能給我們更多關於 Adobe Express 的顏色以及你將免費用戶轉化為付費用戶的能力嗎？您是否看到對嘗試轉換 Express 的創意客戶有任何影響？您如何確保快速付費採用對 Creative Cloud 的影響？

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 的某種狀態感到非常興奮。 Express 剛剛結束其在市場上的第一年。我們每月有數百萬活躍用戶。正如我所提到的，我們看到了非常強勁的環比增長——在美國，這是我們的主要重點市場，遊客環比增長 40%，NPS 超過 50%，這真的很重要在我們擁有的數億個庫存內容的支持下，我們添加的 20,000 種字體是我們提供最高質量模板所獨有的。以及不斷添加我們其他 Adobe 產品（如 Photoshop、Premier 和 Acrobat）的最佳功能。

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.

在 Express 推出的第一年，我們已經發布了 100 多個版本。所以我們對此感到非常興奮。因此，無論是在免費用戶方面還是在這些免費用戶的轉化方面，Express 業務本身都繼續表現良好。但對於你的問題，我們也看到在我們現有的 CC 客戶群中對 Express 的廣泛採用。所以我們看到很多人，當然，購買我們的核心旗艦應用程序是為了他們擁有和代表的功能和精度，但有時這些用戶只是希望快速完成一些事情。而 Express 也有權使用這些用戶這一事實使他們能夠擁有強大的功能和精確度以及速度和便利性。

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，隨著用戶的到來，我們帶來了比以往任何時候都多的用戶，我們還沒有通過尋找基於意圖的搜索來達到目標。我們正在吸引這些用戶，這給了我們難以置信的漏斗頂端。我們正在推動轉變。而且我們還能夠提高 CC 客戶的利用率，這也推動了該業務的整體保留。因此，漏斗和該基地的遷移非常健康，並按預期進行。

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

我們將繼續討論來自美國銀行的 Brad Sills 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?

我想問另一個關於 Creative Cloud Express 的問題。顯然，您在這裡看到了漏斗業務的一些成功。在您看到其中一些客戶的升級路徑的地方，您是否可以提供任何顏色？是否有 - 是否存在某種追加銷售動議，我們可以看到其他產品的轉換，甚至可能隨著安裝基礎的增長而轉換成全套產品？

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 時所說的那樣，目前的主要重點是將人們帶入 Adobe Express 並讓他們成功，無論是免費層還是付費層，還是最終向上遷移的付費層進入核心旗艦應用程序。

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).

我們的主要重點一直並將繼續圍繞使用、重複使用和利用展開。不過，我們看到，雖然這是我們的主要關注點，但我們看到很多非常有趣的數據表明我們——升級已經——雖然還處於早期階段，但我們的主要關注點正在發揮作用。例如，在我們已經開始部署 Adobe Express 的許多高等教育機構中，我們不僅開始看到 Express 使用量的增加，而且我們也開始看到對 Adobe Creative Cloud 的需求增加旗艦應用。再一次，部分原因是我們知道並且我們相信每個人都應該有創造力，而創造力就是新的生產力。但隨著人們開始利用這種創造力並從中受益，他們自然也需要更多的力量和精確度。這樣他們就可以攜手並進（聽不清）。

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

我們將繼續討論 Sterling Auty 和 SVB MoffettNathanson 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，在交易結束之前，您是否可以從費用結構或開發方面為 Figma 的收購做準備？如果是這樣，您正在採取哪些措施？

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，斯特林，也許我可以談談。我的意思是，首先，很高興看到自交易宣布以來，我們作為合併後的公司可以做的事情以及您從我們的結果中看到的對核心業務的興趣相關的興奮。因此，我們總體上對此感到興奮。當然，正如監管機構正在研究的那樣。我們可以專注於戰略性思考。我們從客戶那裡得到了很多很好的反饋。但這是兩家獨立的獨立公司。由於它與我們自己的成本結構以及我們的技術有關，我們對我們所做的所有優先排序感到非常滿意。因此，我們覺得在它關閉時我們處於獨特的位置，可以立即利用它。

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

我們將繼續討論德意志銀行的 Brad Zelnick 的下一個問題。

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.

我也祝賀今年取得了優異的成績。跟進 Sterling 的問題，很高興聽到 Figma 關閉過程正在按預期進行。你能否向我們介紹一下他們的業務趨勢，僅與你在宣布交易時的評論有關，特別是考慮到此後宏觀環境的演變。

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，如你所知，他們是一家私人公司。所以我們當然不能隨意談論它。他們必須繼續自己抓住機會。

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

我們將繼續討論摩根大通馬克墨菲的下一個問題。

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.

我會加上我的祝賀。所以 Shantanu，在 MAX 會議上，觀眾的精力和興奮程度令人印象深刻。而且我想知道您推出的哪些創新引起了最大的熱情，您可能 - 您認為這也可能是可貨幣化的？我想知道它是否可以是生成 AI 或共享審查能力、交織能力或其他任何真正走在前列的東西。

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.

好吧，馬克，首先，感謝您的光臨，很明顯您也看到了交付的所有很酷的創新產品。我總是擔心這樣的問題，因為你知道，我最喜歡我的哪個孩子。但讓我談談，我認為，從主題上講，David 和 Scott 展示的是核心應用程序。我們只是繼續確保核心應用程序更易於訪問、更高效、更有趣。因此，我認為這是一個主題領域，團隊在確保我們繼續提供創新能力方面做得非常出色。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.

我認為第二件事，從主題上講，我們討論如何讓更多人加入特許經營權。大衛在回答關於 Express 的 2 個問題時也提到了這一點，即我們讓更多的人加入特許經營權，無論是通過我們的試用產品，還是通過 Express，是否通過參與協作過程。我認為這只會增加 Adobe 的可用市場。因此，我認為我們合作所做的工作確實在繼續使我們可以做的事情民主化。所以我對此感到非常興奮。我認為人工智能和你所說的偷偷摸摸，當你看到是個人資金正在完成還是你通過文本的能力時，真的有潛力能夠以完全正確的方式完成你的內容這是。

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.

馬克，我相信你也一直在跟踪聊天 GPT 方面發生的事情，以及你可以在技術方面做些什麼。

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.

所以我認為整個空間，我們的願景一直是任何有創意的人，你如何將這個創意變為現實。因此，我認為可以使用它的人數從數億增加到數十億。你是對的，這對讓更多人使用我們的平台產生了深遠的影響。而且我認為你會看到我們非常積極地以增強的方式提供更多的功能，也許首先從 Express 開始。但我認為我們對這一切感到興奮。而且幀獲取當然也關閉了。我認為 David 和 Dan 談到了實質。因此，我們對多重增長動力感到非常滿意。

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.

如果我能稍微調整一下。您帶來的 3 個示例非常有趣，因為 Intertwine 是我們現有旗艦應用程序不斷創新的示例。因此，這將繼續推動讓人們參與並加入應用程序並保持這些應用程序——讓一切保持新鮮和差異化。分享初始版本以供審查，雖然還很早，但一旦人們開始使用它，我們就會對它的重複使用感到驚訝。這對我們來說代表了一個巨大的增長循環，因為如您所知，任何共享文檔的人，無論是 Photoshop 文檔還是 Illustrator 文檔或任何其他文檔，作為利益相關者也是一個成為 Adobe 未來用戶的機會產品，無論它恰好是 Photoshop 文檔對 Photoshop 的使用，還是它恰好促使人們嘗試使用 Adobe Express。所以這些增長循環對我們來說真的很有趣也很重要。我只是想確保人們看到了這個機會。

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，我想問一下你在MAX經常用到的一個詞。事實上，您還使用了一個新的 3 個字母的首字母縮略詞，即產品主導的增長。問題是，在我認識你的 30 多年裡，Adobe 可以說是一家以產品為主導的增長公司，我現在想知道以產品為主導的增長在今天與歷史上可能意味著什麼不同？與此相關的是，您如何看待您在 MAX 上也談到的交叉銷售和追加銷售機會，特別是 2023 年。

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，感謝您認識到我們的創新確實來自於與客戶極其密切的關係。所以我認為在過去，在桌面時代，以產品為主導的增長真正是為了確保當我們與客戶互動時，當我們與社區互動時，我們能夠使用它。我認為桌面時代最好的例子可能是我們對 Lightroom 所做的。當我們第一次提出 Lightroom 時，鑑於我們已經將 Photoshop 作為產品，甚至在我們發布產品之前就讓數百萬人使用它，擁有所有這些 [Evangelis] 和一個偉大的產品，我認為是一個很好的例子。 Creative Cloud 和坦率地說，Experience Cloud 中的團隊所做的實際上也是在追隨我們在 Document Cloud 中開創的偉大工作。

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 Document Cloud 中，我認為以產品為導向的增長確實與我們在為 Acrobat 推出基於 Web 的產品時考慮人們在搜索時所做的事情有關，那時我們才剛剛開始看到我們參與的速度與客戶一起並優先考慮他們最關心的事情，我認為我們立即滿足他們的能力大大提高了。

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.

當大衛進來時，大衛真的說過，我們必須通過產品主導的增長將其提升到一個全新的水平，它正在整合社區以及坦率地說，現在，產品中的參與和參與營銷。因此，當你現在進入產品會議時，你會看到產品經理、工程經理以及產品營銷經理，他們都在同一個頁面上。我們有數據。我們在產品中配備了儀器，並且您有能力進行 AB 測試，這就是我們使用我們自己的產品和 Anil 所做的產品的地方。因此，現在以產品為主導的增長就是說，在任何給定時間，我們也可能在市場上針對特定功能進行 3 次測試。我們正在使用它來真正從客戶互動中學習並更快地提供質量更好的產品。但大衛確實是先驅。那麼大衛，如果你想補充？然後，Anil，也許還有一點關於我們在數字體驗方面正在做的事情。

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，我認為這是一個非常完整的總結。我唯一要補充的是，我們在產品開發週期方面有一個有趣的轉折點，這讓我們有機會利用我們一直在做的事情，以產品為導向的增長，甚至推動more use of it，這是我們擁有的所有網絡應用程序的介紹。所以我們現在有 Photoshop Web，我們有 Illustrator Web，我們有 Acrobat Web，我們有 Adobe Express，你可以將其與共享重點結合起來，例如共享以供審閱。我們有新的增長循環可以開始優化，這是團隊關注的一個巨大領域。

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使用我們的分析技術部署他們自己的產品主導的增長，例如銀行客戶，我們最好的客戶之一。他們有自己的在線抵押貸款申請，他們想跟踪誰能夠成功使用它，誰能夠完全在線完成申請，他們正在使用我們的分析技術來做到這一點，看看什麼有效，他們需要做什麼修理它。因此，正如您所說，我們開始看到我們的技術在 Adobe 內部被用於驅動我們自己的 PLG 以及客戶這樣做。

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，也許要回答你的第二個問題並退後一步，我不得不說，當我們查看我們在年初為數字媒體 ARR 提供的 19 億美元的年度目標時。而且我知道即使有了我們的第四季度指南，我認為人們對動力在哪裡有一些疑問。而且我認為團隊粉碎了這一點，我對此感覺非常好。因此，很多事情的發生都是因為首先要吸引和獲取客戶到平台上。然後你指的是交叉銷售追加銷售，無論是首先在移動設備上與我們互動的人，還是使用 Acrobat 的人，我們都使用 Adobe Reader 作為一個非常非常好的入口，讓人們參與 PDF 功能，然後獲得我們的 Acrobat 網絡產品或桌面產品的許可。單個應用程序，單個應用程序的成功和驅動一直是一個斜坡，然後我們做得非常好，因為我們使用 Adobe Experience 平台來轉換它們，甚至是促銷定價。

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.

我知道我們過去有過一些問題。我們擁有令人難以置信的數據，可以向我們展示人們何時進來，無論是教育定價然後他們畢業還是促銷定價，將他們轉化為客戶。因此，我認為我們已經通過多種方式證明，通過向每位創意工作者或知識工作者提供個性化服務，我們能夠在他們從中獲得價值後將其貨幣化。

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

我們將繼續討論 Cowen & Company 的 Derrick Wood。

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?

祝賀一個強大的淨新 ARR 客戶——季度。我想問一下這個數字的構成。 Creative Cloud 和 Document Cloud 之間的增長動態有點令人驚訝。我的意思是，我認為 Creative Cloud 在第四季度實現了有史以來第二強的連續百分比增長。但看看 Document Cloud，淨新 ARR 並沒有連續增長太多，這通常是第四季度的強勁增長。您能否就您在本季度看到的 Creative 和 Document Cloud 之間的季節性動態提供更多色彩？

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。是的，我很樂意這樣做。所以首先，是的，正如 Shantanu 提到的那樣，我們對 22 財年的進展情況以及該季度的結束情況感到非常滿意，我們在核心業務中看到了很大的優勢。我們對這些業務的主要關注點仍然是新客戶獲取、新客戶廣告。在我們擁有的驅動因素和推動業務發展的槓桿方面，我們也有很多多樣性。

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.

正如我們所提到的，我們在所有創意領域的成像、照片和視頻設計中都看到了強大的力量。我們也成長了很多 - 非常關注針對新受眾的新活動。通過一項名為 Everyone can Photoshop 的新活動，該活動將客戶直接帶入產品中，並且在推動漏斗頂部和轉化方面非常有效。在 - 就創意的新業務而言，我們看到框架和實質等新業務的強大力量，這些業務在本季度的貢獻比以往任何時候都多。

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.

就您的觀點而言，我們也看到了圍繞 Acrobat 的核心業務的強大實力。我們正在運行一個真正針對 SMB 新客戶的 Acrobat 門控活動，我們向他們展示 Acrobat 現在擁有的所有功能，包括特別關注簽名和真正幫助他們推動業務的東西。

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.

所以總的來說，生意做得很好。如果你從 Acrobat 的角度來看，我們真正引以為豪的一個動態是我們看到的——在這一年裡，儘管宏觀複雜，但我們看到 ARR 增長了 23%。重要的是要記住，這其中的一部分也是——Acrobat 業務也體現在創意業務中。因此，在這一點上，Acrobat 增長數字可能有點被低估了。

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

我們將繼續討論富國銀行證券公司邁克爾·圖林的下一個問題。

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.

也許是在數字體驗方面，我們在當前背景下圍繞明年的指導提出了一些問題。你堅持的目標在本季度以固定匯率計算增長了 16%，所以你能不能多談談你在那裡的目標有多少可見性，以及你如何結束這一年，特別是考慮到 EMEA 評論提供增加對這些目標的信心。

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.

謝謝你的問題。我們對數字體驗業務的表現感到滿意。我的意思是，作為一個快速提醒，在今年年初，我們指導 DX 實現了全年遠距離增長的 17%，這是我們在面臨所有不同宏觀問題的非常艱難的一年中取得的成就。因此，如果我真的退後一步，我們 - 首先，我們在產品組合方面處於非常有利的地位。我們在 Adobe Experience 平台上的投資始於 5 年前，因此我們在市場上擁有明顯的領導者。這確實在我們看到的業務簿和我們看到的所有客戶採用中得到了回報。我們從與客戶的對話中了解到，他們非常渴望投資一個平台，使他們能夠滿足圍繞數字的關鍵任務優先事項。

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.

這就是我們正在大規模實時實現它們和個性化的原因。所以這是一個非常大的機會。我們相信，在這段時間裡，單一產品公司將受到大量審查。因此，雖然我們確實看到交易受到審查並上升到更高級別以獲得批准，但我們也看到客戶真的希望投資像我們這樣的市場領導者來進行投資，這將持續未來 10 年、15 年——數字投資。對我們現在的位置很滿意。

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.

也許是 Anil，我會在你所說的基礎上再補充兩點。我的意思是，首先是價值實現一直是很多客戶的首要考慮。所以我認為，如果你也看看業務，服務部分，很明顯人們想要實施它。我認為 Adobe 在這個特定領域的產品的獨特之處在於，我們幫助客戶參與，坦率地說，漏斗的頂部以及我們保持生產力和成本。因此，作為企業，您站在等式的哪一邊並不重要。我認為他們都發現 Adobe Experience Cloud 以及坦率地說，我們使用 Sign 所做的事情實際上在兩個方面都對他們有所幫助。因此，我們很高興與之相關，並且我們有很好的知名度。我想補充 Anil 和他的團隊對管道和轉型交易的執行，我認為，這也只是反映了人們對確保數字繼續成為當務之急的總體興趣。因此，我們不會不受宏觀經濟的影響，但我喜歡我們差異化的解決方案和執行力。

And our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

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，就你的嚮導而言，你是在暗示環境變得更糟還是說同樣的話。對於 Shantanu，你能否談談未來 6 到 9 個月，因為我們可能會遇到更嚴峻的經濟逆風，你如何重塑和重新考慮你的上市或你可以採取的任何步驟來確保你可以削減什麼進來了

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。因此，從指導的角度來看，我們花了很多時間談論 FA 日期間我們所處的環境。在這種背景下，您可以看到業務的發展勢頭。您可以看到針對機會的執行情況。我真正喜歡我們在市場中的定位方式。公司多元化。它是終端市場，它是產品細分，它是商業模式，它使我們在我們所處的環境中具有彈性，我們在明年的勢頭中看到了這一點。我們對所處環境的看法確實沒有改變，你會看到這反映在我們為 2023 年設定的目標中。因此，我們對我們在復雜的宏觀環境中執行的方式感到滿意，而且我們'我們將繼續專注於為我們的客戶增加價值，但我們的多元化和對我們是誰的彈性以及我們向客戶銷售的產品的任務關鍵性。然後你可以在 Shantanu 發表的評論中看到這一點。您可以看到我們影響了公司的收入。您可以看到我們影響了他們為客戶提供服務的生產力，這使我們處於非常獨特的位置。

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，因為它與你的第二個問題有關，我可能會用兩種方式解開它。首先，我們對我們所做的事情感到非常滿意，甚至在大流行病剛開始時就優先考慮對我們真正重要的事情。而且我認為當你真正專注於你的首要任務時，優先級排序確實有助於在公司內部帶來清晰度和一致性，我認為就執行的有效性而言不應該被低估。由於它與未來 6 或 9 個月有關，並且您考慮了 3 條上市途徑，數字仍然是一個優勢領域。我的意思是，我知道通過我們的 Adobe 數字索引，我們談論的是人們繼續與客戶互動的情況——他們希望與之進行電子交易的公司。因此在數字方面，我們將繼續確保我們專注於獲取客戶。

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.

大衛談到了一些有效的活動。顯然，我們了解其歸屬。我們只需要保持警惕，確保我們在現有的新平台上吸引客戶。對於保留，這也是一個關鍵問題，他們如何繼續從他們擁有的產品、合作夥伴生態系統中獲取價值，無論是針對中小型企業還是針對我們與 SI 和關於數字體驗的 VAR 社區，只是繼續支持他們，繼續與他們互動。我認為這是一部分。

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.

很明顯，中小企業在經歷了去年的苦難之後，確實出現了反彈，這是一個非常糟糕的情況。所以我認為我們必須對此保持警惕。我認為在直銷部分，當我們查看我們的管道時，12 月，儘管這是我們本季度的第一個月，但我們將繼續專注於執行，以利用公司存在的任何預算充裕。然後當你開始關注 2 月份在日本發生的事情時，因為它是他們財政年度的結束，繼續關注歐洲。布倫特，歐洲實際上是本季度我們的亮點之一。我認為 Adobe Experience 平台做得很好。

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，我們仍然保持謹慎，顯然對宏觀經濟，但我認為我們有能力確保我們能夠繼續執行，布倫特。

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

我們將繼續討論來自 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.

提前為一些背景噪音道歉。 Shantanu 和 David，如果可以的話，我想把這個轉達給你們。本季度的 ARR 淨新增非常好，尤其是相對於預期而言。不過，如果我們回顧一段比本季度更長的時間，即使它假設趨於平緩，淨新 ARR 的增長也會放緩。我沒有——我們沒有真正得到的——我想在分析師日我們希望的是，你認為淨新 ARR 和創意的關鍵驅動因素是什麼，或者如果你願意，總ARR。

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 之前你關注的關鍵事情是什麼會導致 AR 增長的改善？我認為其中一個可能是 Adobe Express 作為一個更有吸引力的切入點。還有什麼你可以說的嗎？有一些（聽不清）你認為 Adobe 專注於過去的一些問題，你認為這些問題將在 Figma 之前（聽不清）得到解決，但儘管有宏觀或幫助，但仍在改進創意方面的增長。

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，我很樂意加入，Shantanu 可以添加任何內容。因此，從高層次上看，如果你看看我們在分析師日討論的內容，我們的戰略非常明確，即新用戶和留存是核心驅動因素和重點領域。正如 Shantanu 所提到的，我們在這兩件事上非常專注和非常有意識。在新訂戶方面，我們今年增加的新商業訂戶比我們歷史上增加的還要多，這是我們正在做的一項非常重要的有意活動。

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.

這些新用戶中有許多——往往是非專業人士，對吧？或者他們在職業專業人士中往往更早。因此，他們進來並利用我們最初的單一應用程序計劃或 Adobe Express，作為一個例子，我們很高興讓他們接受這個，因為我們非常堅信，有機會推動和追加銷售他們從 Express 到單一應用程序，從單個應用程序到所有應用程序，都將是持久的，並且在我們需要的時候隨時可用。不過，最主要的是將它們融入產品並使它們成功。因此，有了這個重點，我們一直非常 - 我們也一直在瘋狂地保留這些基地。我想人們已經問過這樣的問題，當你擴大網絡時，你引入了其他非典型 Adobe 用戶的用戶，保留率發生了什麼變化。

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.

我想我們還分享了，隨著我們引入這些新受眾，我們看到產品的使用率繼續保持非常強勁。我們正在開始——我們看到保留率繼續上升和提高。事實上，現在的留存率比大流行前要好。所以我們繼續引進新用戶。我們繼續留住這些新用戶，我們看到有機機會提升和升級他們。

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 提到了教育的一個很好的例子。我們繼續看到很多人參與我們的教育定價。然後我們有機會在 2 年或 3 年後，當他們畢業時將他們升級到完整的商業定價。這些活動正在按預期進行，我們看到了更多的機會，但這一切都歸結為吸引新用戶，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?

也許還要補充一下，基思。我的意思是，當你想到我們正在談論的新業務時，視頻仍然是真正關鍵的增長動力，3D 和沈浸式成像和攝影。但如果你退後一步，我認為宏觀經濟環境中正在發生兩件事，實際上會有順風。首先是現在是設計的黃金時代。每個人都想表達自己。消費所有這些內容的屏幕越來越多。所以我認為消費者對內容永無止境的需求，我認為，肯定會推動更多正在創建的內容。我認為 David 和 Anil 談到的令人興奮的領域之一就是我們所說的內容供應鏈。即使是大公司，在與客戶進行數字化互動時，他們都在努力了解正在創建多少內容？它在哪裡創建？

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.

它在哪裡交付？我如何本地化它？該內容的功效是什麼。因此，我認為這個內容供應鏈以及我們在創意應用程序中擁有的一切資產管理，以及我們隨後交付該內容的事實。我認為我們仍然相信，這也將成為整個業務的增長動力。

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.

所以我不會低估消費者永不滿足的需求，但我也不會低估正在發生的事情，因為企業認識到與人互動的方式是個性化內容。

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，我們正處於最高峰。我們將騰出時間再回答一個問題，然後我們將結束。

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

你打賭。我們將繼續回答來自 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.

我為背景噪音道歉。我想我們已經聽到了很多關於需求環境中持續增長舉措的消息，聽起來它對你目前看到的任何宏觀壓力都非常有抵抗力。我會問等式的另一面。當您考慮在保證金方面擁有的槓桿時，您一直在展示紀律。看起來在上個季度，也許是過去幾個季度，利潤率的故事，利潤率紀律至少繼續超出我們的預期。因此，當我們展望明年時，如果業務的某些部分應該放緩，您會考慮您在業務中擁有的槓桿。你能否通過或走過一些你認為有機會的地方，a，離開或 b，撤回？以及我們應該如何從現金流的角度考慮這種情況下的現金轉換。

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。所以從經營業績的角度來看，你正確地指出，公司的表現非常非常好。但我們正在做我們在公司內部一直在做的事情，即推動增長，為我們的客戶提供行業領先的產品和創新，幫助他們在推動業務收入的關鍵路徑上變得更加有效。但我們以一種非常有紀律的方式做到這一點，在推動增長的同時推動利潤和現金流。我們在 FA 日談了很多關於 40 的規則。如果我退後一步反思 22 財年，那將是一個複雜的宏觀環境。我們當年的運營規則是 60。因此，我們對自己的運營能力感到非常滿意。因此，當我展望明年時，我們將繼續領先。我們將繼續創新。我們將繼續讓我們的客戶取得成功，但我們將繼續做我們一直在做的事情，即在我們進行投資的地方無情地優先考慮，不斷審查投資組合，優先考慮那些將推動長期發展的事情- 為我們的客戶創造長期價值，並以非常有紀律的方式做到這一點。

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.

這就是公司內部的經營基調。在這方面沒有任何改變。我們對我們在環境中的執行方式以及我們進入 2023 年的勢頭感到非常滿意。從現金流的角度來看，這一切都始於推動業務紀律，我們將繼續推動現金流和部署每季度超額現金與股東一起創造價值。

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.

亞歷克斯，鑑於這是最後一個問題，讓我首先說，在我們慶祝 40 週年之際，想想 Adobe 對通信世界的影響以及我們能夠做的事情，既令人謙卑又鼓舞人心.很少有人能夠在這個層面上說我們相信我們最好的年華就在我們前面。如果我退後一步，看看我們在 2022 年所做的事情，有 3 件事對我來說很突出，數字媒體 ARR 以及繼續推動新客戶獲取並在 Creative Cloud 和 Document 中交付創新產品雲。我們已經很好地證明了為什麼創造力和設計將變得更加重要，並將創造力與生產力結合起來。

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 DX 方面，Adobe Experience 平台及其應用程序的有機創建，以及我們所看到的與之相關的成功，事實上我們剛剛獲得了與訂閱收入相關的第一個 10 億美元的季度，我認為只是反映了我們創建這個類別的事實。與該領域的所有其他企業軟件公司不同，我們只是無情地專注於此。它的獨特之處在於它有助於企業的頂線和底線。關於你特別問的問題，亞歷克斯，我的意思是，盈利能力，儘管外匯影響影響了數億美元，當你回顧並說，在今年年底，我們超過了我們的非 GAAP 每股收益一年前說過。

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.

我認為財務和運營團隊在確保我們繼續保持專注方面的表現非常出色。我認為與前進有關，我們已經清楚地討論了為什麼我們對創新路線圖感到興奮，為什麼我們對 2023 年及以後將要出現的所有事情感到興奮。所以我認為這是一個好年頭。我們將繼續保持專注。我要感謝我們的員工，他們確實是所有這些執行和他們所做工作的無名英雄。對於你們每一個人，再次感謝你們對 Adobe 的關注和節日快樂，並祝你們節日快樂。

Thanks, everyone. This concludes the call.

感謝大家。通話到此結束。

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

這樣，今天的電話會議就結束了。感謝您的參與。您現在可以斷開連接。