Adobe 2023 Q2 (FY23 Q3) Earnings Call
发布时间 2023-09-15 01:42:58 来源
Good day and welcome to the Q3 FY2023 Adobe earnings conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Jonathan Voss, VP of Investor Relations. Please go ahead.
大家好，欢迎参加2023财年第三季度Adobe收益电话会议。本次会议将进行录音。现在，我想转交会议主持人Jonathan Voss先生，他是投资者关系副总裁。请开始。
Good afternoon and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's Chair and CEO, David Wadwani, President of Digital Media, Anil Chakravarti, President of Digital Experience, and Dan Dern, Executive Vice President and CFO.
大家下午好，感谢你们的加入。今天与我一同参与电话会议的有Adobe的董事长兼首席执行官Shantanu Narayen，数字媒体总裁David Wadwani，数字体验总裁Anil Chakravarti，以及首席财务官兼执行副总裁Dan Dern。
On this call, which is being recorded, we will discuss Adobe's third quarter fiscal year 2023 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, September 14th and contains forward-looking statements that involve risk, uncertainty, and assumptions. Actual results may differ materially from those set forth in these statements. For a discussion of these risks, you should review the factors discussed in today's press release and in Adobe's SEC filings.
在这次通话中，我们将讨论Adobe在2023财年第三季度的财务结果，该通话正在进行录音。您可以在Adobe投资者关系网站上找到我们的新闻稿，以及我们准备的讲话和财务结果的PDF文件。本次通话中讨论的信息，包括我们的财务目标和产品计划，截至今天9月14日，并包含涉及风险、不确定性和假设的前瞻性声明。实际结果可能与这些声明中所述的有所不同。如果您想了解这些风险的讨论，请查阅今天的新闻稿和Adobe的美国证券交易委员会（SEC）备案文件。
On this call, we will discuss gap and non-gap financial measures. Our reported results include gap growth rates as well as constant currency rates. During this presentation, except per share amounts, Adobe's executives will refer to constant currency growth rates unless otherwise stated. These affiliations are available in our earnings release and on Adobe's Investor Relations website.
在这次电话会议上，我们将讨论差异和非差异的财务指标。我们公布的结果包括差异增长率和恒定货币汇率。在本次演示中，除每股金额外，Adobe的高管将参考恒定货币增长率，除非另有说明。这些附属信息可在我们的财务公告和Adobe的投资者关系网站上获得。
I will now turn the call over to Shantanu. Thanks, Jonathan. Good afternoon. Adobe had another record, Q3, achieving revenue of $4.89 billion representing 13% year over year growth. Gap earnings per share for the quarter was $3.05 and non-gap earnings per share was $4.09, representing 26% and 20% year over year growth respectively. Driving the success is a rich and innovative product roadmap.
现在，我将把通话转给Shantanu。谢谢，Jonathan。下午好。Adobe在第三季度再次取得了创纪录的成绩，实现了48.9亿美元的收入，同比增长13%。这一季度的每股盈利为3.05美元（根据通用会计准则），非通用会计准则下的每股盈利为4.09美元，分别同比增长26%和20%。取得这样的成功的原因在于我们丰富而创新的产品路线图。
The advances we're delivering across creative cloud, document cloud, and experience cloud are enabling us to attract an ever-growing set of users while delivering more value to existing customers. Yesterday's exciting announcements add to this roadmap with the commercial availability of our generative AI capabilities natively integrated in Adobe Creative Cloud, Adobe Express, and Adobe Experience Cloud where unleashing a new era of AI-enhanced creativity for millions of customers around the globe. We're bringing generative AI to life across our portfolio of apps and services to deliver magic and productivity gains.
我们在创意云、文档云和体验云领域所取得的进展，使我们能够吸引越来越多的用户，并为现有客户提供更多价值。昨天的令人兴奋的消息进一步拓展了这一路线图，商业化上线了我们集成在Adobe创意云、Adobe表达和Adobe体验云中的生成式人工智能功能，从而为全球数百万客户带来了新的AI增强创意时代。我们正在通过我们的应用和服务组合中实现生成式人工智能，以实现魔力和生产力的提升。
Our rich data sets enable us to create foundation models in categories where we have deep domain expertise. In the six months since launch, Firefly has captivated people around the world who have generated over 2 billion images. We're excited about the potential to reimagine the content supply chain for all businesses through the integration of our clouds, enabling the delivery of personalized and engaging customer experiences. A strategy to unleash creativity for all, accelerate document productivity and power digital businesses is driving our growth across every geography.
我们丰富的数据集使我们能够在我们具有深厚领域专业知识的类别中创建基础模型。自推出以来的六个月里，Firefly迷住了全球的人们，他们生成了超过20亿张图片。我们对通过整合我们的云解决方案重新构想所有企业的内容供应链，并实现个性化和吸引人的客户体验的潜力感到兴奋。一项释放创造力、加快文件生产力和推动数字业务发展的策略正推动我们在各个地区的增长。
By delivering innovative technology platforms and services, we continue to advance our industry leadership and delight a growing universe of customers. I'll now turn it over to David to share more about our momentum in the digital media business.
通过推出创新的技术平台和服务，我们不断提升我们在行业中的领导地位，并为越来越多的客户带来快乐。现在我将把发言权交给大卫，让他分享更多关于我们在数字媒体业务方面的动力。
Thanks, Shantanu. Hello, everyone. In Q3, we achieved net new digital media air of 464 million and revenue of 3.59 billion, which grew 14% year over year driven by strength in both our creative and document businesses. On the creative side, digital content creation and consumption are exploding across every creative category, customer segment and media type. Creative Cloud is the leading creativity platform offering a comprehensive portfolio of products and services for every discipline across imaging, photography, design, video, animation and 3D.
感谢，Shantanu。大家好。在第三季度，我们实现了4.64亿的新数字媒体空中展现和35.9亿的收入，同比增长14%，主要得益于我们创意和文档业务的强劲表现。在创意方面，数字内容的创作和消费在每个创意类别、客户细分和媒体类型中都在蓬勃发展。创意云是领先的创意平台，为图像、摄影、设计、视频、动画和3D等各个领域提供全面的产品和服务组合。
We're excited about the growth we're driving with our creative flagship products and with Adobe Express. Our AI first all-in-one creativity app that makes it fast, easy and fun for any user to design and share standout content. Yesterday's announcements highlighted several advances to our creative business. First, after an unprecedented beta that saw over 2 billion images generated, Adobe Firefly models and the Firefly web application are now commercially available.
我们对我们的创意旗舰产品和Adobe Express所带来的增长感到兴奋。我们的AI首款全功能创意应用可以让任何用户快速、轻松、有趣地设计并分享出众的内容。昨天的宣布突出了我们创意业务的几项进展。首先，在超过20亿张图像生成的前所未有的测试版之后，Adobe Firefly模型和Firefly网络应用现已商业化可用。
AI supports text prompts in over 100 languages and enables users around the world to create content that is designed to be safe for commercial use. We will continue to train and release new Firefly Foundation models in areas where we have rich data sets and expertise such as imaging, vector, video, design, 3D and more. Second, Adobe Firefly powered features are now natively integrated into several creative cloud apps including generative fill and generative expand in Photoshop, generative recolor in Illustrator and text to image and text effects in Adobe Express.
AI支持100多种语言的文本提示，并能让全球用户创建商业使用安全的内容。我们将继续在我们拥有丰富数据集和专业知识的领域如图像、矢量、视频、设计、3D等方面训练和发布新的Firefly Foundation模型。其次，Adobe Firefly功能现已在多个创意云应用中原生集成，包括Photoshop中的生成填充和生成扩展、Illustrator中的生成重新着色以及Adobe Express中的文本转图像和文本效果等。
These deep integrations deliver more creative power than ever before to customers enabling them to experiment, ideate and create in completely new ways. Third, Adobe Firefly for Enterprise is now generally available for businesses to enable both creative teams and knowledge workers to confidently deploy AI generated content. Adobe will empower customers to create custom models using proprietary assets to generate branded content and offer access to Firefly APIs so customers can embed the power of Firefly into their own content creation and automation workflows. And finally, we announced subscription offerings including new generative AI credits with the goal of enabling broad access and user adoption. Generative credits are tokens that enable customers to turn text-based prompts into images, vectors, and text effects with other content types to follow. Free and trial plans include a small number of monthly fast generative credits that will expose a broad base of prospects to the power of Adobe's generative AI expanding our top of funnel.
这种深度整合为客户带来了比以往更多的创造力，使他们能够以全新的方式进行实验、构思和创作。其次，Adobe Firefly for Enterprise现已全面提供，供企业使用，使创意团队和知识型工作者能够自信地部署由人工智能生成的内容。Adobe将赋予客户创建自定义模型的能力，利用专有资产生成品牌内容，并提供Firefly API的访问权限，使客户可以将Firefly的强大功能嵌入到自己的内容创建和自动化工作流中。最后，我们宣布了订阅套餐，其中包括新的生成AI积分，旨在实现广泛的访问和用户采用。生成积分是一种令牌，使客户能够将基于文本的提示转化为图像、矢量和文本效果，其他内容类型也将相应跟进。免费和试用计划包括每月少量的快速生成积分，将让更多潜在客户感受到Adobe生成AI的强大能力，拓宽我们的市场引入渠道。
Deep Firefly Express and Creative Cloud plans will include a further allocation of fast generative credits. After the plan-specific number of generative credits is reached, users will have an opportunity to buy additional fast generative credit subscription packs. In Q3 we added 332 million of creative ARR and achieved 2.91 billion of revenue growing 14% year over year. This highlights include the integration of Firefly into Photoshop and Illustrator. Over 3 million users have downloaded the Photoshop and Illustrator beta releases. The general availability of Adobe Express now includes support for editing and posting designs, videos, images, PDFs, presentations, and more. Express features include Firefly-powered text to image and text effects. Express is already being used by millions of people globally. New AI and 3D features in Premiere Pro and After Effects including enhanced speech and text-based editing in Premiere Pro and a new 3D workspace in After Effects. The text-based editing feature in Premiere Pro received the 2023 Hollywood Professional Association Award for Engineering Excellence.
Deep Firefly Express和Creative Cloud计划将包含更多快速生成积分的分配。在达到计划特定的生成积分数量之后，用户将有机会购买额外的快速生成积分订阅包。在第三季度，我们新增了3.32亿创意年营收，实现了29.1亿的收入，同比增长14%。这些亮点包括将Firefly集成到Photoshop和Illustrator中。超过300万用户下载了Photoshop和Illustrator的测试版发布。Adobe Express的普通可用性现在包括对设计、视频、图像、PDF、演示文稿等的编辑和发布支持。Express的功能包括Firefly驱动的文本到图像和文本效果。Express已经被全球数百万人使用。Premiere Pro和After Effects中的新AI和3D功能，包括Premiere Pro中增强的语音和基于文本的编辑功能，以及After Effects中的新的3D工作空间。Premiere Pro中的基于文本的编辑功能获得了2023年好莱坞专业协会工程卓越奖。
New Lightroom Mobile now integrates directly with the camera roll and introduced a streamlined interface to make editing even easier on the go. The introduction of new video assets in Adobe Stock and strong product-led growth motions grow a record Q3 for the stock business. Key customer wins include Amazon, Havas, Paramount, SAP, Southern Graphics, Take 2 Interactive, and US Department of Energy. As we have continued to add new applications and deliver innovations across our creative offerings, we announced price updates for certain creative cloud plans across the Americas and Europe starting November 1, 2023. In addition to being a growth driver in the creative cloud business, Acrobat and PDF continue to power the document cloud business.
全新的Lightroom Mobile现在直接与相机胶卷集成，并推出了一种简化的界面，使编辑更加轻松。Adobe Stock引入了新的视频资产，并且产品增长势头强劲，为库存业务创造了创纪录的第三季度。重要的客户赢得包括亚马逊、Havas、Paramount、SAP、Southern Graphics、Take 2 Interactive和美国能源部。随着我们不断添加新的应用程序和提供创新的创意产品，我们宣布从2023年11月1日起，在美洲和欧洲的某些创意云计划的价格更新。除了在创意云业务中的增长驱动之外，Acrobat和PDF继续推动文档云业务的发展。
Whether it's a sales contract, legal document, or back to school form, seamless document workflows across every device and platform are more important than ever for all of us to be productive in our professional and personal lives. Document Cloud is powering document productivity and automation across the web, desktop, and mobile. In Q3, we achieved document cloud revenue of 685 million growing 15% year over year. We added 132 million of NetNew document cloud ARR with ending AR growing 22% year over year in constant currency. Most highlights include significant growth in monthly active users across web, mobile, and embedded third-party app ecosystems reflecting our growing top of funnel and the effectiveness of our product-led growth execution. Strong mobile momentum reflecting the value of Acrobat as an essential productivity application on mobile devices, adoption of Acrobat and Acrobat sign through increased link sharing for enhanced collaboration and approval workflows. Enhanced PDF workflows across Acrobat and express making it seamless to create visually stunning PDFs. A new Adobe PDF electronic seal API which is a cloud-based end-to-end solution for applying electronic seals on PDFs at enterprise scale. Key customer wins include Citibank, GlaxoSmithKline, Emerson Electric, Morgan Stanley, and Volkswagen.
无论是销售合同、法律文件还是返校表格，对于我们在专业和个人生活中的高效工作而言，无缝的文件工作流程在每个设备和平台上都比以往任何时候都更加重要。文件云正在实现文档生产力和自动化，覆盖Web、桌面和移动端。在第三季度，我们实现了6.85亿的文档云收入，同比增长15%。我们新增了1.32亿的净新增文档云ARR，净应收账款同比以恒定的货币计算增长了22%。亮点包括在Web、移动端和嵌入式第三方应用生态系统中活跃用户数量显著增长，反映了我们顶部漏斗的扩大以及产品导向增长策略的有效性。强劲的移动动力反映了Acrobat作为移动设备上必不可少的生产力应用程序的价值，通过增加链接共享来推动Acrobat和Acrobat sign的采用，以增强协作和审批工作流程。增强的Acrobat和Express间PDF工作流程，使创建视觉效果出色的PDF文件变得无缝。新推出的Adobe PDF电子印章API是一种基于云端的端到端解决方案，可用于对PDF文件进行企业级的电子印章应用。关键客户包括花旗银行、葛兰素史克、艾默生电气、摩根士丹利和大众汽车。
We continue to be excited about the pending Figma acquisition which will reimagine the future of creativity and productivity. We remain engaged with regulators and have confidence in the merits of the case. We look forward to hosting Adobe MAX, the world's largest creativity conference next month in Los Angeles where we will welcome 10,000 members of our global community and engage with hundreds of thousands more online. We will hear from inspiring creators and unveil innovations across creative cloud, Firefly, and express. In summary, we are excited about the pace of innovations across our digital media products and continued execution across multiple growth drivers. I'll now pass it to an ill. Thanks David.
我们对即将完成的Figma收购感到兴奋不已，这将重新定义创意和生产力的未来。我们将继续与监管机构保持沟通，并对案件的优势有信心。我们期待着在下个月在洛杉矶举办全球最大的创意大会Adobe MAX，届时将迎来我们全球社区的1万名成员，并与成千上万的在线参与者互动交流。我们将听取鼓舞人心的创作者的发言，并展示创意云、Firefly和Express等产品的创新。总而言之，我们对我们的数字媒体产品不断创新的速度感到兴奋，并在多个增长驱动因素中持续执行。现在我将把话给ill。谢谢，David。
Hello everyone. Every company sees digital as an opportunity to drive experience-led growth. As I've spent time with customers across the world, it's clear that they are prioritizing investments in customer experience management technology to improve customer acquisition, engagement, retention and operational efficiency. We are driving revenue growth across content and commerce, customer journeys, data insights and audiences and marketing workflows leveraging the Adobe experience platform, demonstrating the strength of our business. Brands around the globe are working with Adobe to accelerate personalization and scale through generative AI.
大家好。每家公司都认为数字化是推动以体验为导向的增长的机会。我在全球与客户们交流的过程中，明显感觉到他们正在优先投资于客户体验管理技术，以改善客户获取、参与、保留和运营效率。我们通过利用Adobe体验平台，在内容与商务、客户旅程、数据洞察和受众以及营销流程方面推动收入增长，展示了我们业务的实力。全球各个品牌正在与Adobe合作，通过生成式人工智能加速个性化和规模化发展。
With the announcement of Adobe Gen Studio, we are revolutionizing the entire content supply chain by simplifying the creation to activation process with generative AI capabilities and intelligent automation. Marketers and creative teams will now be able to create and modify commercially safe content to increase the scale and speed at which experiences are delivered.
随着Adobe Gen Studio的发布，我们正在通过使用生成性人工智能能力和智能自动化来简化从创作到激活的整个内容供应链，从而彻底改变业界。市场营销人员和创意团队现在可以创建和修改商业安全内容，以提高体验交付的规模和速度。
In Q3, we continue to drive strong growth in our experience cloud business, achieving $1.23 billion in revenue representing 11% year over year growth as a growing number of enterprises turn to Adobe as their trusted partner for customer experience management. Subscription revenue was $1.1 billion representing 13% year over year growth. Adobe experience cloud delivers predictive personalized real-time digital experiences from acquisition to monetization to retention. We are driving strong enterprise adoption of Adobe experience platform and native apps, including real-time CDP, Adobe Journey Optimizer and Customer Journey Analytics.
在第三季度，我们继续推动我们的经验云业务强劲增长，在日益增多的企业将Adobe作为他们在客户体验管理方面的可信赖合作伙伴的选择下，实现了12.3亿美元的收入，同比增长11%。订阅收入为11亿美元，同比增长13%。Adobe经验云为客户提供了从获取、变现到保留的预测性个性化实时数字体验。我们正在推动企业广泛采用Adobe经验平台和原生应用程序，包括实时CDP（客户数据平台）、Adobe旅程优化器和客户旅程分析等。
For example, the Coca-Cola company is leveraging Adobe Real-Time CDP and Adobe Journey Optimizer to bring together 98 million customer profiles globally into a single CDP to quickly deliver personalized campaigns and experiences. Smart Europe, an all-electric automotive brand, is using Adobe experience cloud to offer customers the ability to personalize their vehicle purchases through the integration of Adobe Workfront, Adobe Creative Cloud and Adobe Experience Manager.
例如，可口可乐公司正在利用Adobe实时CDP和Adobe Journey Optimizer将全球9800万个客户档案整合到一个单一的CDP中，以快速提供个性化的活动和体验。而Smart Europe作为一家全电动汽车品牌，正在使用Adobe Experience Cloud通过整合Adobe Workfront、Adobe Creative Cloud和Adobe Experience Manager，为顾客提供个性化的汽车购买选择。
Business highlights include strong momentum across AEP and native apps with the total book of business surpassing $600 million during the quarter. Adobe Journey Optimizer Book of Business more than doubled year over year as customers increasingly drive omnichannel personalization and engagement. Continued innovation in Adobe experience manager with AEM assets now natively integrated with Firefly and Express, enabling any employee across an organization to generate and reuse beautiful on-brand content. Growth of our Workfront business reflecting our ability to serve the workflow and collaboration needs of enterprise customers and agencies. In Q3, we added a vast to the growing list of top agencies standardizing on Adobe for their content supply chain. Expanded strategic partnership with Amazon, given customer demand, we will jointly deliver AEP on AWS and Amazon will deploy experience cloud across their enterprise.
核心业务亮点包括AEP和原生应用在这一季度的强劲势头，业务总额超过6亿美元。Adobe Journey Optimizer在过去一年中的业务总额翻了一番，客户越来越多地推动全渠道个性化和互动。Adobe Experience Manager持续创新，现在AEM资源已与Firefly和Express原生集成，任何组织内的员工都可以生成和重复使用符合品牌形象的精美内容。我们的Workfront业务增长反映出我们能够满足企业客户和机构的工作流程和协作需求。在第三季度，我们将更多顶级机构纳入选择Adobe作为其内容供应链的增长名单。由于客户需求，我们与亚马逊扩展了战略合作伙伴关系，我们将共同在亚马逊云服务上提供AEP，并且亚马逊将在其企业范围内部署Experience Cloud。
Adobe's leadership in content management systems was recognized across three industry analyst reports, including the IDC marketscape for full stack content management systems, the IDC marketscape for hybrid headless CMS and the Forester Wave for content management systems. Adobe was also named the leader in the Gartner Magic Quadrant for digital commerce as well as the IDC marketscape for omnichannel marketing platforms for B2C enterprises. Real customer wins include Amazon, Blue Cross Blue Shield of Florida, Dollar General, Avas, Intuit, IRS, Jet2.com, Lufthansa, Macy's, MSC Cruises, Novo Nordisk and SAP. These and other customers continue to prioritize investments in customer experience management solutions despite increased scrutiny of enterprise ID spend. For solutions enable enterprises to simultaneously achieve the twin goals of driving new customer acquisition and serving existing customers to deliver profitable growth. Adobe is well positioned to keep winning with our differentiated offerings, track record of innovations and ability to drive ROI for companies across industries. We're looking forward to a strong close to the year.
Adobe在内容管理系统方面的领导地位得到了三份行业分析师报告的认可，其中包括IDC针对完整栈内容管理系统的市场景观报告，IDC针对混合无头CMS的市场景观报告，以及Forrester波浪报告中的内容管理系统。Adobe还被评为Gartner数字商务的领导者，以及IDC针对B2C企业的全渠道营销平台的市场景观报告。真实的客户案例包括亚马逊、蓝十字蓝盾佛罗里达、达乐、阿瓦斯、直观、IRS、Jet2.com、汉莎航空、梅西百货、MSC邮轮、Novo Nordisk和SAP。尽管企业ID花费受到更严格的审查，但这些和其他客户仍然将投资重点放在客户体验管理解决方案上。这些解决方案使企业能够同时实现推动新客户获取和为现有客户提供服务，以实现盈利增长。Adobe凭借我们独特的产品、创新的记录和推动各行业公司获得投资回报的能力，处于有利地位。我们期待年底取得强劲的业绩。
I will now pass it to Dan. Thanks, Anil. Today, I'll start by summarizing Adobe's performance in Q3, fiscal 2023, highlighting growth drivers across our businesses, and I'll finish with financial targets. Adobe's performance in Q3 demonstrates something that makes us exceptional, the combination of growth and profitability. In fact, at Adobe, rather than talking about the trade-offs between growth or profitability, we call it an and statement. Growth and profitability is not new for us. We have been delivering both for a very long time and it is at the core of our operating philosophy.
现在我将把话题转交给丹。谢谢，阿尼尔。今天，我将首先概括Adobe在2023财年第三季度的表现，重点介绍我们业务增长的推动因素，最后给出财务目标。Adobe在Q3的表现展示了我们的卓越之处，即增长和盈利结合。事实上，在Adobe，我们不是在讨论增长和盈利之间的取舍，而是将其视为一种并存的情况。对我们来说，增长和盈利并不是什么新鲜事。我们很长时间以来一直在同时实现两者，这是我们运营理念的核心。
It all starts with prioritization, innovation, and a sharp focus on execution. This philosophy shines through in our Q3 results. We're investing in technology platforms, global campaigns to attract and engage millions of customers, and recruiting the best and brightest people in our industry. While doing that, Adobe is driving performance on margin and earnings, demonstrating what a special company we are.
一切起源于优先级确定、创新和对执行的高度关注。这一理念在我们第三季度的业绩中闪耀出来。我们正在投资于技术平台、全球推广活动以吸引和吸引数百万客户，并招募我们行业中最优秀、最聪明的人才。与此同时，Adobe正在推动利润和收益的提升，展示了我们是一家多么特别的公司。
In Q3, Adobe achieved revenue of $4.89 billion, which represents 10% year over year growth, or 13% in constant currency. Gap diluted earnings per share was $3.05, up 26% year over year, and non-gap diluted earnings per share was $4.09, up 20% year over year. Other business and financial highlights included digital media revenue of $3.59 billion, net new digital media ARR of $464 million, digital experience revenue of $1.23 billion, cash flows from operations of $1.87 billion, RPO of $15.72 billion, exiting the quarter, and repurchasing approximately 2.1 million shares of our stock during the quarter.
在第三季度，Adobe的收入达到49亿美元，同比增长10%，调整后的货币汇率增长为13%。基本股票每股收益为3.05美元，同比增长26%，非调整后的基本股票每股收益为4.09美元，同比增长20%。其他业务和财务亮点包括数字媒体收入为35.9亿美元，新的数字媒体年度合同收入为4.64亿美元，数字体验收入为12.3亿美元，运营现金流为18.7亿美元，尾款15.72亿美元，季末回购约210万股股票。
In our digital media segment, we achieved Q3 revenue of $3.59 billion, which represents 11% year over year growth, or 14% in constant currency. We added $464 million of net new ARR in the quarter, our strongest Q3 on record, exiting the quarter with $14.60 billion of digital media ARR, growing 15% year over year in constant currency. We achieved creative revenue of $2.91 billion, which represents 11% year over year growth, or 14% in constant currency. We added $332 million of net new creative ARR in Q3, with strong demand across our offerings. The quarter creative growth drivers included new user growth across geographies, customer segments, and creative offerings, driven by innovation and targeted campaigns utilizing insights from our data-driven operating model. Outstanding top of funnel performance resulting from viral community excitement and success of our product-led growth strategy, driving traffic to Adobe.com. Real app subscriptions for Photoshop driven by interest in the magic of Firefly, Generative Fill, and Generative Expand. Another great quarter for value-added services, including strong customer demand for Adobe Stock. Continued customer adoption of Acrobat CC. Strong engagement and retention across customer segments, and success in the enterprise driven by transformational ETLAs that span the entire creative portfolio, including CC All Apps for Creative Teams, Express for Knowledge Workers, Frame for Collaboration, and Adobe Stock and Firefly for Content.
在我们的数字媒体业务领域，在第三季度我们实现了35.9亿美元的营收，同比增长11%，同比增长率为14%。我们在这个季度新增了4.64亿美元的净新增年度合同价值，是我们有史以来最强劲的第三季度，截至季末，我们的数字媒体年度合同价值达到了146亿美元，在同比增长15%的情况下保持稳定。我们实现了29.1亿美元的创意收入，同比增长11%，按恒定汇率计算增长14%。我们在第三季度新增了3.32亿美元的净新增创意年度合同价值，各项产品需求旺盛。本季度创意增长的驱动力包括地域、客户群体以及创意产品的新用户增长，这些增长得益于我们基于数据驱动的运营模式的创新和有针对性的营销活动。我们的产品增长策略取得的病毒式社区热情和成功在引导流量访问Adobe.com方面表现出色。Photoshop真实应用程序订阅量因对Firefly、生成填充和生成扩展等功能的兴趣而增加。为Adobe Stock的增加服务提供了另一个卓越的季度。继续推广Acrobat CC的用户采用率。各客户群体的参与和保留率强劲，并且在企业领域取得成功，这得益于一揽子创意产品的全面转型，包括供创意团队使用的CC All Apps、供知识工作者使用的Express、供协作使用的Frame，以及供内容使用的Adobe Stock和Firefly等。
Adobe achieved document cloud revenue of $685 million, which represents 13% year over year growth, or 15% in constant currency. We added $132 million of net new document cloud ARR in the quarter. Third quarter document cloud growth drivers included success with new customer acquisition through our reader and Acrobat web funnels and distribution partners, with monthly active users up over 70% year over year for Acrobat web. Strong demand for Acrobat subscriptions across customer segments and geographies, driven by targeted offers. Current the monetization from Acrobat mobile, which grew ending ARR over 30% year over year in constant currency, driven by product innovation and conversion. Attraction in B2B was strong unit demand for a team offering through the reseller and direct routes to market.
Adobe在文件云方面实现了6.85亿美元的收入，这相当于同比增长13%，或者以固定货币计算增长15%。我们在本季度新增了1.32亿美元的净新文件云年度收入。第三季度文件云的增长动力包括通过我们的阅读器和Acrobat网页漏斗以及分销合作伙伴成功获得新客户，并且Acrobat网页每月活跃用户同比增长超过70%。由于有针对性的优惠，Acrobat订阅在各个客户群体和地理区域都有很强的需求。Acrobat移动版的货币不变年度化收入同比增长超过30%，得益于产品创新和转化。B2B吸引力强大，团队产品在经销商和直接市场渠道的单位需求很高。
Turning to our digital experience segment, in Q3 we achieved revenue of $1.23 billion, which represents 10% year over year growth, or 11% in constant currency. Q3 subscription revenue was $1.10 billion, which represents 12% year over year growth, or 13% in constant currency. Third quarter digital experience growth drivers included demand for our Adobe experience platform and native applications, including real-time GDP, customer journey analytics, and Adobe journey optimizer. Subscription revenue for AEP and apps grew 60% year over year. Strengthen content in commerce with Adobe experience manager continuing to set the standard for enterprise content management. Growth of our work front business as workflow and collaboration are essential components of an enterprise content supply chain solution. Building retention rates in the quarter as we continue to focus on value realization to our digital experience customers. And continued momentum and transformational platform deals with large enterprises adopting our end-to-end suite of applications.
转向我们的数字体验部门，在第三季度，我们的收入达到了12.3亿美元，同比增长10%，或按恒定汇率计算为11%。第三季度的订阅收入为11亿美元，同比增长12%，或按恒定汇率计算为13%。第三季度数字体验增长的驱动因素包括对我们的Adobe体验平台和原生应用的需求，包括实时GDP、客户旅程分析和Adobe旅程优化器。AEP（Adobe体验平台）和应用的订阅收入同比增长了60%。通过持续将Adobe体验管理者提升为企业内容管理的标准，加强内容在商务上的作用。我们的Workfront业务增长迅速，因为工作流和协作是企业内容供应链解决方案中必不可少的组成部分。在这个季度提高留存率，继续专注于为我们的数字体验客户实现价值。与大型企业达成持续动力和变革性平台交易，这些企业正在采用我们的端到端应用套件。
Adobe's effective tax rate in Q3 was 19.5% on a gap basis, and 18.5% on a non-gap basis. The gap tax rate came in lower than expected due to tax benefits associated with the vesting of share base payments in the quarter. RPO exiting the quarter was 15.72 billion, growing 11% year over year, or 13% when adjusting for a 2% FX headwind. Our ending cash and short-term investment position exiting Q3 was 7.52 billion, and cash flows from operations in the quarter were 1.87 billion.
Adobe在第三季度的有效税率在差异化基础上为19.5％，在非差异化基础上为18.5％。由于股权基准付款清算所带来的税收优惠，差异化税率低于预期。离开该季度的未履约订单余额为157.2亿美元，同比增长11％，调整为2％的外汇影响后增长13％。我们第三季度结束时的现金和短期投资余额为75.2亿美元，该季度的经营活动现金流量为18.7亿美元。
In Q3 we entered into a 1 billion share repurchase agreement, and we currently have 3.15 billion remaining of our 15 billion authorization granted in December 2020. Factoring in current macroeconomic conditions and year-end seasonal strength. For Q4, we're targeting total Adobe revenue of 4.975 billion to 5.025 billion. Digital media net new ARR of approximately 520 million. Digital media segment revenue of 3.67 billion to 3.70 billion. Digital experience segment revenue of 1.25 billion to 1.27 billion. Digital experience subscription revenue of 1.11 billion to 1.13 billion. Trade of approximately 18% on a gap basis and 18.5% on a non-gap basis. Gap earnings per share of $3.10 to $3.15 and non-gap earnings per share of $4.10 to $4.15.
在第三季度，我们签订了10亿股回购协议，并且目前我们还剩下155亿授权中的31.5亿。考虑到当前的宏观经济条件和年末季节性强劲。对于第四季度，我们的目标是亚博全站手机客户端达到49.75亿到50.25亿美元的Adobe总收入。亚博全站手机客户端数字媒体新增ARR约为5.2亿，数字媒体业务收入为36.7亿到37亿美元，数字体验业务收入为12.5亿到12.7亿美元，数字体验订阅收入为11.1亿到11.3亿美元。预期的盈利率为18%（按照规模计算）和18.5%（非规模计算）。每股按照规模计算的盈利为3.1美元到3.15美元，非规模计算的盈利为4.1美元到4.15美元。
Q3 was a great quarter for Adobe, and it couldn't be more pleased with how the company is positioned to continue to deliver for our customers and investors. We're looking forward to our investor meeting at Adobe MAX on October 10th, where we'll do a deep dive into our AI innovation. I hope to see you there. Shantanu, back to you. Thanks, Dan.
Adobe在第三季度取得了巨大的成功，对于公司的定位能够继续为我们的客户和投资者提供服务，我们感到非常高兴。我们期待于10月10日在Adobe MAX举行的投资者大会，届时将深入探讨我们的人工智能创新。希望届时能见到你们。Shantanu，轮到你了。谢谢，Dan。
Adobe Strong Q3 results are a reflection of our team's exceptional execution. We recently lost our beloved co-founder, John Warnock. John's brilliance and innovations changed the world. He was one of the greatest inventors of our generation and an inspiration to the technology industry. While we miss him tremendously, it gives me great comfort knowing that John was so proud of all the innovation Adobe continues to deliver. As someone who shares John's passion for product and innovation, I'm exceptionally energized by the technology platforms we are delivering with AI at the center across our three clouds to delight customers. Our brand, technology, and our talented employees position us for a strong close to the year and continued growth in the decades to come. Adobe's best days are ahead of us. Thank you.
Adobe强劲的第三季度业绩是我们团队卓越执行力的体现。最近，我们失去了我们心爱的联合创始人约翰·沃诺克。约翰的智慧和创新改变了世界。他是我们这个时代最伟大的发明家之一，对科技产业有着巨大的启发。虽然我们非常想念他，但让我感到非常安慰的是，约翰对于Adobe持续创新的所有成果感到非常自豪。作为一个与约翰共享产品和创新热情的人，我对我们在三个云平台上以人工智能为核心所提供的技术平台感到异常兴奋，以期满足客户的需求。我们的品牌、技术和才华横溢的员工使我们能够在今年年底有着强劲的表现，并在未来几十年持续增长。Adobe的美好时光就在前方。谢谢。
We will now take questions. Thank you. If you would like to signal with questions, please press star 1 on your touch-tone telephone. If you're joining us today, use a speakerphone. Please make sure your mute function is turned off to allow your signal to reach our equipment. Please limit yourself to one question. Again, please press star 1 if you would like to signal. Our first question will come from Keith Weiss with Morgan Stanley.
现在我们将接受问题，谢谢。如果您想提问，请在您的触摸电话上按星号键1进行信号传达。如果您今天加入我们，请使用扬声器电话。请确保您的静音功能已关闭，以便让您的信号到达我们的设备。请限制自己只提一个问题。再次提醒，如果您想发信号，请按星号1。我们的第一个问题来自摩根士丹利的Keith Weiss。
Excellent. Thank you guys for taking the question and a really nice quarter. Again, actually, a margin question for you. We've been told generative AI is really expensive to run. The inference and training costs are really high. You guys have been running a beta for a while. Two million energy is generated. There's a lot of functionality already in the product. Your operating margins are up. Your gross margins are up on a year on your basis. How are you able to do that? Where are these costs going, if you will? On a go-forward basis, all this stuff becomes generally available. How should we think about that gross margin impact or the overall margin impact of generative AI on a go-forward basis? Thank you.
太好了。非常感谢各位提出问题，这是一个非常出色的季度。再次重申，我有一个关于利润率的问题想请教您。我们被告知生成式人工智能的运营成本非常高昂，推理和训练费用也很高。您们运行了一段时间的测试版，已经生成了两百万个能量（？）。产品中已经具备了许多功能。您的运营利润率有所提高，纯利润率也同比增长。您是如何做到的？如果这些功能真的都成为公开使用的，我们应该如何考虑生成式人工智能对纯利润率或整体利润率的影响？谢谢。
Yeah, thanks, Keith. As you rightfully point out, the engine of innovation at the company is really strong. A lot of exciting announcements this week, but we've been at this now a year bringing the magic of generative AI and firefly to life. We're just getting started from an innovation standpoint.
是的，谢谢，Keith。正如你正确指出的，公司的创新引擎确实很强。本周有很多令人兴奋的公告，但我们已经投入了一年的时间来实现生成AI和firefly的魔力。从创新的角度来看，我们只是刚刚开始。
Over the last six months, we've been live with the beta. As you point out, customers have generated over two billion images. I know it's not lost on people. All this has done while we're delivering strong margins. When we take a step back and think about these technologies, we have investments from a cog standpoint, inferencing content from an R&D standpoint, training, creating foundation models, and David alluded to it in his prepared comments. The image model for firefly family of models is out, but we're going to bring other media types to market as well. So we're making substantive investments.
在过去的六个月里，我们已经上线了测试版。正如你所指出的，我们的客户已经生成了超过20亿张图片。我知道这对人们来说不是一点都不重要。而且我们在保持强劲利润的同时实现了这一切。当我们退后一步思考这些技术时，从一个齿轮的角度来说，我们投资了推断内容的研发部门、培训、创建基础模型，而David在他的准备好的评论中也有提及。“萤火虫”系列模型的图像模型已经发布，但我们也将推出其他媒体类型的产品。所以我们正在进行实质性的投资。
When I go back to the framing of my prepared comments, we really have a fundamental operating philosophy that's been alive at the company for a long time, growth and profitability. We're going to prioritize. We're going to innovate, and we're going to execute with rigor. You see that coming through in all of the financial results of the company.
当我回顾我准备的评论时，我们公司确实有一个长期以来存在的基本运营理念，即增长和盈利。我们将优先考虑这一点。我们将进行创新，并且我们将以严格的方式执行。你会在公司的所有财务结果中看到这一点得到体现。
As we think about the profile going forward, what I'll come back to is when we initially set fiscal 2023 targets, implicit in those targets was a 44.5% operating margin. If you think about how we just guided Q4, where we've got these four great new products and these technologies infused into the product lineup, and all of the support we're going to do as we roll these out on our max conference down in LA, again, to keep the enthusiasm with the customer-based building, implicit in that guide is an operating margin of around 45.5%.
当我们思考未来的发展方向时，我会回到最初制定2023财年目标时的问题。那些目标中隐含了一个44.5%的营运利润率。如果您考虑我们刚刚引导的第四季度，我们有四款优秀的新产品，并将这些技术融入产品线，还有我们将在洛杉矶的最大会议上发布这些产品并提供全部支持，以继续激发客户的热情和建立客户基础，那个指导中隐含的是一个大约45.5%的营运利润率。
So as you think about us leading this industry, leading the inflection that's unfolding in front of us, that mid-40s number we think is the right ballpark to think about the margin structure of the company as we continue to drive this technology and leadership.
因此，当你思考我们领导这个行业，引领正在我们面前展开的转折点时，我们认为公司利润结构应该考虑在中年人（40多岁）的范畴内，因为我们将继续推动技术和领导力的发展。
Looking forward to the Q4 earnings call, where we will share more about our fiscal 2024 targets. And maybe Keith, just 30 seconds to add to that. For investors like you who want to make sure we're not in any way not investing in the future, we are investing on training for 3D, for video, for new forms of imaging and vectors. So what we are confident is while we continue to invest in that, the scrutiny that Dan and his team have on other expenses that we can continue to drive top-line growth as well as cash flow in EPS. So I think we're unique in that respect.
期待第四季财报电话会议，届时我们将分享更多关于我们2024财年目标的信息。也许Keith，只需要30秒的时间补充一下。对于像您这样希望确保我们在任何方面都不会停止投资未来的投资者来说，我们正在投资于三维、视频、新形式影像和矢量方面的培训。因此，我们相信，在我们继续进行这些投资的同时，丹和他的团队对其他费用的审查，我们可以继续推动收入增长以及现金流和每股收益。所以我认为我们在这一方面是独特的。
Definitely, very impressive guys. Thank you so much for taking the question. And our next question will come from Cash Rangan with Goldman Sachs. I'm sorry to hear of John Warnock's passing condolences, but congrats on the quarter. As we look at the pricing model for generative AI products, which are based on consumption, do you think that these, how additive do you think the generative AI offerings will be to the growth profile of the company going forward? And also one for Dan, when you look at your Q4 guidance, are you contemplating it looks like it's not largely changed versus the street's prior expectations? Are we not embedding any opportunities to show what the generative AI products can do because they seem to be largely incremental to what had been contemplated when you first gave guidance fall off last year? Thank you so much.
非常值得称赞，大家真的很棒。非常感谢你们回答问题。接下来的问题来自高盛的Cash Rangan。听到John Warnock去世的消息我感到很遗憾，向您表示慰问，但对本季度的成绩表示祝贺。当我们看到基于消耗的生成性人工智能产品的定价模型时，您认为这些生成性人工智能产品对公司未来的增长前景有多大的补充效果？另外，Dan先生，当您考虑到您的第四财季指导时，是否考虑到它似乎与街头先前的预期没有太大变化？我们是否没有考虑到展示生成性人工智能产品优势的任何机会，因为它们似乎在去年您首次给出的指导中主要是额外的？非常感谢。
Well, Cash, maybe David and I can take the first parts of the question. And just again, for everybody on the call, I think to summarize the new offerings that we have, we've announced that we have a Firefly subscription. So you can use a free trial number of credits. And after that, you can actually subscribe to Firefly. We have Adobe Express, which now includes an allocation of Firefly. We certainly have the Creative Cloud products and Photoshop and Illustrator that have it. We have Generation Credit Backs and we have Gen Studio for the enterprise and to be able to deal with it. So first, I just wanted to make sure that you recognize the tremendous innovation that we're delivering associated with that.
嗯，卡什，也许大卫和我可以回答问题的前半部分。再次强调，对于会议上的每个人，我想总结一下我们的新产品。我们宣布推出了Firefly会员订阅服务。您可以使用试用账号获得一定数量的积分，并且在试用结束后，您可以订阅Firefly。我们还有Adobe Express，其中包括一定的Firefly积分。当然，我们还有Creative Cloud套件和Photoshop、Illustrator等产品，都已经集成了Firefly功能。我们还有能够返还积分的Generation Credit Backs服务，以及为企业提供的Gen Studio服务，以便更好地应对需求。首先，我只是想确保您认识到我们所提供的巨大创新。
And as you know, one of the things that we've done is to really focus on both new user acquisition, which is going to be driven across all of those offerings, as well as with the price increase given there is an allocation associated with it for existing customers, they will start to see that as they roll over and they have to renew their subscription. So I just wanted to set that bit and maybe then allow David to add a little bit about each of these and how we see that play out.
正如您所了解的，我们所做的事情之一就是真正专注于新用户获取，这将通过所有这些优惠来推动发展。同时，随着价格的增加，现有客户会发现他们需要续订订阅时会有一定的分配。所以我只是想说明这一点，然后也让大卫稍微添加一些关于每个优惠的信息以及我们如何看待这些优惠的发展。
Yeah, thanks, Anu. Yeah, as Shatnu said, we look at the business implications of this through those two lenses, new user adoption first and foremost and then sort of opportunity to continue to grow the existing book of business. On the new user side, we've said this for years, our focus continues to be on proliferation. We believe that we have a massive number of users in front of us. We continue to have our primary focus being net user ads and subscribers. And so the goal here for proliferation is to get the right value to the right audience at the right price.
是的，谢谢，Anu。是的，正如Shatnu所说，我们通过这两个角度来考虑这个业务的影响，首要考虑的是新用户的采用情况，然后是继续扩大现有业务的机会。在新用户方面，多年来我们一直强调的是扩散。我们相信我们面前有大量的用户。我们继续将重点放在净用户新增和订阅者上。因此，扩散的目标是将正确的价值以正确的价格传递给正确的受众。
And if I think about the four new offerings that Shatnu teed up, I think two of them are prime to maybe be on the earlier side of that. First, on the individual side, express. It's been in the market for over a year now and the new release of express is a massive step forward in terms of the abilities that it has, both everything from performance to support for a broader set of things beyond design, into video and into illustration, into PDF and document workflows. So there's just a tremendous amount of new value that we've added, including generative AI into that. So we think that express will be an early indicator of that success that we're talking about.
如果我考虑Shatnu推出的四个新产品，我认为其中两个可能会在早期适用。首先，从个人角度来看，这是express。它已经在市场上推出超过一年了，而express的新版本在能力方面迈进了一大步，无论是在性能上还是在支持设计以外的更广泛领域，包括视频、插图、PDF和文件工作流程等方面。因此，我们增加了大量的新价值，包括将生成式人工智能融入其中。因此，我们认为express将是我们所谈论的成功的早期指标。
The second one is the work that we're doing in the DME business in conjunction with Anil and the DX business around enterprises. So Gen Studio and enabling the broad base of marketers to actually use express in conjunction with the creative studio teams using Creative Cloud to really accelerate their use of and creation of content. So that really in the context of the short term contributors, we think that will be really meaningful. We also expect that we, as we do this in drive new users, we expect to see a lot of new users come into the free plans and that's going to take a little time to ramp. We'll bring them into the Adobe family, get them using the products, and ramp them to greater value over time. So first and foremost proliferation on new users.
第二个是我们与Anil在DME业务中合作的工作，并围绕企业的DX业务展开。因此，Gen Studio使得广大营销人员能够与创意工作室团队一起使用创意云来加速他们对Express的使用和内容的创作。在短期贡献者的背景下，我们认为这将非常有意义。我们还预计，随着我们吸引新用户加入，我们将看到许多新用户选择免费计划，并且这需要一些时间才能推动起来。我们将把他们带入Adobe大家庭，让他们使用产品，并逐步提高他们的价值。因此，首要目标是吸引新用户的扩散。
The second thing is going to be on the book of business. And here we're basically the pricing changes just as a reminder, they have a rolling impact. We're going to start them late in Q4 and it will, we're going to start it in certain geo's only. And then we're going to have a measured rollout in new countries over the course of the next couple of years. And then certainly also as it relates to enterprise customers, the renewal timing will probably take about three years given the multi-year contracts that we have in place. So NetNet, we see this truly as a seminal moment for how we're going to grow the business. But it's going to take a few years to play out and we're really excited about sort of what this means for bringing new customers into the franchise.
第二件事将涉及到业务的书籍。我们在这里基本上是提醒大家，定价的变化是滚动影响。我们将在第四季度晚些时候开始进行，并且我们将只在特定的地区开始。接下来，在接下来的几年里，我们将在新的国家有有序的推出。而且，与企业客户有关，由于我们已经签订的多年合同，续约时间可能需要大约三年。总的来说，我们认为这是我们业务增长的一个重要时刻。但是这需要几年的时间来实现，我们对于这对于吸引新客户进入我们的经营模式感到非常兴奋。
And maybe, Cass, just to then tie that all together. In terms of the numbers that we've given for digital media ARR, because you asked the question from the beginning of the year. Remember, I think we guided to 1.65 billion if you look at what it is even with our Q4 guide that, I think 200 million more than that, 1.86 or something to that effect. And since we guided in Q3, for Q3 and Q4, 100 million. So we continue to be really confident and we're excited about the roadmap.
也许，卡斯，只是为了把这一切联系在一起。就我们在数字媒体ARR方面给出的数字而言，因为你从年初提出了这个问题。记得，我想我们给出的指导是16.5亿美元，即使考虑到我们在Q4指导中所说的那样，比这个数字多2亿，即1.86亿美元左右。自从我们在Q3指导中提到后，Q3和Q4增加了1亿美元。所以我们对产品路线图非常有信心，我们对此感到兴奋。
And our next question will come from Sacket, Kalya, with Barclays. Okay, great. Hey guys, thanks for taking my question and congrats on a great quarter and outlook. Anil, actually my question is for you. Obviously, a lot to talk about with Firefly in the digital media business. And it's very clearly a revenue opportunity there. I'm wondering how you think about the generative AI roadmap or revenue opportunity in the digital experience part of the business. I know we talked about the content supply chain, but how do you think about the future of generative AI in your business?
我们的下一个问题来自巴克莱银行的Sacket和Kalya。好的，非常棒。嘿伙计们，谢谢你们回答我的问题，并对这一季度和展望表示祝贺。Anil，实际上我有一个问题是想问你的。显然，在数字媒体业务中，Firefly有很多值得讨论的地方，而且很明显在那里有收入机会。我想知道你是如何看待生成式人工智能在数字体验业务中的路线图或收入机会的。我知道我们谈过内容供应链，但你如何看待生成式人工智能在你们业务中的未来？
Yeah, thanks, Sacket. Chantano and David already talked about the Ruby Gen Studio and we're really excited about that. This is a unique opportunity, as you said, for enterprises to really create personalized content and drive efficiencies as well through automation and efficiency. And when you look at the entire chain of what enterprises go through, content creation, production, workflow, and then activation through DX through all the apps we have on our platform, we have the unique opportunity to do that. We already have deployed it within Adobe for our own Photoshop campaigns and we're working with a number of agencies and customers to do that. So this is a big, net new opportunity for us with Adobe Gen Studio.
是的，谢谢，Sacket。 Chantano和David已经谈论了Ruby Gen Studio，我们对此非常兴奋。正如你所说，这是一个独特的机会，让企业能够通过自动化和效率创造个性化内容并推动效率增长。当我们看企业所经历的整个流程，包括内容创建、制作、工作流，以及通过我们平台上的所有应用程序进行DX激活，我们有独特的机会来实现这一目标。我们已经在Adobe内部部署了它，用于我们自己的Photoshop广告活动，并且我们正在与许多代理商和客户合作进行实施。因此，对于我们来说，Adobe Gen Studio是一个巨大的、全新的机遇。
We're also working on generative AI for other DX applications as well and at the investor meeting in October, we'll share more details. But we see a similar opportunity with generative AI to bring together the ability for a number of users across marketing departments, organizations to be able to use the Ruby experience platform and apps and it'll act as a co-pilot to accelerate the use cases that they bring to life. So we'll share more about that at the investor meeting.
我们还在为其他DX应用程序开展生成式人工智能的工作，在十月份的投资者会议上，我们将分享更多细节。但我们认为生成式人工智能可以为市场营销部门、组织中的许多用户提供类似的机会，使他们能够使用Ruby体验平台和应用程序，并作为副驾驶员加速实现他们所提出的用例。所以我们会在投资者会议上分享更多关于这方面的内容。
Just to give Anal and the team a lot of credit for what they actually accomplished in Q3 as well, the wins in Q3 in the enterprise actually included a lot of the components of Gen Studio, both in the digital media as well as in the digital experience. So certainly the transformational deals that we're talking about, a big part of that is the synergy between the two clouds. So I wanted to point that out as well. And if I could actually just add one quick thing is the Gen Studio work that Anal team has been doing, we've actually been using that within the digital media business already to release some of the campaigns that we've released this quarter. So it's one of these things that it's great to see the impact of having on our business and that becomes a selling point for other businesses to keep.
要非常赞赏Anal和团队在第三季度所取得的成就，企业方面的胜利实际上包括了Gen Studio在数字媒体和数字体验方面的许多要素。因此，我们所指的转型交易的一大部分是两个云之间的协同效应。所以我也想指出这一点。如果我可以再增加一件事，就是Anal团队所做的Gen Studio工作，我们实际上已经在数字媒体业务中使用它，用来发布本季度发布的一些广告。这是一件非常好的事情，我们可以看到它对我们业务的影响，并成为吸引其他企业的卖点。
Great to hear. Thanks. And moving on to Greg Moskowitz with N'Zu. Okay, thank you for taking the question. Congratulations as well on the strong quarter. So when I look at Firefly, the amount of image generation in the six month period is clearly pretty stunning. And I'm just wondering if you're able to provide any additional color, whether it be monthly active users or some other metric that may additionally help all of us gauge the improvements that Firefly is driving to your engagement level to your top of funnel, et cetera. Thank you.
听到这个消息真是令人开心。谢谢。现在我们转向N'Zu的Greg Moskowitz。好的，感谢您回答问题。同时也祝贺您度过了强劲的一个季度。当我看Firefly时，六个月内生成的图片量确实令人惊叹。我只是想知道您是否能提供任何其他信息，比如每月活跃用户或其他指标，以帮助我们更好地评估Firefly对您的用户参与度、流量转化等方面的改进。谢谢。
Yeah, happy to talk about that. It's been a remarkable few months. I mean, we've said a few things. First is that the viral excitement that we saw because of Firefly on social has been hugely beneficial and it's certainly driven a lot of top of funnel opportunity for us. In addition to that, one of the things that we were very excited about is when we integrated it into our creative pro applications, illustrator and Photoshop primarily, we saw over 3 million downloads of those betas, beta applications, which is something we've never seen before. That gives you a sense of how thirsty the existing customer base is for the generative capabilities that we have as well. And lastly, one of the things that we're very excited about and we obviously track very carefully is what does this do in terms of giving us access to new users that don't typically come to Adobe. And both express and Firefly and in particular, the integration of Firefly and express has been a real accelerant to that. So it's been nice to see us not just getting excitement within the current base, but seeing millions of other users coming in that would not have typically come to Adobe for a product and then giving and starting their journey with Adobe through Firefly and express. Two other maybe financial indicators to that Greg are first the Photoshop single app and I think Dan referred to that even in the beta that actually drove a lot of Photoshop single app and the early indicators of how that also benefits retention in the entire book of business. So both of those are also good financial indicators of the potential of AI. Great. Thank you both.
是的，很高兴谈论这个。过去几个月真是不可思议的时期。我们发现，Firefly在社交媒体上的病毒式激动对我们非常有益，当然也为我们带来了很多潜在的机会。此外，我们非常激动的是，当我们将其整合到我们的创意专业应用程序中，主要是Illustrator和Photoshop，我们看到了超过300万次的Beta应用程序下载，这是我们从未见过的。这让你能够感受到我们现有客户群体对于我们拥有的生成能力的渴望程度。最后，我们非常兴奋，同时也非常仔细地追踪的一件事是，这对于让我们接触到通常不会来Adobe的新用户有什么影响。Express和Firefly，尤其是Firefly和Express的整合，对此起到了很大的推动作用。因此，看到不仅仅在现有用户群体中引发了兴奋，还有数百万其他通常不会来Adobe购买产品的用户通过Firefly和Express开始了他们与Adobe的旅程，这真是太好了。还有另外两个可能是财务指标的事情，Greg，首先是Photoshop单独应用程序，我想丹即使在Beta版本中也提到过，这实际上带来了很多Photoshop单独应用程序的销售，并初步显示出了它如何有利于整个业务的保持。所以这两者也是AI潜力的良好财务指标。非常感谢你们两位。
And we have a question from Brad Sills with Bank of America. Wonderful. Thank you so much for taking my question. I wanted to ask about a comment that I think David made earlier in the call where you're working hard to make Firefly the option for content design to be safe. I would love to double click on that, understand a little bit how is Adobe the safe option and how is the company making this Firefly and this new generative frontier the safe option for enterprises?
我们来自美国银行的Brad Sills有一个问题。太好了，非常感谢您回答我的问题。我想问一下之前大卫在通话中提到的一条评论——您正在努力使“Firefly”成为内容设计的安全选择。我很想进一步了解一下，Adobe是如何提供安全的选择，公司如何使得“Firefly”和这个新的生成前沿成为企业的安全选择？
Yeah, so from the very beginning of Firefly we took a very different approach to how we were doing generative. We started by looking at and working on working off the Adobe stock base which are contents that are licensed and very clearly you know we have the right to use and we looked at you know other repositories of content where they didn't have any restrictions on usage and we've pulled that in. And so everything that we've trained on has gone through some form of moderation and has been cleared by our own legal teams for use in training. And what that means is that the content that we generate is by definition you know content that isn't then stepping on anyone else's brand and or you know leveraging content that wasn't intended to be used in this way. So that's the foundation of what we've done.
是的，所以从《Firefly》的最初阶段开始，我们对生成方式采取了非常不同的方法。我们从Adobe的库存内容开始查看和处理，这些内容都是经过授权的，非常明确可以使用的，然后我们又查看了其他没有使用限制的内容仓库，并将其整合到了系统中。因此，我们进行训练的所有内容都经过了某种形式的审查，并且由我们自己的法律团队进行了清理，以便用于训练。这意味着我们生成的内容从定义上来说，不会侵犯任何其他品牌，也不会利用未经授权的内容。这就是我们所做的基础工作。
We've gone you know further than that of course and we've now actually we've been working with our stock contributors. We've announced in fact yesterday we had our first payout of contributions to contributors that have been participating in adding stock for the AI training. And we're able to leverage that base very effectively so that if we see that we need additional training content we can put a call to action call for content out to them and they're able to bring content to Adobe in a fully licensed way. So for example earlier this quarter we decided that we needed you know a million new images of crowd scenes. And so we put a call to action out we were able to gather that content in but it's fully licensed and fully moderated in terms of what comes in. So as a result all of the content we generate is a safer commercial use.
我们当然比那更进一步了，目前我们正与我们的库存贡献者合作。实际上，昨天我们宣布向参与为AI训练添加库存的贡献者支付了第一笔贡献费用。我们能够有效地利用这个资源库，如果我们发现需要额外的训练内容，我们可以向他们发布呼吁并且他们能够以完全经过许可的方式向Adobe提供内容。例如，本季初我们决定需要一百万张新的人群场景图像。所以我们发布了一项呼吁并且成功地收集到了内容，但这些内容在获得许可和审核方面都是合规的。因此，我们生成的所有内容都可以在商业环境中更安全地使用。
The second thing is that because of that we're able to go to market and also indemnify customers in terms of how they're actually leveraging that content and using it for content that's being generated. And so enterprise customers find that to be very important as we bring that in not just in the context of Firefly standalone but we integrate it into our creative cloud applications and express applications as well. So the whole ecosystem has been built on that. And the last thing I'll say is we've been very focused on fair generation so we look for intentionally for diversity of people that are generated and we're looking to make sure that the content we generate doesn't create or cause any harm. All of those things are really good business decisions and differentiate us from others.
第二件事是因为这样，我们能够进入市场，并且在客户使用和生成内容时提供赔偿。因此，企业客户发现这非常重要，因为我们不仅将其引入Firefly独立版中，在我们的创意云应用和快速应用程序中也进行了整合。整个生态系统都是基于这一点构建的。最后我要说的是，我们非常注重公平生成，因此我们有意寻觅不同背景的人来生成内容，并确保我们生成的内容不会造成任何伤害。所有这些决策都是非常好的商业决策，并使我们与其他公司有所区别。
Great to hear it. Thanks David. And we have a question from Keith Bachmann with BMO Capital Markets.
很高兴听到这个消息。谢谢你，David。我们还有一位来自BMO资本市场的Keith Bachmann提出了一个问题。
Yes, thank you. I wanted to go back. David I wanted to hear your perspective on kind of the third cloud, the document cloud if you will as we look out over the next 12 months. And the spirit of the question is there's a lot of attention appropriately so given firefly and whatnot and perhaps even lending itself in the experience cloud. But does Gen AI provide any tailwinds associated with the document cloud or is it sort of the existing drivers that will help contribute to growth as we look at next year? But any just kind of what are the key things that we should be thinking about for document cloud? Many thanks.
是的，谢谢。我想要回答。大卫，我想听听你对第三云，也就是文件云的看法，尤其是在接下来的12个月内。问题的核心是，尽管火花等方面受到了很多关注，甚至可能与体验云有关，但Gen AI是否会为文件云提供任何有利条件，还是现有的推动因素将有助于明年的增长？但无论如何，我们应该思考的一些关键方面是什么？非常感谢。
Yes. First of all, you know, we are very happy with the quarter Doc Cloud had, you know, them being book of business crew, 22% in constant currency. And the strength of that is really driven based on top of funnel growth, right? So Acrobat on the web had a phenomenal year over year growth rate. We've been working very actively to get Acrobat sort of deployed within as plugins within the browsers. We've got a great, you know, we've been doing a lot of product like growth work in the products themselves to drive, you know, link sharing so that more and more people are not just using our products. But as they share links, we're actually able to capture more people and build growth loops. Signatures has been also doing incredibly well. So as we've got this broad base proliferation of the of our surfaces that are available and continue to grow in terms of both free and paid usage, it creates a surface area that we can introduce a lot of really interesting things into. We haven't announced anything publicly associated with Gen AI directly inside of Acrobat. But I think you can, you know, fairly safely expect to hear more about that from us soon. And what makes Gen AI particularly interesting as it relates to Acrobat is the distribution that we have with Acrobat.
是的。首先，你知道的，我们对Doc Cloud在本季度取得的成绩非常满意，业务增长了22%（按不变汇率计算）。这主要得益于销售漏斗顶部的增长。因此，网络版Acrobat在去年同比增长了非常可观的速度。我们一直在积极努力，将Acrobat作为插件部署在各种浏览器中。我们在产品本身上进行了很多增长工作，促使更多的人不仅仅使用我们的产品，而且在共享链接时，我们能够吸引到更多的用户，形成增长循环。数字签名功能也表现出色。随着我们的服务范围的普及和增长（包括免费和付费使用），我们创造了一个可以引入很多有趣功能的平台。我们还没有公开宣布在Acrobat中直接引入Gen AI的任何信息，但你可以放心地期待我们很快会有更多相关的消息。对于Acrobat来说，Gen AI之所以特别有意思，是因为我们拥有广泛的Acrobat分发渠道。
So if Acrobat is, and reader are in front of hundreds of millions of people on a monthly basis, our ability to insert Gen AI into their workflows just like we've been able to really differentiate our work on Gen AI and creative by inserting it into the workflows of creative folks, I think that becomes the secret sauce to how we differentiate ourselves.
如果Acrobat和Reader每月都面向数亿人，那么我们将Gen AI融入他们的工作流程中，就像我们在创意领域通过将其融入创意人员的工作流程中一样，我认为这将成为我们区别于他人的秘密武器。
Interesting. Thanks very much. And our next question will come from Brent Fill with Jeffries.
很有趣。非常感谢。接下来的问题将由Jeffries的Brent Fill提出。
Chant, you mentioned success in ETLAs. What's driving that especially given some of the macro jitters are still lingering. Are you starting to see those jitters go away and that's a result of what's happening with the ETLAs?
尚特，你提到ETLA项目取得了成功。考虑到一些宏观担忧仍在持续存在，这一切是由什么推动的呢？你是否开始看到这些担忧正在消散，而这正是ETLA项目的结果所致？
I think in the ETLAs specifically, Brent, both to the comments that David and Anil mentioned, the first is the amount of content that people are creating, there's a lot of interest associated with ensuring that the combination of creative cloud plus express that people can really understand what they are spending on their content as well as find ways to use AI, to automate it, to localize it, to improve production costs. So I think that message is certainly resonating with people and the fact that express can be a productivity application for every knowledge worker in the enterprise, much like Acrobat as well. So I think both of those are really leading to a significant amount of great conversations.
我认为在ETLA（企业级许可协议）中，尤其是针对Brent所提到的评论，David和Anil提到的第一点就是人们创造的内容数量，人们对确保创作云与Express的组合能让他们真正了解他们在内容上花费了多少钱，同时寻找使用人工智能来自动化、本地化和改善生产成本的方法非常感兴趣。所以我认为这一信息肯定会引起人们的共鸣，而且Express可以成为企业中每个知识工作者的生产力应用程序，就像Acrobat一样。所以我认为这两点都导致了大量积极的交流。
I think mobile, David perhaps mentioned even in his prepared remarks how mobile's been one of the tailwinds that we've seen, Brent. So I think that's also working. So I think investment in productivity gains is clearly top of mind right now. And both of these play well into that narrative and enterprises. Thanks.
我认为移动设备，大卫可能在他准备的发言中甚至提到了移动设备是我们所见过的有利因素之一，布伦特。所以我认为这也是起作用的。因此，我认为对提高生产率的投资显然是当前头等大事。这两者都与企业有很好的契合。谢谢。
And we have a question from Alex Zuchen with Wolf Research. Hey guys, thanks for taking the question. And I guess a two-parter on Gen. of AI, first just around the pricing model for generative credits, obviously very progressive. And I guess how should we think about as we go forward and you've seen at least on the hobbyist side some of the usage of Firefly and within express, how do we think about for the two cohorts of both obvious and professional creatives, how many credits are kind of a typical user or use case likely to drive in a given month? And to the question that you got kind of about Document Cloud and the impact of Gen. of AI on that business, is it fair to think that given the pricing that's been announced, the next wave of incremental innovation, is that going to come more from a new product availability or should we think about more pricing enabled levers to come?
我们有来自Wolf Research的Alex Zuchen的问题。嘿伙计们，谢谢你们回答问题。我有一个关于AI生成的双部分问题，首先是关于生成积分的定价模型，显然非常进步。我猜想，当我们继续前进并且你们已经在业余用户端看到了Firefly和Express的使用情况后，我们应该如何思考对于明显和专业创作群体来说，一个典型用户或使用案例在一个月内可能会使用多少积分？还有一个关于Document Cloud和Gen. of AI对其业务影响的问题，是否可以认为，考虑到已经宣布了的定价，下一波增量创新是不是更多来自新产品的可用性，或者我们应该考虑更多跟定价有关的杠杆？
I think Alex, on the first question associated with how did we think about pricing, I mean first it's important to remember the breadth of all of the segments that we serve. In other words, how we think about K-12 all the way to the largest enterprise in the world. And I think it's fair to say that philosophically we wanted to drive more adoption and therefore the pricing as it relates to what's included in the at least short run for Firefly subscriptions, Gens Studio in terms of how much they can get within an enterprise is going to be the bulk of how we recognize the ARR. And I think getting that adoption and usage is where the primary focus is going to be in terms of the new user adoption as well as for existing customers the pricing upgrade. So that's how we think about it. We certainly need the ability to have the generative facts but I think just getting everybody exposed to it, one of the real innovations that we did that's driven tremendous uptake in that is what we've called this context aware, you know, sort of menus within Photoshop. So it's so front and center you'll start to see that being rolled out in all of the other applications. So that's sort of the focus. Let's get the core subscriptions. Let's get all of them exposed to it and let's make sure that we're covering, you know, what we need to buy, you know, the pricing actions that we took. So that was sort of the focus.
我认为，关于我们如何考虑定价的第一个问题，我认为首先重要的是要记住我们服务的所有细分市场的广度。换句话说，我们如何思考从K-12到全球最大企业的问题。我认为可以说，从哲学上讲，我们希望推动更多的采用，因此至少从短期来看，与Firefly订阅和Gens Studio相关的定价问题中，所包含的内容将是我们认可ARR的主体。我认为获取采用和使用情况是新用户采用以及现有客户定价升级的主要重点。所以这就是我们考虑的方式。我们当然需要具备生成性事实的能力，但我认为只是让每个人接触到它，我们所做的真正创新之一就是我们称之为“上下文感知”的Photoshop菜单。因此，它非常突出，你将开始看到它在所有其他应用程序中都得到推广。所以这是我们关注的重点。让我们获得核心订阅。让我们让所有人都接触到它，并确保我们覆盖了我们需要购买的定价行动。所以这是我们关注的重点。
I think on the dark cloud part and how we look at it to add to again what David said. I mean, some of the things that people really want to know is how can I have a conversational interface with the PDF that I have? Not just the PDF that I have open right now, but the PDF that are all across my folder, in across my entire enterprise knowledge management system and then across, you know, the entire universe. So much like we're doing in creative where you can start to, you know, upload your images to get, you know, your train your own models within an enterprise with this off the chart interest. The number of customers who want to talk to us now that we've sort of designed this to be commercially safe and say, hey, how do we create our own model, whether you're a coke or whether you're a Nike, think of them as having that. I think in the document space, the same interest will happen, which is we have all our knowledge within an enterprise associated with PDFs. Adobe help me understand how your AI can start to deliver services like that.
我在思考黑暗云部分以及我们如何看待它来补充大卫所说的。我的意思是，人们真正想知道的一些事情是，我如何与我拥有的PDF进行对话接口？不仅仅是我当前打开的PDF，而是在我整个文件夹中以及整个企业知识管理系统中的PDF，甚至在整个宇宙中的PDF。就像我们在创意领域正在做的那样，你可以开始上传你的图像，通过这种方式在企业内部进行训练和开发自己的模型，这引起了极大的兴趣。现在有很多客户想要与我们交谈，因为我们设计的这个系统在商业上是安全的，并且他们想知道如何创造自己的模型，无论是可口可乐还是耐克，都可以想象他们拥有这些模型。我认为在文档领域，同样会引起这种兴趣，即我们的企业内部与PDF相关联的所有知识。Adobe，请帮助我了解你的人工智能如何开始提供这样的服务。
So I think, you know, that's the way you should also look at the PDF opportunity that exists, just more people taking advantage of the trillions of PDFs that are out there in the world and being able to do things.
所以我认为，你知道，那也是你应该看待PDF机遇的方式，就是更多的人利用世界上存在的数以万计的PDF文件并能够做一些事情。
The last thing maybe I'll mention on this front, Alex, is the APIs. So part of what we are also doing with PDFs is the fact that you can have all of this now accessible through APIs. It's not just the, you know, context of the PDF, the semantic understanding of that to do specific workflows. We're starting to enable all of that as well.
亚历克斯，最后我可能要提到的一件事是API。所以我们与PDF文件一起做的另一件事是，现在您可以通过API访问到所有这些内容。这不仅仅是PDF的上下文，对于执行特定工作流程的语义理解。我们还开始实现了这一切。
So hopefully that gives you some flavor. You're right. The generative credits has been designed to, you know, more for adoption right now. But we also wanted to make sure that, you know, at the high end, we were careful about how much generative credits we allowed.
希望这能给你一些了解。你说得对。生成性积分的设计目的是更多地用于采纳现在。但我们也希望确保在高端，我们对允许的生成性积分数量要谨慎一些。
Yeah. And just one thing to add to that, Alex, is that, you know, one of the things we did, first of all, it was a very thoughtful, deliberate decision to go with the generative credit model and the limits, as you can imagine, were very, very considered in terms of how we set them.
是的。另外还有一件事要补充，Alex，就是，你知道的，我们做的其中一件事就是非常周到、谨慎地决定采用生成信用模型和限额，而且你可以想象到，我们对这些限额设置非常认真。
You know, the limits are, of course, fairly low for free users. The goal there is to give them a flavor of it and then help them convert. And for paid users, especially for people in, you know, our single apps and all apps plans, one of the things we really, you know, intended to do was try and drive real proliferation of the usage.
你知道的，对于免费用户来说，限制当然是相当低的。目标是给他们提供一点体验，然后帮助他们转换。对于付费用户，特别是我们的单个应用程序和所有应用程序计划的用户，我们真正希望做的一件事就是推动使用量的真正增加。
We didn't want there to be generation anxiety, you know, put in that way. We wanted them to use the product. We wanted the generative fill and generative expand. We wanted the vector creation. We want to build the habits of using it.
我们不希望出现世代焦虑，你知道的，就是这样说。我们希望他们使用这个产品。我们想要生成填充和生成扩展。我们希望进行矢量创建。我们希望培养使用它的习惯。
And then what will happen over time as we introduce 3D, as we introduce video and design and vectors, and as we introduce these acrobat capabilities that Shontonu was talking about, the generative, you know, generative credits that are used in any given month continues to go up because they're getting more value out of it. And so that's the key thing. We want people to just start using it very actively right now and build those habits.
随着我们引入3D技术、视频、设计和矢量图像，以及像Shontonu提到的那些Acrobat功能，随着时间的推移会发生什么呢？每个月使用的生成信用点会不断增加，因为用户会从中获得更多的价值。这是关键。我们希望人们现在就积极开始使用它，并养成使用的习惯。
Super clear, super thoughtful. If I could sneak one in for Dan of the 520 in the net new ARR for Q4. Just roughly, you've talked about before having some impact from the generative AI products that you were going to launch this year. Is it fair to assume it's very minimal in that 520?
非常清楚，非常周到。如果我能在Q4的净新增ARR中为520的丹偷偷安排一笔。大致上，你之前提到过今年你们将推出一些生成性人工智能产品，那么可以假设在这520中它们对影响非常小，是公平的吗？
Yeah, I would say it's modest impact to the business in Q4. And again, a quarter from now, when we give our FY2024 targets, we'll have more to say of what that looks like going forward, but modest impact in Q4.
是的，我认为对第四季度的业务影响较为适中。再过一个季度，当我们发布我们的FY2024目标时，我们将会更详细地说明未来的情况，但第四季度的影响是适中的。
Perfect. Thank you, guys. And we'll take a question from Brad Zellnet with Deutsche Bank.
非常好。谢谢你们。接下来我们将接受来自德意志银行的Brad Zellnet的提问。
Great. Thanks. Thanks very much. David, you talked about making Firefly APIs available to customers to embed Firefly into their own content creation of workflows. Can you talk about the use cases in monetization? And is this something you foresee partners leveraging as well into their own third party offerings?
太好了。谢谢你。非常感谢。戴维，你提到了使Firefly API可用于客户将Firefly嵌入到他们自己的内容创作工作流中。你能谈谈关于货币化的使用情况吗？这是否也是您预见合作伙伴将利用其自己的第三方产品提供的东西？
Yes, absolutely. You know, our goal right now is for enterprises and third parties that we work with is to provide a few things. You know, the first is this ability, obviously, to have API access to everything that we are building in so that they can build it into their workflows and their automation stack.
是的，当然可以。你知道，我们目前与企业和第三方合作的目标是提供几个方面的服务。首先，显然，就是能够让他们通过API访问我们所构建的所有内容，以便将其整合到他们的工作流程和自动化堆栈中。
The second thing is to give them the ability to extend or train their own models as well. So if, you know, as we mentioned earlier, our core model, foundation model is a very clean model that generates, you know, great content and you can rely on it commercially. We want our, you know, our customers and partners to be able to extend that model with content that is relevant to them so that, you know, Firefly is able to generate content in their brand or in their style. So we'll give them the ability to train their own model as well.
第二件事情是让他们具备扩展或训练自己模型的能力。所以，如我们之前提到的，我们的核心模型，基础模型是一种很干净的模型，能够生成出优质内容，商业上可靠。我们希望我们的客户和合作伙伴能够扩展这个模型，根据他们自己的需求生成与他们相关的内容，这样，Firefly就能够以他们的品牌或风格生成内容。所以，我们也会给他们训练自己模型的能力。
And then, you know, last but certainly not least, we'll give them, you know, some core workflows that will work with our existing products, whether it's Express or whether it's Creative Cloud or Gen Studio as well, so that they can then integrate everything they're doing onto our core platform.
然后，你知道的，最后但肯定不是最不重要的，我们将向他们提供一些核心工作流程，这些工作流程可以与我们现有的产品（无论是Express还是Creative Cloud或Gen Studio）配合使用，以便他们可以将他们正在进行的所有工作整合到我们的核心平台上。
And then from a monetization perspective, you know, you can imagine the metering concepts that we have for generative credits extending to API calls as well. And of course, those will all be, you know, custom negotiated deals with partners and enterprises.
从盈利角度来看，你可以想象我们为生成信用（generative credits）所使用的计量概念也能推广到API调用上。当然，这些都将是与合作伙伴和企业进行的个性化协商交易。
Great. Thanks very much for taking the questions. Congrats.
太好了！非常感谢你回答问题。恭喜你。
Hey, operator, we're getting close to the top of the hour. We'll take one more question, please. Thank you.
嘿，接线员，离整点还有不到一分钟了。请再接一个问题，谢谢。
Our next question will come from Jay Flushauer with Griffin Securities.
我们接下来的问题将来自Griffin Securities的Jay Flushauer。
Great. Thank you very much. Shontanu, over the last decade or more, one of the most important attributes of how you've managed your product portfolio have been the introsignant and intersegment integrations, particularly between digital media and DX. There is, as you know, a famous acronym for that.
非常好。非常感谢你。Shontanu，在过去的十年或更长时间里，你管理产品组合的最重要特征之一是内部整合和跨部门整合，尤其是数字媒体和DX之间的整合。正如你所知道的，有一个著名的缩写词表示这个意思。
Now when we think about the current generation of integrations that you've just announced, including yesterday, aside from the firefly of the product line and the proliferation of firefly, what are some of the internal developmental changes that you yourselves have to make in order to support the development of new integrations, new packaging? What are you doing differently internally?
现在想一想您刚刚宣布的当前一代整合，包括昨天的信息，除了产品线的火爆和火爆的普及，为了支持新整合、新组合的开发，您自己还需要做出哪些内部发展上的改变？您在内部有什么不同的做法？
And then externally, particularly to support the new generation of products, what are you having to invest in in terms of a customer support and enabling their adoption?
在外部方面，尤其是为了支持新一代产品，你们在客户支持和促进产品采用方面需要投资什么？
Yeah, Jay. I mean, and certainly I think at max also you'll see a bunch more of the innovation.
是的，杰伊。我的意思是，我认为最多还会看到更多的创新。
I think first internally, I'd be remiss if I didn't start off by saying how really thrilled I am with how quickly the company has embraced the possibilities of AI, how we've run all of these betas out there at a scale that, as we have said, is unprecedented, you know, dealing with the differentiation that we can provide, whether that's how we deal with the data, understanding the indemnification, how we embed all of this AI stuff in the interfaces, you know, and we've already shown that in Photoshop, Illustrator, Express, as well as create the new offerings.
我认为首先内部来说，如果我不说一下公司迅速拥抱人工智能的可能性，我会是不负责任的。我们以前所未有的规模进行了所有这些测试，可以说是令人激动的。我们处理数据、理解保险责任、将所有这些人工智能技术嵌入界面等方面提供了差异化的解决方案，并已在Photoshop、Illustrator、Express等已有产品中展示，并创造了新的产品。
So I think the pace of innovation internally of what we have done is actually truly amazing. I mean, you're relative to a lot of the companies that are out there and the fact that we've gone from talking about this to very, very quickly making it commercially available. I don't want to take for granted, you know, the amount of work that went into that. I think internally it is really galvanized because we are our own biggest user of these technologies.
我认为我们内部创新的速度实际上是非常令人惊讶的。我的意思是，相较于许多其他公司，我们从只是谈论这个概念，到迅速将其商业化，所用的时间可以说非常短。我不想忽视背后投入的大量工作。我认为内部人士非常激发了这种创新，因为我们自己是这些技术的最大用户。
You know, what we are doing associated with the campaigns and the Gen Studio that we are using is David alluded to it, our Photoshop Everyone Can campaign or the Acrobat's Goddard campaign or how we will be further delivering campaigns for Express, as well as for Firefly. All of this is built on this technology and, you know, we use Express every day much like we use Acrobat every day.
你知道，我们所做的与我们正在使用的活动和Gen Studio（生成工作室）相关，正如大卫所暗示的，我们的“Photoshop人人都能”的活动，或者Acrobat的“戈达德”活动，以及我们将进一步为Express和Firefly提供活动。所有这些都建立在这项技术上，你知道的，我们每天都像使用Acrobat一样每天都在使用Express。
So I think it's really enabled us to say, are we really embracing all of this technology within the company? And that's been a big change because I think the creative products, you know, we've certainly had phenomenal usage within the company, but the extent to which, you know, the 30,000 employees can now use our combined offering, that is very, very different internally.
所以我认为这真的使我们能够问自己，我们是否真的在公司内部全面采用了所有这些技术？这是一个重大的改变，因为我认为创意产品，我们在公司内部确实有非常成功的使用情况，但是现在那3万名员工能够使用我们整合的产品，这在内部非常非常不同。
So very pleased associated with that.
我对此非常满意。
And you know, I think one way in which that manifests is that all of our product reviews right now include all three groups. So there's very little product sort of reviews that happen without people from creative and document and the experience cloud being part of it. So that's one of them.
而且你知道，我认为这种现象表现在我们目前的所有产品评审上，都涵盖了这三个群体。所以现在很少有没有创意、文档和体验云中的人参与的产品评审。这就是其中之一。
I think the work that we have already put in on the digital excellence as part of D-DOM, that also gives us a lot of confidence of now that we have this breadth of offering, how do we make sure that we can personalize the offerings? Part of the success that was driven in this quarter Jay was to do with the fact that the stock and these value added services, I think the digital excellence team in terms of the D-DOM have really got very good at segmenting our customers and understanding, you know, how we can make sure that they have the right offering. And now think of that with all of the breadth of offerings that we have across mobile and desktop and web.
我认为，作为D-DOM的数字卓越工作的一部分，我们已经付出了很多努力，这也给了我们很多信心。现在我们拥有如此广泛的产品，我们如何确保我们能够个性化地提供？杰伊，这个季度成功的一部分归功于股票和这些增值服务，我认为数字卓越团队在D-DOM方面真的非常擅长将我们的客户细分并理解如何确保他们得到适当的产品和服务。现在，想象一下，我们跨移动、桌面和网络提供如此广泛的产品和服务。
So I think internally and externally, this has been again a real sort of drinking from the fire hose of how we embrace AI. And so I think those are really two examples of how we've done it. And the third thing I would say is that in parallel, internally we've had to really change.
所以我认为无论是内部还是外部，我们再次深刻地感受到了如何拥抱人工智能的巨大冲击。这是两个我们采取的真实例子。而我要说的第三点是，与此同时，我们内部也不得不进行彻底的改变。
We're prior to this Jay, we may have said, okay, we're really going to make all of this magic happen in one of our applications. Today, that has to happen not just within the application, which we've certainly done, but it has to happen as an API so that everybody else can use it. It has to happen as a web only playground, which is what Firefly and Express both are. So the simultaneous release of not just investing in the model, but making sure that's available across all the surfaces, I would say that's another thing.
在这之前，杰伊，我们可能会说，好，我们真的要在我们的一款应用程序中实现所有这些魔法。今天，这不仅需要在应用程序内部实现，这一点我们当然已经做到了，还需要作为API的形式，以便其他人也可以使用。它必须以一个仅限于网络的游戏平台的形式来实现，这就是Firefly和Express所做的。因此，我认为不仅要对模型进行投资，还要确保在所有的平台上都能使用，这是另一件重要的事情。
And the last thing I'll leave you with is you've seen this for imaging, you know, make no mistake. Those same investments, whether it's in vector or animation or 3D or all of those video certainly are underway. And so I think the parallelism associated with saying how do we embrace this opportunity, I think that's also been another big change. But I think it's clear, given this was the last question before I handed over to Jonathan, that, you know, a lot of the questions have been focused on understanding right now all of our announcements and the monetization associated with it.
我将留给你们的最后一点就是，你们已经看到了图像方面的成果，你们知道，毫无疑问。那些投资同样也在矢量图、动画、3D以及所有这些视频方面进行中。所以我认为，我们迎接这个机会的方式与之前有很大的不同。但是我认为很明显，考虑到这是在我将发言权交给乔纳森之前的最后一个问题，许多问题都集中在理解我们目前所有公告和与之相关的货币化方面。
But I did want to again, you know, sort of acknowledge that we have delivered all of this innovation at a breakthrough pace. And so we'll certainly share more as it relates to, you know, how we see this play out. You know, at max, you'll see us have more information on the products. And certainly with the 2024 targets, you'll start to get more visibility into how, you know, and why we believe this is both a growth opportunity as well as embracing new customers.
但是我确实想再次承认，我们已经以突破性的速度推出了所有这些创新。因此，我们肯定会在与此相关的方面分享更多信息。最多情况下，你会看到我们对产品有更多的信息。而且，通过2024年的目标，你将开始更清楚地看到我们为什么相信这既是一个增长机会，也是吸引新客户的机会。
So thank you for joining us. And with that, I will turn it back over to Jonathan. Thanks, Jonathan, and thanks everyone for joining us today.
感谢大家的参与。现在，我将再次将话题转回给乔纳森。谢谢乔纳森，也感谢大家今天的参与。
Looking ahead, we have an exciting lineup planned for Mac starting on October 10th. And we hope you'll be able to attend the entire conference.
展望未来，我们已经计划了一个令人兴奋的Mac系列活动，将于10月10日开始。并且我们希望您能参加整个会议。
At the investor meeting after the day one keynote, we plan to focus on the impact of AI across our customer offerings with previews into our technology roadmap and how these innovations expand Adobe's reach. Given that, fiscal 2024 targets will be provided at our December earnings call.
在开场演讲后的第一天投资者会议上，我们计划重点关注人工智能对我们客户产品的影响，并提前介绍我们的技术路线图以及这些创新如何拓展了Adobe的影响力。鉴于这一点，我们将在12月的盈利电话会议上提供2024财年的目标。
In addition, we're planning another investor event at Adobe Summit in March to give more insight into our addressable markets and financial performance. We hope to see you there.
此外，我们计划在三月份的Adobe Summit举办另一场投资者活动，以提供更多关于我们可达市场和财务表现的见解。我们希望能在那里见到你。
Thanks everyone. And this concludes the call. Thank you.
谢谢大家。接下来的会议就到此结束了。谢谢大家。
That does conclude today's conference. We do thank you for your participation. Have an excellent day.
今天的会议到此结束。非常感谢您的参与。祝您度过愉快的一天。