Adobe 2023 Q3 Earnings Call (Q4 FY23)
发布时间 2023-12-14 14:37:05 来源
Good day and welcome to the 24 and FY2023 Adobe earnings conference call. Today's conference is being recorded.
大家好，欢迎参加2023年Adobe财报电话会议。今天的会议将会进行录音。
At this time I would like to turn the conference over to Jonathan Voss VP of investor relations. Please go ahead.
此时我想将会议交给投资者关系副总裁乔纳森·沃斯。请开始。
Good afternoon and thank you for joining us. With me on the call today are Shantanu Narayan, Adobe's Chair and CEO, David Woodwani, President of Digital Media, Anil Chakravarti, President of Digital Experience, and Dan Dern, Executive Vice President and CFO.
下午好，非常感谢你们的加入。今天与我通话的有Adobe公司的主席兼首席执行官Shantanu Narayen，数字媒体总裁David Wadhwani，数字体验总裁Anil Chakravarti和执行副总裁兼首席财务官Dan Dern。
On this call which is being recorded, we will discuss Adobe's fourth quarter and 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.
在这个正在录制的电话会议上，我们将讨论Adobe公司2023财年的第四季度财务业绩。您可以在Adobe的投资者关系网站上找到我们的新闻发布稿，以及我们准备好的讲话稿和财务业绩的PDF文件。
The information discussed on this call, including our financial targets and product plans, is as of today December 13th and contains forward-looking statements that involve risk, uncertainty, and assumptions. Actual results may differ materially from those set forth in these statements. For more information on those risks, please review today's earnings release and Adobe's SEC filings.
本次电话讨论的信息（包括我们的财务目标和产品计划）截至今天12月13日，并包含一些涉及风险、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的设定有很大不同。有关这些风险的更多信息，请参阅今天的盈利公告和Adobe的证券交易委员会文件。
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. Following this presentation, Adobe's executives will refer to constant currency revenue growth rates unless otherwise stated. Reconciliation between the two is available in our earnings release and on Adobe's IR website.
在这次通话中，我们将讨论差距和非差距的财务指标。我们的报告结果包括差距增长率和恒定汇率。在此演示之后，Adobe的高管们将参考恒定汇率下的收入增长率，除非另有说明。两者之间的调和数据可在我们的收益发布和Adobe的IR网站上找到。
I will now turn the call over to Shantanu. Thanks, Jonathan. Good afternoon and thank you for joining us. Q4 was our first-ever five billion dollar quarter, a new record for the company. Adobe achieved revenue of 5.05 billion representing 13% year over year growth. Gap earnings per share for the quarter was 323 and non-gap earnings per share was 427 representing 28% and 19% year over year growth respectively.
我现在将通话转给Shantanu。谢谢，Jonathan。下午好，感谢大家的参与。第四季度是我们有史以来第一个达到50亿美元的季度，创造了公司的新纪录。Adobe实现了50.5亿美元的收入，同比增长13%。本季度的盈利每股323美元，非盈利每股427美元，同比分别增长了28%和19%。
Q4 was the culmination of another record year for Adobe, achieving 19.41 billion in revenue which represents 13% annual growth. Gap earnings per share in fiscal 2023 was 1182 and non-gap earnings per share was 1607, both representing 17% year over year growth. We exited the year with 17.22 billion in RPO.
Q4是Adobe另一个创纪录的年度的巅峰，实现了194.1亿美元的收入，年增长率达到13%。2023财年的非通用会计准则每股收益为1182美元，通用会计准则每股收益为1607美元，均表示同比增长17%。我们以172.2亿美元的已签约未支付收入结账年度。
A strong performance reflects the mission-critical role our products play in a digital-first world, incredible product innovation, and exceptional execution. Adobe Creative Cloud, Document Cloud, and Experience Cloud have become the foundation of digital experiences starting with the moment of inspiration to the creation and development of content and media, to the personalized delivery and activation across every channel.
一种强大的表现，体现了我们的产品在数字化时代中发挥的关键作用、令人难以置信的产品创新以及卓越的执行能力。Adobe Creative Cloud，Document Cloud和Experience Cloud已成为数字体验的基石，从灵感的刹那开始，涵盖创作和开发内容和媒体的过程，并个性化地在各个渠道进行交付和激活。
Adobe's mission of changing the world through personalized digital experiences and our delivery of foundational technology platforms set us up for the next decade of growth. We take pride in being one of the most inventive, diversified, and profitable software companies in the world.
Adobe通过个性化数字体验改变世界的使命以及我们提供的基础技术平台为我们奠定了下一个十年的增长基础。我们以成为全球最有创造力、多样化和盈利能力最强的软件公司之一为荣。
We believe that every massive technology shift offers generational opportunities to deliver new products and solutions to an ever-expanding set of customers. AI and generative AI is one such opportunity and we have articulated how we intend to invest and differentiate across data, models, and interfaces.
我们相信，每一次重大的技术转变都会为不断扩大的一系列客户提供新的产品和解决方案的一代机会。人工智能和生成式人工智能就是这样一个机会，我们已经明确了我们打算如何在数据、模型和界面方面进行投资和差异化。
We have delivered against the strategy and are pleased that a number of our groundbreaking innovations, including our Firefly models and integrations across Creative Cloud, liquid mode and integrations across Document Cloud, and AI services in our real-time customer data platform and integrations and experience cloud are now seeing tremendous usage by customers.
我们已经按照战略取得了成果，并且非常高兴地看到我们的一些创新产品得到了广泛的客户使用。其中包括我们的Firefly系列产品以及在创意云中的整合，文件云中液态模式和整合，以及我们实时客户数据平台中人工智能服务的整合和经验云的使用都取得了巨大的成功。
We remain excited about the strategic opportunity with Figma to jointly advance product design, accelerate collaborative creativity on the web, and redefine the future of creativity and productivity.
我们对与Figma的战略合作机会依然充满期待，共同推动产品设计进步，加速网络上的协作创作，并重新定义创意和生产力的未来。
We continue to engage with the European Commission, the competition and markets authority in the UK, and the US Department of Justice as they conduct their regulatory reviews. The EC has provided a preliminary statement of objections and the CMA has issued provisional findings of competition concerns. We strongly disagree with these findings and are responding to the respective regulators. As per their current timelines, the EC's decision deadline is February 5th and the CMA's is February 25th. While the DOJ does not have a formal timeline to decide whether to bring a complaint, we expect a decision soon.
我们继续与欧洲委员会、英国竞争与市场管理局以及美国司法部保持接触，并在他们进行监管审查时进行合作。欧洲委员会已提供了初步的异议声明，英国竞争与市场管理局也对竞争问题发表了初步发现。我们对这些发现强烈不同意，并正在回应相关的监管机构。根据目前的时间规定，欧洲委员会的决定截止日期是2月5日，英国竞争与市场管理局的截止日期是2月25日。尽管美国司法部没有正式的决定时限，但我们预计会很快做出决定。
I'll now turn it over to David to discuss the momentum in our digital media business. Thanks, Shantanu.
现在我将把发言机会转交给大卫，让他来讨论我们数字媒体业务的动力。谢谢，Shantanu。
Hello, everyone. In Q4, we achieved net new digital media ARR of $569 million and revenue of $3.72 billion, which grew 14% year over year fueled by innovation in both our creative and document businesses.
大家好。在Q4季度中，我们实现了净新数字媒体年度重复收入（ARR）达5.69亿美元和营收达37.2亿美元，同比增长14%，这一增长得益于我们在创意和文件业务中的创新。
Starting with Creative Cloud, global demand for content is accelerating and continues to be a tailwind for the business. Creative Cloud remains the creativity platform of choice for creators across imaging, photography, design, video, web, animation, and 3D.
从创意云开始，全球对内容的需求正在加速，并且对业务继续起到积极作用。创意云仍然是图像、摄影、设计、视频、网络、动画和3D领域创作者首选的创意平台。
A rapid pace of product and AI model innovation is empowering 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.
产品和人工智能模型创新的快速步伐使越来越多的个人、学生、创意专业人士、小企业主和企业能够比以往任何时候更快、更容易地创建和经营令人惊叹的内容，并从中获利。
We were thrilled to come together in person with thousands of creators at Adobe Maxx in Los Angeles and at our Max event in Tokyo with millions more from our community engaging with us online. We reached a record 300 million social interactions in the month following Maxx.
我们对能够与数千位创作者在洛杉矶的Adobe Maxx活动以及我们在东京的Max活动中亲自聚集在一起感到非常激动，同时还有数以百万计的社区成员通过在线与我们互动。在Maxx活动结束后的一个月内，我们创造了创纪录的3亿次社交互动。
Q4 was a record quarter for Creative Cloud, achieving 3 billion in revenue, which grew 14% year over year. Net new Creative Cloud ARR was $398 million. These highlights include strong digital traffic resulting from product innovation, social engagement, and our continued product-led growth efforts, which drove record new commercial subscriptions in the quarter.
Q4是Adobe Creative Cloud的一个记录季度，实现了30亿美元的营收，同比增长了14%。净新增Creative Cloud年收入达到3.98亿美元。这些亮点包括产品创新带来的强劲数字流量，社交互动以及我们持续的产品主导增长努力，这在该季度推动了创纪录的新商业订阅。
The general availability of our generative AI Firefly models and their integrations across Creative Cloud drove tremendous customer excitement with over 4.5 billion generations since launch in March. The release of three new Firefly models, Firefly Image 2 model, Firefly Vector model, and Firefly Design model, offering highly differentiated levels of control with effects, photo settings, and generative match.
我们生成式AI Firefly模型及其在Creative Cloud中的集成的全面可用性自3月推出以来，激发了巨大的客户兴奋，迄今已经产生了45亿代。我们发布了三个新的Firefly模型，分别是Firefly Image 2模型、Firefly Vector模型和Firefly Design模型，提供高度差异化的控制级别，包括效果、照片设置和生成匹配。
We also introduced generative credits as part of our Creative Cloud subscription plans. The general availability of Photoshop, generative fill, and generative expand, which are seeing record adoption, they're already among the most used features in the product. Adobe Illustrator is an Adobe Illustrator with the introduction of text-to-vector beta enabling users to generate icons, scenes, subjects, patterns, and gradients.
作为我们创意云订阅计划的一部分，我们还引入了生成性积分。Photoshop、生成性填充和生成性扩展的一般可用性正创纪录性地被广泛采用，它们已经成为产品中最常用的功能之一。通过引入文本转向量测试版，Adobe Illustrator 也成为了一个可以生成图标、场景、对象、模式和渐变的工具。
Adobe Premiere Pro advances include a significant performance improvement in the timeline for faster and smoother editing, new color preferences, and improved tone mapping. Premiere Pro is now natively integrated with Frame.io offering faster content sharing and collaboration.
Adobe Premiere Pro的新功能包括在时间线上显著提升的性能，以实现更快速、更流畅的编辑，新增颜色优选功能和改进的色调映射。Premiere Pro现在原生集成了Frame.io，提供更快速的内容共享和协作。
The combination of Adobe Express and Firefly is enabling everyone from Creative Pro's to beginners to quickly move from ideation to task-based workflows and Express, dramatically expanding our reach and widening our top-of-funnel. The family of generative capabilities across Express, including text-to-image, text effects, text-to-template, and generative fill, are driving adoption of Express and making it even faster and more fun for users of all skill levels. Express now comes pre-installed on all new Chromebooks, making it accessible to students, educators, and anyone using Chrome OS.
Adobe Express和Firefly的结合使得创意专业人员和初学者都能快速从构思转向基于任务的工作流程和Express，大幅拓展我们的覆盖范围并扩大我们的潜在用户群。Express提供的一系列生成能力，包括文本转图像、文本效果、文本到模板和生成填充，推动了Express的采用，并使所有技能水平的用户都能更快、更有趣地使用。Express现在已经预装在所有新的Chromebook上，使其对学生、教育工作者和使用Chrome OS的任何人都可访问。
Continued strength in Adobe Stock, which had its best year ever, driven by accelerating demand for high-quality image, vector, video, and 3D content. Creative Cloud, Express, and Firefly integrations with Adobe Gen Studio, enabling ideation, and stakeholder collaboration as part of their overall content supply chain.
Adobe Stock的持续增长，以其最佳年度表现为驱动，受到对高质量图像、矢量、视频和3D内容不断增长的需求的推动。Creative Cloud、Express和Firefly与Adobe Gen Studio的集成使得创意构思和利益相关者之间的协作成为整个内容供应链的一部分。
Strong mid-market and enterprise adoption, driven by upsell to Creative Cloud offerings with Firefly. Key customer wins include Cyber Agent Deloitte, Discovery Communications, Next-Star Media, Pepsi, Publises, and the United Nations.
在中小企业和大企业中，已有强大的采用率，主要通过Firefly向Creative Cloud产品的升级推动。关键客户包括Cyber Agent Deloitte、Discovery Communications、Next-Star Media、Pepsi、Publises和联合国。
We are thrilled with the momentum we're seeing in the Creative Business following a year of unprecedented innovation. Our excitement around Firefly integrations across our applications has been great to see with community engagement, social interactions, and creative marketing campaigns driving organic brand search volume, traffic, and record demand.
我们对创意业务的发展势头感到非常兴奋，这一年来创新力前所未有。我们对火蝠在各种应用中的整合感到非常振奋，社区互动、社交互动和创意营销活动推动了有机品牌搜索量、流量和创纪录的需求。
While we started rolling out new Creative Cloud pricing in select geographies in November, the primary driver of growth continues to be new paid subscriptions across our Rux to market. We're excited to build on this momentum as we entered FY24.
尽管我们在11月份开始向特定地区推出新的创意云定价，但增长的主要推动因素仍然是我们在市场推广中获取的新的付费订阅。我们对进入2024财年时的这种势头感到兴奋，并希望进一步发展。
Now turning to Document Cloud, digital documents are essential enablers of our personal and professional lives. Document Cloud is a leader in digital documents powering all common document actions including editing, sharing, reviewing, scanning, and signing. Document Cloud innovations are advancing accessibility, comprehension, productivity, automation, and security in document workflows across web desktop and mobile.
现在转向文档云，数字文档是我们个人和职业生活中至关重要的工具。文档云是数字文档领域的领先者，支持包括编辑、共享、审阅、扫描和签名在内的各种常见文档操作。文档云的创新正在推动文档工作流程在网络、桌面和移动设备上的可访问性、理解力、生产力、自动化和安全性的发展。
In Q4, we achieved Document Cloud revenue of $721 million growing 17% year over year. We added a record $171 million of net new Document Cloud ARR with ending ARR growing 23% year over year in constant currency. Business highlights include Acrobat Web Growth, which continues to be an incredible source of customer acquisition with monthly active users up over 70% year over year.
在第四季度，我们的文件云收入达到了7.21亿美元，同比增长17%。我们还创造了创纪录的1.71亿美元净新增文件云年度再现率（ARR），按不变汇率计算，年度ARR同比增长23%。业务亮点包括Acrobat Web增长，这一令人难以置信的客户获取来源，每月活跃用户同比增长超过70%。
A surge in usage of link sharing for stakeholder collaboration around PDF files, which increased 400% year over year, creating a viral growth loop that is bringing tens of millions of users into the Acrobat ecosystem. This is a great example of how we are scaling our PLG motions.
PDF文件的链接共享在利益相关者协作中的使用激增了400%，形成了一个病毒式增长循环，吸引了数千万用户进入Acrobat生态系统。这是我们如何扩展产品的杰出示范，采用了产品引领增长策略。
Long demand for Acrobat on mobile, with Mao surpassing 100 million users in Q4. Liquid mode has now served over 1 billion files to customers demonstrating how indispensable this technology has become on mobile devices. Adobe Acrobat to express workflows, making it even easier to import, edit, and enhance documents to create visually stunning PDFs. Key enterprise customer wins include Alshaya, Bank of America, Department of Veterans Affairs, MasterCard, State Farm Auto Insurance, and Volkswagen. Much like the creative business, we expect generative AI to deliver additional value and attract new customers to Document Cloud. Acrobat's generative AI capabilities, which will enable new creation, comprehension, and collaboration functionality, have already been rolled out in a private beta. We expect to release this in a public beta in the coming months.
长期以来，人们一直在移动设备上迫切需求Acrobat。在第四季度，Acrobat的用户数已经超过1亿，其中包括Mao。Liquid mode已经向客户提供了超过10亿个文件，展示了这项技术在移动设备上的不可或缺性。Adobe Acrobat可以表达工作流程，使导入、编辑和增强文档以创建视觉上令人惊叹的PDF更加容易。关键企业客户的成功案例包括Alshaya、美国银行、退伍军人事务部、万事达卡、美国农场汽车保险和大众汽车。与创意业务一样，我们预计生成式人工智能将为文档云带来更多价值，并吸引新客户。Acrobat的生成式人工智能功能已经在私人测试版中推出，它将实现新的创作、理解和协作功能。我们预计在未来几个月内发布公测版。
It's been an extraordinary year for the digital media business with the introduction of hundreds of transformative innovations that are reshaping the future of creativity, productivity, and digital experiences. Capping this year's many accolades, Time Magazine recognized Adobe Liquid mode, Photoshop, generative fill, and generative expand among the best inventions of 2023. I'll now pass it to Anil. Thanks, David.
对于数字媒体行业来说，这一年是非同寻常的，引入了数百项革命性创新，正在重塑创意、生产力和数字体验的未来。作为这一年的众多荣誉的压轴大奖，时代杂志认可Adobe Liquid模式、Photoshop、生成填充和生成扩展为2023年的最佳发明之一。现在我将把话题交给Anil。谢谢，David。
Hello, everyone. Digital experiences are indispensable for every business in every category, enabling companies of all sizes to engage and transact with customers around the world. Adobe's Holiday Shopping Report, which analyzes trillions of data points, found that both Black Friday and Cyber Monday sales hit record highs of $9.8 billion and $12.4 billion respectively, jumping 7.5% and 9.6% from last year. We predict that Holiday 2023 spend will exceed $221 billion in the US alone. Adobe Experience Cloud is optimally positioned to capitalize on this massive global opportunity.
大家好，对于任何行业的企业来说，数字化体验都是不可或缺的，能够使各种规模的企业与全球的客户进行互动和交易。Adobe的假日购物报告分析了数万亿个数据点，发现黑色星期五和网络星期一的销售额分别达到了98亿美元和124亿美元的历史新高，比去年增长了7.5%和9.6%。我们预测，仅在美国，2023年假日消费将超过2210亿美元。Adobe Experience Cloud在利用这一全球机遇方面处于最佳位置。
Companies across B2C and B2B are turning to Adobe Experience Cloud as the platform to accelerate experience-led growth. Our leading solutions spanning data insights and audiences, content and commerce, customer journeys and marketing workflow, empower businesses to drive customer demand, engagement, and growth while simultaneously delivering productivity gains. Our comprehensive set of applications, including Realtime CDP, are built natively on our highly differentiated Adobe Experience platform, providing companies with a unified profile of each of their customers to deliver personalized real-time experiences at scale.
越来越多的B2C和B2B公司选择Adobe Experience Cloud作为推动基于体验的增长的平台。我们领先的解决方案涵盖数据洞察和受众、内容与商业、客户旅程和营销工作流程，赋予企业推动客户需求、参与度和增长的能力，同时提供生产力的提升。我们全面的应用程序组合，包括实时CDP，都是基于我们高度差异化的Adobe Experience平台进行本地构建的，为公司提供每个客户的统一个人资料，以便规模化地提供个性化的实时体验。
Our AI accelerates our pace of innovation across the Experience Cloud portfolio, enabling us to build on our capabilities to deliver personalized digital experiences. Our efforts are focused in three areas. One, augmenting our applications with an AI assistant that significantly enhances productivity for current users and provides an intuitive conversational interface to enable more knowledge workers to use our products. Two, reimagining existing Experience Cloud applications like we did with Adobe Experience Manager. And three, developing entirely new solutions built for the age of generative AI like Adobe Gen Studio.
我们的人工智能加速了我们在体验云产品组合中的创新步伐，使我们能够在现有能力的基础上构建个性化的数字体验。我们的努力集中在三个方面。一是通过AI助手来增强我们的应用程序，显著提高当前用户的生产力，并提供直观的对话界面，使更多的知识型工作者能够使用我们的产品。二是像我们对Adobe Experience Manager所做的那样，重新构想现有的体验云应用程序。三是开发全新的适应生成式人工智能时代的解决方案，如Adobe Gen Studio。
In Q4, we continue to drive strong growth in the Experience Cloud business across our enterprise and mid-market customers, achieving $1.27 billion in revenue. Subscription revenue was $1.12 billion representing 12% year over year growth. Business highlights include strong momentum with Adobe Experience platform and native applications, inclusive of real-time CDP, Adobe Journey Optimizer, and customer journey analytics. AEP had its first $100 million quarter of net new business in Q4 and exited the year with a greater than $700 million annualized book of business. Release of Adobe Gen Studio, an end-to-end solution that brings together best-in-class applications across Creative Cloud Express and Experience Cloud with Firefly generative AI at the core to help brands meet the rising demand for content. Gen Studio provides a comprehensive offering spanning content ideation, creation, production and activation. We are seeing tremendous interest in Gen Studio from brands like Henkel, Pepsi, and Verizon and agencies like Publises, Omnicom, and Avas as they look to accelerate and optimize their content supply chains.
在第四季度，我们继续推动企业和中市场客户的体验云业务强劲增长，实现了12.7亿美元的收入。订阅收入为11.2亿美元，同比增长12%。商业亮点包括Adobe体验平台和原生应用取得的强劲势头，包括实时CDP、Adobe Journey Optimizer和客户旅程分析。AEP在第四季度实现了1亿美元的净新业务，全年的业务规模超过7亿美元。发布了Adobe Gen Studio，这是一个端到端的解决方案，将创意云快速和体验云与核心的Firefly生成AI结合在一起，以帮助品牌满足对内容的不断增长的需求。Gen Studio提供了从内容创意、创作、生产到激活的综合解决方案。我们看到Henkel、百事可乐、威瑞森等品牌以及Publicis、奥美尼康、艾维斯等代理商对Gen Studio表现出了极大的兴趣，他们希望加快和优化自己的内容供应链。
Reimagine customer experiences with the all-new Adobe Experience Manager sites that enable businesses and developers to quickly test and optimize web content, deliver fastest possible page load times and maximize SEO rankings, lighthouse scores and conversion. Adobe was recognized as a leader in over 25 industry analyst reports this year, including the Gotner Magic Quadrants for Digital Experience platforms, B2B marketing automation platforms and multi-channel marketing hubs. In the Forrester Wave for Digital Experience platforms which was published last week, Adobe received the highest scores for strategy.
用全新的Adobe Experience Manager站点重新构想客户体验，使企业和开发人员能够快速测试和优化网页内容，实现最快的页面加载时间，并最大限度地提升SEO排名、灯塔评分和转化率。今年，Adobe在超过25份行业分析报告中被认定为领导者，包括Gotner数字体验平台、B2B市场自动化平台和多渠道营销中心的魔力象限报告。在上周发布的Forrester数字体验平台波浪报告中，Adobe的战略得分最高。
Key customer wins include Alshaya, Coca-Cola, EY, IBM, Marriott, Ria Dare, Centender Brazil, Sony, Southern Graphics, Unilever, Vanguard and Verizon. In our conversations with these and other customers around the world, C-level executives are continuing to prioritize experience-led growth as a critical business imperative despite ongoing budget scrutiny. Adobe Experience Cloud is well positioned to keep winning with innovative products that power end-to-end customer experiences and enable companies to simultaneously drive growth and profitability. We are looking forward to continuing our leadership and momentum into 2024. I'll now pass it to Dan.
重要客户的胜利包括Alshaya、可口可乐、EY、IBM、万豪、Ria Dare、Centender Brazil、索尼、南方图形、联合利华、Vanguard和Verizon。在我们与这些以及其他全球客户的对话中，高级管理层继续将以体验为导向的增长作为关键的业务要务，尽管预算仍然受到审查。Adobe体验云在创新产品方面处于有利地位，为全面的客户体验提供动力，并使公司能够同时推动增长和盈利能力。我们期待着在2024年继续保持领先地位和良好发展势头。现在我将把话传给丹。
Thanks, Anil. Our earnings report today covers both Q4 and FY23 results. What a year 2023 was. Fueled by a deep understanding of our customers, product innovation and outstanding execution, we delivered strong financial results and world-class margins, positioning the company for years of continued growth. In FY23, Adobe achieved record revenue of $19.41 billion, which represents 10% year over year growth or 13% growth in constant currency. GAP EPS for the year was $11.82 and non-GAP EPS was $16.07, each growing 17% year over year. FY23 business and financial highlights included, digital media revenue of $14.22 billion, net new digital media ARR of $1.91 billion, digital experience revenue of $4.89 billion, cash flows from operations of $7.3 billion, RPO of $17.22 billion exiting the year, and repurchasing approximately 11.5 million shares of our stock during the year at a cost of $4.63 billion.
谢谢，安尼尔。我们今天的盈利报告涵盖了第四季度和2023财年的结果。2023年是多么不可思议的一年。凭借对我们客户的深刻理解、产品创新和出色的执行能力，我们取得了强劲的财务业绩和世界级的利润率，为公司未来数年的持续增长奠定了基础。在2023财年，Adobe实现了创纪录的194.1亿美元营收，同比增长了10%，或者按固定汇率计算增长13%。全年GAP每股收益为11.82美元，非GAP每股收益为16.07美元，同比增长了17%。2023财年的业务和财务亮点包括数字媒体收入142.2亿美元，新的数字媒体年度重复购买顶额（ARR）为19.1亿美元，数字体验收入48.9亿美元，运营现金流73亿美元，年底未解决订单（RPO）为172.2亿美元，并且在全年以46.3亿美元的成本回购了约1150万股公司股票。
In the fourth quarter of FY23, Adobe achieved revenue of $5.05 billion, which represents 12% year over year growth or 13% in constant currency. GAP diluted earnings per share in Q4 was $3.23, and non-GAP diluted earnings per share was a record $4.27, growing 28% and 19% year over year, respectively. Q4 business and financial highlights included, digital media revenue of $3.72 billion, net new digital media ARR of $569 million, digital experience revenue of $1.27 billion, cash flows from operations of $1.6 billion, adding approximately $1.5 billion to RPO in the quarter, our highest sequential quarterly increase ever, and repurchasing approximately 1.8 million shares of our stock.
在2023财年第四季度，Adobe的收入达到了50.5亿美元，同比增长了12%，或在恒定货币条件下增长了13%。第四季度每股普通股收益为3.23美元，非普通股每股收益创纪录为4.27美元，分别较去年同期增长了28%和19%。第四季度的业务和财务亮点包括数字媒体收入37.2亿美元，数字媒体净增ARR额为5.69亿美元，数字体验收入为12.7亿美元，运营活动现金流为16亿美元，季度性增长近15亿美元，为我们有史以来最高的环比季度增长，回购了大约180万股股票。
In our digital media segment, we achieved Q4 revenue of $3.72 billion, which represents 13% year over year growth or 14% in constant currency. Our net new ARR in Q4 was $569 million, which was a quarterly record in constant currency, and we exited the quarter with $15.17 billion of digital media ARR. We achieved creative revenue of $3 billion, which represents 12% year over year growth or 14% in constant currency, and we added $398 million of net new creative ARR in the quarter. Driving this performance was strong customer acquisition throughout the quarter, as well as strength during the peak holiday shopping weeks. Fourth quarter creative growth drivers included, individual subscriber growth fueled by targeted campaigns and strong web traffic. A strong quarter for creative cloud all-apps subscriptions across customer segments and geographies with particular strength in emerging markets. Sales of CC single apps, including a strong quarter for imaging and photography offerings. Continue growth of our frame I.O. offering and Adobe stock, which capped off its best year ever in terms of net new ARR.
在我们的数字媒体业务部门，我们在第四季度实现了37.2亿美元的收入，同比增长13%或以不变货币计算增长14%。我们在第四季度的净新增合同年度重复收入（ARR）为5.69亿美元，在以不变货币计算的情况下创下了季度纪录，季末的数字媒体ARR达到151.7亿美元。我们的创意收入为30亿美元，同比增长12%或以不变货币计算增长14%，我们在这个季度新增了3.98亿美元的净创意ARR。推动这一表现的原因是全季度的强劲客户获取，以及在圣诞购物旺季期间的强劲表现。第四季度的创意增长驱动力包括由有针对性的营销活动和强大的网络流量推动的个人订阅者增长。创意云全应用程序订阅在各个客户群体和地理区域均表现强劲，尤以新兴市场为佳。创意云单个应用程序的销售非常强劲，包括图像和摄影产品在内的销售也表现出色。我们的Frame I.O.和Adobe Stock的持续增长，使其以净新合同年度重复收入的方式结束了有史以来最好的一年。
Demand and education driven by back to school purchasing, as well as migrations to full priced offerings by graduating students entering the workforce.
需求和教育驱动重回校园购买，以及毕业生进入职场逐渐转向全价产品的趋势。
In typical Q4 strength in the enterprise, including significant upsell of our new Firefly and Express offerings.
在典型的第四季度，企业部门表现强劲，包括对我们新推出的Firefly和Express产品的大额增购。
Adobe achieved document cloud revenue of $721 million, which represents 16% year over year growth or 17% in constant currency.
Adobe实现了7.21亿美元的文档云收入，这代表了同比增长16％或在恒定货币下增长17％。
We added a record $171 million of net new document cloud ARR in the quarter.
我们在本季度增加了1.71亿美元的净新文档云年收入。
Fourth quarter document cloud growth drivers included, acrobat subscription demand across all customer segments, routes to market and geographies.
第四季度的文档云增长的驱动因素包括：各个客户细分、市场渠道和地理区域对Acrobat订阅的需求。
Continued strength of our free to paid funnels, including reader on the desktop and acrobat web.
我们免费到付费渠道的持续势头强劲，包括桌面阅读器和Acrobat Web。
这句话的意思是，我们免费提供的服务持续吸引用户向付费服务转化，其中包括桌面阅读器和Acrobat网页版。
Strong performance of our collaboration services, including PDF link sharing and sign, which are virally bringing new users to the acrobat ecosystem.
我们的协作服务表现出色，其中包括PDF链接共享和签名功能，这些功能正通过病毒式传播吸引着新用户加入Acrobat生态系统。
An outstanding quarter for acrobat mobile is a result of increased proliferation, usage and conversion and year in seasonal strength in S&B and enterprise.
Acrobat Mobile取得的出色季度成绩是由于更广泛地推广、使用和转化，以及在S&B和企业领域的年度季节性实力增长所带来的结果。
Turning to our digital experience segment, in Q4 we achieved revenue of $1.27 billion, growing 10% year over year or 11% in constant currency.
转向我们的数字体验部分，在第四季度，我们实现了12.7亿美元的收入，同比增长10%，或在不变汇率下增长11%。
We achieved subscription revenue of $1.12 billion, which represents 12% year over year growth.
我们实现了11.2亿美元的订阅收入，这相当于年同比增长12%。
Fourth quarter digital experience growth drivers included, strong year in bookings across solutions with particular strength in North America.
第四季度数字体验增长的驱动因素包括解决方案预订增长强劲，特别是在北美地区。
Continued success closing multi-solution transformational deals with large enterprises.
持续成功与大型企业达成多解决方案的转型合作。
Momentum with AEP and native applications with the FY23 exiting book of business growing greater than 60% year over year.
动力与AEP，以及FY23退出的业务增长超过去年同比增长60%的原生应用程序。
这句话的意思是，AEP和原生应用程序在FY23的退出交易中表现出积极的势头，业务增长率超过了去年同期增长60%以上。
Strong net dollar retention for early adopters of AEP, demonstrating the value enterprises are realizing from a real-time data platform and integrated offerings.
早期采用实时数据平台和集成解决方案的企业的坚挺净美元保留率，显示了这些企业正从中获得的价值。
And strength across our data and insights, content and work front solutions and growing customer interest and pipeline for our new Gen Studio solution.
通过我们的数据和洞察力、内容和工作前端解决方案的强大支持，以及不断增长的顾客兴趣和我们新一代Studio解决方案的销售渠道。
We drew world-class operating margins in Q4 and throughout fiscal 2023 by making disciplined investments in R&D, marketing and sales and were pleased that we grew EPS faster than revenue.
我们通过对研发、营销和销售进行有节制的投资，在2023财年第四季度和全年实现了世界一流的经营利润率，并对我们的每股收益增长速度快于收入增长感到高兴。
Adobe's effective tax rate in Q4 was 18% on a gap basis and 18.5% on a non-gap basis in line with our expectations.
Adobe在第四季度的实际税率按照我们的预期，按照gap基准为18%，按照非gap基准为18.5%。
RPO exiting the quarter was 17.22 billion growing 13% year over year.
最新财报显示，RPO在本季度结束时达到172.2亿美元，同比增长13%。
Our ending cash and short-term investment position exiting Q4 was 7.84 billion.
我们在第四季度结束时的现金及短期投资余额为78.4亿。
And cash flows from operations in the quarter were 1.6 billion after making a previously discussed payment in the quarter of 826 million of US federal taxes that we deferred from the second and third quarters of FY23.
本季度经营活动现金流入为16亿美元，其中包括我们之前延期支付的8.26亿美元美国联邦税款。这笔税款是我们从FY23年第二季度和第三季度延期支付的。
In Q4, we entered into a $1 billion share purchase agreement and we currently have $2.15 billion remaining of our $15 billion authorization granted in December 2020.
在第四季度，我们达成了一项价值10亿美元的股票购买协议，目前我们还剩下215亿美元的授权金额，该授权是在2020年12月获得的总共150亿美元的授权中的一部分。
As a reminder, we measure ARR on a constant currency basis during a fiscal year and re-value ARR at year end.
作为提醒，在财政年度内，我们以恒定货币基础来衡量ARR，并在年底重新估值ARR。
FX rate changes between December of 2022 and this year have resulted in a $160 million increase to digital media ARR balance entering FY24, which is now $15.33 billion and is reflected in our updated investor data sheet.
2022年12月至今年之间的外汇率变动导致数字媒体的预定收入增加1.6亿美元，从而使进入FY24的余额达到153.3亿美元，并反映在我们更新的投资者数据表中。
Factoring in the momentum across our businesses and current expectations for the macroeconomic and foreign exchange environments.
考虑到我们业务之间的势头以及当前对宏观经济和外汇环境的预期。
For FY24, we are targeting total Adobe revenue of $21.30 to $21.50 billion.
对于FY24，我们的目标是实现总计213亿美元到215亿美元的Adobe收入。
In the immediate net new ARR of approximately $1.9 billion.
在近期净新增年度再购订收入达到约19亿美元。
Digital media segment revenue of $15.75 to $15.85 billion.
数字媒体部门的收入为157.5亿美元到158.5亿美元。
Digital experience segment revenue of $5.275 to $5.375 billion.
数字体验分部的收入为52.75亿至53.75亿美元。
Digital experience subscription revenue of $4.75 to $4.80 billion.
数字体验订阅收入为47.5到48.0亿美元。
Tax rate of approximately 18% on a gap basis and 18.5% on a non-gap basis.
根据盈亏差额计算，税率大约为18%，根据非盈亏差额计算，税率为18.5%。
Gap earnings per share of $13.45 to $13.85 and non-gap earnings per share of $17.60 to $18.
每股盈利为13.45至13.85美元，非通用会计准则每股盈利为17.60至18美元。
As a reminder and as is customary, these targets do not reflect our planned acquisition of Figma.
作为提醒，并且按照惯例，这些目标并不反映我们计划收购Figma的情况。
We expect normal seasonality throughout the year with a seasonal step down for new business into the first quarter.
我们预计全年将会出现正常的季节性变化，其中新业务在第一季度将会有一个季节性的下降。
Sequential growth from Q1 to Q2.
从第一季度到第二季度的连续增长。
Typical Q3 summer seasonality and a strong finish to the year in Q4.
Typical Q3 summer seasonality and a strong finish to the year in Q4.
典型的第三季度夏季季节性变化和强劲的第四季度结尾。
We expect our cash tax rate to improve sequentially in FY24 by 2 percentage points as the amortization of previously capitalized R&D increases our deductions next year for tax purposes, benefiting our operating cash flows next year.
我们预计，我们的现金税率在FY24年将会逐渐改善，提高2个百分点，因为以前资本化的研发摊销将会增加我们明年用于税务目的的扣除，从而使我们的运营现金流量在明年受益。
For Q1, FY24, we are targeting.
对于Q1 FY24，我们的目标是……
Digital Adobe revenue of $5.10 to $5.15 billion.
数字化 Adobe 的营收为 51 亿到 51.5 亿美元。
Digital media net new ARR of approximately $410 million.
数字媒体净新增ARR约为4.1亿美元。
Digital media segment revenue of $3.77 to $3.80 billion.
数字媒体部门收入为37.7亿至38亿美元。
Digital experience segment revenue of $1.27 to $1.29 billion.
数字体验部门的收入为12.7至12.9亿美元。
意思是数字体验部门的收入预计在12.7至12.9亿美元之间。
Digital experience subscription revenue of $1.14 to $1.16 billion.
数字体验订阅收入为11.4到11.6亿美元。
Trade of approximately 18% on a gap basis and 18.5% on a non-gap basis.
交易差额约为18%，非差额约为18.5%。
Gap earnings per share of $3.35 to $3.40 and non-gap earnings per share $4.35 to $4.40.
Gap每股收益为3.35至3.40美元，非Gap每股收益为4.35至4.40美元。
While the implied operating margin for Q1 is up sequentially, we expect a typical seasonal margin step down starting in Q2 as a result of the annual merit increases and disciplined investments to drive growth.
虽然第一季度的暗示操作利润环比上升，但我们预期随着年度工资增加和有计划的投资推动增长，第二季度将出现典型的季节性利润下降。
In summary, I couldn't be prouder the company's performance in FY23 and the momentum we're carrying into 2024 across KRETA Cloud, Document Cloud, and Experience Cloud, our strategy, scale, speed of execution, and profitability position us for years of sustained success. Shantanu, back to you.
总之，我对公司在FY23财年的表现感到无比自豪，以及我们在KRETA Cloud、Document Cloud和Experience Cloud上带来的发展势头，我们的战略、规模、执行速度和盈利能力使我们能够获得持续多年的成功。Shantanu，现在轮到你了。
Thanks, Dan. In addition to our financial accomplishments, we are proud to once again be recognized for our industry leadership. Content credentials and Adobe's approach to responsible AI were recognized by FAST Company as one of the year's breakthrough innovations. We were again named to the Dow Jones Sustainability Index. Glassdoor listed Adobe as one of the best places to work. An interbrand ranked us in the top 20 best global brands as a rising brand for the eighth year in a row.
谢谢，丹。除了我们在财务上取得的成就外，我们再次以我们在行业领导地位上的认可而自豪。FAST Company表示，我们在内容凭证和Adobe对负责任人工智能的方法上被评选为年度突破创新之一。我们再次入选道琼斯可持续发展指数。Glassdoor将Adobe列为最佳工作场所之一。Interbrand连续第八年将我们评为全球前20个最佳品牌之一。
Digital remains a massive tailwind as content demand and consumption continues to grow and businesses of all sizes are focused on transforming their customer experiences. Adobe is incredibly well positioned to lead and capitalize on this opportunity. Thanks to our innovative roadmap, expanding global customer base, strong brand, and the best employees in the world.
数字化依然是一个巨大的有利因素，因为内容需求和消费持续增长，各种规模的企业都致力于改变客户体验。Adobe在领导和利用这一机遇方面具有非常好的地位。这要归功于我们创新的路线图，不断扩大的全球客户基础，强大的品牌以及世界上最好的员工。
Our fiscal 24 financial targets reflect our confidence in continuing to drive strong top line growth and world class profitability. I'm more certain than ever that Adobe's best days are ahead of us. Thank you, and we will now take questions.
我们的财政24年的财务目标反映了我们对持续推动强劲收入增长和世界一流的利润能力的信心。我比以往任何时候都更加确信，Adobe的最好时期还在前方。谢谢大家，现在我们开始回答问题。
Operator. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow the signal to reach our equipment. We ask that you please limit yourself to one question. Again, press star one to ask a question. We'll pause for just a moment to assemble the queue.
接线员。如果您想要问问题，请按下电话键盘上的星号一号键发送信号。如果您正在使用扬声器电话，请确保您的静音功能关闭，以便信号可以传达到我们的设备。我们请您限制自己只问一个问题。再次，按下星号一号键来提问。我们稍等片刻，以便排队。
We'll take our first question from Cash Ringham with Goldman Sachs. Please go ahead.
我们将从高盛公司的Cash Ringham提问开始。请说吧。
Hi, thank you very much. Congrats on the quarter and happy holidays. Shomping on the team, I'm wondering, going into 2024, it definitely feels like the economy is in stable footing and in general, the software metrics are all improving as this year unfolded. Very different from going from 22 to 23. Your DM, your ARR guidance is about the same as how you started last year, but you got the benefit of generative AI, tailwinds from the economy, you got pricing and firefly. Can you just help us understand if you isolate for those factors what has gone into your guidance? It seems like we exclude the optionality that you have, including the tailwinds and the economy that that guidance looks like it's very conservative. That's the right thing to do, but I just want to understand your top process. Thank you so much.
你好，非常感谢你。恭喜你取得的季度成绩，祝你节日快乐。作为团队的一员，我想知道，进入2024年，经济似乎确实处于稳定状态，软件指标总体上也在逐步改善，与从22年到23年的情况非常不同。你的DM、ARR指导方针与去年初相当，但你受益于生成AI、经济形势的顺风和定价以及Firefly技术。你能帮助我们理解如果排除这些因素后，你的指导方针是基于什么考量的吗？看起来我们忽略了你拥有的选择机会，包括经济形势的顺势而为，因此指导方针看起来非常保守。采取这样的方式是正确的，但我只是想了解你的最高决策过程。非常感谢你。
Yeah, thanks, Cash. I mean, certainly really thrilled with what a phenomenal year we had across all aspects of the business, whether it was the $5 billion quarter, $5 billion book of business now in DX exiting and certainly digital media, ARR performance. Now, let's, if you reflect, I mean, you talked about the guidance that we gave at the beginning of 23 and 24. If you recall, we actually had guided to 1650 first, then we opted as you know to 1750 and ended with, you know, 1913. And so to your point, on the execution front, we've delivered some great innovative products. We've expanded the customer base with new products like Express and Firefly. We're certainly focused on surfaces, you know, and making sure all of our flagship products are available across all surfaces. And so we do have multiple growth drivers to your point. And we are focused on monetizing the opportunity. I mean, I would say, you know, we take our guide very seriously. The other way of looking at it, Cash, is it's the highest annual guide ever in terms of, you know, what the guide we've issued. It's the highest Q1 guide ever. And, you know, we want to go again, execute against this large opportunity and have another record year. So we're feeling good. The momentum is certainly there in the business. But we take our guidance at this point of the year very seriously. Thank you so much and happy holidays of the best for 2020.
是的，谢谢，Cash。我的意思是，在业务的各个方面，我们在过去一年取得了非凡的成就，无论是在5十亿的季度收入，还是在DX退出和数字媒体领域的5十亿的业务规模，以及ARR业绩方面。现在，如果你回顾一下，我们在2023年和2024年初给出的指导意见。你可能还记得，我们实际上首先给出了1650的指导，然后选择了你所知道的1750，并最终达到了1913。因此，从执行层面来看，我们推出了一些极棒的创新产品。我们通过Express和Firefly等新产品扩大了客户群体。我们当然关注于各种终端，确保我们的旗舰产品在所有终端上都能使用。所以，正如你所说，我们确实有多个增长驱动因素，并且我们专注于将机会变现。我会说，你知道的，我们非常认真地对待我们的指导意见。另一种看待这个问题的方法，Cash，是这是有史以来最高的年度指导意见，就我们发布的指导意见而言。这是有史以来最高的Q1指导意见。而且，我们希望再次抓住这个巨大的机会，实现另一年的创纪录。所以我们感觉很好，业务上的势头肯定在那里。但是，我们非常认真地对待今年这个节点上的指导意见。非常感谢你，祝您节日快乐，2020年一切顺利。
Thanks. Happy holidays. We will take our next question from Keith Wives with Morgan Stanley. Let's go ahead.
谢谢。节日快乐。我们将继续询问下一个问题，由摩根士丹利的Keith Wives提问。请开始。
Excellent. Thank you, guys, for taking the question. I think this is in a similar vein to what Cash was trying to get at, but maybe a little bit more focused on Q4 in particular. When we look at the digital media, NetNewAir ads in Q4, it looks like you had a very strong document cloud record border, like you were saying, really strong year on year growth in those Net ads. Creative cloud where we actually saw a price increase. And we have all the excitement on firefly. That was actually down on a year on your basis. And this is the first time since 2018 we've seen creative cloud NetNewAir are below 400 million. And I think that's the surprise for investors or the negative surprise for investors that we're trying to figure out. Was there something dragging the creative cloud side of the equation this year or a tough comp from last year or something that explains why the price increases in all the positive momentum and innovation out of Adobe Maxis and translating into NetNewAir or growth for creative cloud in particular?
太棒了。谢谢你们，伙计们，为回答这个问题。我认为这与Cash试图表达的意思相似，但更侧重于特定的第四季度。当我们看着数字媒体、第四季度的NetNewAir广告时，我们可以看到你们在文档云方面的记录非常强劲，就像你们所说的那样，Net广告在年度增长中非常强劲。创作云上我们实际上看到了价格上涨。而我们在Firefly上所有的激动都是基于去年同期的下滑。这是自2018年以来我们首次看到创作云的NetNewAir低于4亿的情况。我认为这是投资者惊讶或对投资者具有负面影响的惊喜，我们正在努力弄清楚其中是否存在某种因素导致今年创作云方面的增长受阻，或者是去年的对比基数较高，或者其他解释为什么价格上涨和Adobe Maxis带来的积极势头和创新没有转化为创作云的净增或增长。
Yeah, happy to take that, Keith Davis here. So first of all, as you mentioned in the DME business, we're really excited about the results for 24 over 1.9 billion in NetNewAir are obviously well above the guide. We see an expanding base of customers and a lot of momentum coming from Gen.E.I. as you noted.
是的，很高兴接到你的电话，我是Keith Davis。首先，正如你在有关DME业务的讨论中提到的，我们对于净新空方面超过19亿美元的业绩非常兴奋，显然超出了我们的指导预期。我们看到客户基础在不断扩大，并且正如你所指出的，从Gen.E.I.这边带来了很多动力。
As part of this, what we delivered in Q4 was a record NetNewAir are in constant currency. Now, specific to your question on creative cloud momentum and how to interpret the numbers that you see there, underlying all this is very strong momentum because we delivered a record creative cloud new commercial subscriptions number in the year. So that is really the foundation on the base of customers coming in and really benefiting from not just what we get in this quarter, but also how we build on that going forward. So it really sets us up well for FY24.
在这一部分中，我们在Q4交付的内容是一个创纪录的净新增货行业分析报告。现在针对你对创意云的动力以及如何解读你所看到的数字的问题，背后有非常强劲的动力，因为我们在今年交付了一个创纪录的创意云新商业订阅数量。因此，这实际上为我们在未来建立的基础上的客户增长提供了非常好的条件。因此，它为我们2024财年的发展奠定了良好的基础。
As you look at the numbers for creative cloud ARR, NetNewAirR, and the quarter, you have to look at it relative Q4 FY23 relative to Q4 FY22 as you mentioned. You need to consider that FY22 had two pricing actions that accrue to creative cloud that are much lower now in Q4 FY23. So if you normalize for the impact of the pricing that rolled off and the pricing that came on, creative cloud, NetNewAirR, and Q4 grew on a constant currency basis.
当你查看创意云ARR、净新增ARR和本季度的数据时，你必须将其与你提到的Q4 FY23相对于Q4 FY22进行比较。你需要考虑到FY22有两项定价行动，而这些定价行动对创意云的影响在Q4 FY23要低得多。因此，如果你对滚动下来的定价和新增的定价进行归一化处理，创意云、净新增ARR和Q4的增长在恒定货币基础上实现了增长。
And Keith, just to punctuate the two points that David said, first, it was a record for creative ARR as it related to subscriptions in Q4 of 2023 and creative ARR would have grown if you had backed out the pricing. So the business continues to be extremely healthy to your point. Thanks, Sean. Thank you, guys.
而且凯斯，正如大卫所说的那样，第一，2023年第四季度的创意ARR与订阅相关，它创造了一项纪录；如果排除定价因素，创意ARR还将继续增长。所以，正如你所指出的，我们的业务继续非常健康。谢谢，肖恩。谢谢，大家。
We will take our next question from Alex Zuchen with Wolf Research. Please go ahead. Hey, guys. Thanks for taking my question. I guess maybe looking at next year, as we look at how much of the renewal base in creative cloud is potentially up for that type of the pricing uplift. And as we look at Acrobat specifically, the AI functionality that you're releasing into public beta, how should we think about the tailwind to both creative cloud from pricing and to document cloud specifically from an AI product monetization perspective for 24-color, 24-color.
我们将从Wolf Research的Alex Zuchen接下来的问题开始。请开始问吧。嗨，大家。感谢回答我的问题。我想了解一下明年的情况，我们看看创意云中有多少续订基数可能会面临这种定价上涨。而且，我们再来看看Acrobat具体情况，你们正在公开测试的人工智能功能，从24种颜色的产品获利角度来看，我们应该如何考虑定价对创意云和文档云带来的促进效应？
Yeah, happy to take that, Alex. A lot packed into that question. So let me try to do the part. Let me first start with the question around FY24 and the impact of pricing. Before we jump straight into that, I do want to take a bit of a step back and just remind everyone that Digital Media ARR is a mix of a few things. New subscriptions, which as I mentioned, we had a record number of new subscriptions in Q4, upsell and crosssell, which is transitioning people to higher plans from the plan that they're on. And then lastly, offer optimization. And as you've noted, in the last couple of years, we've really been broadening the number of offers we have all the way down from free price points to the all-app price points. But even beyond that, we now have capabilities to sell add-ons to all apps as well. And of course, all of this does include the pricing increases that you had mentioned where we've added more value.
是的，很高兴接受这个问题，Alex。这个问题涵盖了很多内容，让我来尝试回答一部分。首先，关于FY24和定价影响的问题，在我们深入探讨之前，我想先稍微回顾一下，提醒大家数字媒体ARR包括几个方面。首先是新订阅，正如我提到的，我们在第四季度创下了新订阅数量的纪录，其次是升级和交叉销售，将用户从当前计划转移到更高级别的计划。最后，还有优化优惠。正如你所提到的，在过去几年中，我们确实在扩大我们的优惠范围，从免费价格点到所有应用的价格点。除此之外，我们现在还有能力销售附加组件给所有应用。当然，所有这些都包括你提到的我们增加了更多价值的定价调整。
I do want to just stress because I know there's a lot of attention on the pricing impact that we've always have seen and continue to believe that the primary growth driver for ARR will be new subscriptions in 24. So that's why we're so focused on the top of funnel and new customer acquisition. But specific to your question on pricing, you need to consider a few things. First, our recently announced pricing changes will impact less than half the creative cloud base. So it was a very specific question you asked, hopefully that gives you the answer. But it also leaves us the opportunity to price in new value in the years ahead as we move forward.
我确实想要强调一下，因为我知道对于我们一直关注的定价影响，以及我们持续认为ARR的主要增长动力将来自24中的新订阅，所以我们非常注重市场推广和新客户获取。但是关于你提到的定价问题，你需要考虑几点。首先，我们最近宣布的定价变化将只对不到一半的创意云用户产生影响。所以这是个很具体的问题，希望这给了你答案。但是它也给了我们在未来几年中定价新价值的机会。
The impact will be more visible in net new ARR in the back half of FY24 as we lap the previous pricing actions that I was talking to Keith about from last year. And as we roll out the pricing over the next few quarters, so the second half of FY24 will see more visibility into the benefits of that to net new ARR. Third, given that we're rolling out these prices across plans and across geo's incrementally over the year, the benefit to ARR will actually be spread across FY24 and FY25. And fourth, if you really want to sort of sharpen your pencil, the pricing impact on ARR in 24 is actually lower than the pricing impact was in 23 to creative cloud. So hopefully that gives you a sense. But again, it comes back to this is why we're so excited about the momentum we're seeing in new subscriptions, which is really bodes well for the business this year and in the long term. Hopefully that gives you a pretty good sense on that.
在2024财年后半年，我们对去年与基思讨论过的定价措施跨越，从而对全新ARR产生更明显的影响。而且在接下来几个季度推出定价措施时，2024财年后半年将更清楚地看到对全新ARR的好处。其次，由于我们将这些定价措施逐步推广到各个计划和地区，对ARR的好处实际上会分布在2024财年和2025财年间。第四，如果你真的想要精确计算，那么2024财年对ARR的定价影响实际上低于去年对创意云的定价影响。所以希望这能给你一个概念。但再次强调，这正是为什么我们对新订阅的势头感到如此兴奋，这对今年和长期的业务发展非常有利。希望这让你对此有一个很好的了解。
And then really quickly on document cloud, we're thrilled with the performance of document cloud. A lot of that comes down to our core strategy, which has been around integrating the desktop, the web and mobile into a single ecosystem, and really driving the monthly active usage of document cloud up through all of the product like growth motions we have and converting people on the back end of that. What we're really excited about as we bring the AI assistant to market, which by the way, as I mentioned, is now in private beta, expected to come out in the next few months as a public beta and then GA later in the year. But what we're really excited about there is being able to not just service the paid acrobat base with that, but also start to bring that to the free reader base. So lots of opportunity and excitement for the year ahead for dot cloud as well.
然后，关于文档云，我们对文档云的表现感到非常高兴。其中很大一部分归功于我们的核心战略，该战略围绕整合桌面、网络和移动设备到一个统一的生态系统，并通过所有产品的增长动力来提高文档云的月活跃使用率并将用户转化为付费用户。当我们将人工智能助手推向市场时，我们真的很兴奋。顺便提一句，正如我之前提到的，它目前处于私人测试阶段，预计在接下来的几个月内推出公共测试版，然后在今年晚些时候进行正式发布。但我们真正兴奋的是能够为付费用户提供服务的同时，也开始将其提供给免费的阅读用户群体。因此，对于文档云的未来一年，存在许多机会和兴奋。
Perfect. Thank you for the very fine point of answer.
完美。非常感谢你非常详细的回答。
No problem. We'll take our next question from Kirk Materne with Evercore ISI. Please go ahead.
没问题。我们接下来请Evercore ISI的Kirk Materne提问。请开始。
Oh, yeah. Thanks. And congrats on the quarter and happy holidays. David, I guess I'll go back to you again. You know, in the commentary you all talked about enterprise strength and specifically upselling of Firefly and Express and your enterprise customer base. Can you just give us some more, I guess, qualitative color on what those discussions are like? Are they leading this part of the reason you're seeing sort of an uptick in new subscriptions in the enterprise in particular? And then on Express, you know, Q's talk again about sort of what you're seeing in terms of leading indicators of that being an enterprise product that can continue to expand into fiscal 24. Thanks.
噢，是的。谢谢。祝贺你们这一季的成绩，节日快乐。戴维，我想我再向你请教一下。在你们的评论中，你们谈到了企业实力，具体是关于Firefly和Express的升级销售以及企业客户群体。你能否再给我们一些详细的信息，比如说这些讨论是什么样的，它们是否是导致企业订阅量上升的原因之一？另外，在Express方面，你能否再谈谈在财年24年之前，作为一种企业产品，你们所看到的前景指标？谢谢。
Yeah, maybe I'll start and then Anil can add because this does crossover our two businesses. So with Firefly and Express, you know, very excited about the momentum that we continue to see you heard that we crossed four and a half billion generations now. So we've continued to see really, really strong adoption and usage of it partially as a standalone business, but also integrated into our Photoshop and illustrator and these existing workflows. And we're starting to see a lot of interest, not just in the context of, you know, using it as part of those, the existing products, but also using it as part of the ecosystem within enterprises. So we've been working with a number of customers to not just enable them with Firefly, which is the predominance of the growth that we're seeing in Q4 for enterprise adoption, but also have a number of pilot customers already engaged around custom model extensions so that they can bring their own assets and their own content into what Firefly generates. Second, we're also enabling the ability to expose it through API so they can build it into their existing workflows. And third, we're of course connecting it and tying it all into Adobe Express, which now also has its own Firefly and additional capabilities like things so that you can not just sort of create content using Firefly, but then start to assemble it, start to schedule social posts around it, start to do multi-language translations, those are all features that are already in there, and then create a stakeholder workflow from people working in Photoshop to the marketers that are trying to post externally. So that's where things get very interesting and exciting in terms of the connection we have with Gen Studio and everything that Ennils doing.
是的，也许我会开始，然后安尼尔可以添加，因为这涉及到我们两个业务的交叉。所以关于Firefly和Express，我们非常兴奋地看到持续的发展势头，你听说我们已经突破了四十五亿次的使用次数了。因此，我们继续看到非常强劲的采用和使用，部分是作为独立业务，但也整合到我们的Photoshop和illustrator以及现有的工作流中。我们开始看到很多兴趣，不仅仅是在使用它作为现有产品的一部分的背景下，而且还将其作为企业生态系统的一部分使用。所以我们一直在与一些客户合作，不仅仅是让他们能够使用Firefly，这也是我们在第四季度企业采用中看到的增长主要来源，还有一些试点客户已经参与其中，通过自定义模型扩展，他们可以将自己的资产和内容带入Firefly生成的内容中。其次，我们还允许通过API进行暴露，以便将其整合到他们的现有工作流程中。第三，我们当然将其与Adobe Express进行连接，现在它也有自己的Firefly和其他功能，比如可以使用Firefly创建内容，并开始组装它，安排社交媒体发布，进行多语言翻译等。这些都是已经存在的功能，然后可以在从Photoshop工作的人到试图在外部发布的营销人员之间创建一个相关工作流程。这就是我们与Gen Studio以及安尼尔正在做的事情之间的联系非常有趣和令人兴奋的地方。
Here's a building on that. Gen Studio since we announced it at MAX, we've had a tremendous amount of interest, both from enterprise customers like Henkel and Pepsi and Verizon, as well as a number of the agencies as well. And primarily it goes back to what we discussed at Summit. The demand for content is expected to grow 5x over the next couple of years, and every brand in the world is looking at, hey, how can we speed up the production of quality, on-brand content, how can we let a number of other people in marketing, other areas of the company create their own content according to the standards, enterprise standards. And the combination of what we have in the digital experience portfolio, like Adobe Experience Manager and Assets, as well as what we have in the Creative Cloud, especially around Express and Creative Cloud, really lets enterprises get that kind of agility and the cost effectiveness of producing content at scale. So that's what we're seeing, and we're seeing a tremendous amount of interest for that. And maybe I'll just add a little bit to that, Kirk. I mean, I think the exciting thing about what people are doing is they're standardizing on Firefly and the fact that we have responsible generations for the entire enterprise. So the interest level has been around how do we standardize that for all of the image or vector or other generations that they want to do for all the knowledge workers in the enterprise. So really good adoption of Firefly.
关于这个问题，Gen Studio自我们在MAX大会上宣布以来，我们收到了大量的兴趣，无论是来自诸如亨氏、百事可乐和威瑞森等企业客户，还是一些代理机构。主要原因是我们在峰会上讨论过的内容需求预计会在未来几年内增长5倍，并且世界上每个品牌都在寻求如何加快高质量、与品牌匹配的内容的制作速度，以及如何让其他营销部门和公司的员工按照企业标准创建自己的内容。我们数字体验产品组合中的Adobe Experience Manager和Assets以及创意云中的Express和创意云等的结合，真正让企业能够以规模生产内容，同时保持敏捷性和成本效益。因此，这就是我们现在看到的情况，我们也看到了巨大的兴趣。或许我可以对此补充一点，柯克。我认为令人兴奋的是，人们正在将Firefly作为整个企业的负责人工具进行标准化。因此，人们对如何使所有的知识工作者都能够标准化使用Firefly进行图像或矢量图像等生成的兴趣非常高。Firefly的应用情况非常好。
Thank you all. We will take our next question from Carl Kierstedt with UBS. Please go ahead. Thanks. I'd like to ask about a different subject, and that's a creative express product now that it's being sold into the enterprise. Wondering if you could offer some color on the adoption ramp, the competitiveness versus Canva, and whether your plans around driving Express revenues versus driving user adoption have changed at all. Thank you.
非常感谢大家。我们接下来请UBS的Carl Kierstedt提问。请开始。谢谢。我想问一个不同的话题，就是现在创意表达产品正在销售给企业。想知道你们能否提供一些关于采用速度、与Canva的竞争力以及你们在推动表达收入和用户采用方面是否有所改变的情况的详细说明。谢谢。
Great. Yeah, happy to take that. Rest is after a great start. As you remember, we went general availability in August with the latest version of it. It's been getting a lot of very, very positive reaction response. And frankly, since then in Q4, too, we've added a ton of new innovation. Firefly integration started with text to image and text effects, but we also added text to template that will create a fully formed template for you and generative fill so you can iteratively clean things on the fly. We now let you draw and paint on the canvas. We've given users much more video support. We've really built an incredible best-of-breed PDF support and workflow with Acrobat in there as well. You know, some of the other things that now start to bleed into the enterprise also, we have integrated social workflows so that people can schedule their posts. We've enabled people to do auto translation so you can post multiple geographies and languages. We've opened up our ecosystem for partner plugins and we have now over 50 extensions. And we've added enterprise features like AEM integration and template locking so that the core brand police in an organization can manage and make sure that the brand elements that they don't want changing are locked when you disseminate this more broadly. What we've seen is really, I think, some very exciting broad-based benefits from this. One is we've seen new trialists coming in growing very quickly after this launch, which is exciting to see. We've seen education, users starting to adopt this very quickly as well. The Creative Cloud paid base has been coming on and growing very quickly in terms of their usage. And we've seen enterprise as we talked about from a usage perspective. And again, it expresses a core part of how Anil and Pima now selling Gen Studio. And the last thing is, this is just setting up the momentum for the year to come. We have a mobile release coming out, which will be very exciting for users to be able to use this on the go. We have thousands of people already using that beta. We announced our Chromebooks partnership. So anyone that buys a new Chromebook is going to have this. We have partnerships with folks like Wix for their workflows. We're going to be doing deeper integrations into Acrobat. So we're very excited about where this goes. That is a long way to answer a very simple question. We want a lot of people using this. So our primary focus continues to be around broadening the top of funnel. Of course, as part of that, we are constantly and continually, as I mentioned, journeying people for upsell and cross-sell opportunities to the paid plan and over to Creative Cloud and other products. Our primary focus continues to be adoption and broad proliferation. Got it. Thank you. We will take our next question from Brad Zellnick with Deutsche Bank. Please go ahead.
好的。是的，很高兴接受那样做。接下来的内容是在一个不错的开端之后。就像你记得的那样，我们在8月份发布了最新版本的它，已经获得了许多非常非常积极的反应。坦率地说，自那时以来在Q4，我们还添加了大量的新创新。Firefly集成始于从文本到图像和文本效果，但我们还添加了从文本到模板的功能，这将为您创建一个完全形成的模板，并且还有生成式填充，以便您可以迭代地进行清理。我们现在允许您在画布上绘制和绘画。我们为用户提供了更多的视频支持。我们确实构建了一个令人难以置信的最好的PDF支持和Acrobat工作流程。你知道的，还有其他一些东西也开始渗入企业，我们集成了社交工作流程，使人们可以安排他们的发布时间。我们还加入了自动翻译功能，这样您就可以在多个地理区域和语言中发布。我们已经为合作伙伴插件打开了我们的生态系统，现在已经有超过50个扩展。我们还增加了AEM集成和模板锁定等企业功能，以便组织中的核心品牌管理人员可以管理和确保他们不希望更改的品牌元素在更广泛的传播中被锁定。我们看到的是一些非常令人兴奋的广泛效益。首先，我们看到在此次发布之后，新的试用用户增长非常快，这令人兴奋。我们还看到教育用户也很快开始采用这一工具。从使用量上看，Creative Cloud的付费基数增长非常快。正如我们之前谈到的，我们也看到了企业在使用方面的增长。这也表达了Anil和Pima如何销售Gen Studio的核心部分。最后一件事是，这只是为即将到来的一年铺设了动力。我们即将发布一个移动版本，用户可以随时随地使用。我们已经有数千人在使用该测试版。我们宣布了与Chromebooks的合作伙伴关系。任何购买新的Chromebook的人都将可以使用。我们还与Wix等公司合作，为他们的工作流程提供更深入的集成。我们对未来的发展非常兴奋。这是对一个非常简单问题的很长的回答。我们希望有很多人使用这个工具。因此，我们的主要重点仍然是扩大入口。当然，在此过程中，我们会不断寻找销售升级和交叉销售的机会，引导用户转向付费计划、Creative Cloud和其他产品。我们的主要重点仍然是采用和广泛推广。明白了，谢谢。现在我们听取德意志银行的Brad Zellnick的问题。请讲。
Great. Thanks very much. This is for Dan or maybe a nil. As we think about the momentum within the DX business, it's great to hear things like the 60% increase in your ADP and native apps book of business, strong net dollar retention. You talked about overall strong year-end bookings. But what is it maybe about the pipeline ahead, bookings conversion or perhaps other factors that account for the degree of V-cell that you're guiding for into next year? Thanks.
太好了，非常感谢。这是给丹或者说是给一个NIL的。当我们考虑DX业务内的动力时，听到诸如ADP和本地应用业务的增长60%，以及强劲的净美元留存率等消息真是太好了。你提到了总体上强劲的年末订购业绩。但是，未来的业务流水线、订购转化或者其他因素可能导致你们在明年度强烈增长的程度是什么？谢谢。
Yeah, thanks, Brad. We are really excited about this massive multi-year opportunity. If we look at any enterprise customers around the world, everybody recognizes the long-term imperative of transforming their customer experiences. We're seeing that in the e-transformational deals that we talked about. As you mentioned, for example, with the AEP, our first 100 million net new business quarter and ending with over 700 million in our analyzed book of business.
是的，谢谢，布拉德。我们对这个巨大的跨年机会感到非常兴奋。如果我们看看全球的任何企业客户，每个人都意识到改变他们的客户体验的长期必要性。我们在我们谈到的电子转型交易中看到了这一点。正如你提到的，例如在AEP方面，我们在一个季度内获得了1亿美元的净新业务，并在我们分析的业务书中达到了7亿美元。
（易读版）是的，布拉德，谢谢你。这个大规模的多年机会让我们非常兴奋。看看全球的各个企业客户，每个人都认识到改善客户体验的重要性长远。我们在我们谈到过的电子转型交易中也看到了这一点。就像你提到的，例如与AEP的合作，我们在一个季度内取得了1亿美元净新业务，到目前为止，我们的业务额已经达到了7亿美元。
With that said, we're seeing macroeconomic impact just like other enterprise software companies are. Every customer looks at the total cost of deploying the software and then what it would take to get the payback and ROI. As a result, there's definitely some scrutiny and caution there. But that said, if we look at going into next year, we do see the pipeline across both our industry verticals as well as our mid-market customers. And we continue to be the leader in the market and we get that recognition from both analysts and customers.
话虽如此，我们看到了与其他企业软件公司一样的宏观经济影响。每个客户都会考虑部署软件的总成本，以及实现回报和投资回报率所需的条件。因此，确实存在一些审查和谨慎态度。但是话虽如此，如果我们展望明年，我们确实看到了我们两个行业垂直领域以及我们的中级市场客户的潜在机会。我们在市场上继续保持领先地位，并且我们得到了分析师和客户的认可。
Okay, thank you. We will take our next question from Brent Theole with Jeffries. Go ahead. Dan, if you could just review the broader assumptions in your guide, I think there's still a little concern from the street in terms of why you're guiding where you're guiding relative to where the street was at. And maybe just tying in and shot new to the guide. If you could just give us your top line-line view of do you feel like the environment's improving? Do you think it's just stabilizing just any thoughts in terms of a high level of what you think is happening as we go into next year?
好的，谢谢。我们将接下来的问题交给杰弗里公司的布伦特・西奥尔。请说。丹，如果你能回顾一下你指导的更广泛的假设，我想街上还有一点担忧，担心你为什么对你的指引有所指引，与街上的情况相比。也许只是将照片与指南联系起来。如果你能给我们一个总体的观点，你觉得环境是否正在改善？你认为它只是稳定了吗？就任何关于明年即将发生的事情的高层次的想法，你有什么想法？
Yeah, so thanks for the question, Brent. When we take a look at the guide, if we think about where we're at at this point in time as we're looking forward in FY24, clearly we see a lot of momentum in the business. The company's engine of innovation has been incredibly strong and you see the strong financial performance of the company that's both from a top line standpoint as well as profitability and cash flow standpoint. So clearly a lot of momentum around the business.
是的，所以感谢你的问题，布伦特。当我们看着指南时，如果我们考虑到我们目前所处的位置，同时展望2024财年，很明显我们看到业务上有很多势头。公司的创新引擎非常强大，你可以看到公司在收入、盈利能力和现金流方面的强劲表现。所以显然业务方面有很多动力。
As they think about where we sit today, we printed a 46.4% operating margin. As we look forward into next year, we take into account everything we can see. As Shonton said, we take the guidance seriously and we set expectations in a prudent way. There's an opportunity to do better than the expectations that we set. Clearly the company's going to be driving towards that. As we think about the engine of innovation, we think the pipeline is strong. We're going to continue to invest in the drivers of growth. This company's going to orient towards growth. When I think about the investment profile, not only are we going to be disciplined, but we're going to continue to invest in those drivers of growth on the DX side.
当我们考虑目前的位置时，我们的运营利润率达到了46.4%。展望明年，我们考虑了我们所能看到的一切。正如Shonton所说，我们认真对待指导方针，并以谨慎的方式设定期望。我们有机会超出设定的期望。显然，公司将努力朝着这个目标努力。当我们考虑创新引擎时，我们认为产品线强大。我们将继续投资于增长驱动力。这家公司将朝着增长方向发展。当我考虑投资配置时，我们不仅会保持纪律性，还会继续投资于DX领域的增长动力。
Neil talked about AEP and apps, strong book of business, strong growth. We're laying the groundwork and content supply chain with the Gen Studio solution, scaling that motion and engaging with customers to go from ideation to creation to activation, delivering new technologies, products, AEM sites, incorporating intelligence into those products. On the DME side, you can see it across the portfolio. AI assistant acrobat, it's in private beta. It's going to be in public beta in the coming months. You look at Firefly, Express, natively and deeply integrating these technologies throughout the product portfolio. There is going to be continual investment as it relates to that innovation.
尼尔谈到了AEP和应用程序以及强大的业务增长。我们正在通过Gen Studio解决方案奠定基础和内容供应链，扩展这种运作并与客户互动，实现从构思到创作再到激活的过程，提供新的技术、产品和AEM网站，并将智能融入这些产品中。在DME方面，您可以在整个产品组合中看到这一点。AI助手acrobat目前处于私人测试阶段，即将在未来几个月进入公测阶段。观察Firefly和Express，可以看到这些技术如何在产品组合中进行本地化和深度整合。与创新相关的投资将持续进行。
As you think about the momentum exiting this year, and as you think about the guide into Q1, you can see that momentum continuing. We've got operating margin up a little bit. And then throughout the year, as we said at our FA Day and the last year's earnings call, you can see a mid-40s expectation around operating margin for the company as we drive this investment cycle, as we drive leadership in our core markets and our key catalyst in the trends that are shaping those markets. So again, taking a step back. It nets into account the macro that Anil talked about, everything we see from a core business standpoint and the investment profile that we're going to drive to lead. There's an opportunity to do better than where we set those expectations. We're certainly going to do it.
当您思考今年的动力以及进入第一季度的指引时，您会发现这种势头在持续增长。我们的运营利润率有所增加。然后在整个年度中，正如我们在FA Day和去年的盈利电话会议上所说的，您可以看到公司运营利润率在中40%左右，因为我们推动这一投资周期，在我们的核心市场和塑造市场趋势的关键催化剂中继续领导。因此，让我们再回顾一下，这将考虑到Anil提到的宏观经济因素，我们从核心业务角度看到的一切以及我们要推动的投资方案。我们有机会做得比我们设定的预期更好。我们肯定会做到的。
And maybe just to add to that, Brett, since you asked first, let me clarify. There's nothing as it relates to the economic indicators that we saw, you know, anything that would give us possible concern. So let me start off by saying that.
也许为了补充一下，Brett，既然你首先提问，让我澄清一下。从我们所看到的经济指标来看，并没有任何可能引起我们关注的情况。所以让我首先说一下。
I think at our investor meeting, we told you that, you know, we would expect a strong quarter. I think you would acknowledge we posted some really strong numbers and the momentum continues. And I think as it relates to a creative cloud, it's going to be driven by new customer acquisition, which is the engine that's driven the business. And, you know, maybe perhaps the sell side looked at, you know, some of the pricing and put more of that in 24 then in 24 and 25. And that'll spread out. And perhaps they put a little bit more in what percentage of the base that impact.
我认为在我们的投资者会议上，我们告诉你，我们预期会有一个强劲的季度。我想你会认同我们发布了一些非常强劲的数字，势头也在持续增长。而且我认为，就创意云来说，它将由新客户的获取驱动，这是推动业务发展的引擎。也许销售方面更多地关注了一些定价问题，将更多的注意力放在2024年而非2025年。这将会有所分散。或许他们在影响基数的百分比上增加了一点点。
So, you know, from my perspective, the good news about creative is it's being driven by, you know, massive new adoption into the platform on document cloud, really strong results. I think as Dan said, as we put the AI pack on there as well, that should help fuel more adoption and digital experience.
所以，你知道，从我的角度来看，关于创意的好消息是它正在受到推动，你知道，纳入到文档云平台上的大规模新采用，取得了非常好的成果。我认为正如丹所说，当我们将AI功能包应用到其中，这应该有助于推动更多的采用和数字体验。
You know, I mean, I know that Brad also asked that question. I mean, it's great to see the adoption of AP and apps. I mean, that is clearly the future of digital experiences, you know, driving 100 million quarter, the 700 in the annualized book of business, which I think will reflect, you know, the next generation customer experience architecture. So we're feeling positive and we're going to go execute against that, Brett.
你知道，我的意思是，我知道Brad也问了那个问题。我的意思是，能看到AP和应用的采用是很好的。我的意思是，这显然是数字体验的未来，你知道，推动季度营收达到1亿美元，全年营业额达到7亿美元，我认为这将反映出下一代客户体验架构。所以我们感到积极，并且将会去执行这个计划，Brett。
So nothing that we see, you know, on the horizon would tell us either from the economic or competition that we're not poised to have another great year, you know, and profitability as well. I mean, look at, you know, the numbers that we posted both in terms of Q4 as well as for fiscal 24. And that is, you know, that does not in any way mean that we're not going to invest in all of the cloud and the foundation models. So I feel really good.
所以从我们所看到的情况来看，无论是从经济还是竞争方面，都没有任何迹象表明我们不能迎来另一个伟大的年份，还有盈利能力也是一样。我的意思是，看看我们发布的数字，无论是四季度还是财务年度24，都不意味着我们不会在全部云和基础模型方面进行投资。所以我感觉非常好。
And then just one thing to add, Brent, if we were here a year ago, the expectations going into the year where FX was going to be a pretty decent headwind to the performance. You see that in the way we've reported our results and then compare it to a constant currency basis. We started with a pretty decent spread between the as reported numbers and constant currency in Q1. By the time we got to Q4, you saw that spread compress. As I look forward into FY24, it's more of a neutral footing to maybe a slight headwind. Too early to really call it with precision, but I see that set up being slightly different and maybe just a slight headwind versus what we were seeing a year ago.
然后只有一件事要补充，布伦特，如果我们是在一年前，那时候人们对本年度的预期是外汇汇率将对业绩构成相当大的阻力。你可以从我们报告的业绩结果中看到这一点，然后再与按照不变汇率计算的基础进行比较。在第一季度，我们的报告数字和按照不变汇率计算的数字之间有相当大的差距。到了第四季度，你会看到这个差距被压缩了。展望2024财年，外汇汇率对业绩可能呈现中性的或稍微有些阻力的状态。现在还为时过早准确地判断，但我看到这种情况与一年前稍有不同，可能只是一个轻微的阻力。
Thanks for the car. We'll take our next question from Jay Lee Shower with Griffin Securities. Please go ahead. Thank you. You noted the strength in RPO in the quarter, including the records sequential increase. Could you talk about how you're thinking about RPO for fiscal 24? Would you expect it to continue to be able to outgrow revenue growth by several points as you did in fiscal 23 and perhaps talk about the ingredients that will continue to drive RPO either by segment or any other considerations that you'd like to talk about in that?
感谢您提供车辆。我们将听取来自格里芬证券的Jay Lee Shower的下一个问题。请提问。谢谢。您提到季度中RPO的强劲增长，包括创下的连续增长纪录。您能谈谈在2024财年对RPO的看法吗？您是否预计它能够继续以几个百分点的速度超过营收增长，就像在2023财年一样？或者您可以谈谈继续推动RPO增长的因素，无论是按部门还是其他任何考虑因素。
Yeah, thanks, Jay. As I pull some of the threads together that we've heard on this call, Anil talked about large transformational deals being the platform of choice with customer experience management, simultaneously driving top line and bottom line productivity, and the investments around driving those are an imperative in the market. We see a similar dynamic with the new technologies that we're bringing to market on the DME side of the business. We're seeing strong pull from the enterprise. And so as I net out that environment and our performance against that opportunity, it goes to produce the type of sequential RPO progression that we saw Q3 to Q4. Every quarter won't be that large, but the backdrop around that dynamic for the company given the setup we see, it should be another strong year for RPO throughout the year.
是的，谢谢，杰伊。在整理我们在此电话中听到的一些线索时，阿尼尔谈到了大型转型交易成为客户体验管理的首选平台，同时推动营收和利润率的增长，推动这些交易的投资在市场上势在必行。我们在公司的DME部门引入市场的新技术也呈现出类似的态势，企业对其的需求强劲。因此，当我把这种环境和我们在这个机遇中的表现净化出来，我们就会看到像在第三季度到第四季度那样的连续RPO增长。虽然不是每个季度都会很大，但鉴于我们看到的背景，对于公司来说这种动态应该在整个年度都会有强劲的RPO表现。
Thank you. Operator, we're getting close to the top of the hour. We'll take two more questions and then we'll wrap up. We'll take our next question from Sakek Kalya with Mark Lays. Please go ahead. Okay, great. Hey, guys, thanks for taking my question and congrats on a nice quarter. David, maybe for you, I had a question just on Firefly and the subscription packets. I know that the commercial model for, I'm sorry, for Firefly credit packets really just started about six weeks ago. But are there any early observations that you've seen just on customer's willingness to add those packets or maybe how they're consuming the initial credit allocation that they get with the creative cloud subscription?
谢谢。操作员，我们快接近整点了。我们再回答两个问题，然后结束。下一个问题来自Mark Lays的Sakek Kalya，请提问。好的，非常感谢。嘿，伙计们，感谢回答我的问题，恭喜你们度过了一个不错的季度。大卫，也许这个问题是关于Firefly和订阅套餐的。我知道Firefly的商业模式，对不起，我指的是Firefly信用套餐的商业模式，实际上才开始大约六周。但你有没有看到任何早期观察结果，比如客户愿意添加这些套餐的意愿，或者他们如何使用初始的创意云订阅配额？
Yeah, happy to take that. First of all, I think philosophically, going back to what we said at the investor meeting at max. Our primary focus here is to drive usage of the generative capabilities. And you see that with the 4.5 billion images generated. That strategy is working. Secondly, we price the generative packets, sorry, we integrated the generative capabilities and credits directly into our paid plans with the express intent of driving adoption of the paid subscription plans and getting broad proliferation of the ability to use those.
是的，很乐意接受那个任务。首先，我认为从哲学角度来看，回到我们在投资者会议上说的话，我们的首要目标是推动生成能力的使用。你可以从我们生成的45亿张图片看到这一策略是有效的。其次，我们将生成能力和积分直接整合到我们的付费计划中，旨在推动付费订阅计划的采用，并广泛推广使用这些能力的能力。
And what we are seeing is heavy usage within those paid plans. I think as we've mentioned in the past, I think I mentioned earlier today as well, generative fill, for example, in Photoshop is the fastest growing feature that we've put into Photoshop in recent memory. So the usage is great, the utilization is great. I don't personally expect generative packs to have a large impact in the short term other than to drive more customers to our paid existing subscription plans.
我们所看到的是那些付费计划中的频繁使用。正如我们之前提到的，也正如我今天早些时候提到的，例如在Photoshop中的生成填充，是我们最近记忆中推出的增长最快的功能。所以使用情况很好，利用率很高。我个人不指望生成套装在短期内产生很大的影响，除了能吸引更多客户使用我们现有的付费订阅计划。
But what will happen over the course of the year and the next few years is that we will be integrating more and more generative capabilities into the existing product workloads. And that will drive and will be integrating capabilities like video generation, which will cost more than one generation. And that will drive a natural inflation in that market and that will become a driver for growth, you know, subsequently. But this year is really primarily focused on getting people into the right paid plans of our flagship applications or Adobe Express and then drive usage in that sense. And then as that happens, the rest will take care of itself in the years ahead.
但在接下来的一年和未来的几年里，我们将不断将更多的生成能力整合到现有的产品工作负载中。这将推动并整合像视频生成之类的能力，这将比一个生成周期更加昂贵。这将导致该市场的自然通货膨胀，并随后成为增长的驱动因素。但今年的重点是让人们进入我们旗舰应用程序或Adobe Express的合适付费计划，并推动在这个意义上的使用。随着这个目标的实现，未来的事情会自然而然地解决。
Make sense. Thanks, guys. We will take our final question from Mark Mortler with Bernstein Research. Please go ahead. Thank you for squeezing me in. I really do appreciate it. Dan, I'd like to look a little bit at that max. We discussed how excited you were on Firefly and how it drives creative cloud seed and paid seed adoption. Now that you've had a bit of time in market, can you explain how you think about how this will drive the paid seed growth? How strong it could be? And should we expect those seeds are going to be lower unit price because they're going to be entry level? What do you think that will get offset by these higher priced, firefly driven sales into the enterprise? Thank you.
没问题。谢谢大家。我们来自Bernstein Research的Mark Mortler提问最后一个问题。请你开始吧。感谢你们安排给我时间。我真的很感激。Dan，我想稍微了解一下那个Max。我们之前讨论过你对Firefly感到非常兴奋，以及它如何推动创意云种子和付费种子的采用。现在你已经在市场上有一段时间了，你能解释一下你如何考虑这将推动付费种子的增长吗？它可能会有多强？我们是否应该期待这些种子的单价会更低，因为它们是入门级的？你认为这会被企业销售中那些更高价位的Firefly推动的销售所抵消吗？谢谢。
Yeah, thanks, Mark. I think at the core of, you know, bringing this technology to life, you know, as a standalone application to drive an ideation part of the process, but value in deeply integrating these capabilities into the flagship applications and the workflows that define the creation process. It gives us a lot of surface area with customers and meeting them where they are in their particular needs and use case specific needs. And so bringing people efficiently top a funnel, establishing the segmentation across that product portfolio, driving efficiency into the creation process and allowing the velocity to enter the ideation, creation, activation, and then instrumentation of that to really refine how companies engage with customers.
是的，谢谢，马克。我认为，在将这项技术应用到实际中心的过程中，不仅仅是作为一个独立应用来推动创意过程的一部分，而且还要深度整合这些功能到主力应用程序和定义创作流程的工作流中。这使我们能够与客户广泛接触，并满足他们特定需求和使用情况的需求。因此，高效地吸引目标客户，建立产品组合的细分，提高创作流程的效率，并允许加速进入创意、创作、激活和对此进行仪器化以真正优化企业与客户的互动方式。
So it lays the groundwork for us to touch more customers where they are in the ecosystem, bring them on board and use case specific way, and then take them on digital journeys, which is something the company is very skilled at with our D-dom to cross sell and upsell over the life of their engagement with our ecosystem. From a product perspective, you know, when you think about it, Mark, for us, the biggest thing that we want to do is how do we further make our products accessible, you know, fun and affordable for an increasing set of customers.
因此，这为我们在生态系统中接触更多客户奠定了基础，以特定用例的方式将他们吸引进来，并带领他们进行数字化旅程，这正是我们公司在与客户进行多次协作中非常擅长的事情。从产品角度来看，当你思考这个问题时，Mark，对于我们来说，我们最希望做的就是如何进一步使我们的产品对越来越多的客户来说更易获得，更有趣且价格实惠。
And I think Firefly is one of those inflection points that will help everybody get over the blank screen fear that they have. And so first, as you think about Firefly as an ideation and people just coming and want to have creative inspiration, this is whether you're an individual user, whether your agencies, we're seeing a lot of adoption of Firefly to just start the entire creative process. And that, you know, sort of brings them as an on-ramp into Express, which would be the other part. Express is certainly, you know, the introductory pricing, the ability to get, you know, millions more into the fold.
我认为Firefly是那种能帮助每个人克服他们对空白屏幕的恐惧的转折点之一。首先，当您将Firefly视为创意生成和人们寻求创造灵感的工具时，不论您是个人用户还是代理机构，我们都看到了大量采用Firefly来启动整个创作过程的情况。这实际上将它们作为通往Express的入口，而Express是引领更多用户加入的部分，它提供了更低的价格和能让数百万人加入的可能性。
And, you know, the ability right now, it used to be that Express and other offerings in that LQS to all worry about, do I have the right templates? Well, AI is going to completely change that. We have our own models. And so Firefly will allow anybody to take whatever creative idea that they have and make that available. So I think, you know, Firefly really helps with the Express offering. On the creative cloud, David mentioned this. I mean, if you look at the adoption of that functionality and usage that's being driven, whether it's in Photoshop right now, Illustrator as we add video, both in terms of, you know, providing greater value.
而且，你知道，现在的能力已经改变了，以前Express和其他LQS（Lightning Quickstart）的服务都会担心的是，我是否拥有正确的模板？AI将彻底改变这一点。我们有自己的模型。因此，Firefly将允许任何人将他们所拥有的任何创意想法变得可行。所以我认为，Firefly真的对Express的服务有很大帮助。在创意云方面，大卫提到了这一点。如果你看一下目前在Photoshop中的功能和使用率，以及我们在Illustrator中增加的视频功能，无论是在提供更大价值方面，还是在推动使用率方面，都取得了很大的进展。
And, you know, we certainly will therefore have the uplift in pricing as well as, you know, the retentive ability for Firefly. That's where I think you're going to see a lot of the really interesting aspects of how Firefly will drive both adoption as well as monetization.
你知道，因此我们肯定会看到价格上涨，以及Firefly 的留存能力。这就是我认为你将看到Firefly 如何推动采用和货币化的许多真正有趣的方面。
And then if you go at the other end of the spectrum to the enterprise, you know, Gen Studio, every single marketer that I know and CFO and CMO are all worried about how much am I spending on data? How do I get agility in my campaigns? And you know, the fact that Firefly is integrated into both Express as well as when we do the custom models for them so they can upload their own models and then have the brand consistency that they want. So Firefly really is the fact that we have our own models, a great catalyst for business, you know, all across the spectrum.
然后，如果你走向企业的另一个极端，像Gen Studio，我认识的每一个市场营销人员、首席财务官和首席营销官都担心我在数据上花了多少钱？我如何让我的广告活动更加灵活？而且你知道，Firefly被整合到Express以及我们为他们定制的模型中，所以他们可以上传自己的模型，并获得他们想要的品牌一致性。所以Firefly确实是我们拥有自己的模型的一个很好的商业催化剂，适用于整个范围的业务。
And, you know, the usage and the adoption shows that in emerging markets, you know, as people there in emerging markets are increasingly used to create variants of content and localization of content. That's where we're also seeing a tremendous usage, you know, of these particular technologies. So really exciting.
而且你知道，使用和采用的情况表明，在新兴市场，随着新兴市场的人们越来越习惯于创建各种内容和内容本地化，我们也看到了这些特定技术的巨大使用。真是非常令人兴奋。
And then, you know, you take the same technology that we have in creative and think about its impact in both document cloud when we do that and, you know, the ability to have summaries and have conversational interfaces with PDF, thereby making every single PDF as David again said, both for communication, collaboration and creation, far more compelling. I think you're going to see that same kind of uplift in usage and therefore monetization on the acrobat side.
然后，你知道的，你使用在创意方面的相同技术，考虑它在文档云中的影响，当我们这样做时，你知道的，能够使用摘要和与PDF进行对话式交互，从而使每个PDF都变得更加引人注目，正如大卫再次所说，无论是用于沟通、协作还是创造，我认为你会看到相同的使用增长，并且由此而来的商业化机会在Acrobat方面也将增加。
And since it was the last question, I mean, you know, for us, we look at Fi23 and we're really proud of what we were able to accomplish, you know, across all spectrums, stop line revenue, RPO and driving book of business, creative cloud, document cloud and experience cloud and profitability. And you know, we think 24 is going to be exactly more of the same, which is, you know, continuing to drive great innovation, great product growth, great profitability.
既然这是最后一个问题，我的意思是，你知道的，对我们来说，我们看到Fi23，我们真的为我们所能够实现的成果感到自豪，从各个方面来看，包括停止线收入、RPO和商业簿、创意云、文件云和体验云以及盈利能力。我们认为24年将继续保持这种状态，也就是持续推动卓越创新、产品增长和盈利能力的提升。
Clearly, I think, you know, there's been a set of questions around the digital media ARR and, you know, what our take is on that. And, you know, we're extremely confident about how that continues to be a growth business. And, you know, perhaps the pricing impact was overestimated. And as we said, you know, this is again a new growth business and it'll be a multi-year pricing, you know, benefit for us as we think about the uplift that we have. So we're really pleased.
明显地，我认为你知道，在数字媒体ARR（平均收益率）方面有一系列问题，我们对此的看法是什么。我们对其持续增长的业务非常有信心。也许价格影响被高估了。正如我们所说，这是一个新的增长业务，我们认为在未来几年内我们将从中获益。所以我们非常高兴。
We appreciate your being on the call. And like many of you wished us, happy holidays. And, you know, we hope to see you soon. Thank you for joining us. Thanks, everyone. Happy holidays. This concludes the call. Once again, this concludes today's call. Thank you for your participation. You may now disconnect.
我们感谢您参加此通话。就像你们中的许多人希望我们度过愉快的假期一样。我们希望能很快见到你们。感谢你们的参与。谢谢大家。假期快乐。通话到此结束。再次感谢您参与今天的通话。您现在可以断开连接。