校正紀錄
AI 轉寫稿於落地 Raw_data 前完成校正（ingest Step 1.6）。已更正項目直接改在正文，無法確認者於下方列出並在正文標記。
已更正（原 → 正）
截止至 2021 年 9 月 10 日為止→截止至 2026 年 9 月 10 日為止（1 處）
待確認／存疑（未改動正文）
- 本份為英中對照轉寫，中文為 AI 翻譯，專有名詞（如 BPNC、CMP、CRPO）未統一譯法。
- 「Adobe 報告了強勁的第三季度，實現了 67.6 億美元的收入，年增長率為 12%」與 CFO 段「年增長 13%（報告基礎）／12%（固定匯率）」口徑不同 [口徑注意]。
- 「代理軟體／主動式人工智慧／智能軟體」皆為 agentic software 的不同譯法 [用語不一]。
- 庫內無 Adobe 公司頁，本份僅作 AI 應用端需求面的參考素材，未建 lib 頁。
原始內容（已校正）
如果這份整理有為你帶來價值，歡迎支持我們。
警語：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。
Memo 亮點 • Adobe 公佈了創紀錄的 26 財年第 3 季營收，達 67.6 億美元，按報告計算年增 13%，以固定匯率計算年增 12%（根據音訊日期推斷）。GAAP 每股盈餘為 4.62 美元（年增 11%），非 GAAP 每股盈餘為 6.13 美元（年增 15%）。 [CEO - 00:02:48] [CFO - 00:22:38] • Adobe 年營收已從不足 10 億美元成長至超過 260 億美元，所有業務的月活躍用戶超過 10 億，26 財年第 3 季年增超過 20%。Creative 免費增值用戶突破 1 億，年增超過 70%。 [CEO - 00:04:49] • 以 AI 為核心的期末經常性收入（ARR）現已超過 6.5 億美元，年增超過 150%。Firefly 應用程式及信用包的期末 ARR 季增 40%。 [CEO - 00:05:24] [CFO - 00:25:26] • Anil Chakravarthy 將於 12 月 1 日起成為 Adobe 新任總裁兼執行長，Shantanu Narayen 將轉任執行董事長。 [CEO - 00:05:52] • Adobe 宣佈收購 Topaz Labs，將先進的 AI 增強模型引入 Firefly 及 Creative Cloud。此交易預計於第 4 季完成，需經監管機構批准。 [President of Customer Experience Orchestration - 00:13:38] 總體經濟 • 第 4 季及 26 財年財務目標假設當前宏觀經濟條件。除第 4 季初略有匯率逆風外，指引中未反映重大宏觀變化。 [CFO - 00:26:11] [CFO - 00:54:54] 地緣政治 • Adobe 擴大與沙烏地阿拉伯通訊與資訊技術部及 Humane 的合作，向 2700 萬公民及居民提供 Adobe Firefly 與 Express，支持符合沙烏地文化的新影像生成模型。 [President of Customer Experience Orchestration - 00:15:22] 產業供需 • AI 推動對創意及生產力工具需求增加，月活躍用戶超過 10 億，企業對 AI 能力的採用強勁。 [CEO - 00:04:49] [President of Customer Experience Orchestration - 00:10:32] 產業狀況 • Adobe 正利用 AI 在創意、生產力及客戶體驗領域的龐大機會，AI 為核心的期末 ARR 超過 6.5 億美元，年增超過 150%。 [CEO - 00:05:24] 獲利 • 第 3 季 GAAP 每股盈餘為 4.62 美元（年增 11%），非 GAAP 每股盈餘為 6.13 美元（年增 15%）。26 財年 GAAP 每股盈餘指引為 18.12 至 18.17 美元，非 GAAP 為 24.45 至 24.50 美元。 [CEO - 00:02:58] [CFO - 00:28:06] 公司展望、未來成長動能 • Adobe 具備成為全球創意、生產力及客戶體驗代理軟體領導者的良好定位，基於深厚領域專業、產品創新及廣泛客戶基礎。 [President of Customer Experience Orchestration - 00:21:42] • 公司專注於將 AI 整合至所有產品及業務部門，將在 Adobe MAX 展示重大創新，並擁有強勁的第 4 季及未來產品管線。 [President of Customer Experience Orchestration - 00:38:54] [President of Customer Experience Orchestration - 00:53:46] 市場競爭策略 • Adobe 持續領先客戶體驗協調解決方案市場，為企業客戶每年提供超過一兆次體驗。公司將 SEMrush AI 優化技術與 Adobe 品牌能見度能力整合。 [CEO - 00:05:11] [President of Customer Experience Orchestration - 00:47:18] 公司對市場觀點的看法 • Adobe 在 Forrester Waves 及 IDC MarketScapes 的客戶資料平台與體驗優化解決方案中，獲得兩項頂尖領導者認可。 [President of Customer Experience Orchestration - 00:21:02] 營收 • 26 財年第 3 季營收為 67.6 億美元，按報告計算年增 13%，以固定匯率計算年增 12%。26 財年營收指引為 265.76 至 266.26 億美元。 [CFO - 00:22:38] [CFO - 00:27:20] 訂單 • 季末剩餘履約義務（RPO）為 221.6 億美元，年增 8%，當期 RPO（CRPO）年增 9%。RPO 與 CRPO 通常於第 4 季增加，接下來三季持平。 [CFO - 00:23:21] [CFO - 00:37:38] 產品組合 • Creative 免費增值產品，包括 Firefly、Express 及 Premiere、Photoshop、Lightroom 的網頁與行動版，用戶突破 1 億，年增超過 70%。Firefly 應用及信用包期末 ARR 季增 40%。 [CFO - 00:25:12] 營收地區 • 所有地區的商業專業人士及消費者均實現兩位數的期末 ARR 年增長。 [CFO - 00:24:27] 下游客戶 • 第 3 季重要客戶包括 Amazon、Deutsche Post DHL、Honeywell、JISC、Renault、美國能源部洛斯阿拉莫斯國家實驗室、Academy Sports、Disney、Jet2、Perficient、Premier League、Publicis、Tennis Australia 及 T-Mobile。 [President of Customer Experience Orchestration - 00:10:37] 同業 • Adobe 將 SEMrush AI 優化技術與自身品牌能見度能力整合，獲客戶高度肯定，Adobe 品牌能見度付費客戶數季增翻倍。 [President of Customer Experience Orchestration - 00:47:18] 新產品／新技術 • Adobe 宣佈 Acrobat 在 Adobe Productivity Agent 支援下取得重大進展，包括知識庫與分析器功能，並能將複雜文件轉換為互動報告、摘要簡報及音訊格式。 [President of Customer Experience Orchestration - 00:09:11] • Firefly 推出原生音樂、語音及音效生成，新增創意技能與工具如創建故事板與品牌套件。Firefly AI 助手增強個人化與情境感知能力。 [President of Customer Experience Orchestration - 00:13:13] • Adobe 宣佈同意收購 Topaz Labs，將先進 AI 增強模型引入 Firefly、Firefly 服務及 Creative Cloud 應用。 [President of Customer Experience Orchestration - 00:13:38] 產品價格 • Adobe 目前優先推動用戶成長與參與度，暫緩 Creative Cloud 價格調整，專注於月活躍用戶成長與創新。 [CEO - 00:43:02] 法規影響 • Topaz Labs 收購案預計於第 4 季完成，需經監管機構批准及符合慣例交割條件。 [President of Customer Experience Orchestration - 00:14:18] 成本毛利 • 第 4 季 Adobe 預估非 GAAP 營業利潤率約為 44%，26 財年目標約為 45%。 [CFO - 00:26:58] 匯率 • 第 4 季初略有匯率逆風，抵銷第 3 季全年指引的超額表現。 [CFO - 00:54:54] 擴廠規劃 • Adobe 積極執行全球策略，吸引數百萬新世代創作者，包括擴大沙烏地阿拉伯合作及收購 Topaz Labs。 [President of Customer Experience Orchestration - 00:15:15] [President of Customer Experience Orchestration - 00:13:38] 稅率 • 第 4 季 Adobe 預估 GAAP 稅率約為 22%，非 GAAP 稅率約為 18%。26 財年 GAAP 稅率目標約為 22.5%，非 GAAP 稅率為 18%。 [CFO - 00:26:58] 股本、增資、可轉換債券、庫藏股 • Adobe 第 3 季回購約 950 萬股。2024 年 3 月授權已全數使用，2026 年 4 月授權尚有約 245.5 億美元可用。 [CFO - 00:23:48] 現金、現金流 • 營運現金流創第 3 季新高，達 25.2 億美元，期末現金及短期投資總計 56.4 億美元。 [CFO - 00:23:35] 併購 • Adobe 宣佈同意收購 Topaz Labs，交易預計於第 4 季完成，需經監管機構批准。 [President of Customer Experience Orchestration - 00:13:38] 應收帳款 • RPO 成長與應收帳款趨勢一致，反映公司聚焦透過免費增值商業模式加速新用戶取得。 [CFO - 00:37:28] 管理層人事異動 • Anil Chakravarthy 將於 12 月 1 日起成為 Adobe 新任總裁兼執行長，Shantanu Narayen 將轉任執行董事長。董事會優先考量內部人選以維持連續性。 [CEO - 00:05:52] [CEO - 00:33:18] Transcript Presentation Kyle Laughlin - Disney, Senior Vice President of R&D, Technology and Engineering
(00:00:01)Our partnership with Adobe enables us to accomplish things we've never been able to do before by leveraging artificial intelligence. Imagineering has a history spanning over 70 years, consistently leading innovation through the use of the latest tools. Our partnership with Adobe dates back decades, utilizing creative tools such as Adobe Photoshop and After Effects. Today, we are employing the latest cutting-edge and innovative products from Adobe Firefly Foundry. This partnership allows our creatives to accelerate their workflow, reducing processes that once took months or weeks down to days and minutes.
(00:00:01)我們與 Adobe 的合作使我們能夠利用人工智慧實現以前無法做到的事情。想像力工程有著超過 70 年的歷史，始終通過使用最新工具引領創新。我們與 Adobe 的合作可以追溯到幾十年前，利用 Adobe Photoshop 和 After Effects 等創意工具。今天，我們正在使用 Adobe Firefly Foundry 的最新尖端創新產品。這種合作關係使我們的創意人員能夠加快工作流程，將曾經需要幾個月或幾週的過程縮短到幾天和幾分鐘。
Kyle Laughlin - Disney, Senior Vice President of R&D, Technology and Engineering
(00:00:32)Authenticity is incredibly important to The Walt Disney Company, and maintaining consistency across every project by using the same model and toolset ensures this happens worldwide. Working with Adobe enables us to fully understand how content is created from start to finish, allowing our creatives to take full responsibility for their work.
(00:00:32)真實性對華特迪士尼公司來說至關重要，通過使用相同的模型和工具集來保持每個項目的一致性，確保這一點在全球範圍內得以實現。與 Adobe 合作使我們能夠充分了解內容從開始到結束的創建過程，讓我們的創意人員對自己的工作負全責。
Speaker01 - Operator
(00:01:08)Good day, and welcome to the Q3 FY2026 Adobe Earnings Conference Call. Please note that today's conference is being recorded. At this time, I would like to turn the conference over to Doug Clark, Vice President of Investor Relations. Please proceed.
(00:01:08)大家好，歡迎來到 2026 財年第三季度 Adobe 財報電話會議。請注意，今天的會議正在錄音。現在，我想把會議交給投資者關係副總裁 Doug Clark。請繼續。
Doug Clark - Adobe, Vice President of Investor Relations
(00:01:24)Good afternoon, and thank you for joining us. Joining me on the call today are Shantanu Narayen, Adobe's Chair and CEO; Anil Chakravarthy, President of Customer Orchestration, and Steve Day, Senior Vice President and Interim CFO. On this recorded call, we will discuss Adobe's third quarter fiscal year 2026 financial results. Our press release, along with PDFs of prepared remarks and financial results, are available on Adobe's Investor Relations website. The information shared today, including financial targets and product plans, is current as of September 10, 2021.
(00:01:24)下午好，感謝您加入我們。今天與我一起參加電話會議的有 Adobe 的董事長兼首席執行官 Shantanu Narayen；客戶協調總裁 Anil Chakravarthy，以及高級副總裁兼臨時首席財務官 Steve Day。在這次錄音的電話會議中，我們將討論 Adobe 2026 財年第三季度的財務結果。我們的新聞稿以及準備好的發言稿和財務結果的 PDF 文件可在 Adobe 的投資者關係網站上獲得。今天分享的信息，包括財務目標和產品計劃，截止至 2026 年 9 月 10 日為止。
Doug Clark - Adobe, Vice President of Investor Relations
(00:02:02)This call contains forward-looking statements that involve risks, uncertainties, and assumptions. Actual results may differ materially from those expressed in these statements. For more details on these risks, please review today's earnings release and Adobe's SEC filings. During this call, we will discuss both GAAP and non-GAAP financial measures. Our reported results include GAAP growth rates as well as non-GAAP growth rates, including constant currency rates. Unless otherwise noted, Adobe's executives will refer to revenue growth and constant currency rates throughout this presentation.
(00:02:02)此次通話包含前瞻性聲明，涉及風險、不確定性和假設。實際結果可能與這些聲明中表達的結果有重大差異。有關這些風險的更多詳細信息，請查看今天的財報和 Adobe 的 SEC 文件。在此次通話中，我們將討論 GAAP 和非 GAAP 財務指標。我們報告的結果包括 GAAP 增長率以及非 GAAP 增長率，包括恆定貨幣率。除非另有說明，否則 Adobe 的高管在本次演示中將提及收入增長和恆定貨幣率。
Doug Clark - Adobe, Vice President of Investor Relations
(00:02:35)Non-GAAP reconciliations are available in our earnings release and on Adobe's Investor Relations website. I will now turn the call over to Shantanu.
(00:02:35)非 GAAP 調整可在我們的財報和 Adobe 的投資者關係網站上獲得。現在我將電話交給 Shantanu。
Shantanu Narayen - Adobe, CEO
(00:02:44)Thank you, Doug. Good afternoon, everyone, and thank you for joining us. Adobe reported a strong third quarter, achieving $6.76 billion in revenue, representing 12% year-over-year growth. GAAP earnings per share for the quarter were $4.62, reflecting 11% year-over-year growth. Non-GAAP earnings per share were $6.13, representing 15% year-over-year growth. Over the decades, Adobe's evolving mission—from changing the world through digital experiences to empowering everyone to create—has focused on creating new market categories, serving an expanding set of customers.
(00:02:44)謝謝你，Doug。大家下午好，感謝您加入我們。Adobe 報告了強勁的第三季度，實現了 67.6 億美元的收入，年增長率為 12%。本季度的 GAAP 每股收益為 4.62 美元，反映出年增長率為 11%。非 GAAP 每股收益為 6.13 美元，年增長率為 15%。在這幾十年中，Adobe 不斷演變的使命——從通過數位體驗改變世界到賦能每個人創造——專注於創造新的市場類別，服務不斷擴大的客戶群。
Shantanu Narayen - Adobe, CEO
(00:03:32)This mission has enabled us to build industry-leading platforms and products in creativity, productivity, and customer experience, setting a high bar for innovation and category transformation. Adobe will leverage AI to increase the reach, value, and impact we deliver to customers, driving our next decade of growth. AI allows us to democratize access to every creative discipline, serving everyone from casual creators to seasoned professionals. It helps meet the growing creativity and productivity needs of consumers and business professionals seeking to stand out and communicate more effectively.
(00:03:32)這一使命使我們能夠在創意、生產力和客戶體驗方面建立行業領先的平台和產品，為創新和類別轉型設立了高標準。Adobe 將利用 AI 擴大我們為客戶提供的覆蓋範圍、價值和影響力，推動我們下一個十年的增長。AI 使我們能夠民主化每個創意學科的訪問，服務於從休閒創作者到資深專業人士的每一個人。它幫助滿足消費者和商業專業人士日益增長的創意和生產力需求，幫助他們脫穎而出並更有效地溝通。
Shantanu Narayen - Adobe, CEO
(00:04:19)With AI, Adobe uniquely empowers enterprises to deliver and orchestrate personalized customer experiences. Reflecting on my 29 years at Adobe, I am most proud of the innovative products and platforms we've delivered, including Acrobat and PDF, Adobe Experience Manager, Adobe Experience Platform, InDesign, Photoshop, Premiere, and more recently, Express and Firefly. These innovations are now used by over a billion monthly active users across all businesses, a number that grew more than 20% year-over-year in Q3, with the creative freemium crossing 100 million users and growing over 70% year-over-year.
(00:04:19)憑藉 AI，Adobe 獨特地賦能企業提供和協調個性化的客戶體驗。回顧我在 Adobe 的 29 年，我最自豪的是我們交付的創新產品和平台，包括 Acrobat 和 PDF、Adobe Experience Manager、Adobe Experience Platform、InDesign、Photoshop、Premiere，以及最近的 Express 和 Firefly。這些創新現在被超過十億的每月活躍用戶在所有業務中使用，這一數字在第三季度增長了超過 20%，創意免費增值服務的用戶超過 1 億，年增長率超過 70%。
Shantanu Narayen - Adobe, CEO
(00:05:11)We created the digital marketing category and remain the leading provider of customer experience orchestration solutions, delivering over a trillion experiences per year for enterprise customers. We are just beginning to capitalize on the massive AI opportunity across creativity, productivity, and customer experiences, with AI-first ending ARR now exceeding $650 million and growing more than 150% year-over-year. During this time, Adobe's annual revenue has grown from less than $1 billion to over $26 billion.
(00:05:11)我們創造了數位行銷類別，並仍然是客戶體驗協調解決方案的領先提供商，每年為企業客戶提供超過一兆次的體驗。我們才剛開始利用創意、生產力和客戶體驗中的巨大 AI 機會，AI 首先的年度經常性收入現在超過 6.5 億美元，年增長率超過 150%。在此期間，Adobe 的年收入從不到 10 億美元增長到超過 260 億美元。
Shantanu Narayen - Adobe, CEO
(00:05:52)I am delighted to announce that Anil Chakravarthy will become Adobe's next president and chief executive officer and join the board of directors effective December 1st. I would also like to thank David Wadhwani for over a decade of partnership, leadership, and passion for our creative community. I am committed to working closely with Anil to ensure a smooth transition and to support Adobe's ongoing growth and transformation as executive chair. As an experienced transformation leader with strong values, integrity, deep business knowledge, and a passion for products that solve customer needs, Anil is the right person to guide Adobe's growth in this agentic era.
(00:05:52)我很高興地宣佈 Anil Chakravarthy 將成為 Adobe 的下一任總裁兼首席執行官，並於 12 月 1 日加入董事會。我還想感謝 David Wadhwani 超過十年的合作、領導和對我們創意社區的熱情。我承諾與 Anil 緊密合作，以確保平穩過渡，並支持 Adobe 的持續增長和轉型，擔任執行主席。作為一位經驗豐富的轉型領導者，擁有強烈的價值觀、誠信、深厚的商業知識以及對解決客戶需求的產品的熱情，Anil 是引導 Adobe 在這個代理時代增長的合適人選。
Shantanu Narayen - Adobe, CEO
(00:06:37)He has a proven track record of building and delivering category-defining products that serve our broad range of customers. And I have every confidence that Adobe's best days lie ahead. I'll now hand it over to Anil.
(00:06:37)他擁有建立和交付定義類別產品的良好記錄，這些產品服務於我們廣泛的客戶群。我對 Adobe 的最佳日子充滿信心。現在我將把時間交給 Anil。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:06:53)Thank you, Shantanu. Hello, everyone. I am deeply honored to lead Adobe at this pivotal moment. I am excited about the opportunity to drive Adobe's growth and leadership across creativity, productivity, and customer experiences in the era of agentic software. Adobe's proven track record of empowering individuals and organizations to express their ideas, tell their stories, and make an impact continues to inspire us and fuel our commitment to customers. Thanks to Shantanu's exceptional leadership in transforming Adobe's product portfolio and business model over the decades, we are well positioned to capitalize on the massive opportunities ahead.
(00:06:53)謝謝你，Shantanu。大家好。我深感榮幸能在這個關鍵時刻領導 Adobe。我對推動 Adobe 在創意、生產力和客戶體驗方面的增長和領導地位感到興奮，尤其是在智能軟體的時代。Adobe 在賦能個人和組織表達他們的想法方面的卓越記錄，講述他們的故事，並產生影響，繼續激勵著我們，並促進我們對客戶的承諾。感謝 Shantanu 在過去幾十年中對 Adobe 產品組合和商業模式的卓越領導，我們已經做好了充分準備，抓住未來的巨大機遇。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:07:30)I look forward to working closely with our employees and Shantanu to continue serving our customers and transforming Adobe in the era of agentic AI. Turning to Q3 results, Subscription revenue for business professionals and consumers was $1.91 billion, growing 15% year over year. Our strategy for business professionals and consumers is to deliver AI-powered applications that transform how users comprehend, create, and share content. We are delivering new conversational and agentic interfaces in Adobe Reader, Acrobat, and Express through an integrated freemium experience.
(00:07:30)我期待與我們的員工和 Shantanu 密切合作，繼續服務我們的客戶，並在智能 AI 時代轉型 Adobe。現在來看看第三季度的結果，針對商業專業人士和消費者的訂閱收入為 19.1 億美元，同比增長 15%。我們針對商業專業人士和消費者的策略是提供 AI 驅動的應用程式，改變用戶理解、創建和分享內容的方式。我們正在通過集成的免費增值體驗，在 Adobe Reader、Acrobat 和 Express 中提供新的對話式和智能介面。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:08:10)Our differentiation is grounded in a deep understanding of the PDF format and three decades of document expertise, transforming Acrobat from the world's leading PDF tool into a comprehensive document productivity platform powered by AI. Today, people open more than 400 billion PDFs with Acrobat every year to read, edit, and create content. By integrating AI deeply into our products, we are helping customers realize the value of AI faster, more accurately, securely, and cost-efficiently.
(00:08:10)我們的差異化源於對 PDF 格式的深刻理解和三十年的文檔專業知識，將 Acrobat 從全球領先的 PDF 工具轉變為一個由 AI 驅動的全面文檔生產力平台。如今，人們每年使用 Acrobat 打開超過 4000 億個 PDF 文件，以閱讀、編輯和創建內容。通過將 AI 深度整合到我們的產品中，我們幫助客戶更快、更準確、安全和高效地實現 AI 的價值。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:08:44)We are meeting users wherever they work and expanding our reach across the digital ecosystem by extending Acrobat's capabilities to major platforms, including ChatGPT, Chrome, Claude, Microsoft Edge, and WhatsApp. This approach to innovation positions Adobe to drive deeper user engagement, unlock new enterprise opportunities, and sustain our leadership as the trusted platform for digital documents in the age of AI. Yesterday, we announced significant advances in Acrobat, powered by the Adobe Productivity Agent, that help people and teams understand the information in their documents faster, create polished work more easily, and access trusted knowledge at scale.
(00:08:44)我們在用戶工作的每個地方都在滿足他們的需求，並通過將 Acrobat 的功能擴展到主要平台，包括 ChatGPT、Chrome、Claude、Microsoft Edge 和 WhatsApp，擴大我們的影響力。這種創新的方法使 Adobe 能夠推動更深層次的用戶參與，開啟新的企業機會，並維持我們的領導地位，成為 AI 時代數字文檔的可信平台。昨天，我們宣佈了由 Adobe 生產力代理驅動的 Acrobat 的重要進展，幫助人們和團隊更快地理解文檔中的信息，更輕鬆地創建精美的作品，並大規模訪問可信的知識。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:09:26)Acrobat now turns complex documents into visually rich interactive reports and summary slides, as well as audio formats like personal podcasts, enabling users to quickly absorb key insights. New features like Knowledge Base and Analyzer empower teams to ask questions across massive document collections and surface structured insights from thousands of files. This unlocks the value of existing organizational knowledge, driving smarter, faster decision-making at scale, all with enterprise-grade governance, security, trust, and compliance.
(00:09:26)Acrobat 現在將複雜的文檔轉換為視覺豐富的互動報告和摘要幻燈片，以及個人播客等音頻格式，使用戶能夠快速吸收關鍵見解。像知識庫和分析器這樣的新功能使團隊能夠在大量文檔集合中提出問題，並從數千個文件中提取結構化見解。這釋放了現有組織知識的價值，推動更智能、更快速的決策，並具備企業級的治理、安全、信任和合規性。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:10:00)With a focus on winning the next generation of business professionals, Student Spaces in Acrobat is now available globally, targeting the higher education market and empowering students to generate flashcards, quizzes, and study guides to better understand and master their curriculum. Additional business professional and consumer highlights include business professionals and consumers MAUs growing over 25% year-over-year to over 900 million. Acrobat AI assistant MAUs doubled quarter-over-quarter. We saw strong enterprise adoption of Acrobat AI capabilities among ETLA customers.
(00:10:00)我們專注於贏得下一代商業專業人士，Acrobat 中的學生空間現在在全球範圍內可用，針對高等教育市場，幫助學生生成閃卡、測驗和學習指南，以更好地理解和掌握他們的課程。其他商業專業人士和消費者的亮點包括商業專業人士和消費者的月活躍用戶同比增長超過 25%，達到超過 9 億。Acrobat AI 助手的月活躍用戶環比翻倍。我們看到 ETLA 客戶對 Acrobat AI 功能的強勁採用。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:10:37)Notable customer wins this quarter include Amazon, Deutsche Post DHL, Honeywell, JISC, Renault, and the US Department of Energy Los Alamos National Laboratory. In Q3, subscription revenue for creative and marketing professionals was $4.65 billion, growing 12% year over year. Our strategy for creators and creative professionals is to empower everyone to bring their creative visions to life across any media type and surface. With Firefly, we are making creativity more accessible, intuitive, and efficient for creators of every experience level.
(00:10:37)本季度的顯著客戶勝利包括亞馬遜、德國郵政 DHL、霍尼韋爾、JISC、雷諾和美國能源部洛斯阿拉莫斯國家實驗室。在第三季度，針對創意和市場專業人士的訂閱收入為 46.5 億美元，同比增長 12%。我們針對創作者和創意專業人士的策略是賦能每個人將他們的創意願景實現於任何媒體類型和表面。通過 Firefly，我們使創意對每個經驗水平的創作者變得更可及、更直觀和更高效。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:11:15)For creative professionals, we are delivering the most comprehensive AI-driven power and precision applications through Creative Cloud across every stage of the creative process. Our differentiation is rooted in our deep domain expertise across media types, including imaging, design, video, photography, illustration, animation, and 3D, complemented by our depth of intelligence across creative workflows. With Firefly and Creative Cloud, Adobe is reinventing creative software with agentic AI to deliver immediate personalized value, meeting users where they are with tools and agents that adapt to their needs.
(00:11:15)對於創意專業人士，我們通過 Creative Cloud 在創意過程的每個階段提供最全面的 AI 驅動的力量和精確應用。我們的差異化根植於我們在媒體類型方面的深厚專業知識，包括影像、設計、視頻、攝影、插圖、動畫和 3D，並輔以我們在創意工作流程中的深度智能。通過 Firefly 和 Creative Cloud，Adobe 正在用智能 AI 重新定義創意軟體，提供即時的個性化價值，並用適應用戶需求的工具和代理滿足用戶的需求。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:11:54)Adobe remains committed to delivering intuitive, context-aware experiences that honor creative craft, accelerate creative velocity, and ensure that the next generation of creators can thrive in an ever-changing world. Adobe's strategy is to offer customers choice as well as intelligent routing to use the best models for their needs, fully integrated in Adobe applications, eliminating the friction of switching between workflows and platforms. The Adobe Creative Agent empowers customers by handling the orchestration and execution of complex, repetitive creative workflows.
(00:11:54)Adobe 始終致力於提供直觀的、上下文感知的體驗，尊重創意工藝，加速創意速度，並確保下一代創作者能夠在不斷變化的世界中蓬勃發展。Adobe 的策略是為客戶提供選擇，以及智能路由，以使用最適合他們需求的最佳模型，完全整合在 Adobe 應用中，消除在工作流程和平台之間切換的摩擦。Adobe 創意代理通過處理複雜、重複的創意工作流程的協調和執行，賦能客戶。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:12:30)We expanded the Adobe Creative Agent to additional Creative Cloud flagship apps, including Photoshop and Premiere, extending conversational agentic workflows deeper into our professional applications. We also introduced several innovations in Photoshop, giving professionals more choice and control at every stage of the creative process. This includes a new AI-assisted editor, now in beta, offering customers the option of using a dedicated interface and natural language bar, alongside our generative tools powered by leading AI models.
(00:12:30)我們將 Adobe 創意代理擴展到其他 Creative Cloud 旗艦應用，包括 Photoshop 和 Premiere，將對話式智能工作流程更深入地延伸到我們的專業應用中。我們還在 Photoshop 中引入了幾項創新，讓專業人士在創意過程的每個階段擁有更多選擇和控制。這包括一個新的 AI 輔助編輯器，目前處於測試階段，為客戶提供使用專用介面和自然語言欄的選項，以及我們由領先 AI 模型驅動的生成工具。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:13:06)Adobe Firefly is the all-in-one creative AI studio for the next generation of creators. In Q3, we introduced native generation of music, speech, and sound effects, delivering commercially safe AI audio to creative workflows. We launched new creative skills and tools such as Create Storyboard and Create Brand Kit, designed specifically for social creators and solopreneurs, along with enhancements that make the Firefly AI Assistant increasingly personalized and context-aware over time.
(00:13:06)Adobe Firefly 是下一代創作者的全能創意 AI 工作室。在第三季度，我們推出了音樂、語音和音效的原生生成，為創意工作流程提供商業安全的人工智慧音頻。我們推出了新的創意技能和工具，如創建故事板和創建品牌工具包，專為社交創作者和獨立創業者設計，以及使 Firefly AI 助手隨著時間的推移變得越來越個性化和上下文感知的增強功能。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:13:38)We announced our agreement to acquire Topaz Labs, which brings state-of-the-art AI enhancement models to Adobe Firefly, Firefly Services, and Creative Cloud apps, empowering creators, designers, video professionals, photographers, and enterprises to achieve exceptional quality across all formats and workflows. With over a million users, Topaz Labs and its Emmy Award-winning AI technology will be integrated throughout Adobe's Creative AI portfolio, enabling customers to enhance footage, restore and remaster archival content, and seamlessly blend AI-generated with traditionally captured content in final productions.
(00:13:38)我們宣佈達成收購 Topaz Labs 的協議，這將為 Adobe Firefly、Firefly 服務和 Creative Cloud 應用程序帶來最先進的 AI 增強模型，幫助創作者、設計師、視頻專業人士、攝影師和企業在所有格式和工作流程中實現卓越品質。擁有超過一百萬用戶的 Topaz Labs 及其艾美獎獲獎的 AI 技術將整合到 Adobe 的創意 AI 投資組閤中，使客戶能夠增強影像、恢復和重新製作檔案內容，並在最終製作中無縫融合 AI 生成的內容與傳統捕捉的內容。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:14:18)We expect the transaction to close in Q4, subject to regulatory approvals and customary closing conditions. Firefly Enterprise. Spanning Firefly services, Adobe Firefly Foundry, and Adobe Brand Intelligence, it helps the world's largest brands industrialize content production with brand-safe custom models. In July, we expanded Firefly Enterprise with Adobe Firefly Graph Enterprise Edition and Firefly Creative Production Enterprise Edition, providing businesses with reusable node-based creative workflows and mass-scale production capabilities, alongside a new simulate feature in Adobe Brand Intelligence, which predicts campaign performance before content goes live.
(00:14:18)我們預計交易將在第四季度完成，需經過監管批准和慣例的結束條件。Firefly 企業版。涵蓋 Firefly 服務、Adobe Firefly Foundry 和 Adobe Brand Intelligence，幫助全球最大的品牌以品牌安全的自定義模型實現內容生產的工業化。在七月，我們擴展了 Firefly 企業版，推出了 Adobe Firefly Graph 企業版和 Firefly 創意生產企業版，為企業提供可重用的基於節點的創意工作流程和大規模生產能力，並在 Adobe Brand Intelligence 中新增了一個模擬功能，該功能在內容上線之前預測活動表現。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:15:02)We announced that Disney Imagineering is integrating Firefly Foundry into its theme park design toolkit, accelerating the creation of Disney stories, characters, and experiences in parks. We are aggressively executing our global strategy to attract millions of next-generation creators to Adobe. In alignment with Saudi Arabia's focus on digital literacy and AI, we expanded our partnership with the Ministry of Communications and Information Technology and Humane to provide the nation's 27 million citizens and residents with Adobe Firefly and Express, while supporting development of a new image generation model tailored to Saudi culture.
(00:15:02)我們宣佈迪士尼想像工程部正在將 Firefly Foundry 整合到其主題公園設計工具包中，加速在公園中創造迪士尼故事、角色和體驗。我們正在積極執行全球戰略，以吸引數百萬下一代創作者加入 Adobe。與沙烏地阿拉伯專注於數位素養和人工智慧的方向一致，我們擴大了與通訊和資訊技術部及 Humane 的合作，為全國 2700 萬公民和居民提供 Adobe Firefly 和 Express，同時支持開發一個針對沙烏地文化量身定製的新影像生成模型。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:15:45)Additional highlights include creative freemium MAU now surpassing 100 million, growing over 70% year over year. AI usage intensity continues, with credit consumption accelerating quarter over quarter across Creative Cloud and the Firefly app. Firefly's ending ARR across the Firefly app and Firefly credit packs grew 40% quarter over quarter. Enterprise wins this quarter include Academy Sports, Disney, Jet2, Perficient, Premier League, Publicis, Tennis Australia, and T-Mobile. I'm excited to host Adobe MAX, the world's largest creativity conference, in November in Miami Beach, where we will welcome more than 10,000 members of our global community and engage hundreds of thousands more online.
(00:15:45)其他亮點包括創意免費增值用戶數現在超過 1 億，同比增長超過 70%。人工智慧的使用強度持續增長，Creative Cloud 和 Firefly 應用中的信用消耗季度增長加速。Firefly 應用和 Firefly 信用包的結束年度經常性收入（ARR）季度增長 40%。本季度的企業贏得包括 Academy Sports、Disney、Jet2、Perficient、英超聯賽、Publicis、澳大利亞網球協會和 T-Mobile。我很高興在十一月於邁阿密海灘舉辦 Adobe MAX，這是全球最大的創意會議，我們將歡迎超過 10,000 名全球社區成員，並在線上與數十萬人互動。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:16:37)This year, we'll showcase breakthrough innovations across Creative Cloud, new capabilities in Firefly, and connected workflows for Firefly Enterprise, all powered by agentic AI. MAX is always a celebration of the community's creativity. We look forward to sharing how Adobe Magic is transforming creative workflows and unlocking new possibilities. Turning to marketing professionals. Our strategy is to deliver Adobe CX Enterprise, the agentic system of record for customer experience orchestration. It serves the entire customer lifecycle, from identifying and engaging prospects to driving conversion and fostering lasting loyalty.
(00:16:37)今年，我們將展示 Creative Cloud 的突破性創新、Firefly 的新功能，以及 Firefly 企業版的連接工作流程，所有這些都由主動式人工智慧驅動。MAX 總是慶祝社區的創意。我們期待分享 Adobe Magic 如何改變創意工作流程並解鎖新可能性。轉向市場營銷專業人士。我們的策略是提供 Adobe CX 企業版，這是客戶體驗協調的主動式記錄系統。它涵蓋整個客戶生命週期，從識別和吸引潛在客戶到推動轉換和培養持久忠誠度。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:17:18)Adobe CX Enterprise focuses on three critical solutions. These are Adobe Experience Platform and Native Apps for customer engagement, Adobe Gen Studio for content supply chain, and Adobe Experience Manager and Agentic Web Apps for brand visibility. Over 20,000 global enterprises rely on Adobe, and we are helping them transform their customer experience for the era of agentic AI. Through Adobe CX Enterprise, we uniquely combine creativity, marketing, and agentic AI, simplifying and transforming how enterprises manage the customer lifecycle.
(00:17:18)Adobe CX 企業版專注於三個關鍵解決方案。這些是 Adobe Experience Platform 和原生應用程序用於客戶參與、Adobe Gen Studio 用於內容供應鏈，以及 Adobe Experience Manager 和主動式網頁應用程序用於品牌可見性。超過 20,000 家全球企業依賴 Adobe，我們正在幫助他們為主動式人工智慧時代轉型客戶體驗。通過 Adobe CX 企業版，我們獨特地結合了創意、營銷和主動式人工智慧，簡化並改變企業管理客戶生命週期的方式。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:17:56)We deliver this value through proprietary CX intelligence, agentic orchestration, governed workflow execution, open ecosystem connectivity, and enterprise-grade trust, all built over several years, providing customers a practical path from the apps they use today to a comprehensive agentic AI system. In Q3, we delivered the first unified brand visibility solution, combining SEMrush AI visibility intelligence with Adobe's agentic content optimization capabilities, grounded in a deep understanding of business and brand context.
(00:17:56)我們通過專有的 CX 智能、主動式協調、受控工作流程執行、開放生態系統連接和企業級信任提供這一價值，這些都是經過數年構建的，為客戶提供從他們今天使用的應用程序到全面的主動式人工智慧系統的實用路徑。在第三季度，我們提供了首個統一的品牌可見性解決方案，將 SEMrush AI 可見性智能與 Adobe 的主動式內容優化能力相結合，基於對業務和品牌上下文的深刻理解。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:18:36)Adobe Brand Visibility is a comprehensive solution for generative engine optimization that integrates Adobe LLM Optimizer with SEMrush AI optimization. We are seeing strong customer interest in leveraging our database of nearly 300 million real-world AI search prompts to understand how their brands appear across leading platforms such as ChatGPT, Google AI Mode, Microsoft Copilot, and Perplexity AI. At the Cannes Lions International Festival of Creativity in June, we introduced a major expansion of Adobe Gen Studio to help brands engage customers wherever they are—whether at the moment of purchase, in a stream, or while scrolling.
(00:18:36)Adobe 品牌可見性是一個全面的生成引擎優化解決方案，將 Adobe LLM 優化器與 SEMrush AI 優化相結合。我們看到客戶對利用我們近 3 億個現實世界 AI 搜索提示的數據庫以瞭解他們的品牌在 ChatGPT、Google AI 模式、Microsoft Copilot 和 Perplexity AI 等主要平台上的表現的強烈興趣。在六月的坎城創意節上，我們推出了 Adobe Gen Studio 的重大擴展，以幫助品牌在客戶無論身在何處時與他們互動——無論是在購買時、在流媒體中，還是在滾動時。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:19:19)Gen Studio for Commerce Media Networks enables retailers to attract advertising partners with self-serve, on-brand creative built directly from product listings and category context. We also expanded Adobe Brand Intelligence capabilities, allowing marketing teams to preview how content will resonate with audiences before it goes live. This meets the demands of an agentic content supply chain at the speed our customers require. We are seeing significant customer interest in CX Enterprise Coworker, the specialized AI agent in CX Enterprise that autonomously executes complex marketing and customer engagement workflows.
(00:19:19)Gen Studio for Commerce Media Networks 使零售商能夠通過自助服務、符合品牌的創意，直接從產品列表和類別上下文中構建，來吸引廣告合作夥伴。我們還擴展了 Adobe Brand Intelligence 的能力，允許市場營銷團隊在內容上線之前預覽內容如何與受眾產生共鳴。這滿足了我們客戶所需的主動式內容供應鏈的需求。我們看到客戶對 CX 企業版同事的強烈興趣，這是 CX 企業版中的專業 AI 代理，能夠自主執行複雜的市場營銷和客戶參與工作流程。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:20:01)CX Enterprise Coworker, generally available since June, meets marketers where they are by embedding agentic intelligence directly into the engagement lifecycle, offering choice and control while enabling teams to act faster, scale personalization, and continuously optimize outcomes. CX Enterprise Coworker synthesizes insights from Adobe and third-party applications while coordinating AI agents and workflows across analytics, content creation, and journey orchestration. Early customer interest is strong, with over 1,700 customers and early adopters of CX Enterprise Coworker.
(00:20:01)CX 企業版同事，自六月以來普遍可用，通過將主動式智能直接嵌入參與生命週期，滿足市場營銷人員的需求，提供選擇和控制，同時使團隊能夠更快行動、擴大個性化並持續優化結果。CX 企業版同事綜合了來自 Adobe 和第三方應用程序的見解，同時協調分析、內容創建和旅程協調中的 AI 代理和工作流程。早期客戶的興趣強烈，超過 1,700 家客戶和 CX 企業版同事的早期採用者。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:20:39)Additional marketing highlights include ending ARR growth of over 20% year-over-year for each of Adobe Experience Manager and agentic web apps, Adobe Gen Studio, and Adobe Experience Platform and Apps. Continuous strength in subscription services is driven by forward-deployed engineering and strategic value realization engagements with customers. Q3 industry analyst recognition includes being named the top leader in two Forrester Waves, covering customer data platforms for B2C and experience optimization solutions, as well as two IDC MarketScapes, for worldwide AI-enabled customer data platforms for both B2B and B2C users.
(00:20:39)其他市場營銷亮點包括 Adobe Experience Manager 和主動式網頁應用程序的年度經常性收入增長超過 20%，Adobe Gen Studio，以及 Adobe Experience Platform 和應用程序。訂閱服務的持續增長是由前瞻性工程和與客戶的戰略價值實現參與推動的。第三季度的行業分析師認可包括在兩個 Forrester Waves 中被評為領導者，涵蓋 B2C 的客戶數據平台和體驗優化解決方案，以及兩個 IDC MarketScapes，涉及全球 AI 驅動的客戶數據平台，適用於 B2B 和 B2C 用戶。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:21:22)Global enterprise customer wins in Q3 included Academy Sports, Alpine Racing, BNP Paribas, Humana, IKEA, Jet2, Marriott, MSC Cruises, Publicis, Royal Bank of Canada, Vanguard, and Wells Fargo. Looking ahead. Adobe is well positioned to be the global leader in agentic software for creativity, productivity, and customer experience. We are building on tremendous assets, deep domain expertise, a proven track record of product innovation, a broad community of customers ranging from individuals and small businesses to the largest enterprises worldwide, diversified global routes to market, a values-driven culture, highly motivated employees, and a trusted, well-recognized brand.
(00:21:22)第三季度的全球企業客戶贏得包括 Academy Sports、Alpine Racing、BNP Paribas、Humana、IKEA、Jet2、Marriott、MSC Cruises、Publicis、加拿大皇家銀行、Vanguard 和富國銀行。展望未來。Adobe 在創意、生產力和客戶體驗的代理軟體領域中，已經具備成為全球領導者的良好位置。我們正在建立在巨大的資產、深厚的領域專業知識、經過驗證的產品創新記錄、從個人和小型企業到全球最大的企業的廣泛客戶社群、多樣化的全球市場路徑、以價值為驅動的文化、高度激勵的員工，以及值得信賴且廣為人知的品牌之上。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:22:10)Additionally, we have the financial strength to invest in the future. I am incredibly excited about the opportunity ahead and look forward to sharing more updates.
(00:22:10)此外，我們擁有投資未來的財務實力。我對未來的機會感到無比興奮，期待分享更多的更新。
Speaker02 - Operator
(00:22:21)I'll now pass it to Steve.
(00:22:21)現在我將把時間交給 Steve。
Steve Day - Adobe, CFO
(00:22:25)Thanks, Anil. Today, I will begin by summarizing Adobe's performance in Q3 FY26, highlighting growth drivers across our customer groups, and conclude with our financial targets. In Q3, Adobe achieved record revenue of $6.76 billion, representing 13% year-over-year growth as reported and 12% in constant currency. Diluted earnings per share were $4.62 on a GAAP basis and $6.13 on a non-GAAP basis. Q3 financial highlights included... Total Adobe ending ARR reached $27.5 billion, growing 11.2% year over year.
(00:22:25)謝謝你，Anil。今天，我將首先總結 Adobe 在 FY26 第三季度的表現，強調我們客戶群的增長驅動因素，並以我們的財務目標作結。在第三季度，Adobe 實現了 67.6 億美元的創紀錄收入，年增長 13%，按報告計算，按固定匯率計算增長 12%。稀釋後每股收益在 GAAP 基礎上為 4.62 美元，非 GAAP 基礎上為 6.13 美元。第三季度的財務亮點包括...Adobe 的總結束年度經常性收入（ARR）達到 275 億美元，年增長 11.2%。
Steve Day - Adobe, CFO
(00:23:10)Total customer group subscription revenue was $6.56 billion, increasing 14% year over year, or 13% in constant currency. Remaining performance obligations (RPO) stood at $22.16 billion at quarter-end, growing 8% year over year, with current RPO (CRPO) growing 9% year over year. Both figures reflect growth as reported and in constant currency. Cash flows from operations set a Q3 record at $2.52 billion, and ending cash and short-term investments totaled $5.64 billion. We repurchased approximately 9.5 million shares of our stock during the quarter.
(00:23:10)總客戶群訂閱收入為 65.6 億美元，年增長 14%，按固定匯率計算增長 13%。剩餘的履約義務（RPO）在季度末為 221.6 億美元，年增長 8%，當前 RPO（CRPO）年增長 9%。這兩個數字均反映了報告的增長和按固定匯率計算的增長。來自營運的現金流在第三季度創下 25.2 億美元的紀錄，結束時的現金和短期投資總額為 56.4 億美元。在本季度，我們回購了約 950 萬股股票。
Steve Day - Adobe, CFO
(00:23:55)As of Q3 close, we have fully utilized our March 2024 authorization, and have approximately $24.55 billion remaining under our April 2026 authorization. Business professionals and consumer subscription revenue reached $1.91 billion, increasing 16% year-over-year as reported, or 15% in constant currency. Q3 growth drivers for business professionals and consumers included double-digit ending ARR year-over-year growth across all geographies. Acrobat Plus Express MAUs surpassed 900 million, growing more than 25% year-over-year.
(00:23:55)截至第三季度結束，我們已經完全利用了 2024 年 3 月的授權，並且在 2026 年 4 月的授權下，還剩約 245.5 億美元。商業專業人士和消費者的訂閱收入達到 19.1 億美元，年增長 16%，按報告計算，按固定匯率計算增長 15%。第三季度商業專業人士和消費者的增長驅動因素包括所有地區的年度經常性收入（ARR）年增長雙位數。Acrobat Plus Express 的月活躍用戶超過 9 億，年增長超過 25%。
Steve Day - Adobe, CFO
(00:24:40)Acrobat AI Assistant MAUs doubled quarter-over-quarter, alongside strong performance in SMB across inside sales and the reseller channel. Creative and marketing professional subscription revenue was $4.65 billion, increasing 13% year-over-year, or 12% in constant currency. Q3 growth drivers for creative and marketing professionals included continued strength in Creative Cloud across our teams and enterprise offerings. Creative freemium offerings, which include Firefly, Express, and web and mobile versions of Premiere, Photoshop, and Lightroom, crossed 100 million users, growing over 70% year-over-year.
(00:24:40)Acrobat AI 助手的月活躍用戶季度增長翻倍，並且在中小企業的內部銷售和經銷商渠道中表現強勁。創意和行銷專業人士的訂閱收入為 46.5 億美元，年增長 13%，或按固定匯率計算增長 12%。第三季度創意和行銷專業人士的增長驅動因素包括 Creative Cloud 在我們的團隊和企業產品中的持續強勁表現。包含 Firefly、Express 以及 Premiere、Photoshop 和 Lightroom 的網頁和移動版本的創意免費增值產品用戶超過 1 億，年增長超過 70%。
Steve Day - Adobe, CFO
(00:25:26)Firefly ending ARR across Firefly apps and Firefly credit packs grew 40% quarter over quarter. Customer growth in Firefly Enterprise showed accelerating usage quarter over quarter. Ending ARR growth exceeded 20% year over year for Adobe Experience Manager, Agentic Web Apps, Adobe GenStudio, and Adobe Experience Platform and Apps. We doubled the number of paid customers quarter over quarter for brand visibility solutions, helping brands optimize visibility across traditional and generative search, with continued strength in retention across the enterprise customer base.
(00:25:26)Firefly 應用和 Firefly 信用包的結束 ARR 季度增長 40%。Firefly 企業的客戶增長顯示出季度增長加速的使用情況。Adobe Experience Manager、Agentic Web Apps、Adobe GenStudio 和 Adobe Experience Platform 及應用的結束 ARR 增長超過 20%。我們在品牌可見性解決方案的付費客戶數量季度翻倍，幫助品牌優化在傳統和生成搜索中的可見性，並在企業客戶基礎中保持強勁的留存率。
Steve Day - Adobe, CFO
(00:26:11)Now, let me turn to our financial targets, which assume current macroeconomic conditions. For Q4 FY26, we are targeting total Adobe revenue of $6.8 to $6.85 billion. Business professionals and consumer subscription revenue of $1.93 to $1.95 billion. Creative and marketing professional subscription revenue of $4.665 to $4.695 billion. GAAP EPS of $4.65 to $4.70, and non-GAAP EPS of $6.30 to $6.35. For Q4, we assume a non-GAAP operating margin of approximately 44%, a GAAP tax rate of approximately 22%, and a non-GAAP tax rate of approximately 18%.
(00:26:11)現在，讓我轉向我們的財務目標，這些目標假設當前的宏觀經濟條件。對於 FY26 第四季度，我們的目標是Adobe 總收入為 68 億至 68.5 億美元。商業專業人士和消費者的訂閱收入為 19.3 億至 19.5 億美元。創意和行銷專業人士的訂閱收入為 46.65 億至 46.95 億美元。GAAP 每股收益為 4.65 至 4.70 美元，非 GAAP 每股收益為 6.30 至 6.35 美元。對於第四季度，我們假設非 GAAP 營業利潤率約為 44%，GAAP 稅率約為 22%，非 GAAP 稅率約為 18%。
Steve Day - Adobe, CFO
(00:27:15)Given our strong year-to-date performance, we are raising our full-year revenue and EPS targets. For FY26, we are targeting total Adobe revenue of $26.576 billion to $26.626 billion. Business professional and consumer subscription revenue of $7.47 to $7.49 billion. Creative and marketing professional subscription revenue of $18.242 to $18.272 billion. Total Adobe ending ARR book of business growth of 10.2% year over year, compared to our FY26 beginning book of business of $25.66 billion. GAAP EPS of $18.12 to $18.17.
(00:27:15)鑑於我們強勁的年初至今表現，我們正在提高全年收入和每股收益的目標。對於 FY26，我們的目標是 Adobe 總收入為 265.76 億至 266.26 億美元。商業專業人士和消費者的訂閱收入為 74.7 億至 74.9 億美元。創意和行銷專業人士的訂閱收入為 182.42 億至 182.72 億美元。Adobe 總結束 ARR 業務增長為年增長 10.2%，相比於我們 FY26 開始的業務為 256.6 億美元。GAAP 每股收益為 18.12 至 18.17 美元。
Steve Day - Adobe, CFO
(00:28:12)And non-GAAP EPS of $24.45 to $24.50. Our FY26 targets assume a non-GAAP operating margin of approximately 45%, a GAAP tax rate of approximately 22.5%, and a non-GAAP tax rate of approximately 18%. We are encouraged by the progress we are making against our strategy. We are expanding our user base and deepening engagement with existing customers through agentic experiences. With focused execution and disciplined investments, we are driving long-term, sustainable growth. Now, I'll turn it back to Shantanu.
(00:28:12)非 GAAP 每股收益為 24.45 至 24.50 美元。我們的 FY26 目標假設非 GAAP 營業利潤率約為 45%，GAAP 稅率約為 22.5%，非 GAAP 稅率約為 18%。我們對於在我們的策略上取得的進展感到鼓舞。我們正在擴大用戶基礎，並通過代理體驗加深與現有客戶的互動。透過專注的執行和紀律性的投資，我們正在推動長期的可持續增長。現在，我將把時間交給 Shantanu。
Shantanu Narayen - Adobe, CEO
(00:28:55)Thanks, Steve. I want to express my deep appreciation to all our employees, customers, partners, and investors for the support they have provided to Adobe during my tenure. Thank you.
(00:28:55)謝謝你，Steve。我想對所有員工、客戶、合作夥伴和投資者表達我深深的感謝，感謝他們在我任期內對 Adobe 的支持。謝謝。
Q&A Shantanu Narayen - Adobe, CEO
(00:29:07)We will now take your questions.
(00:29:07)我們現在將接受您的問題。
Speaker01 - Operator
(00:29:11)Thank you. If you would like to signal with questions, please press star 1 on your touchtone telephone. If you are joining us today using a speakerphone, please ensure your mute function is turned off to allow your signal to reach our equipment. Again, that is star 1 if you would like to signal with questions. The first question comes from Matt Swanson with RBC Capital Markets.
(00:29:11)謝謝。如果您想提出問題，請在您的觸控電話上按星號 1。如果您今天使用揚聲器電話參加，請確保您的靜音功能已關閉，以便您的信號能夠傳達到我們的設備。再次提醒，如果您想提出問題，請按星號 1。第一個問題來自 RBC Capital Markets 的 Matt Swanson。
Matt Swanson - RBC Capital Markets, Analyst
(00:29:36)Great. Thank you for taking my questions. Anil, in your early comments, the prepared remarks, and the press releases since the announcement, it seems that agentic AI has been a very pervasive theme throughout. Could you discuss how significant a factor this will be in your strategy going forward and expand on the long-term path for agentic AI and what the end state might be?
(00:29:36)很好。謝謝您回答我的問題。Anil，在您早期的評論中，準備好的發言稿和公告中的新聞稿中，似乎代理 AI 一直是貫穿始終的主題。您能否討論這在您未來的策略中將成為多麼重要的因素，並擴展代理 AI 的長期路徑以及最終狀態可能是什麼？
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:30:05)Thanks, Matt. As I mentioned in my remarks, I see immense opportunity for Adobe to lead in agentic software for creativity, productivity, and customer experience, just as we have led in SaaS for these categories. Across the industry, I believe every SaaS company will undergo a transformation to agentic software, similar to the shift from on-premises to SaaS that Adobe successfully executed years ago. When I speak with customers across our categories, they describe agentic software as evolving product architecture that allows users to interact via their preferred interface—whether conversational or traditional—such as ChatGPT, Claude, or a co-pilot, combined with Adobe's functionality.
(00:30:05)謝謝你，Matt。正如我在發言中提到的，我看到 Adobe 在創意、生產力和客戶體驗的代理軟體領域有巨大的機會，就像我們在這些類別的 SaaS 中所領導的一樣。在整個行業中，我相信每個 SaaS 公司都將經歷向代理軟體的轉型，這類似於 Adobe 多年前成功執行的從本地部署到 SaaS 的轉變。當我與我們各類別的客戶交談時，他們將代理軟體描述為一種演變的產品架構，允許用戶通過他們偏好的介面進行互動——無論是對話式還是傳統式——例如 ChatGPT、Claude 或共同駕駛，並結合 Adobe 的功能。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:30:57)We are enabling this, as demonstrated by our announcements across creativity, productivity, and customer experience, including the Adobe Marketing Agent. We are also making this possible through other interfaces alongside our own, as seen in our apps. Secondly, customers seek model flexibility. They want access to the best models available, with us, as the agentic software provider, matching the optimal model to each task and making it easy for users. This is something we are executing extremely well.
(00:30:57)我們正在實現這一點，正如我們在創意、生產力和客戶體驗方面的公告所示，包括 Adobe 行銷代理。我們還通過其他介面使這一切成為可能，正如我們的應用程式所展示的。其次，客戶尋求模型的靈活性。他們希望獲得最佳模型的訪問權，作為代理軟體提供者的我們，將最佳模型與每個任務匹配，並使其對用戶變得簡單。這是我們執行得非常好的事情。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:31:30)We will have a creativity agent, as well as a productivity agent. Customers also want apps that utilize their enterprise data and context to avoid hallucinations, ensuring usable results and predictable AI outcomes. We are delivering on this with solutions like the CX Enterprise coworker, built on the Adobe Experience Platform, which serves over a trillion experiences annually. Finally, they seek value. They want the agentic software provider to help them realize the full value of the software, integrating the complexities of AI and software, which we are achieving through growth in our forward-deployed engineering and value realization teams.
(00:31:30)我們將擁有創意代理和生產力代理。客戶還希望應用程式利用他們的企業數據和上下文，以避免幻覺，確保可用的結果和可預測的 AI 結果。我們通過 CX Enterprise 合作夥伴等解決方案實現了這一點，該解決方案建立在 Adobe Experience Platform 上，每年提供超過一兆次的體驗。最後，他們尋求價值。他們希望代理軟體提供者幫助他們實現軟體的全部價值，整合 AI 和軟體的複雜性，而我們正通過我們的前置工程和價值實現團隊的增長來實現這一點。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:32:18)That is how I see this evolving, and I believe there is a massive opportunity for us to lead in agentic software for creativity, productivity, and customer
(00:32:18)這就是我看到的演變，我相信我們在創意、生產力和客戶體驗的代理軟體領域有巨大的機會。
Speaker02 - Operator
(00:32:27)experience. Thank you. The next question comes from Saket Kalia with Barclays.
(00:32:27)謝謝。下一個問題來自 Barclays 的 Saket Kalia。
Saket Kalia - Barclays, Analyst
(00:32:37)Okay, great. Hi everyone, thanks for taking my questions. Congratulations, Anil and Shantanu. I want to tip my hat to you for 29 years of leadership at Adobe. Anil, this question is for you. When the announcement was made about your CEO transition, some asked whether your background in digital experience reflects the board's view on Adobe's future growth opportunities. I wanted to give you a chance to respond and share your perspective.
(00:32:37)好的，很棒。大家好，謝謝您回答我的問題。恭喜你，Anil 和 Shantanu。我想對你們在 Adobe 的 29 年領導表示敬意。Anil，這個問題是問你的。當宣佈您的 CEO 轉型時，有人問您的數位體驗背景是否反映了董事會對 Adobe 未來增長機會的看法。我想給您一個機會來回應並分享您的觀點。
Shantanu Narayen - Adobe, CEO
(00:33:18)I'll let him add, Saket, but let me say a few things on behalf of the board. First, I'm really pleased we could select someone internal who understands the company. We had two excellent internal candidates. That was important for the board. Certainly, Anil will own the entire company strategy and put his stamp on it. But it's important to remember that when we sought the next leader, we wanted someone who would embrace all the company's opportunities and determine how to transform it going forward. But, With that context, I'll let Anil add specifically regarding the enterprise.
(00:33:18)我會讓他補充，Saket，但讓我代表董事會說幾句話。首先，我非常高興我們能選擇一位瞭解公司的內部人選。我們有兩位優秀的內部候選人。這對董事會來說很重要。當然，Anil 將負責整個公司的策略並在其上留下他的印記。但重要的是要記住，當我們尋找下一位領導者時，我們希望找到一位能夠擁抱公司所有機會並確定如何推動其轉型的人。但是，在這個背景下，我將讓 Anil 具體補充有關企業的內容。
Shantanu Narayen - Adobe, CEO
(00:34:06)Perhaps one last point I'd make is that Anil and I both agree that, moving forward, delighting individual users will be even more critical in how software is sold.
(00:34:06)也許我最後想提的一點是，Anil 和我都同意，未來讓個別用戶感到滿意將在軟體銷售中變得更加關鍵。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:34:23)Anil? Yes. Thanks, Saket. I appreciate it. When I joined in January 2020, by the end of that year, Shantanu asked me to lead our enterprise field operations across the company. From that starting point, my team and I represented all of Adobe to our customers. For example, Disney views us as one unified Adobe. That unified approach has been important. I've had the opportunity to represent Adobe across creativity, productivity, and customer experience. This has been with all of our enterprise customers.
(00:34:23)Anil？是的。謝謝，Saket。我很感激。當我在 2020 年 1 月加入時，到那年年底，Shantanu 要求我領導我們整個公司的企業現場運營。從那個起點開始，我的團隊和我代表 Adobe 向我們的客戶展示。例如，Disney 將我們視為一個統一的 Adobe。這種統一的方式非常重要。我有機會在創意、生產力和客戶體驗方面代表 Adobe。這是針對我們所有的企業客戶。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:34:56)I see the opportunity, as Shantanu mentioned, across these three product categories and throughout our customer base—from individuals to the hundreds of thousands of small businesses and over 20,000 enterprise customers. There is massive opportunity across our entire base.
(00:34:56)正如 Shantanu 提到的，我看到在這三個產品類別及我們的客戶基礎中——從個人到數十萬的小型企業以及超過 20,000 個企業客戶——都有機會。在我們整個基礎中有巨大的機會。
Speaker02 - Operator
(00:35:14)Great to hear. Congratulations to both of you.
(00:35:14)很高興聽到這個。恭喜你們兩位。
Speaker01 - Operator
(00:35:19)The next question comes from Jay Vleeschhouwer with Griffin Securities.
(00:35:19)下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。
Jay Vleeschhouwer - Griffin Securities, Analyst
(00:35:25)Thank you. Good evening. I'd like to follow up on Saket's question. Looking ahead over the next several years, what do you see as Adobe's most consequential strategic, technical, financial, or competitive challenges or priorities? It's a broad question, but I'd appreciate your insights. And a quick question for Steve. I'm somewhat concerned about your RPO figure. The single-digit year-over-year growth was the first since early fiscal 2023, and it declined sequentially. Was there anything unusual about RPO consumption coming out of Q2? Could you elaborate on the details?
(00:35:25)謝謝。晚上好。我想跟進 Saket 的問題。展望未來幾年，您認為 Adobe 面臨的最重要的戰略、技術、財務或競爭挑戰或優先事項是什麼？這是一個廣泛的問題，但我會很感激您的見解。另外，對 Steve 有個簡短的問題。我對你們的 RPO 數字有些擔憂。單位數的年增長率是自 2023 財年初以來的首次，並且是逐季下降的。在第二季度結束後，RPO 消耗是否有任何異常？您能詳細說明一下嗎？
Jay Vleeschhouwer - Griffin Securities, Analyst
(00:36:10)Thank you.
(00:36:10)謝謝。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:36:12)Thank you, Jay. Looking across our categories, for example, business professionals and consumers, we are building on many assets. We recently surpassed one billion monthly active users. We also have decades of domain expertise in PDF. So, we are leveraging many assets developed over time. Looking ahead, our focus is on integrating these assets and building new capabilities for the world of agentic software. We see this across all three major categories. For example, in productivity and creativity, we are combining the power of new models to deliver AI value to users quickly, securely, accurately, and cost-effectively.
(00:36:12)謝謝你，Jay。在我們的類別中，例如商業專業人士和消費者，我們正在建立許多資產。我們最近超過了十億的每月活躍用戶。我們在 PDF 領域也有數十年的專業知識。因此，我們正在利用隨著時間發展的許多資產。展望未來，我們的重點是整合這些資產並建立新的能力以適應自主軟體的世界。我們在所有三個主要類別中都看到了這一點。例如，在生產力和創意方面，我們正在結合新模型的力量，快速、安全、準確且具成本效益地為用戶提供 AI 價值。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:37:05)That is what our users and customers expect. Bringing all of this together is our focus across all categories.
(00:37:05)這正是我們的用戶和客戶所期待的。將所有這些整合在一起是我們在所有類別中的重點。
Steve Day - Adobe, CFO
(00:37:17)Yes, Jay, regarding RPO, you are correct. RPO grew 8% year-over-year, and CRPO grew 9%. This reflects continued execution of our strategic initiatives. The growth aligns with our accounts receivable trends. It also reflects our focus on accelerating new user acquisition through the freemium business model. Typically, RPO and CRPO increase in the fourth quarter and remain flat over the next three quarters. This year follows the same pattern as prior years.
(00:37:17)是的，Jay，關於 RPO，你是對的。RPO 年增長 8%，CRPO 年增長 9%。這反映了我們戰略舉措的持續執行。這一增長與我們的應收賬款趨勢相符。這也反映了我們專注於通過免費增值商業模式加速新用戶獲取的努力。通常，RPO 和 CRPO 在第四季度增加，並在接下來的三個季度保持平穩。今年遵循與往年相同的模式。
Speaker02 - Operator
(00:37:53)Okay. Thank you. We'll now go to Samik Chatterjee.
(00:37:53)好的。謝謝。現在我們將轉到 Samik Chatterjee。
Speaker01 - Operator
(00:37:59)Chatterjee with J.P. Morgan.
(00:37:59)Chatterjee 來自 J.P. Morgan。
Brian Hyska - JPMorgan, Analyst
(00:38:03)This is Brian Hyska on behalf of Samik Chatterjee. Thank you for taking my question. Your Q4 guidance suggests only modest sequential revenue growth in the creative and marketing professionals segments. Could you please walk us through the assumptions underlying that outlook? Thank you.
(00:38:03)我是 Brian Hyska，代表 Samik Chatterjee。謝謝您回答我的問題。您的第四季度指引顯示，創意和行銷專業領域的收入僅有適度的順序增長。您能否為我們解釋一下這一展望背後的假設？謝謝。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:38:20)Regarding Q4, let me unpack the details for you. First, I want to reiterate our full-year guidance of 10.2% growth in ending ARR. Breaking that down by audience, for business professionals and consumers, we are excited about the innovations announced yesterday in Acrobat and Express, which will provide a growth tailwind in Q4 and translate into revenue in future quarters. With Firefly and Creative Cloud, we have incredible innovations and breakthrough releases planned leading up to MAX, whether targeting creators or creative professionals.
(00:38:20)關於第四季度，讓我為您詳細說明。首先，我想重申我們全年指引的結束年度經常性收入增長 10.2%。按受眾劃分，對於商業專業人士和消費者，我們對昨天在 Acrobat 和 Express 中宣佈的創新感到興奮，這將在第四季度提供增長的助力，並在未來幾個季度轉化為收入。隨著 Firefly 和 Creative Cloud 的推出，我們計劃在 MAX 之前推出令人驚嘆的創新和突破性產品，無論是針對創作者還是創意專業人士。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:39:05)We are confident this will drive growth in our creative professionals and creators categories. In customer experience, we are starting with a strong pipeline. We will also benefit from seasonality and the innovations we've implemented. These factors give us confidence for Q4. And then Steve, would you like to add to the specific revenue commentary?
(00:39:05)我們相信這將推動我們的創意專業人士和創作者類別的增長。在客戶體驗方面，我們擁有強大的管道。我們還將受益於季節性和我們實施的創新。這些因素讓我們對第四季度充滿信心。然後Steve，您想補充一下具體的收入評論嗎？
Steve Day - Adobe, CFO
(00:39:36)Yes, regarding the revenue guidance, we have raised our Q4 outlook, reflecting the first three quarters' performance and compared to the June guidance. This raise spans CMP subscriptions, BPNC subscriptions, as well as the overall company, with an increase of approximately $50 million at the midpoint. We take our guidance seriously and are pleased to raise it this quarter.
(00:39:36)是的，關於收入指引，我們已經提高了第四季度的展望，反映了前三個季度的表現，並與六月份的指引相比。這次提高涵蓋了 CMP 訂閱、BPNC 訂閱，以及整個公司，中點約增加 5000 萬美元。我們非常重視我們的指引，並很高興在本季度提高它。
Speaker02 - Operator
(00:40:07)Our next question comes from Brad Zelnick with Deutsche Bank.
(00:40:07)我們的下一個問題來自德意志銀行的 Brad Zelnick。
Brad Zelnick - Deutsche Bank, Analyst
(00:40:17)Great. Thank you very much. I want to congratulate Shantanu on an epic run and Anil on the exciting journey ahead. Anil, it's great to hear that Firefly and Credit Pack ARR continue to grow well and that credit consumption is accelerating. Can you discuss what is driving this acceleration? Is it broad usage or specific types of generations that are primarily responsible? And how do you expect this to evolve going forward?
(00:40:17)很好。非常感謝。我想祝賀 Shantanu 的卓越表現，以及 Anil 即將展開的激動人心的旅程。Anil，很高興聽到 Firefly 和 Credit Pack 的經常性收入持續增長，並且信用消耗正在加速。您能談談推動這一加速的原因嗎？是廣泛使用還是特定類型的生成主要負責？您預計這將如何發展？
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:40:46)Returning to our freemium growth strategy, our initial focus is on acquiring new users. This approach has performed very well. We discussed this during the June earnings call. Creative freemium has grown to over 100 million users, increasing more than 70% year over year. This growth brings more people into the funnel. We then focus on increasing their AI usage intensity and engagement with our products. This engagement is beginning to translate into ARR, with Firefly ending ARR, apps, and credit packs showing 40% quarter-over-quarter growth.
(00:40:46)回到我們的免費增長策略，我們的初步重點是獲取新用戶。這種方法表現非常好。我們在六月份的財報電話會議中討論過這一點。創意免費增長已增至超過 1 億用戶，同比增長超過 70%。這一增長將更多人帶入漏斗。然後我們專注於提高他們的 AI 使用強度和與我們產品的互動。這種互動開始轉化為經常性收入，Firefly 的經常性收入、應用程序和信用包顯示出季度增長 40%。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:41:29)The intensity of usage is driving this growth.
(00:41:29)使用強度正在推動這一增長。
Shantanu Narayen - Adobe, CEO
(00:41:32)Specifically, the innovation in Firefly is remarkable. Video usage, in particular, is significant. This contributes substantially across the platform. Within Creative Cloud, we often discuss AI-first revenue. AI-influenced revenue driven by Creative Cloud's core desktop applications is robust, reflecting how fundamental AI has become to product usage. Those are additional factors to consider.
(00:41:32)特別是，Firefly 的創新令人矚目。特別是視頻使用量非常可觀。這對整個平台有著重要貢獻。在 Creative Cloud 內部，我們經常討論以 AI 為先的收入。由 Creative Cloud 核心桌面應用程序驅動的 AI 影響收入強勁，反映出 AI 對產品使用的根本性影響。這些是需要考慮的額外因素。
Speaker02 - Operator
(00:42:13)Great. Thank you very much. We'll now take a question from Alex Zukin with Wolfe Research.
(00:42:13)很好。非常感謝。現在我們將接受來自 Wolfe Research 的 Alex Zukin 的問題。
Ivan Radojicic - Wolfe Research, Analyst
(00:42:23)Hello, everyone. This is Ivan speaking on behalf of Alex. Thank you for taking my question. First, congratulations to Anil on the new role and to Shantanu on the outstanding performance. Reflecting on last quarter, you mentioned expected headwinds from doubling down on the premium strategy and deferring pricing initiatives. Could you provide more detail on how much headwind came from each of these factors? And as a quick follow-up, are there any updated thoughts on when the deferred Creative Cloud pricing optimizations will resume?
(00:42:23)大家好。我是 Ivan，代表 Alex 發言。感謝您回答我的問題。首先，祝賀 Anil 的新角色，以及 Shantanu 的卓越表現。回顧上個季度，您提到由於加大對高級策略的投入和推遲定價措施，預期會面臨逆風。您能否提供更多細節，說明這些因素各自帶來了多少逆風？作為快速的後續問題，對於延遲的 Creative Cloud 價格優化何時會恢復，是否有任何更新的想法？
Ivan Radojicic - Wolfe Research, Analyst
(00:43:00)Thank you.
(00:43:00)謝謝。
Shantanu Narayen - Adobe, CEO
(00:43:02)Yeah, I think there were two key points we mentioned, and then I'll have Anil add to that. The two important things we emphasized were, first, ensuring the company has an absolutely singular focus and alignment on what matters most. I always say I like to be impatient about something, and we are incredibly impatient to drive a large number of users, which you saw reflected in the MAU. The MAU growth and how we are measuring and driving MAU growth is fundamental to the company's future success. So, the two things we emphasized were to maintain a singular focus.
(00:43:02)是的，我認為我們提到的有兩個關鍵點，然後我會讓 Anil 補充。我們強調的兩個重要事項是，首先，確保公司對最重要的事情有絕對的專注和一致性。我總是說我喜歡對某些事情感到不耐煩，而我們對推動大量用戶的渴望非常迫切，這在 MAU 中得到了反映。MAU 的增長以及我們如何衡量和推動 MAU 的增長對於公司的未來成功至關重要。因此，我們強調的兩件事是保持專注。
Shantanu Narayen - Adobe, CEO
(00:43:39)Additionally, we are in an incredibly fortunate position now. Looking at the segmentation of our products, we deliver tremendous value depending on which segment of the population is using them. To your point, within Creative Cloud, we can always find ways to deliver more value. We continuously seek opportunities to enhance value delivery. I believe the company has performed very well with a singular focus on delivering innovation around Firefly and its platform. We are also focused on MAU growth. That focus was the primary driver.
(00:43:39)此外，我們現在處於一個非常幸運的地位。觀察我們產品的細分，我們根據使用它們的人口細分提供巨大的價值。就您的觀點而言，在 Creative Cloud 內，我們總能找到提供更多價值的方法。我們不斷尋求增強價值交付的機會。我相信公司在專注於圍繞 Firefly 及其平台交付創新方面表現非常出色。我們也專注於 MAU 的增長。這種專注是主要驅動力。
Shantanu Narayen - Adobe, CEO
(00:44:18)If you look at BPNC, we experienced good growth there. This is within Creative Cloud, I would say. I'm actually very pleased we did not focus on pricing actions, as while they might have provided short-term relief, driving new user adoption is far more critical. That's how I would answer
(00:44:18)如果您查看 BPNC，我們在那裡經歷了良好的增長。這是在 Creative Cloud 內，我會這麼說。我實際上非常高興我們沒有專注於價格行動，因為雖然它們可能提供了短期的緩解，但推動新用戶採用更為關鍵。這就是我會回答
Speaker02 - Operator
(00:44:42)that question. Our next question comes from Kirk Materne with Evercore ISI.
(00:44:42)這個問題。我們的下一個問題來自 Evercore ISI 的 Kirk Materne。
Vinod Srinivasaraghavan - Evercore ISI, Analyst
(00:44:53)Hi, this is Vinod filling in for Kirk. Thanks for taking my question. Net new ARR was down approximately 36% to 37% year over year. I wanted to understand some of the drivers behind this. Is it primarily due to seat volume softness, lapping pricing, or is it the freemium funnel strategy you've intentionally implemented that's impacting this? Thank you.
(00:44:53)嗨，我是 Vinod，代替 Kirk 提問。謝謝您回答我的問題。淨新 ARR 年同比下降約 36% 到 37%。我想了解這背後的一些驅動因素。這主要是由於座位數量的疲軟、價格的影響，還是您故意實施的免費增值漏斗策略影響了這一點？謝謝。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:45:22)As Shantanu described and as we discussed in June, our strategy balances acquiring new customers and growing ARR. For example, we've directed a portion of our traffic to ensure customers enter through the freemium funnel. We then engage them and increase their usage intensity. At the appropriate time, we calibrate when to convert them into ARR. This approach allows us to tap into a large base of next-generation creators and bring them into the Adobe family. This strategy is driving the performance you
(00:45:22)正如 Shantanu 所描述的，以及我們在六月討論的，我們的策略平衡了獲取新客戶和增長 ARR。例如，我們將一部分流量引導到確保客戶通過免費增值漏斗進入。然後我們與他們互動並增加他們的使用強度。在適當的時候，我們會調整何時將他們轉換為 ARR。這種方法使我們能夠接觸到大量的下一代創作者，並將他們帶入 Adobe 家族。這一策略正在推動您
Speaker02 - Operator
(00:46:05)see. Thank you. Did you quantify the SEMrush contribution this quarter?
(00:46:05)看到的表現。謝謝。您是否量化了本季度 SEMrush 的貢獻？
Steve Day - Adobe, CFO
(00:46:17)When we provided an update last quarter, we gave a rough estimate of SEMrush's contribution to our business.
(00:46:17)當我們上季度提供更新時，我們對 SEMrush 對我們業務的貢獻做了粗略估計。
Shantanu Narayen - Adobe, CEO
(00:46:30)You should think of SEMrush as integrated into our combined offerings directionally. So you understood the size of the book of business. We provided that information. Moving forward, the real sales motion focuses on combining SEO and SEM with our web content management and related solutions. Increasingly, and Anil can add more, the sales approach centers on combined new offerings related to brand visibility and content supply, which are growing strongly. These areas are growing north of 20% and are must-win segments.
(00:46:30)您應該將 SEMrush 視為整合到我們的綜合產品中的方向性。這樣您就能理解業務的規模。我們提供了該信息。展望未來，真正的銷售動作專注於將 SEO 和 SEM 與我們的網頁內容管理及相關解決方案相結合。越來越多，Anil 可以補充更多，銷售方法集中於與品牌可見性和內容供應相關的新綜合產品，這些產品正在強勁增長。這些領域的增長超過 20%，是必勝的細分市場。
Shantanu Narayen - Adobe, CEO
(00:47:13)That's how we are marketing these solutions.
(00:47:13)這就是我們推廣這些解決方案的方式。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:47:17)Exactly. The focus is on integrating SEMrush's AI optimization technology with Adobe's existing capabilities, as announced at the Cannes Lions Conference. This integration is what we released as Adobe Brand Visibility. It has been very well received by customers. In fact, as Steve pointed out, the number of paying customers for Adobe Brand Visibility has doubled quarter over quarter. So, we've seen terrific customer interest there.
(00:47:17)正是如此。專注於將 SEMrush 的 AI 優化技術與 Adobe 現有的能力整合，正如在戛納獅子會議上所宣佈的。這一整合就是我們推出的 Adobe 品牌可見性。客戶對此反應非常良好。實際上，正如 Steve 所指出的，Adobe 品牌可見性的付費客戶數量已經季度翻倍。所以，我們在那裡看到了極大的客戶興趣。
Speaker02 - Operator
(00:47:44)Thank you. And we'll take a question from Billy Fitzsimmons with Piper Sandler.
(00:47:44)謝謝你。我們將接受來自 Piper Sandler 的 Billy Fitzsimmons 的提問。
Billy Fitzsimmons - Piper Sandler, Analyst
(00:47:55)Perfect. Thank you for taking the question. I guess one question we get a lot is, You kind of meet customers where they are or how they want to consume, in terms of how you monetize AI across Creative Cloud, Acrobat, and your enterprise products, whether that's through bundled credits, credit packs, premium tiers, or per-seat pricing. There's also usage-based contracts. Over time, which pricing model do you expect to become the primary driver of AI revenue?
(00:47:55)完美。感謝你接受這個問題。我想我們經常會被問到的一個問題是，你們如何根據客戶的需求或他們想要的消費方式來實現 AI 的貨幣化，無論是通過捆綁信用、信用包、優質層級還是按座位定價。還有基於使用量的合約。隨著時間的推移，你們預期哪種定價模式將成為 AI 收入的主要驅動力？
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:48:25)Yeah, our first focus is exactly to make sure we bring in as many customers as possible into our funnel and into the Adobe family. That's what you're seeing with the freemium strategy and all the focus on customer acquisition. After that, it really depends on what exactly they're doing. What are they trying to accomplish? What is their skill level? In what context are they doing it? So, that can vary based on whether they're individuals or enterprise customers, and so on. It really then starts to focus on what they're actually doing with it.
(00:48:25)是的，我們的首要重點正是確保我們能夠吸引盡可能多的客戶進入我們的銷售漏斗和 Adobe 大家庭。這就是你們在免費增值策略和所有客戶獲取上的關注所看到的。之後，這真的取決於他們具體在做什麼。他們想要達成什麼？他們的技能水平是什麼？他們是在什麼樣的背景下進行的？所以，這可能會根據他們是個人還是企業客戶等情況而有所不同。然後，這真的開始專注於他們實際上在做什麼。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:48:54)We are happy to work with, for example, Microsoft Copilot in the enterprise, ChatGPT for consumers, and so on, ensuring they get value and driving up usage intensity and engagement. Beyond that, depending on the product area, once we have the value, we can map it to the monetization that Shantanu Narayen talked about earlier. This helps us with better segmentation, understanding what the segments are and how they're getting value. We have a wide variety of ways, as you pointed out, to monetize that.
(00:48:54)我們很高興能與例如 Microsoft Copilot 在企業中、ChatGPT 為消費者等合作，確保他們獲得價值並提高使用強度和參與度。此外，根據產品領域，一旦我們獲得價值，我們可以將其映射到 Shantanu Narayen 之前提到的貨幣化上。這幫助我們更好地進行細分，瞭解這些細分市場是什麼以及他們如何獲得價值。如你所指出的，我們有多種方式來實現貨幣化。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:49:27)We'll apply that based both on the customer's context and what they're doing.
(00:49:27)我們將根據客戶的背景和他們的行為來應用這些方式。
Billy Fitzsimmons - Piper Sandler, Analyst
(00:49:34)And then a quick follow-up, if I may. Regarding the Topaz Labs deal, What strategic gaps does Topaz fill in the product portfolio that couldn't have been addressed through internal development or partnerships? And understanding the deal hasn't closed yet, how should we think about integrating Topaz capabilities into existing solutions?
(00:49:34)然後，如果可以的話，我想快速跟進一下。關於 Topaz Labs 的交易，Topaz 在產品組閤中填補了哪些戰略空白，這些空白無法通過內部開發或合作夥伴關係來解決？而且考慮到交易尚未完成，我們應該如何考慮將 Topaz 的能力整合到現有解決方案中？
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:49:55)Topaz really represents state-of-the-art technology for us in AI enhancements across imaging and video. In fact, a number of our customers have been using our technology alongside Topaz, and we've received great feedback from them. We believe they bring a natural adjacency and fit perfectly with what we have in Creative Cloud, Firefly, and Firefly Enterprise. We're excited about closing that deal in Q4. That's what we anticipate, and we think it will integrate well with our offerings. We're looking forward to discussing it more at Adobe MAX coming up soon.
(00:49:55)Topaz 對我們來說確實代表了在影像和視頻領域的 AI 增強技術的最前沿。實際上，我們的一些客戶一直在與 Topaz 一起使用我們的技術，我們從他們那裡得到了很好的反饋。我們相信他們帶來了自然的相鄰性，與我們在 Creative Cloud、Firefly 和 Firefly Enterprise 中的產品完美契合。我們對在第四季度完成這筆交易感到興奮。這是我們的預期，我們認為它將與我們的產品很好地整合。我們期待在即將舉行的 Adobe MAX 上進一步討論。
Speaker02 - Operator
(00:50:40)We'll now take a question from Brent Thill with Jefferies.
(00:50:40)現在我們將接受來自 Jefferies 的 Brent Thill 的提問。
Brent Thill - Jefferies, Analyst
(00:50:47)Thanks. I know. Congratulations on the role, Shantanu Narayen. It's been great to be part of the story and watch the success you've had over time. As you think about formulating your strategies and top priorities, which will take some time, perhaps you can share a couple of top priorities as you make this transition. How would you characterize the two most important things for you over the next year?
(00:50:47)謝謝。我知道。祝賀你，Shantanu Narayen，擔任這個角色。能夠成為這個故事的一部分，並見證你隨著時間的成功，真是太好了。當你考慮制定你的策略和首要任務時，這將需要一些時間，也許你可以分享在你進行這次過渡時的幾個首要任務。在接下來的一年中，你會如何描述對你來說最重要的兩件事？
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:51:15)Well, thanks, Brent. I appreciate it. It's great that I have until December 1st to work closely with Shantanu for the transition. The first focus is obviously on Q4. We remain focused on executing our FY26 strategic initiatives and closing out the year strong. That will be critical. Adobe MAX is a big deal for us. We've had tremendous innovation in the company—breakthroughs across what we're doing for creators, creative professionals, and for the enterprise in workflow and automation throughout the creative process.
(00:51:15)好吧，謝謝你，Brent。我很感激。我很高興我有直到 12 月 1 日的時間與 Shantanu 密切合作以進行過渡。首要的重點顯然是在第四季度。我們將繼續專注於執行我們的 FY26 戰略計劃，並強勢結束這一年。這將是至關重要的。Adobe MAX 對我們來說是一個大事件。我們在公司內部取得了巨大的創新——在我們為創作者、創意專業人士和企業在創意過程中的工作流和自動化方面的突破。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:51:53)We are really looking forward to it. This will be my first Adobe MAX, and I'm excited to host it. I'm also spending a lot of time with our community, customers, Adobe employees, building the leadership team, and putting all of that in place. So it's going to be a busy fall, and I'm really looking forward to making all of that happen between now and the new year.
(00:51:53)我們真的很期待這次活動。這將是我第一次參加 Adobe MAX，我很高興能主持這次活動。我還花了很多時間與我們的社區、客戶、Adobe 員工一起，建立領導團隊，並將所有這些落實。所以這將是一個繁忙的秋季，我真的很期待在現在到新年之間實現這一切。
Speaker02 - Operator
(00:52:18)Thanks. We'll take the next question from Tyler Radke with Citi. Oh, great. Thanks for taking
(00:52:18)謝謝。我們將從 Citi 的 Tyler Radke 那裡接下來的問題。哦，太好了。謝謝你提出
Andrew Girard - Citi, Analyst
(00:52:29)the question. This is Andrew Girard, filling in for Tyler. And echoing again, congratulations to Anil and Shantanu. It's good to see the sequential uptick in creative and marketing professional growth and concurrency here. Anil, I was hoping to understand your perspective on creative positioning—where you believe the largest opportunities lie and any new strategies you plan to bring to creative as you take the helm.
(00:52:29)問題。我是 Andrew Girard，代替 Tyler 發言。再次祝賀 Anil 和 Shantanu。很高興看到創意和市場專業增長及其並行性持續上升。Anil，我希望瞭解你對創意定位的看法——你認為最大的機會在哪裡，以及你計劃在掌舵時帶來的任何新策略。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:53:02)Yeah, first of all, thank you. Regarding creativity, we believe the market is larger than ever, encompassing individuals, small businesses, and enterprises worldwide, all using creativity to express themselves and their ideas. It's increasingly important for people to stand out through creativity. So, we think the market is extremely large. Personally, I believe there is real opportunity as the world transitions from SaaS to agentic software, driven by innovations in AI and models. I see opportunities across all these categories.
(00:53:02)是的，首先，謝謝你。關於創意，我們認為市場比以往任何時候都要大，涵蓋了全球的個人、小企業和企業，他們都在利用創意來表達自己和他們的想法。對人們來說，通過創意脫穎而出變得越來越重要。所以，我們認為市場非常龐大。就我個人而言，我相信隨著世界從 SaaS 轉向代理軟件，這是一個真正的機會，這是由 AI 和模型的創新推動的。我看到這些類別中都有機會。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:53:46)One thing I believe is that the innovation we've already developed will be showcased at MAX, and the innovations you'll see from us over the next year will demonstrate how we integrate AI's power across all customer segments and categories.
(00:53:46)我相信我們已經開發的創新將在 MAX 上展示，而你將在接下來的一年中看到的創新將展示我們如何在所有客戶細分市場和類別中整合 AI 的力量。
Speaker02 - Operator
(00:54:15)Okay, yeah, that's great.
(00:54:15)好的，是的，這太好了。
Andrew Girard - Citi, Analyst
(00:54:17)Just a quick question on the revenue guidance. I noticed the full-year guidance raise was slightly below the Q3 beat. I want to understand any Q4 dynamics now reflected in the model that might be incremental to what you saw last quarter, such as increased prudence or expected pressure from the premium push. Any changes in macroeconomic factors or similar influences?
(00:54:17)關於收入指引的快速問題。我注意到全年指引的上調略低於第三季度的超預期。我想了解現在模型中反映的任何第四季度動態，這可能是對你們上個季度所見的增量影響，例如增加的謹慎或來自高端推動的預期壓力。宏觀經濟因素或類似影響的任何變化？
Steve Day - Adobe, CFO
(00:54:50)Yeah, yeah, yeah. Nothing has changed in the business yet. As you said, we pushed through the Q3 beat, but there is a slight FX headwind entering Q4, which offsets that. Otherwise, we feel pretty good about the full-year guidance implied by the Q4 guide, which shows a slight raise for the year. So aside from FX, nothing from a business perspective.
(00:54:50)是的，是的，是的。目前業務沒有變化。正如你所說，我們在第三季度超預期，但在進入第四季度時有輕微的外匯逆風，這抵消了這一點。否則，我們對第四季度指引所暗示的全年指引感到相當滿意，這顯示出全年略有上調。所以除了外匯，從業務角度來看沒有其他變化。
Speaker02 - Operator
(00:55:25)Amazing. Thank you.
(00:55:25)太棒了。謝謝你。
Speaker01 - Operator
(00:55:27)We have a question from Michael Turrin with Wells Fargo Securities.
(00:55:27)我們有來自 Wells Fargo Securities 的 Michael Turrin 的問題。
Michael Turrin - Wells Fargo, Analyst
(00:55:33)Thanks very much. Appreciate you taking the questions, and Shantanu, congratulations as well. Neil, I know it's early, but compared to last quarter, it seems you're seeing user growth on the freemium side. I'd be curious to hear how you plan to evaluate trade-offs and when you might capture more value via pricing versus continuing the freemium strategy.
(00:55:33)非常感謝。感謝你提出問題，Shantanu，恭喜你。Neil，我知道這還早，但與上個季度相比，似乎你在免費增值方面看到了用戶增長。我想知道你計劃如何評估取捨，以及你何時可能通過定價獲得更多價值，而不是繼續免費增值策略。
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:56:01)Thanks, Michael. Looking at the entire funnel, we have over a decade of experience with what we call the data-driven operating model. We are optimizing that for freemium as we attract the next generation of creators and business professionals. The goal is, of course, to prove value first. Once they see value, we get many signals about engagement, AI usage intensity, and readiness to convert them into ARR. We constantly calibrate that. What is the best conversion point? What kind of paywall tuning should we apply?
(00:56:01)謝謝你，Michael。看整個漏斗，我們在所謂的數據驅動運營模型方面擁有超過十年的經驗。我們正在為免費增值進行優化，因為我們吸引下一代創作者和商業專業人士。目標當然是首先證明價值。一旦他們看到價值，我們會收到許多關於參與度、AI 使用強度和準備將他們轉換為年度經常性收入的信號。我們不斷調整這一點。最佳轉換點是什麼？我們應該應用什麼樣的付費牆調整？
Anil Chakravarthy - Adobe, President of Customer Experience Orchestration
(00:56:42)We've done this for over a decade and will continue optimizing across customer segments that Shantanu referenced.
(00:56:42)我們已經這樣做了超過十年，並將繼續在 Shantanu 提到的客戶細分市場中進行優化。
Michael Turrin - Wells Fargo, Analyst
(00:56:55)As a follow-up, I know you're holding the ARR guide, but could you revisit the uptick and any seasonal assumptions for net new ARR in Q4?
(00:56:55)作為後續問題，我知道你們保持年度經常性收入指引，但你能否重新考慮增長和第四季度淨新增年度經常性收入的任何季節性假設？
Speaker02 - Operator
(00:57:16)How should we think about the uptick and implied net new ARR for Q4 relative to Q3? Thank you.
(00:57:16)我們應該如何看待第四季度的增長和暗示的淨新增年度經常性收入，相對於第三季度？謝謝。
Steve Day - Adobe, CFO
(00:57:22)If you recall from the Q2 call, we provided some guidance for the second half ARR, reiterating 10.2, and said Q4 would be larger than Q3, which is exactly how it's playing out. Q4 is our seasonally strong quarter and a very strong enterprise quarter for us. Those factors remain in effect. We are very pleased with the performance of the businesses. So far, we expect solid contributions across each of the segments Anil referenced, aiming to deliver the 10.2 guidance. Thank you.
(00:57:22)如果你還記得第二季度的電話會議，我們提供了一些下半年年度經常性收入的指引，重申 10.2，並表示第四季度將大於第三季度，這正是目前的情況。第四季度是我們季節性強勁的季度，也是我們企業表現非常強勁的季度。這些因素仍然有效。我們對這些業務的表現感到非常滿意。到目前為止，我們預期在 Anil 提到的每個細分市場都有穩健的貢獻，目標是實現 10.2 的指引。謝謝。
Shantanu Narayen - Adobe, CEO
(00:58:02)To provide more color, on the creative side, we are focused on the combination of MAU and ARR. On the BPNC side, we anticipate our traditionally strong Q4 performance. There is a lot of exciting new innovation that we have delivered. That business continues to perform well, and we expect to monetize all of BPNC in Q4. Perhaps most importantly, we have a traditional enterprise finish with a strong pipeline related to both the CXO business and worldwide field operations. This impacts both the creativity and productivity segments within the enterprise.
(00:58:02)為了提供更多細節，在創意方面，我們專注於 MAU 和 ARR 的結合。在 BPNC 方面，我們預期傳統上強勁的第四季度表現。我們交付了許多令人興奮的新創新。該業務持續表現良好，我們預期在第四季度實現 BPNC 的全部變現。也許最重要的是，我們有一個傳統的企業結束，並且擁有與 CXO 業務和全球現場運營相關的強大管道。這影響了企業內的創意和生產力細分市場。
Shantanu Narayen - Adobe, CEO
(00:58:51)This is a key factor in how we are guiding Q4 and how you should consider it. Traditional strength, a solid pipeline, great innovation in BPNC, and continued focus on driving both revenue and, more importantly, MAU in the creative segment. That is how I would frame it. Since that is the last question, I am pleased to see so much interest in our future outlook. We look forward to sharing more updates. Thank you for joining
(00:58:51)這是我們如何指導第四季度以及你應該如何考慮它的關鍵因素。傳統的優勢、穩健的管道、BPNC 的偉大創新，以及持續專注於推動收入，更重要的是，創意細分市場的 MAU。這就是我會這樣框架它。由於這是最後一個問題，我很高興看到大家對我們未來展望的如此關注。我們期待分享更多更新。感謝您參加
Speaker02 - Operator
(00:59:22)us. Well, thank you. That concludes today's conference.
(00:59:22)我們。好吧，謝謝。這結束了今天的會議。
Speaker01 - Operator
(00:59:29)We appreciate your participation and wish you an excellent day.
(00:59:29)我們感謝您的參與，祝您有個美好的一天。