Adobe Inc.(ADBE) 首席执行官 Shantanu Narayen 于 2019年 第二季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年06月19日 · 38 次阅读

Adobe Inc. (NASDAQ:ADBE) Q2 2019 Earnings Conference Call June 18, 2019 5:00 PM ET

Adobe Inc.(纳斯达克股票代码:[ADBE])2019年第二季度收益电话会议2019年6月18日美国东部时间下午5:00

公司参与者

Mike Saviage - Vice President of Investor Relations
Shantanu Narayen - Chairman, President and Chief Executive Officer
John Murphy - Executive Vice President and Chief Financial Officer

  • Mike Saviage - 投资者关系副总裁
  • Shantanu Narayen - 董事长,总裁兼首席执行官
  • John Murphy - 执行副总裁兼首席财务官

电话会议参与者

Brent Thill - Jefferies LLC
Jennifer Lowe - UBS Investment Bank
Keith Weiss - Morgan Stanley
Brad Zelnick - Credit Suisse
Saket Kalia - Barclays Capital
Sterling Auty - JPMorgan Chase & Co.
Kasthuri Rangan - Bank of America Merrill Lynch
Mark Moerdler - Sanford C. Bernstein & Co.
Jay Vleeschhouwer - Griffin Securities, Inc.
Kirk Materne - Evercore ISI
Thomas Roderick - Stifel, Nicolaus & Co., Inc.
Walter Pritchard - Citigroup

  • Brent Thill - Jefferies LLC
  • Jennifer Lowe - 瑞银投资银行
  • 凯斯韦斯 - 摩根士丹利
  • Brad Zelnick - 瑞士信贷
  • Saket Kalia - 巴克莱资本
  • Sterling Auty - 摩根大通公司
  • Kasthuri Rangan - 美国银行美林证券
  • Mark Moerdler - Sanford C. Bernstein&Co。
  • Jay Vleeschhouwer - 格里芬证券公司
  • Kirk Materne - Evercore ISI
  • Thomas Roderick - Stifel,Nicolaus&Co.,Inc。
  • 沃尔特普里查德 - 花旗集团

会议主持员

Good afternoon. I would like to welcome you to the Adobe Second Quarter Fiscal Year 2019 Earnings Conference Call. Today’s conference is being recorded. During today’s presentation, all lines will be muted, and we will take questions following the prepared remarks.
At this time, I would like to turn the call over to Mike Saviage, Vice President of Investor Relations. Please go ahead, sir.

下午好。 我想欢迎您参加Adobe第二季度2019财年盈利电话会议。 今天的会议正在录制中。 在今天的演讲中,所有线路都将被静音,我们将根据准备好的评论提出问题。

在这个时候,我想把这个电话交给投资者关系副总裁Mike Saviage。 请继续,先生。

Mike Saviage

Good afternoon, and thank you for joining us today. Joining me on the call are Adobe’s President and CEO, Shantanu Narayen; and John Murphy, Executive Vice President and CFO.
In our call today, we will discuss Adobe’s second quarter fiscal year 2019 financial results. By now, you should have a copy of our earnings press release which crossed the wire approximately one hour ago. We’ve also posted PDFs of our earnings call prepared remarks and slides, and an updated investor datasheet on adobe.com. If you would like a copy of these documents, you can go to Adobe’s Investor Relations page and find them listed under Quick Links.
Before we get started, we want to emphasize that some of the information discussed in this call, particularly our revenue and operating model targets, and our forward-looking product plans, is based on information as of today, June 18, 2019, and contains forward-looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the forward-looking statements disclosure in the earnings press release we issued today, as well as Adobe’s SEC filings.
On this call, we will discuss GAAP and non-GAAP financial measures. A reconciliation between the two is available in our earnings release and on Adobe’s Investor Relations website.
Call participants are advised that the audio of this conference call is being webcast live, and is also being recorded for playback purposes. An archive of the webcast will be made available on Adobe’s Investor Relations website for approximately 45 days, and is the property of Adobe. The call audio and the webcast archive may not be re-recorded or otherwise reproduced or distributed without prior written permission from Adobe.
I will now turn the call over to Shantanu.

下午好,谢谢你今天加入我们。加入我的是Adobe的总裁兼首席执行官Shantanu Narayen;和John Murphy,执行副总裁兼首席财务官。

在今天的电话会议中,我们将讨论Adobe 2019财年第二季度的财务业绩。到目前为止,您应该在大约一小时之前获得我们的收入新闻稿副本。我们还在adobe.com上发布了我们的收益电话准备备注和幻灯片的PDF文件以及更新的投资者数据表。如果您需要这些文档的副本,可以访问Adobe的“投资者关系”页面,并在“快速链接”下找到它们。

在我们开始之前,我们想强调一下本次电话会议中讨论的一些信息,特别是我们的收入和运营模式目标,以及我们的前瞻性产品计划,都是基于截至2019年6月18日的信息,并包含涉及风险和不确定性的前瞻性陈述。实际结果可能与此类陈述中的陈述产生重大差异。有关这些风险和不确定性的讨论,您应该查看我们今天发布的盈利新闻稿中的前瞻性陈述披露,以及Adobe的SEC文件。

在此电话会议中,我们将讨论GAAP和非GAAP财务指标。我们的收益发布和Adobe投资者关系网站上提供了两者之间的对账。

呼叫参与者被告知该电话会议的音频正在进行网络直播,并且还被记录以用于回放目的。网络广播的档案将在Adobe投资者关系网站上提供约45天,并且是Adobe的财产。未经Adobe事先书面许可,不得重新录制或以其他方式复制或分发通话音频和网络广播档案。

我现在将电话转到Shantanu。

Shantanu Narayen

Thanks, Mike, and good afternoon. Q2 was another strong quarter for Adobe, with record revenue and continued growth across Adobe Creative Cloud, Adobe Document Cloud, and Adobe Experience Cloud. We delivered $2.74 billion in revenue in Q2, representing 25% year-over-year growth. GAAP earnings per share for the quarter was $1.29, and non-GAAP earnings per share was $1.83.
Adobe’s solutions have become the standard for creating and managing the world’s digital experiences. Millions of consumers depend on brands like Photoshop and PDF for their personal and professional pursuits. Thousands of enterprises the world over are turning to Adobe every day to help them transform their businesses.
The power of our brand, the continuous innovation in our products and services, the deep investment we are making in our technology platforms, and a robust ecosystem of partners are enabling us to serve millions of customers around the globe. We are creating large, addressable markets in the creativity, document, and customer experience management categories. Our opportunity has never been greater.
In our Digital Media business, we drove strong revenue growth in both Creative Cloud and Document Cloud in Q2. Net new Digital Media annualized recurring revenue, or ARR, was $406 million, and total Digital Media ARR exiting Q2 grew to $7.47 billion.
Q2 Creative revenue was $1.59 billion, which represents 22% year-over-year growth. Mobile is a tailwind in our Digital Media business and we are driving significant increases in mobile traffic and member sign-ups for our offerings.
This is the golden age of creativity, and our vision for Creative Cloud is to be the creativity platform for all. Whether you are a student, an experience designer, a YouTuber, or a marketer, storytelling is central to the way you communicate and connect.
The key part of our Creative Cloud growth strategy is appealing to new segments of users. Adobe Spark, our offering for easily turning ideas into compelling stories, graphics, and webpages, is rapidly gaining popularity among creators from the classroom to the boardroom.
Spark traffic on web and mobile has more than doubled year-over-year. In Q2 we expanded Spark’s global footprint with support for five new languages: Brazilian-Portuguese, French, German, Italian, and Spanish.
We’ve expanded our vision of platforms to include social media channels like Facebook, Instagram, and YouTube. Premiere Rush is rapidly becoming the solution of choice for YouTubers and social video creators. Premiere Rush is now available on Android in addition to iOS, Mac, and Windows.
Experience design is one of the most explosive creative categories and we continue to innovate in this space with Adobe XD, our design system for UX and UI. We released a major update to Adobe XD in May enabling teams to create and share designs to enhance both productivity and collaboration.
In Q2, we drove strong subscription growth across our flagship photography and digital video offerings. At NAB in Las Vegas, we unveiled new innovations across Premiere Pro, Audition, Character Animator, and After Effects. One exciting announcement was the availability of the Content-Aware Fill feature in After Effects, powered by Adobe Sensei, which magically enables editors to seamlessly remove unwanted objects from video, saving hours of tedious manual work. It won five awards at the show, including the NAB Show Product of the Year Award.

谢谢,迈克,下午好。 Q2是Adobe的另一个强劲季度,创新收入和Adobe Creative Cloud,Adobe Document Cloud和Adobe Experience Cloud的持续增长。我们在第二季度实现了27.4亿美元的收入,同比增长了25%。本季度GAAP每股收益为1.29美元,非GAAP每股收益为1.83美元。

Adobe的解决方案已成为创建和管理全球数字体验的标准。数百万消费者依靠Photoshop和PDF等品牌进行个人和职业追求。全世界成千上万的企业每天都在转向Adobe,以帮助他们改变业务。

我们品牌的力量,我们产品和服务的不断创新,我们在技术平台上的深度投资以及强大的合作伙伴生态系统使我们能够为全球数百万客户提供服务。我们正在创造性,文档和客户体验管理类别中创建大型,可寻址的市场。我们的机会从未如此强大。

在我们的数字媒体业务中,我们在第二季度推动了Creative Cloud和Document Cloud的强劲收入增长。净新数字媒体年度经常性收入(ARR)为4.06亿美元,第二季度的数字媒体ARR总量增长至74.7亿美元。

Q2创意收入为15.9亿美元,同比增长22%。移动是我们数字媒体业务的一个顺风,我们正在推动移动流量和会员注册产品的显着增长。

这是创造力的黄金时代,我们对Creative Cloud的愿景是成为所有人的创意平台。无论您是学生,体验设计师,YouTuber还是营销人员,讲故事都是您沟通和联系方式的核心。

我们的Creative Cloud增长战略的关键部分是吸引新的用户群体。 Adobe Spark,我们的产品,可以轻松地将想法转化为引人入胜的故事,图形和网页,在教室和会议室之间的创作者中迅速普及。

网络和移动设备上的Spark流量同比增长了一倍多。在第二季度,我们扩展了Spark的全球足迹,支持五种新语言:巴西葡萄牙语,法语,德语,意大利语和西班牙语。

我们扩展了我们的平台愿景,包括Facebook,Instagram和YouTube等社交媒体渠道。 Premiere Rush正迅速成为YouTubers和社交视频创作者的首选解决方案。除iOS,Mac和Windows外,Premiere Rush现在可在Android上使用。

体验设计是最具爆炸性的创意类别之一,我们将继续使用Adobe XD(用户体验和用户界面设计系统)在这一领域进行创新。我们在5月份发布了Adobe XD的重大更新,使团队能够创建和共享设计,以提高工作效率和协作。

在第二季度,我们推动了旗舰摄影和数字视频产品的强劲订阅增长。在拉斯维加斯的NAB,我们在Premiere Pro,Audition,Character Animator和After Effects上推出了新的创新。一个激动人心的宣布是由Adobe Sensei提供支持的After Effects中的内容感知填充功能,它可以让编辑无缝地从视频中删除不需要的对象,从而节省了数小时的繁琐手工操作。它在展会上获得了五个奖项,包括NAB年度产品奖。

We continue to expand Creative Cloud with value-added services. Adobe Stock, our fast-growing service for stock images, videos, and millions of additional creative assets grew greater than 25% year-over-year.
We are proud of the role our solutions play in inspiring the global creative community and shaping popular culture. This quarter, we launched a creative campaign with 17-year-old music sensation Billie Eilish, which inspired significant participation among our important Student segment.
With Adobe Document Cloud, we are reinventing how people scan, edit, collaborate, sign, and share documents in the cloud and mobile era. Document Cloud revenue in Q2 was a record $296 million and we grew Document Cloud ARR to $921 million driven by continued strength in Acrobat subscription adoption.
Mobile is the next frontier for digital documents and our flagship apps. Adobe Reader for mobile and Adobe Scan, continue to gain traction. Adobe Scan, which allows you to capture everything from documents to forms, whiteboard sketches or business cards, and turn them into picture-perfect, high-quality PDFs is now the leading scanning app on iOS and Android.
We are driving adoption for Adobe Sign, our cloud-based electronic signature solution, with customers including Merck, Hitachi, and Iowa State University. They are using Adobe Sign to provide a better customer experience, close contracts, and win business.
In our Digital Experience business, we achieved record Experience Cloud revenue of $784 million for the quarter, which represents 34% year-over-year growth. To win in today’s competitive landscape, businesses must become more customer-centric and data-driven.
Our vision for Adobe Experience Cloud is to enable businesses to reimagine the entire customer journey using data to understand and drive their business from discovery through trial, purchase, use, and renewal. At the core of Adobe’s own transformation has been our use of Adobe Experience Cloud.
B2B and B2C companies across every country and industry are choosing Adobe Experience Cloud, the only end-to-end solution for marketing, advertising, analytics and commerce to master the art and science of Customer Experience Management. Key Experience Cloud customer wins in Q2 include Amazon, Rite Aid, Vodafone and Wyndham Hotels.
The acquisitions of Magento and Marketo have significantly increased our value to existing customers, helped us attract new logos, and expanded Adobe’s addressable opportunity. Magento adds to our Experience Cloud vision by allowing us to make every moment personal, and every experience shoppable in addition to attracting a large and vibrant developer community to Adobe.
This quarter, we announced the availability of Adobe Commerce Cloud, built on the Magento Commerce platform, with deep integrations across Adobe Analytics Cloud, Marketing Cloud, and Advertising Cloud.
We announced a new partnership with Amazon, creating Magento Commerce branded stores for Amazon sellers, which will give merchants a more seamless way to manage their business across both Amazon.com and their own storefront.

我们通过增值服务继续扩展Creative Cloud。 Adobe Stock,我们快速增长的库存图片,视频和数百万其他创意资产服务同比增长超过25%。

我们为我们的解决方案在激励全球创意社区和塑造流行文化方面所发挥的作用感到自豪。本季度,我们推出了一项具有17年历史的音乐感觉Billie Eilish的创意活动,激发了我们重要学生群体的重要参与。

借助Adobe Document Cloud,我们正在重塑人们在云和移动时代扫描,编辑,协作,签名和共享文档的方式。第二季度的文档云收入达到创纪录的2.96亿美元,随着Acrobat订阅采用的持续增长,我们将Document Cloud ARR增长到9.21亿美元。

移动是数字文档和我们的旗舰应用的下一个前沿。 Adobe Reader for mobile和Adobe Scan继续受到关注。 Adobe Scan允许您捕获从文档到表单,白板草图或名片的所有内容,并将它们转换为图片完美的高质量PDF,现在是iOS和Android上领先的扫描应用程序。

我们正在推动采用我们基于云的电子签名解决方案Adobe Sign,其客户包括默克,日立和爱荷华州立大学。他们使用Adobe Sign提供更好的客户体验,签订合同并赢得业务。

在我们的数字体验业务中,我们在本季度实现了创纪录的体验云收入7.84亿美元,同比增长34%。为了赢得当今的竞争格局,企业必须变得更加以客户为中心,并以数据为导向。

我们对Adobe体验云的愿景是使企业能够使用数据重新构想整个客户的旅程,从而从发现到试用,购买,使用和续订,了解并推动其业务发展。 Adobe自身转型的核心是我们使用Adobe Experience Cloud。

遍布各个国家和行业的B2B和B2C公司正在选择Adobe Experience Cloud,这是市场营销,广告,分析和商业领域唯一的端到端解决方案,可以掌握客户体验管理的艺术和科学。关键体验云客户在第二季度获胜包括亚马逊,Rite Aid,Vodafone和Wyndham Hotels。

Magento和Marketo的收购显着提升了我们对现有客户的价值,帮助我们吸引了新的标识,并扩大了Adobe的可寻址机会。 Magento增加了我们的体验云愿景,允许我们将每个时刻都变得个性化,每个体验都可以购买,除了吸引大量充满活力的开发者社区到Adobe。

本季度,我们宣布推出基于Magento Commerce平台的Adobe Commerce Cloud,并在Adobe Analytics Cloud,Marketing Cloud和Advertising Cloud之间进行深度集成。

我们宣布与亚马逊建立新的合作关系,为亚马逊卖家创建Magento Commerce品牌商店,这将为商家提供更加无缝的方式来管理他们在Amazon.com和他们自己店面的业务。

With the addition of Marketo, Adobe provides the leading marketing engagement platform for both B2B and B2C customers. We’ve deepened the integration between Adobe Marketing Cloud and Marketo Engage. We are leveraging Adobe Sensei, so companies can deliver the right experiences to the right people at the right time.
This quarter, we announced our partnership with LinkedIn, empowering B2B marketers and sellers to easily identify, understand and engage B2B customer buying teams.
At Summit, we announced the global availability of Adobe Experience Platform, the industry’s first real-time platform for Customer Experience Management. Adobe Experience Platform provides real-time CDP and DMP capabilities, and stitches together data from across the enterprise, creating real-time customer profiles and enabling the activation and delivery of hyper-personalized experiences.
Some of the world’s leading brands are already using Adobe Experience Platform in beta, including Best Buy, Sony Interactive Entertainment, The Home Depot and Verizon Wireless.
We’ve built a strong ecosystem of global partners. Recently, we announced new partnerships with ServiceNow and Software AG. We will deliver integration between Adobe Experience Platform and the ServiceNow Platform as well as with Software AG’s webMethods platform.
Adobe and Marketo were both positioned as leaders by Gartner in the Magic Quadrant for multichannel marketing hubs. Among the 21 companies evaluated, Adobe achieved the strongest position for Completeness of Vision. Adobe Experience Cloud was recently named a leader in the Gartner Magic Quadrant for Digital Experience Platforms.
Adobe Marketing Cloud, Advertising Cloud and Analytics Cloud were reviewed and successfully validated by TrustArc, making Adobe the first company in the digital experience space to receive TRUSTe GDPR Privacy Practices Compliance Validation.
Our mission to change the world through digital experiences gives purpose to the work we do. We are proud Adobe was honored with a Hope Award from the National Center for Missing and Exploited Children. For more than a decade, Adobe has been partnering with NCMEC through software contributions and technical expertise in service of its important mission to find missing children and prevent child exploitation and victimization.
At Adobe, our employees are our greatest asset and we continue to invest in our future talent. This summer we’re pleased to welcome more than a thousand interns and new grads to Adobe from more than 150 schools around the world.
Our strategy of empowering people to create and transforming how businesses compete offers a unique value-proposition in the market, and large addressable opportunities to grow our business.
FY2019 is expected to be another record year. We expect the first half momentum to continue in the second half. Our revenue growth, cash flow, and operating profit differentiates us among SaaS companies at scale. John?

随着Marketo的加入,Adobe为B2B和B2C客户提供了领先的营销参与平台。我们加深了Adobe Marketing Cloud与Marketo Engage之间的整合。我们正在利用Adobe Sensei,因此公司可以在合适的时间为合适的人员提供合适的体验。

本季度,我们宣布与LinkedIn合作,使B2B营销商和销售商能够轻松识别,理解和吸引B2B客户购买团队。

在Summit,我们宣布全球推出Adobe Experience Platform,这是业界第一个客户体验管理实时平台。 Adobe Experience Platform提供实时CDP和DMP功能,并将来自整个企业的数据拼接在一起,创建实时客户配置文件,并支持激活和交付超个性化体验。

一些世界领先品牌已经在测试中使用Adobe体验平台,包括百思买,索尼互动娱乐,家得宝和Verizon Wireless。

我们建立了一个强大的全球合作伙伴生态系统。最近,我们宣布与ServiceNow和Software AG建立新的合作伙伴关系。我们将提供Adobe Experience Platform和ServiceNow平台以及Software AG的webMethods平台之间的集成。

Adobe和Marketo都被Gartner列为多渠道营销中心魔力象限的领导者。在评估的21家公司中,Adobe在Completeness of Vision中取得了最强的地位。最近,Adobe Experience Cloud被评为Gartner数字体验平台魔力象限的领导者。

Adobe Marketing Cloud,Advertising Cloud和Analytics Cloud经过TrustArc的审核和成功验证,使Adobe成为数字体验领域的第一家获得TRUSTe GDPR隐私实践合规性验证的公司。

我们通过数字体验改变世界的使命为我们的工作提供了目标。我们很自豪Adobe荣获国家失踪与受虐儿童中心的希望奖。十多年来,Adobe一直通过软件贡献和技术专长与NCMEC合作,为其寻找失踪儿童和防止儿童剥削和受害的重要使命服务。

在Adobe,我们的员工是我们最大的资产,我们将继续投资于未来的人才。今年夏天,我们很高兴地欢迎来自全球150多所学校的一千多名实习生和新毕业生加入Adobe。

我们的战略是赋予人们创造和改变企业竞争方式的能力,为市场提供独特的价值主张,以及发展业务的巨大可寻找机会。

预计2019财年将是另一个创纪录的一年。我们预计下半年将继续保持上半年的势头。我们的收入增长,现金流和营业利润使SaaS公司在规模上与众不同。约翰?

John Murphy

Thanks, Shantanu. As with last quarter, we are reporting results based on our adoption of ASC 606 this fiscal year. As a reminder, our results in the year ago fiscal period were reported based on ASC 605. We have not adjusted our prior fiscal year reported numbers for comparison purposes under ASC 606.
In Q2 FY2019, Adobe achieved record revenue of $2.74 billion, which represents 25% year-over-year growth. GAAP diluted earnings per share in Q2 was $1.29 and non-GAAP diluted earnings per share was $1.83.
Business and financial highlights in Q2 included record Digital Media revenue of $1.89 billion, including Creative revenue of $1.59 billion and Adobe Document Cloud revenue of $296 million, strong net new Digital Media ARR of $406 million, record Digital Experience revenue of $784 million, Remaining Performance Obligation, or RPO, grew to $8.37 billion, cash flow from operations of $1.11 billion, repurchasing 2.5 million shares of our stock through stock buyback, and approximately 91% of our revenue in Q2 was from recurring sources.
In our Digital Media segment, we achieved record revenue with 22% year-over-year growth. The addition of $406 million net new Digital Media ARR during the quarter grew the total to $7.47 billion. Within Digital Media, we achieved another strong quarter with our Creative business. Creative revenue grew 22% year-over-year in Q2 and we increased Creative ARR by $341 million.
Notable growth drivers in Q2 across conversion, upsell and retention included new user growth driven by numerous global initiatives to generate demand, including targeted campaigns and promotions, leveraging the funnel of users coming to Creative Cloud through mobile apps and online engagement, and continued focus on new categories including immersive media and new segments such as social media creators, Creative Cloud Photography plan subscriptions, Adobe Premiere Pro single app subscriptions in the video category, Creative Cloud enterprise, including customer acquisition, seat expansion and services adoption, and adoption of Adobe Stock, where revenue and subscription growth rates remain strong.
We achieved record Document Cloud revenue of $296 million in Q2, which represents 22% year-over-year growth, and we added $65 million of net new Document Cloud ARR during the quarter.
The growth in the Document Cloud business was driven by strong demand on Adobe.com, the continued migration of Acrobat perpetual customers to subscriptions, enterprise services adoption, and monetization of mobile app use. In addition, Adobe Sign achieved another strong quarter of growth.
In our Digital Experience segment, we achieved record quarterly Experience Cloud revenue of $784 million, which represents 34% year-over-year growth. Experience Cloud subscription revenue was a record $654 million.
Business performance in Digital Experience during the quarter was driven by strength in Adobe Marketing Cloud, including Adobe Experience Manager, Adobe Target and Adobe Campaign, multi-solution digital transformation engagements, and traction with cross-selling Magento and Marketo in the enterprise.

谢谢,Shantanu。与上一季度一样,我们根据本财年采用ASC 606报告结果。提醒一下,我们在一年前的财政期间的结果是根据ASC 605报告的。我们没有调整我们之前的财政年度报告数据,以便在ASC 606下进行比较。

在201财年第二季度,Adobe创造了27.4亿美元的创纪录收入,同比增长25%。第二季度GAAP摊薄后每股收益为1.29美元,非GAAP摊薄后每股收益为1.83美元。

第二季度的商业和金融亮点包括创新数字媒体收入18.9亿美元,其中创意收入为15.9亿美元,Adobe Document Cloud收入为2.96亿美元,强劲净新数字媒体ARR为4.06亿美元,创纪录的数字体验收入为7.84亿美元,余下表现债务或RPO增长至83.7亿美元,运营现金流为11.1亿美元,通过股票回购回购250万股股票,第二季度约91%的收入来自经常性资金来源。

在我们的数字媒体部门,我们实现了创纪录的收入,同比增长22%。本季度新增4.0亿美元的新数字媒体ARR,总额增加到74.7亿美元。在数字媒体领域,我们的创意业务再创辉煌。创意收入在第二季度同比增长22%,我们将Creative ARR增加了3.41亿美元。

第二季度转化,追加销售和保留的显着增长动力包括新的用户增长,这是由众多全球性需求产生的,包括有针对性的活动和促销,利用通过移动应用和在线互动来到Creative Cloud的用户渠道,并继续关注新的类别,包括沉浸式媒体和新细分,如社交媒体创作者,Creative Cloud Photography计划订阅,视频类别中的Adobe Premiere Pro单一应用订阅,Creative Cloud企业,包括客户获取,座位扩展和服务采用,以及Adobe Stock的采用,收入和订阅增长率保持强劲。

我们在第二季度实现了创纪录的文件云收入2.96亿美元,同比增长22%,我们在本季度增加了6500万美元的净新文档云ARR。

文档云业务的增长主要得益于Adobe.com的强劲需求,Acrobat永久客户向订阅的持续迁移,企业服务采用以及移动应用程序使用的货币化。此外,Adobe Sign实现了另一个强劲的增长季度。

在我们的数字体验部门,我们实现了创纪录的季度体验云收入7.84亿美元,同比增长34%。体验云订阅收入创纪录的6.54亿美元。

本季度数字体验的业绩表现受到Adobe Marketing Cloud的强势推动,包括Adobe Experience Manager,Adobe Target和Adobe Campaign,多解决方案数字转型业务,以及在企业中交叉销售Magento和Marketo的牵引力。

During Q2, we continued to focus on driving Magento and Marketo synergies, including organizational, product and go-to-market alignment. Both Magento and Marketo were prominently featured at Summit events in the U.S. and Europe, and we also held Magento Imagine and Marketo Marketing Nation events during Q2.
The depth and breadth of our enterprise partner ecosystem remains a competitive advantage contributing to pipeline generation, customer success as well as financial performance. We had another successful quarter of selling alongside Microsoft, where our combined value proposition is resonating with enterprise customers.
Our overall financial results were negatively affected by currency rate movements. Total Adobe Q2 year-over-year revenue growth would have been 27% if measured in constant currency, and year-to-date, total first half FY2019 year-over-year revenue growth would have been 26% if measured in constant currency.
More specifically in Q2, from a quarter-over-quarter currency perspective, FX decreased revenue by $4.9 million. We had $9 million in hedge gains in Q2 FY2019, versus $8.5 million in hedge gains in Q1 FY2019 thus, the net sequential currency decrease to revenue considering hedging gains was $4.4 million.
From a year-over-year currency perspective, FX decreased revenue by $45.3 million. The $9 million in hedge gains in Q2 FY2019 versus $0.3 million in hedge gains in Q2 FY2018 resulted in a net year-over-year currency decrease to revenue considering hedging gains of $36.6 million. In Q2, Adobe’s effective tax rate was 11% on a GAAP and non-GAAP basis.
Our trade DSO was 42 days, which compares to 44 days in the year-ago quarter, and 46 days last quarter. Remaining Performance Obligation, or RPO was approximately $8.37 billion exiting Q2, which compares to $8.13 billion exiting Q1.
Deferred revenue exiting Q2 was $3.13 billion. The sequential decline in deferred revenue was a result of timing rather than business performance due to fewer billing cycles in our second quarter. The impact was more than offset by an increase in unbilled backlog. Our ending cash and short-term investment position exiting Q2 was $3.48 billion, and cash flow from operations was $1.11 billion in the quarter.
In Q2, we repurchased approximately 2.5 million shares at a cost of $659 million. We currently have $6.6 billion remaining of our $8 billion repurchase authority granted in May 2018 which goes through 2021.
Now I will discuss our financial targets. As a reminder, our Q3 includes the summer months of June, July and August and we expect normal seasonality to influence our results during the quarter.
In Q3 FY2019, we are targeting revenue of approximately $2,800,000,000, Digital Media segment year-over-year revenue growth of approximately 20%, net new Digital Media ARR of approximately $360 million, Digital Experience segment year-over-year revenue growth of approximately 34%, other expense of approximately $22 million, tax rate of approximately 11% on a GAAP and non-GAAP basis, share count of approximately 491 million shares, GAAP earnings per share of approximately $1.40, and non-GAAP earnings per share of approximately $1.95.

在第二季度,我们继续专注于推动Magento和Marketo的协同效应,包括组织,产品和市场一致性。 Magento和Marketo都在美国和欧洲的Summit活动中占据突出地位,我们还在第二季度举办了Magento Imagine和Marketo Marketing Nation活动。

我们的企业合作伙伴生态系统的深度和广度仍然是一个竞争优势,有助于管道生成,客户成功以及财务绩效。我们与微软一起成功销售了另一季度,我们的综合价值主张与企业客户产生共鸣。

我们的整体财务业绩受汇率变动的负面影响。如果以固定货币计算,Adobe的第二季度收入同比增长率将为27%,而今年迄今为止,如果按固定汇率计算,上半年的总收入同比增长将为26%。

更具体地说,在第二季度,从四分之一的季度货币角度来看,外汇收入减少了490万美元。我们在201财年第二季度的避险收益为900万美元,而2011财年第一季度的对冲收益为850万美元,因此,考虑到对冲收益为440万美元,净连续货币对收入下降。

从同比货币的角度来看,外汇收入减少了4530万美元。在2017财年第二季度,对冲收益为900万美元,而2014财年第二季度的对冲收益为30万美元,由于对冲收益为3660万美元,因此货币同比减少。在第二季度,Adobe的有效税率按GAAP和非GAAP计算为11%。

我们的交易DSO为42天,而去年同期为44天,上季度为46天。剩余的履约义务,或RPO在第二季度退出约83.7亿美元,而第一季度则为81.3亿美元。

第二季度的递延收入为31.3亿美元。由于第二季度的结算周期减少,递延收入的连续下降是由于时间而非业务表现的结果。这种影响远远超过未开单积压的增加所抵消。我们的第二季度现金和短期投资头寸为34.8亿美元,本季度运营现金流为11.1亿美元。

在第二季度,我们以6.59亿美元的成本回购了约250万股股票。我们目前在2018年5月批准的80亿美元回购权中剩余66亿美元,直到2021年。

现在我将讨论我们的财务目标。提醒一下,我们的第三季度包括六月,七月和八月的夏季,我们预计正常季节会影响我们季度的结果。

在2017财年第3季度,我们的目标是收入约2,800,000,000美元,数字媒体部门同比收入增长约20%,净新数字媒体ARR约3.6亿美元,数字体验部门同比收入增长约34 %,其他费用约为2200万美元,按GAAP和非GAAP计算的税率约为11%,股票数量约为4.91亿股,GAAP每股收益约为1.40美元,非GAAP每股收益约为1.95美元。

As usual, we are not updating annual targets at this time of the year. We are pleased with our first half performance and we expect our first half momentum to continue in the second half, with typical seasonality in Q3 and strength in Q4. We continue to expect sequential operating margin growth as we move through the second half of the year.
I’ll now turn the call back over to Mike.

像往常一样,我们不会在一年中的这个时候更新年度目标。 我们对上半场的表现感到满意,我们预计下半场将继续保持上半年的势头,第三季度的典型季节性和第四季度的强势。 随着我们进入下半年,我们继续预计连续经营利润率将会增长。

我现在将电话转回迈克。

Mike Saviage

Thanks, John. Adobe MAX, our user conference focused on our Digital Media solutions, will occur during the first week of November this year in Los Angeles. On day one at MAX on Monday, November 4, we plan to host a financial analyst meeting. Invitations, including discounted registration information, will be sent to our analyst and investor email list later this summer. More information about the event can be found online at max.adobe.com.
If you wish to listen to a playback of today’s conference call, a webcast archive of the call will be available on our IR site later today. Alternatively, you can listen to a phone replay by calling 888-203-1112, use conference ID number 2843011. International callers should dial 719-457-0820. The phone playback service will be available beginning at 5:00 pm Pacific Time today and ending at 5:00 pm Pacific Time on June 25, 2019.
We would now be happy to take your questions, and we ask that you limit your questions to one per person. Operator?

谢谢,约翰。 Adobe MAX是我们专注于数字媒体解决方案的用户会议,将于今年11月的第一周在洛杉矶举行。 在11月4日星期一MAX的第一天,我们计划举办一次金融分析师会议。 邀请函,包括打折的注册信息,将在今年夏天晚些时候发送给我们的分析师和投资者电子邮件列表。 有关该活动的更多信息,请访问max.adobe.com。

如果您希望收听今天的电话会议,我们将在今天晚些时候在我们的IR网站上提供该电话的网络直播存档。 或者,您可以拨打电话888-203-1112收听电话重播,使用会议ID号码2843011.国际来电者应拨打719-457-0820。 手机播放服务将于太平洋时间今天下午5点开始,并于2019年6月25日太平洋时间下午5点结束。

我们现在很乐意回答您的问题,并且我们要求您将问题限制为每人一个。操作?

问答环节

Thank you. [Operator Instructions] We'll take our first question from Brent Thill with Jefferies. Please go ahead.

谢谢。 [操作员说明]我们将与Jefferies一起讨论Brent Thill的第一个问题。 请继续。

布伦特Thill

Thanks. Good afternoon. Shantanu, just on Magento and Marketo, just curious if you could give us your updated thoughts on the integration? How you're doing in the field? And some of the customer traction on both those acquisitions, that would be helpful? Thank you.

谢谢。 下午好。 Shantanu,就在Magento和Marketo上,只是好奇你是否可以向我们提供关于集成的最新想法? 你是如何在这个领域做的? 而且这些收购的一些客户牵引力,这会有所帮助吗? 谢谢。

Shantanu Narayen

Sure, Brent. Both of them are actually big picture going really well. We have, as you saw, started to integrate the products, the delivery of the Adobe Commerce Cloud that was based on Magento Commerce. We announced some good partnerships there as well as it relates to what we are doing with Amazon to allow multiple small and medium businesses to be able to deliver their storefronts based on this combined technology.
We did some good work as it related to integration between the Adobe Experience Manager as well as the Adobe Commerce Cloud, so you can now have in a single digital foundation the ability to do web content management, analytics as well as commerce. So product integration with Magento is going well.
I think on the go-to-market efforts, the enterprise motion that we have, which is clearly a strength of Adobe, we are putting the Magento solutions through that enterprise go-to-market motion. We've also done a good job, I think of integrating the mid-market, small and medium business, whatever you want to call it, the Magento and Marketo because the combination of both of them give us a little bit more heft in the marketplace.
And on Marketo as well, I mean, it's clearly a fabulous SaaS platform for engagement as it relates to B2B marketing, the focus there has been on both integration with Adobe Analytics as well as making sure that the combination of Campaign and Marketo will be the best B2E, which is what we call sort of the business to everyone engagement platform.
So pleased with it, results are good, continued focus and I think that's one of the reasons why we are aligning the organizations more rapidly to make sure that we get the appropriate alignment.

当然,布伦特。他们两个实际上都是非常好的。正如您所见,我们已经开始整合产品,即基于Magento Commerce的Adobe Commerce Cloud的交付。我们在那里宣布了一些良好的合作伙伴关系,以及它与我们在亚马逊上做的事情有关,允许多家中小型企业能够基于这种组合技术提供他们的店面。

我们做了一些很好的工作,因为它涉及Adobe Experience Manager和Adobe Commerce Cloud之间的集成,因此您现在可以在单个数字基础中拥有进行Web内容管理,分析和商务的能力。所以与Magento的产品整合进展顺利。

我认为,在市场上的努力,我们拥有的企业动议,这显然是Adobe的优势,我们正在通过该企业上市动议推出Magento解决方案。我们也做得很好,我考虑整合中端市场,中小型企业,无论你想称之为什么,Magento和Marketo,因为它们的结合让我们更加重视市场。

而且,对于Marketo,我的意思是,它显然是一个神话般的SaaS平台,因为它与B2B营销相关,重点是与Adobe Analytics的集成以及确保Campaign和Marketo的组合将是最好的B2E,这就是我们所谓的每个人参与平台的业务。

很高兴,结果很好,持续关注,我认为这是我们更快地调整组织以确保我们得到适当调整的原因之一。

布伦特Thill

Thank you.

谢谢。

会议主持员

And we'll take our next question from Jennifer Lowe with UBS. Please go ahead.

我们将接受Jennifer Lowe与UBS的下一个问题。 请继续。

Jennifer Lowe

Great. Thank you. It was nice to see the net new ARR outperformance this quarter. So it sounds like it was a few different things there, but just any more color on what drove the upside would be great. In particular, I know last quarter there were some unusual items in there. I just want to check was there anything unusual this quarter. And maybe just around it out, as we think about seasonality into Q3, it looks like the guide implies a bit more seasonality than what we saw last year, anything to keep in mind there as well? Thanks.

非常好。 谢谢。 很高兴看到本季度净新ARR表现优异。 所以这听起来像是一些不同的东西,但只是推动上行的更多颜色将是伟大的。 特别是,我知道上个季度有一些不寻常的项目。 我只是想检查这个季度有什么不寻常之处。 也许只是围绕它,当我们考虑季节性进入第三季度时,看起来指导意味着比我们去年看到的更多季节性,还有什么值得记住的? 谢谢。

Shantanu Narayen

Yes. I think big picture, Jennifer, Digital Media, we continue to do really well. We had, as you point out a great Q2 achieving I think $406 million in net new ARR, which is a record for Q2. Certainly, I think in terms of the different offerings, as John mentioned in his prepared remarks, we are seeing traction on the video offerings, we're seeing traction with enterprise adoption, services, both Stock and Sign are continuing to perform quite well, international expansion continues to be an area of opportunity as well as new customer acquisition through the marketing campaigns that we have.
And if you think about, as you pointed out again, the $360 million target that we're putting for Q3, which would be a record for a Q3 and then you add to that what the $750 million plus in ARR for the first half, I mean it's clear that the momentum continues in the business, I think to your question around seasonality and color.
I think it's our expectation that net new DM ARR in Q4 would be similar to what we had last year in Q4. And so, if you add that all up, it implies that we will have record new ARR again in 2019. And I think underlying all of that, as we've outlined to you is the DDOM model that we have, it allows us to optimize our marketing spend, it allows us to engage better with customers, and MAX should be another great show for that business. One thing I should also mention, sorry, is that, Acrobat continues to, as you clearly saw from the results, do really well.

是。我认为大局,詹妮弗,数字媒体,我们继续做得很好。我们有一个,正如你指出一个伟大的Q2实现我认为净新ARR 4.06亿美元,这是第二季度的记录。当然,我认为就不同的产品而言,正如约翰在他准备的评论中所提到的,我们看到视频产品的牵引力,我们看到牵引企业采用,服务,股票和标志继续表现良好,通过我们的营销活动,国际扩张仍然是一个机会领域以及新客户获取。

正如你再次指出的那样,如果你再想一想,我们为第三季度投入了3.6亿美元的目标,这将是第三季度的纪录,然后你再加上上半年ARR的7.5亿美元,我的意思是很明显,业务的势头仍在继续,我想你的季节性和色彩问题。

我认为我们的预期是,第四季度净新的DM ARR将与去年第四季度相似。所以,如果你把它全部加起来,这意味着我们将在2019年再次记录新的ARR。我认为所有这些都是基础,正如我们已经概述的那样是我们拥有的DDOM模型,它允许我们优化我们的营销支出,它使我们能够更好地与客户互动,MAX应该是该业务的另一个伟大的展示。有一件事我还应该提一下,抱歉,Acrobat继续,正如你从结果中清楚看到的那样,做得非常好。

Jennifer Lowe

Great. Thank you.

非常好。 谢谢。

会议主持员

And we'll take our next question from Keith Weiss with Morgan Stanley. Please go ahead. Hi, Keith, your line is open. You may be on mute.

我们将从摩根士丹利的Keith Weiss那里得到我们的下一个问题。 请继续。 嗨,基思,你的线是敞开的。 你可能在静音。

Keith Weiss

除了第四季度按公认会计原则记录的遗留经营费用外,我们的税前费用约为3500万美元,主要与欧盟反竞争索赔的720万美元和重组中的2410万美元有关,其中包括我们从欧洲,中东和非洲地区的三个地点退出。

扣除这些费用后,我们的美洲业务部门实现营业收益率12.7%,比去年第四季度的13.0%低30个基点。更高的运费和在里士满实施SAP的挑战造成了下降。

由于前面提到的SAP实施,美洲第四季度连续第三季度从第三季度的13.5%下降了80个基点。美洲OE美元较去年减少约200万美元,较上一季度减少400万美元。

欧洲的营业利润率为10.2%,高于去年的9.7%和上一季度的7.9%。 OE美元比去年增加了100万美元,比上一季度的欧洲,中东和非洲地区增加了600万美元,主要原因是铅成本和销量下降。我们亚洲业务的营业利润率在今年第四季度下降460个基点,从去年第四季度2.5%的利润下降2.1%,并且比上一季度的利润下降1%。

由于交易量和外汇交易量减少,亚洲的OE美元分别比去年同期和上一季度减少约300万美元和200万美元。包括Alpha在内的营业收入增长14%反映了整个季度业绩的影响,以及第四季度无形资产摊销550万美元的运营费用。

请转到幻灯片13.如之前在幻灯片12中所反映的那样,我们在第四季度调整后的综合营业收入为6900万美元,而传统的EnerSys业务与去年相比减少了6%。我们调整后的综合净收益为5450万美元,比上一年度高出200万美元。调整后净收入的改善是税收减少的结果。

我们第四季度调整后的有效所得税税率为13%,低于去年同期的约20%,低于上一季度的17%。离散税项导致大多数这些变化。 2019财年的全年税率为17%,低于2020财年预期的18%至20%。

阿尔法在调整了利息税和稀释向卖方发行的股票之后,总体上调整了营业收入1400万美元或收入的10.2%,达到1.36亿美元,在扣除300万美元的其他重组库存核销和收购成本后,Alpha增加了0.15美元。对购买会计中记录的无形资产进行400万美元的税后摊销。

包括阿尔法在内的每股盈利增长15%至1.43美元,因净利润增加和流通股增加。我们预计2020年第一财季将有约4370万美元的加权平均流通股,其中包括Alpha交易中发行的近120万股,扣除第四季度回购的40万股。提醒我们,我们的董事会授权仍有近9400万美元的股票回购。...

Sorry about that, I was on mute. Thank you for taking the question and very nice quarter. I wanted to touch based on kind of leadership on the Digital Experience side of the equation. I'm kind of – what the current thought process is, I'm sure Shantanu, you're doing a great job sort of with leadership there, but are we planning on replacing Brad and kind of what's the sort of the game plan for rolling out new leadership and how sort of the new assets are going to sit under that new leadership plan?

对不起,我在静音。 谢谢你提出问题和非常好的季度。 我想根据数字体验方面的领导力来触摸。 我有点 - 目前的思维过程是什么,我敢肯定Shantanu,你在那里做领导做得很好,但我们是否计划取代布拉德以及那种类似于什么样的游戏计划呢? 推出新的领导层以及新资产将如何处于新的领导计划之下?

Shantanu Narayen

Thanks, Keith, for the question. It's such a large opportunity that we're completely convinced, I am that the focus on the aligned organization was the right choice. It's been great. I focus a lot of time on the customer, just I think over the last 10 days three Fortune 100 CEOs have come in to talk to us about our view and our vision for digital transformation, spent a lot of time on the product to make sure that we get great alignment.
You've seen the general availability of the Adobe Experience Platform, the Artificial Intelligence features that we're now in beta attribution and customer journey. We've signed some great partnerships with Software AG and ServiceNow. And really, I've been trying to focus also the organization on a lot more with respect to customer centricity.
I think as we've aligned the two acquisitions of Magento and Marketo, which we've outlined to you, Keith, was a priority. We brought the same rigor that we have in DDOM for creating that cadence and customer centricity for pipeline progression, for marketing demand generation, as well as for the software delivery lifecycle. And so, I'm really also pleased with how the current management team, which is extremely strong and has stepped up and is executing an alignment.
So, while the search continues, we haven't missed a beat and I've been spending a lot of time, which just continues to give me a lot of faith in the long-term opportunity associated with the business and it's not hampering the progress at all in terms of what we need to do.

谢谢,基思,这个问题。这是一个巨大的机会,我们完全相信,我认为关注一致的组织是正确的选择。这太好了。我把很多时间都集中在客户身上,只是我想在过去的10天里,有三位财富100强的CEO进来与我们讨论了我们对数字转型的看法和愿景,花了很多时间在产品上确保我们得到很好的一致。

您已经看到Adobe Experience Platform的普遍可用性,人工智能功能,我们现在处于测试归因和客户旅程。我们与Software AG和ServiceNow签署了一些很好的合作伙伴关系。实际上,我一直在努力将组织重点放在以客户为中心的更多方面。

我认为,正如我们已经对Magento和Marketo的两次收购进行了调整,我们已经向您概述了Keith,这是一个优先事项。我们带来了与DDOM相同的严谨性,用于为管道进程,营销需求生成以及软件交付生命周期创建节奏和以客户为中心。所以,我真的很高兴目前的管理团队是如何非常强大并且已经加强并正在执行调整。

因此,在搜索继续进行的同时,我们并没有错过任何一个节拍,而且我已经花了很多时间,这继续让我对与业务相关的长期机会充满信心,并且不会妨碍在我们需要做的事情上取得进展。

Keith Weiss

除了第四季度按公认会计原则记录的遗留经营费用外,我们的税前费用约为3500万美元,主要与欧盟反竞争索赔的720万美元和重组中的2410万美元有关,其中包括我们从欧洲,中东和非洲地区的三个地点退出。

扣除这些费用后,我们的美洲业务部门实现营业收益率12.7%,比去年第四季度的13.0%低30个基点。更高的运费和在里士满实施SAP的挑战造成了下降。

由于前面提到的SAP实施,美洲第四季度连续第三季度从第三季度的13.5%下降了80个基点。美洲OE美元较去年减少约200万美元,较上一季度减少400万美元。

欧洲的营业利润率为10.2%,高于去年的9.7%和上一季度的7.9%。 OE美元比去年增加了100万美元,比上一季度的欧洲,中东和非洲地区增加了600万美元,主要原因是铅成本和销量下降。我们亚洲业务的营业利润率在今年第四季度下降460个基点,从去年第四季度2.5%的利润下降2.1%,并且比上一季度的利润下降1%。

由于交易量和外汇交易量减少,亚洲的OE美元分别比去年同期和上一季度减少约300万美元和200万美元。包括Alpha在内的营业收入增长14%反映了整个季度业绩的影响,以及第四季度无形资产摊销550万美元的运营费用。

请转到幻灯片13.如之前在幻灯片12中所反映的那样,我们在第四季度调整后的综合营业收入为6900万美元,而传统的EnerSys业务与去年相比减少了6%。我们调整后的综合净收益为5450万美元,比上一年度高出200万美元。调整后净收入的改善是税收减少的结果。

我们第四季度调整后的有效所得税税率为13%,低于去年同期的约20%,低于上一季度的17%。离散税项导致大多数这些变化。 2019财年的全年税率为17%,低于2020财年预期的18%至20%。

阿尔法在调整了利息税和稀释向卖方发行的股票之后,总体上调整了营业收入1400万美元或收入的10.2%,达到1.36亿美元,在扣除300万美元的其他重组库存核销和收购成本后,Alpha增加了0.15美元。对购买会计中记录的无形资产进行400万美元的税后摊销。

包括阿尔法在内的每股盈利增长15%至1.43美元,因净利润增加和流通股增加。我们预计2020年第一财季将有约4370万美元的加权平均流通股,其中包括Alpha交易中发行的近120万股,扣除第四季度回购的40万股。提醒我们,我们的董事会授权仍有近9400万美元的股票回购。...

Excellent. Sounds great.

优秀。 听起来不错。

Shantanu Narayen

Thanks.

谢谢。

会议主持员

And we'll take our next question from Brad Zelnick with Credit Suisse. Please go ahead.

我们将接受Brad Zelnick与瑞士信贷的下一个问题。 请继续。

Brad Zelnick

Excellent. Thanks so much, and congrats as well on a great quarter. Shantanu, on customer data platforms, there's been a lot of recent news from Adobe as well as some of your competitors launching their own CDP offerings. How will Adobe Experience Platform differentiate from peers? And why is your product going to be better and wining the market?

优秀。 非常感谢,并祝贺一个伟大的季度。 Shantanu,在客户数据平台上,最近有很多来自Adobe的新闻以及一些竞争对手推出自己的CDP产品。 Adobe Experience Platform如何与同行区别开来? 为什么您的产品会变得更好并赢得市场?

Shantanu Narayen

It's a good question, Brad. And I think fundamentally it stems from the fact that when you have the leading content management platform, we have the data and I think that continues to differentiate us in terms of the customer interaction across different channel points.
We've been talking to you for a couple of years of the investment that we've made in the Adobe Experience Platform, the vision there has always been not only to integrate all of our existing solutions, so we have a platform across content and data to win it, but to frankly stitch together all that customer profile in real-time.
And when you have all that customer interaction that's happening as a result of mobile access to the website or website access or as customers are giving us access to the other channel data, that's just as unique differentiator that no other company has. So we start off from that being a huge advantage.
I think the effort that we've put into an ecosystem of partnerships there in terms of ingesting that data, the common taxonomy that we've agreed to the partnership with SAP and Microsoft on ODI, and, frankly, the credibility that we just continue to get associated with the fact that when you're processing these hundreds of trillions of transactions on an annual basis that we have more insight to be able to activate it, I think all of that gives us hope.
I think with the whole Experience Cloud, I will continue to reinforce that when we talk about it being north of a $70 billion addressable market, you should look at this as it's not a win/loss kind of situation, there's just so much opportunity. But starting with what we had with Audience Manager and DMP that we had with Demdex combined with what we are doing in CDP and making sure that that all operates in real-time, I think that is just a unique combination for Adobe.

这是一个很好的问题,布拉德。我认为,从根本上来说,当您拥有领先的内容管理平台时,我们拥有数据,并且我认为在不同渠道点之间的客户互动方面,我们将继续区分我们。

我们一直在与您讨论我们在Adobe体验平台上进行的投资,我们的愿景始终不仅是整合我们现有的所有解决方案,因此我们拥有跨内容的平台和数据赢得它,但坦率地将所有客户档案实时拼接在一起。

当您通过移动访问网站或网站访问权限或由于客户允许我们访问其他渠道数据而进行所有客户交互时,这就像其他公司所拥有的独特差异一样。所以我们从一个巨大的优势开始。

我认为我们在这方面建立了合作伙伴关系的努力,包括我们已经同意与SAP和微软在ODI上合作的共同分类,以及坦率地说,我们继续保持这种可信度当你每年处理这些数以万亿计的交易我们有更多的洞察力来激活它时,我认为所有这些都给了我们希望。

我认为,对于整个体验云,我将继续强调,当我们谈到它位于一个价值700亿美元的可寻址市场的北方时,你应该看看这个,因为它不是一种赢/输的情况,只有这么多的机会。但从我们使用Demdex管理器和DMP获得的内容开始,我们使用Demdex与我们在CDP中所做的工作相结合,并确保所有这些都是实时运行的,我认为这只是Adobe的一个独特组合。

Brad Zelnick

Very helpful. Thank you.

很有帮助。 谢谢。

会议主持员

And we'll take our next question from Saket Kalia with Barclays Capital. Please go ahead.

我们将接受来自巴克莱资本的Saket Kalia的下一个问题。 请继续。

Saket Kalia

Hey, thanks for taking my question here. Maybe for you, Shantanu, just to dig into one of the prior questions on Creative, Adobe Spark seems to be doing very well. So can you just talk a little bit about why you think that's doing so well? And maybe more specifically talk about what you've seen in the last couple of years that Spark has been available? What you've seen in terms of lifetime value and customer acquisition cost qualitatively?

嘿,谢谢你在这里提出我的问题。 也许对你来说,Shantanu,只是为了深入研究Creative之前的一个问题,Adobe Spark似乎做得很好。 所以你能谈谈为什么你认为这样做很好吗? 也许更具体地谈谈你在过去几年中看到Spark已经可用的内容? 您在生命周期价值和客户获取方面的成本有何定论?

Shantanu Narayen

Yes, Saket, I mean I think it stems from this fundamental assertion and hypothesis that we have – beliefs that we have that everyone has a story to tell. And when you have K-12 student all the way to the largest enterprises in the world wanting to use social media, wanting a quick template-based approach to start to be able to express themselves and then grow that expertise into using our products, it's just a fantastic on-ramp.
And so the millions of customers that we have, the penetration in the education segment is both an opportunity in itself, but frankly great brand building and awareness of what the Adobe Solutions can do across the spectrum. And so, I think it really – we've been talking about this for a while, but it's the golden age of creativity and design and it doesn't matter whether you're studying history or geography, I mean, the ability to express yourself visually and graphically and to do that across social channels is just such an intrinsic part of what it is and I think we've really struck a chord with the great, great product across both mobile.
I think the fact that we're exploring different platforms and previously we used to look at print and web as a platform, now we look at even channels like YouTube as a platform. It's just a great in addition to mobile, way to attract new customers. So I think that's why it really resonates with customers and while it'll continue to be both from an ARR perspective of growth as well as from overall brand and awareness, just a significant ability for us to continue to keep Digital Media ARR momentum going.

是的,Saket,我的意思是我认为它源于我们所拥有的这一基本断言和假设 - 相信我们每个人都有一个故事要讲述。当你有K-12学生一直到世界上最大的想要使用社交媒体的企业时,想要一个快速的基于模板的方法开始能够表达自己,然后将这些专业知识发展到使用我们的产品,它是只是一个梦幻般的入口。

因此,我们拥有的数百万客户,在教育领域的渗透本身就是一个机会,但坦诚地说,品牌建设和对Adobe解决方案在整个范围内可以做什么的认识。所以,我认为它确实 - 我们已经讨论了一段时间了,但这是创造力和设计的黄金时代,无论你是在研究历史还是地理,我的意思是表达的能力都无关紧要你可以通过视觉和图形方式在社交渠道中做到这一点,这就是它的内在组成部分,我认为我们真的与这两款手机中的优质产品达成了共鸣。

我认为我们正在探索不同的平台,之前我们曾经将打印和网络视为一个平台,现在我们甚至将视频平台视为YouTube。除了移动之外,它还是一个很棒的吸引新客户的方式。所以我认为这就是为什么它真正引起了客户的共鸣,虽然从ARR的增长和整体品牌和意识的角度来看,它仍然是我们继续保持数字媒体ARR势头的重要能力。

Saket Kalia

Thank you.

谢谢。

会议主持员

We'll take our next question from Sterling Auty with JPMorgan. Please go ahead.

我们将接受Sterling Auty与JPMorgan的下一个问题。 请继续。

Sterling Auty

Yes, thanks. Hi guys. Maybe I can bring John into the conversation here, kind of curious, as you look at the growth in Creative Cloud for the quarter? Is there a way to disaggregate how much of that growth has actually come from, the price changes that you've made over X number of quarters versus how much that growth is actually coming from pure volume?

对了谢谢。 嗨,大家好。 也许我可以带John进入这里的谈话,有点好奇,当你看看本季度Creative Cloud的增长情况时? 有没有办法分解实际增长的实际来源,你在X数季度所做的价格变化与实际增长实际来自纯数量的变化有多大?

John Murphy

Yes, sure. It's really coming from both. And when you think about the North America price increase that we did last year in Q2 that as we said was going to be accretive and certainly through the year as we now anniversary that price increase.
And then earlier this year, in February, we did a price increase for a Dark Cloud and also in EMEA for Creative. So all these things are accretive, but one of the things that we've talked about for a long time now is, attracting new users to the platform is really our biggest growth opportunity and we're able to do that through the various new products that are attracting folks to our platform because some of these newer products are easier to use and then as they get comfortable with those, they end up – we're able to upsell them into full suite of products for multiple applications.
So we had this opportunity to really kind of tack load from many different ways. And we've been successful now in growing the number of users across the platform and also leveraging the mobile app on ramp.

是的,当然。它真的来自两者。当你想到我们去年在第二季度所做的北美价格上涨时,正如我们所说的那样,它将会增加,当然也是在我们现在的周年纪念日价格上涨。

然后在今年早些时候,2月份,我们为Dark Cloud和EMEA for Creative进行了价格上涨。所有这些都是增长的,但我们长期以来谈到的事情之一是,吸引新用户加入平台真的是我们最大的增长机会,我们能够通过各种新产品做到这一点这些新产品更易于使用,然后随着他们对这些产品感到满意,他们最终 - 我们能够将它们追加到多个应用程序的全套产品中。

所以我们有机会从许多不同的方式真正地加载。我们现在已经成功地增加了整个平台的用户数量,并且还利用了移动应用程序。

Shantanu Narayen

But if you think of it in terms of material, it's primarily new user growth and new subscriptions, Sterling, is how you should think about it. I think the value that we're providing enables us to keep driving at the anniversary of people moving over to the new pricing, keep them as loyal customers and improve their engagement. But as it relates to the photography and video, it's primarily new user growth that's driving the Digital Media ARR.

但是如果从材料的角度考虑它,主要是新的用户增长和新的订阅,Sterling,你应该如何考虑它。 我认为我们所提供的价值使我们能够在人们转向新定价的周年纪念日继续推动,让他们成为忠诚的客户并提高他们的参与度。 但是,由于它与摄影和视频有关,它主要是新的用户增长,正在推动数字媒体ARR。

Sterling Auty

Sounds good. Thank you.

听起来不错。 谢谢。

会议主持员

And we'll take our next question from Kash Rangan with Bank of America. Please go ahead.

我们将接受Kash Rangan与美国银行的下一个问题。 请继续。

Kasthuri Rangan

Hi. Thank you very much. Congratulations. I'm curious given the strength in the quarter. You had a very nice quarter on net new ARR, and on the Experience Cloud side, you had very good bookings as well. But when I look at the guidance, you didn't change the guidance for the year. But Q3 numbers look a little bit right relative for the Street, it's just a function of conservatism given, maybe a questionable macro environment, or is it just that the seasonality of the business?
We've had the firsthand chance to model the seasonality of the business, including the acquisitions and that we may have been a little off relative to what is the new seasonality of Adobe? Just wondering what your thoughts are there? Thank you so much, and congrats.

你好。 非常感谢你。恭喜。 考虑到本季度的实力,我很好奇。 净新ARR上你有一个非常好的季度,而在体验云方面,你也有非常好的预订。 但是当我查看指导时,你没有改变今年的指导。 但是Q3的数字看起来与街道有点相对,它只是保守主义的一个功能,可能是一个可疑的宏观环境,还是仅仅是业务的季节性?

我们有第一手机会模拟业务的季节性,包括收购,我们可能与Adobe的新季节性相比有点偏差? 只是想知道你的想法是什么? 非常感谢你,恭喜。

Shantanu Narayen

Yes, I think, Kash, thanks first. I mean, big picture, it's clear. We're having another record year and great execution against both growth opportunities across all of the three marketing clouds, Creative, Document and Experience. And as you point out, the results, revenue growth of 25%, the significant cash flow as well as the strong EPS, while we're increasing margins.
I think on Digital Media, I gave some color as it related to what will certainly be a record Digital Media ARR year and I think we factor in seasonality, and so that's I think part of how you should be thinking about Q3 versus Q4.
And in DX as well, I mean the subscription revenue growth, if you look at that, when you see the revenue growth of 34%, the subscription revenue growth certainly has exceeded that and it's closer to 39%. And so I think that also reflects the success that we continue to have and the fact that we have the leading SaaS enterprise platform for enterprises to engage digitally with their customers.
And so, I think big picture, the two opportunities continue to be significant tailwinds. We're executing well against it. I think we'll give you more color as it relates to Q4 in September as well as 2020 at MAX. But continue to be really optimistic. And I think where we are in the quarter, just updating annual numbers for a year is akin to giving Q3 and Q4 targets and that's why, as you know, typically we don't do that. But that should not change the fact that we have momentum in the business and optimism for the future.

是的,我想,卡什,先谢谢。我的意思是,大局,很清楚。我们正在创造另一个创纪录的一年,并且在三个营销云,创意,文档和体验的两个增长机会中都有很好的执行力。正如您所指出的那样,结果,收入增长25%,现金流量显着以及强劲的每股收益,而我们的利润率却在增加。

我认为在数字媒体上,我提供了一些颜色,因为它与数字媒体ARR年的记录有关,我认为我们考虑了季节性因素,所以我认为你应该考虑如何考虑Q3与Q4。

而在DX中,我的意思是订阅收入增长,如果你看一下,当你看到34%的收入增长时,订阅收入增长肯定已经超过了它,并且接近39%。所以我认为这也反映了我们继续取得的成功,以及我们拥有领先的SaaS企业平台,企业可以与客户进行数字化合作。

所以,我认为大局观,两个机会继续是重大的顺风。我们对它的执行情况很好。我想我们会给你更多的颜色,因为它与9月份的Q4以及MAX的2020年相关。但继续保持乐观。而且我认为我们在这个季度的位置,只更新一年的年度数字类似于给出Q3和Q4目标,这就是为什么,如你所知,通常我们不这样做。但这不应该改变我们在业务上有动力和对未来充满乐观的事实。

Kasthuri Rangan

Congrats, Shantanu and team. Thank you.

恭喜,Shantanu和团队。 谢谢。

Shantanu Narayen

Thanks.

谢谢。

会议主持员

We'll take our next question from Mark Moerdler with Bernstein Research. Please go ahead.

我们将接受Mark Moerdler与Bernstein Research的下一个问题。 请继续。

Mark Moerdler

Thank you so much. I really appreciate, and congrats also on the quarter. So you've guided to 34% digital marketing growth for the back half of the year. What's the more difficult set of compares as you lap Magento's acquisition and lap a bit of the Marketo? Can you give us a bit more color on what's driving that strength? I appreciate.

非常感谢。 我非常感谢,并祝贺本季度。 所以你在今年下半年引导了34%的数字营销增长。 当你完成Magento的收购和一些Marketo的比较时,比较困难的比较是什么? 你能不能给我们更多的颜色来驱动这种力量? 我很感激。

Shantanu Narayen

Yes. I think as it relates to the Digital Experience business, we've always outlined, Mark, that the focus has been on driving subscription bookings. I think as the deferred revenue also starts to taper off, that's certainly going to factor into what happens. But it's just a large addressable opportunity. We have the market leading products and we continue to be excited about how we execute against that. So that's how I would think about that particular business.

是。 我认为,由于它与数字体验业务有关,我们总是概述Mark,重点是推动订阅预订。 我认为随着递延收入也开始减少,这肯定会影响到发生的事情。 但这只是一个很大的可寻址机会。 我们拥有市场领先的产品,我们仍然对我们如何执行这些产品感到兴奋。 这就是我对这个特定业务的看法。

Mark Moerdler

Appreciate it. Thank you.

欣赏它。 谢谢。

会议主持员

And we'll take our next question from Jay Vleeschhouwer with Griffin Securities. Please go ahead.

我们将接受Jay Vleeschhouwer与格里芬证券的下一个问题。 请继续。

Jay Vleeschhouwer

Yes. Thank you, good evening. Shantanu, a technology strategy question, I was hoping we could parse through with plethora of three-letter acronyms that Adobe has been sharing with us at Summit and on other occasions. We now have CDP, CXM, CXP, XPM and so forth.
The question is, ultimately does Adobe have a single underlying data model that is the Adobe Data Model, or could you foresee two or more principal data models, particularly in DX? I ask in part because at Summit in EMEA last month, there was some mention in one of the sessions about you are having a new purpose built B2B data model, and so maybe you could put this in the context of the complexity of the architecture or the technology as it might relate to any implications for R&D and sales efficiency?

是。 谢谢,晚上好。 Shantanu,一个技术战略问题,我希望我们可以解决Adobe在Summit和其他场合与我们分享的过多的三字母缩略词。 我们现在有CDP,CXM,CXP,XPM等。

问题是,Adobe最终是否有单一的基础数据模型,即Adobe数据模型,还是可以预见两种或更多主要数据模型,特别是在DX中? 我问的部分是因为上个月在欧洲,中东和非洲地区首脑会议上,有一次会议提到你有一个新的专用B2B数据模型,所以也许你可以把它放在架构的复杂性或 技术可能与研发和销售效率的影响有关吗?

Shantanu Narayen

Yes. You forgot ODI and maybe a couple of other TLAs, Jay, but it's a good question. And I think as it relates to how we think about the technology underpinnings, we think about it from two strategic points of view. The first is, are we able in our own products to have a common way in which people can really provide integration for our existing applications better than any other individual point product vendor can provide?
And I think our track record, as you know better than most in terms of what we have done on the Digital Media side of having colors and types and font faces work well, that is the reason why the underlying data model allows us to have things like campaigns or segments or audiences work better across our applications than anybody else. And so, we did that heavy lifting associated with having a common way to define the taxonomy, the customer journey across our products.
We clearly saw that that was not going to be adequate in terms of the aspirations we had to actually being the underlying sort of infrastructure for how all companies deal with digital transformation and the reasons for the partnership with both Microsoft as well as with SAP is to actually through ODI and make that true not just for customer behavioral data where we clearly have access to all of that data, but also to extend that to financial data, to transactional data over time to IoT data.
And so, the way I would think about it is, it's a common taxonomy, it's a common way for people to extend it, but we don't have to do the heavy lifting of defining everything. The beauty of the model is that actually we defined the framework, we defined the API, we defined the services and other people can actually extend and augment that, and so it enables the entire ecosystem to partner. So it's exciting.
We delivered that through the Adobe Experience Platform. I talked in the prepared remarks about how we have early beta customers who are starting to see it. Certainly, Adobe is using it in our own offering. But I think it's really going to be the underlying infrastructure for our next generation enterprise who wants to engage with their customers. So we're excited about that.

是。你忘记了ODI,也许还有其他几个TGA,周杰伦,但这是一个很好的问题。我认为,因为它与我们如何看待技术基础有关,我们从两个战略角度考虑它。首先,我们是否能够在我们自己的产品中采用一种通用方式,使人们能够真正为现有应用程序提供比任何其他单点产品供应商所能提供的更好的集成?

我认为我们的跟踪记录,就我们在数字媒体方面所做的事情而言,比颜色和类型以及字体效果更好,这就是为什么基础数据模型允许我们拥有东西的原因像广告系列或细分受众群或受众群体在我们的应用程序中的效果比其他人更好因此,我们采用了一种常见的方式来定义分类,即客户在我们产品中的旅程。

我们清楚地看到,就我们实际上是所有公司如何应对数字化转型的基础设施的愿望来说,这是不够的,与微软和SAP合作的原因是实际上,通过ODI,我们可以明确地访问所有数据,同时将其扩展到财务数据,随着时间的推移将其扩展到物联网数据。

因此,我想到它的方式是,它是一种常见的分类法,它是人们扩展它的常用方法,但我们不必对定义所有内容进行繁重的工作。模型的优点在于,实际上我们定义了框架,我们定义了API,我们定义了服务,其他人可以实际扩展和扩充,因此它使整个生态系统能够合作。所以这很令人兴奋。

我们通过Adobe Experience Platform提供了这些功能。我在准备好的评论中谈到了我们如何让早期的测试用户开始看到它。当然,Adobe正在我们自己的产品中使用它。但我认为它真的将成为我们想要与客户互动的下一代企业的基础架构。所以我们对此感到很兴奋。

Jay Vleeschhouwer

Thanks, Shantanu.

谢谢,Shantanu。

会议主持员

And we'll take our next question from Kirk Materne with Evercore ISI. Please go ahead.

我们将接受来自Kirk Materne和Evercore ISI的下一个问题。 请继续。

Kirk Materne

Thanks very much. Shantanu, I want to ask a little bit about Sensei in the context of, is that coming up at all and it's under conversations on the Experience Cloud side. I know there's a lot of factors that go into those decisions from a product portfolio perspective. I was just kind of curious, if Sensei is adding to the conversation if you view that as sort of a needle mover for you all at this point? Thanks.

非常感谢。 Shantanu,我想问一下Sensei在上下文中的问题,是否会出现,并且正在体验云端的谈话中。 我知道从产品组合的角度来看,有很多因素会影响这些决策。 我只是有点好奇,如果Sensei正在加入谈话,如果你认为这对你们所有人来说都是针对你们的那种针? 谢谢。

Shantanu Narayen

I'm really glad you asked that question, because we talk a lot about the Adobe magic that we've had in the Digital Media products and we certainly touched on what we've done with Content-Aware Fill, which is magic as it relates to being able to do that across frames and reduce a whole bunch of complexity for the video products.
We are investing very heavily in the same technology Sensei in the Experience Cloud. Let me maybe give you a couple of examples to make it more tangible. I mean, the first is when you're doing search, the way you do search when you're doing it in Digital Media trying to find an object in Stock where we have the best technology is still substantially different from the way you would do search, in Commerce where you're looking for an object maybe based on a color or based on a type of preference.
So I think in Commerce, that's one area where Sensei and the ability to do search and find the right shopping good that you're interested in. That's a game changer in targeting and in what we can do around how we can optimize targets and recommendations, that's another area where AI is certainly beneficial. When you're talking about a subscription model and customer preference and a prediction score of who's likely to churn and what are the best way to engage with them across channels, that's another area where we have AI technology.
But in addition to that, as part of the experience platform, we actually now have modules. I talked a little bit about attribution.AI and things like that, which are AI modules and frameworks for people to actually augment the Experience Cloud. So I think, unlike other companies, we believe that the AI is best built in into each of the existing solutions and through frameworks, but our track record of delivering against that has been strong and it's only getting better.

我很高兴您提出这个问题,因为我们谈论了我们在数字媒体产品中所拥有的Adobe魔术,我们当然也谈到了我们用Content-Aware Fill所做的事情,这很神奇,因为它涉及能够跨框架实现这一点并减少视频产品的一大堆复杂性。

我们在体验云中投入了相同的技术Sensei。我可以举几个例子来说明它更有形。我的意思是,第一个是当你进行搜索时,你在数字媒体中进行搜索时的搜索方式试图找到库存中的对象我们拥有最好的技术仍然与你的方式大不相同搜索,在商业中,您正在寻找对象可能基于颜色或基于偏好类型。

因此,我认为在商业中,这是Sensei能够进行搜索并找到您感兴趣的正确购物产品的一个领域。这是一个改变目标的游戏规则,以及我们如何优化目标和建议,这是AI确实有益的另一个领域。当您谈论订阅模型和客户偏好以及谁可能流失的预测分数以及跨渠道与他们互动的最佳方式时,这是我们拥有AI技术的另一个领域。

但除此之外,作为体验平台的一部分,我们现在实际上有模块。我谈了一些关于archive.AI和类似的东西,这些是人工智能模块和框架,可以让人们真正增加体验云。因此,我认为,与其他公司不同,我们认为人工智能是最好的内置于每个现有解决方案和框架中,但我们的交易记录一直很强劲,而且只会变得更好。

Kirk Materne

Perfect. Thanks very much.

完善。 非常感谢。

会议主持员

And we'll take our next question from Tom Roderick with Stifel. Please go ahead.

我们将从Tom Roderick和Stifel接下来的问题。 请继续。

托马斯罗德里克

Hi. Good afternoon. Thanks for taking my question. John, let me throw this one at you, just looking at the Digital Experience segment itself, we saw a nice bounce back in the segment gross margins and part of that, of course came into scale and some of the deferred revenue write-downs rolling off.
But the other part, of course, is realizing some of the integrations between the components. And I was hoping you could speak to what you're seeing with some of the leverage between the properties of Magento and Marketo, and the core of Digital Experience, in particular on the COGS side, are there elements of architectural leverage that are starting to show up and then even below that line are you seeing much sales leverage between the acquired properties? Thank you.

你好。 下午好。 谢谢你提出我的问题。 约翰,让我把这个扔给你,只看数字体验部门本身,我们看到了细分市场毛利率的一个很好的反弹,其中一部分当然是规模化和一些递延收入减记滚动关闭。

但是,另一方面当然是实现了组件之间的一些集成。 而且我希望你可以通过Magento和Marketo的属性之间的某些杠杆作用谈论你所看到的东西,而数字体验的核心,特别是在COGS方面,是否有建筑杠杆的元素开始 出现,然后甚至低于那条线,您是否在获得的房产之间看到了很多销售杠杆? 谢谢。

John Murphy

Yes. No, absolutely. For sure, we're seeing the ability in both properties that we acquired for us to be able to unify development across the platform and that in of itself provides us some efficiencies. In addition, from the go-to-market perspective, as we've talked about, we've unified and aligned our go-to-market strategy with the existing Adobe Enterprise sales organization under Matt and so that's been able to bring a lot more efficiency as we cross-sell not only the existing Digital Experience products, but also Magento and Marketo.
Not to mention then our partner ecosystem where we are selling alongside Microsoft, for example, and being successful in having multi-solution sales with them as well. So it's been something that through scale and through continued focus on the integration that we're able to get some leverage out of that.

是。 不,绝对。 当然,我们看到我们获得的两种属性的能力能够统一整个平台的开发,而这本身就为我们提供了一些效率。 此外,从上市的角度来看,正如我们所讨论的那样,我们已经将我们的市场战略统一并与Matt现有的Adobe Enterprise销售组织保持一致,因此能够带来很多 我们不仅交叉销售现有的数字体验产品,还有Magento和Marketo,因此效率更高。

更不用说我们的合作伙伴生态系统,例如,我们与微软一起销售,并成功地与他们一起进行多解决方案销售。 因此,通过规模和持续关注集成,我们能够从中获得一些利益。

托马斯罗德里克

Excellent. Thank you.

优秀。 谢谢。

Shantanu Narayen

The one thing, maybe, I'd like to add to that, I know there was some question around seasonality and while this question was specifically around operating margins, I think cash Adobe, so maybe we'd give you color on how we think about our investment as well as what's happening as it relates to margins.
I think it's clear that despite the revenue growth and investment that the operating margin of the company has improved throughout the year and I think we remain very focused on profitability. If you look at seasonally how that should play out over the second half of the year, our guide for Q3 shows EPS increasing by approximately, I think $0.12 despite seasonality. And we certainly expect Q4 to be a strong seasonally finish to the year.
And I think to give you some color on that while we are not updating our annual targets, we would expect that sequential EPS growth from Q3 to Q4 to be about 3x the growth from Q2 to Q3. So hopefully, that gives you some color on how we think about the investments. We certainly continue to believe in investing for the revenue growth that we're seeing and it also clearly gets us back to north of 40% margin. So hopefully, that gives you some color on seasonality as well as while the question was on gross margins how we think about operating margins and expenses.

有一点,也许,我想补充一点,我知道季节性问题有一些问题,虽然这个问题主要是关于营业利润率,但我认为现金是Adobe,所以也许我们会给你如何思考我们的想法关于我们的投资以及与利润相关的事情。

我认为很明显,尽管收入增长和投资使公司的营业利润在全年都有所改善,但我认为我们仍然非常关注盈利能力。如果你季节性地看一下今年下半年应该如何发挥作用,我们的第三季度指南显示每股收益大约增加,我认为尽管季节性因素为0.12美元。而且我们当然希望Q4在今年的季节赛中表现强劲。

我认为在我们没有更新年度目标的同时给你一些颜色,我们预计从第三季度到第四季度的连续每股盈利增长约为第二季度到第三季度增长的3倍。所以希望,这会让我们对我们对投资的看法有所了解。我们当然继续相信投资可以实现我们所看到的收入增长,而且它也明显让我们回到40%左右的利润率。所以希望,这会给你一些关于季节性的颜色以及关于毛利率的问题,我们如何看待经营利润和开支。

托马斯罗德里克

Really helpful, Shantanu. Thank you.

真的很有帮助,Shantanu。 谢谢。

Mike Saviage

Operator, I think we'll take one more question, please.

接线员,我想我们还会再问一个问题。

会议主持员

Thank you. We'll take our final question from Walter Pritchard with Citi. Please go ahead.

谢谢。 我们将从花旗的Walter Pritchard那里得到最后一个问题。 请继续。

Walter Pritchard

Hi. Thanks. Question on the Digital Experience side, you've been talked in the past about a 25% growth in the book of business, including the two acquisitions. I'm wondering, sort of how things are tracking so far this year and what you've learned in terms of first half growth as that trend progresses into the second half?

你好。 谢谢。 关于数字体验方面的问题,过去你曾经谈过商业书籍增长25%,包括两次收购。 我想知道,今年到目前为止的事情是如何追踪的,以及你在上半年增长的过程中学到了什么,随着这一趋势进展到下半年?

Shantanu Narayen

Yes. As you know, Walter, we don't update how we're doing against the bookings during the year as we think about the underlying dynamics of the industry and the need for Digital Experience solution. Nothing diminishes the belief that we have that that continues to be a large growth opportunity.
I think as you could see from the subscription revenue growth that we see, we continue to focus on executing against that. And so we'll certainly provide more color as we've said on that on an annual basis. But I just big picture the – available opportunity, I think continues to be large.
And given Mike said that that was the last question, maybe just as a quick summary again, it's clear that we have the right strategy and the focus on delivering great customer value. We're pleased with the first half financial results, so we expect that momentum to continue in the second half. The strategy of empowering people to create and helping businesses transform. We believe that continues to be a north of 100 billion addressable market opportunity.
And we're really pleased with the attendance that we saw at the customer events in the DX, and whether it was the Summits in the U.S. and Europe, whether it was Marketo Marketing Nation, whether it was a Magento Imagine. I think that just reflects both the leadership that we have in product strategy and vision as well as the strength of the customer and partner community. And FY2019 is shaping up again and we expect it to be another record year for revenue and I think the innovation roadmap and opportunity positions us really well for future growth.
We appreciate all of you joining us today. Thank you.

是。如您所知,Walter,我们没有更新我们在这一年中对预订的反应,因为我们考虑了行业的潜在动态以及对数字体验解决方案的需求。没有什么能减少我们认为这仍然是一个巨大增长机会的信念。

我认为,正如您从我们看到的订阅收入增长中看到的那样,我们将继续专注于针对此进行执行。所以我们肯定会提供更多颜色,正如我们每年所说的那样。但我只是大局观 - 可用的机会,我认为仍然很大。

鉴于迈克说这是最后一个问题,也许只是作为一个快速总结,显然我们有正确的战略,并专注于提供卓越的客户价值。我们对上半年的财务业绩感到满意,因此我们预计这一势头将在下半年继续。赋予人们创造和帮助企业转型的战略。我们认为,这仍然是1000亿可寻址市场机会的北方。

我们对在DX的客户活动中看到的参加者感到非常满意,无论是在美国和欧洲举办的峰会,是否是Marketo Marketing Nation,是否是Magento Imagine。我认为这只反映了我们在产品战略和愿景方面的领导地位以及客户和合作伙伴社区的实力。而且,2014财年再次形成,我们预计这将是收入的又一个创纪录的一年,我认为创新路线图和机会非常适合未来的增长。

我们感谢大家今天加入我们。谢谢。

Mike Saviage

And this concludes our call. Thanks everybody for joining us.

这就结束了我们的呼吁。 谢谢大家加入我们。

相关问题

  • Adobe 电话会议
  • Adobe 财务报告

互联网券商的港股、美股开户教程

如果您对美股 或者 港股也感兴趣, 或者想要了解如何开户, 可以加我wechat: xiaobei006006, 同时也可以拉您进美股交流群哦。
最后的最后 祝大家都有一个美好的投资生活哦。

大家也可以关注【美股指南】公众号, 即可获得《小白投资美股指南(雪球「岛」系列)》电子书

写在最后

友情提示 转载请注明出处: https://investguider.com/topics/10610
暂无回复。
需要 登录 后方可回复, 如果你还没有账号请点击这里 注册