專家會議記錄 | Adobe Inc.（ADBE）2023年第一季度業績會議成績單

Jay Vleeschhouwer - Griffin Securities

Brent Thill - Jefferies

The Digital Experience business had a strong start to the year. Enterprises are focused on driving revenue growth through digital channels while increasing the productivity of their investments in customer experience and marketing. Experience Cloud is uniquely positioned to help enterprise customers across the world unlock profitable growth. Next week, we are excited to host Adobe Summit, the world’s largest digital experience conference. It’s our first time coming together in person in Las Vegas since 2019. And we’ll be joined online by tens of thousands of customers, partners and developers from around the world. In addition to unveiling exciting new technology innovation across Experience Cloud, we will host inspirational C-level executives from several companies at the forefront of the digital economy.

Thanks, Anil. Today, I’ll start by summarizing Adobe’s performance in Q1 fiscal 2023, highlighting growth drivers across our businesses, and I’ll finish with financial targets.

Q1 was a strong start to the year for Adobe. I know the macroeconomy is on every investor’s mind right now, and you can see the resilience and diversification of Adobe’s business in our financial results. Businesses today are prioritizing investments in order to maximize returns and impact, both to drive their top line and to deliver operational efficiency. And individuals are looking to create content that enables them to connect and stand out across digital platforms. In this environment, the demand for our products continues to be strong as our solutions are mission-critical to customers in a world where digital content and engagement drive the global economy. Our product differentiation, engine of innovation and data-driven operating model are continuing to drive Adobe’s growth. We have a world-class balance sheet, industry-leading margins, a strong cash flow profile and a proven track record. I can’t think of a company that’s better positioned as we continue to innovate in our core business and create and scale emerging businesses to drive profitable growth.

And on the DME side, we look at the – just like all the energy in the market around single product players, whether it’s a mobile app, whether it’s a web app or whether it’s this excitement, incredible excitement and that we have as well around generative AI really is focused on driving top of funnel because it’s driving a lot of awareness of creativity and the things that people want to do. And ultimately, as they leverage those apps, as they see themselves as more accretive, they inevitably end up at our doorstep going forward.

And we will take our next question from the line of Kash Rangan with Goldman Sachs. Please go ahead.

Thank you very much. I just want to pick up there. I think David talked about the excitement with generative AI, anybody that wants to jump in. What does this mean for Adobe? Is this just somewhat substitutive for all the opportunity that you have, or is it somewhat incremental or massively incremental? And how does Adobe monetize generative AI? Is this something that you can create a separate SKU or charge more? I am curious to get your thoughts quantitatively and qualitatively. Thank you so much.

Kash, I think there was about three or four questions, but all related. So, happy to take those really quickly. Nicely played. First of all, this is really about increasing the total number of users, we believe, very strongly. As we talked about at MAX, this is about enhancing human creativity, not replacing it. And ultimately, whether you are an individual solo printer SMb or enterprise, we are hearing the same thing, which is that you need to create more content than you are able to create today. And so this really plays well into our core strengths. As you know, we have got a decades-long focus on AI, things like neural filters and object selection. And hundreds of other features have been based on AI for us, and they have increased creativity, and they have increased productivity, and they have helped people keep up with the demand for content. They have also made it easier for people to onboard into the experiences, and so we have been able to broaden the opportunity for people to start leveraging and using our core products. We have now been able to leverage the hundreds of people that are in our research organization and really target them towards generative technology, which we believe is a huge step forward, leveraging all of the work we have done, but a huge step forward going forward. And we and everyone else in the industry are still in the early innings. So, to give you a sense of where we are going at MAX, we talked about our vision for effectively not just creating content, but really engaging and embedding it in the existing workflows to create a creative copilot we refer to it as. And since then, we have been very hard at work at creating our own model, and the model that we are focused on is around output quality. So, it’s about best-of-breed generative AI. But combining that with the Adobe magic that we have talked about over the years and all of the technology we have that takes images and makes them better, and so the output quality, we think is going to be differentiated. The second thing is around commercial reuse. There is a lot of complex questions here around copyrights, around diversity and inclusion, about harmful content that’s being created. That’s something we take very seriously, and we are embedding that into everything we do. And the third thing is really about workflow integration. Creating an image is just the start. It’s not the end. And Adobe is the only player that has a full end-to-end workflow, not just within the products and the tools that we have in the digital media business, but also everything that Anil is doing around the content workflow and the content supply chain out to the point of distribution. And in fact, because of this, we are seeing other gentech companies wanting to partner with us more and more, and so we feel like we are in a really advantaged position where we are going to come out with our own model and we are going to be partnering with others to make sure that because of our distribution and the place we play in the market, we can bring a lot of this value to actual fruition. And stay tuned, next week at Summit, where we have a lot of exciting announcements and progress to make there. And then last to your, I think fourth or fifth question.