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1、Adobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 1 of 24 STEVE DAY Good afternoon and thank you for joining us.With me on the call today are Shantanu Narayen,Adobes Chair and CEO,David Wadhwani,President of Digital Media,Anil Chakravarthy,President of Digital Experience,and Dan Durn,Ex

2、ecutive Vice President and CFO.On this call,which is being recorded,we will discuss Adobes fourth quarter and fiscal year 2024 financial results.You can find our press release,as well as PDFs of our prepared remarks and financial results,on Adobes Investor Relations website.Adobe Q4 FY2024Earnings C

3、allDecember 11,2024IntroductionSteve Day|SVP,DX CFO&Corporate Finance,Interim Head of Investor RelationsAdobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 2 of 24 The information discussed on this call,including our financial targets and product plans,is as of today,December 11,and conta

4、ins forward-looking statements that involve risk,uncertainty and assumptions.Actual results may differ materially from those set forth in these statements.For more information on those risks,please review todays earnings release and Adobes SEC filings.On this call we will discuss GAAP and non-GAAP f

5、inancial measures.Our reported results include GAAP growth rates as well as constant currency rates.During this presentation,Adobes executives will refer to constant currency growth rates unless otherwise stated.Non-GAAP reconciliations are available in our earnings release and on Adobes Investor Re

6、lations website.I will now turn the call over to Shantanu.2024 Adobe.All Rights Reserved.Adobe Confidential.Financial DisclaimerSome of the information discussed in this presentation,including our financial targets and product plans,is based on information as of today,December 11,2024,and contains f

7、orward-looking statements thatinvolve risks,uncertainties and assumptions.Actual results may differ materially from those set forth insuch statements.For a discussion of these risks and uncertainties,you should review Adobes SEC filings.During this presentation,we will discuss non-GAAP financial mea

8、sures.The GAAP financial measures thatcorrespond to non-GAAP or adjusted financial measures,as well as the reconciliation between the two,are available on Q4 and FY2024 Earnings Call Script December 11,2024 Page 3 of 24 SHANTANU NARAYEN Thanks,Steve.Good afternoon and thank you for joining us.In Q4,

9、we achieved revenue of$5.61 billion,representing 11 percent year-over-year growth.In our Digital Media business,we delivered record net new ARR of$578 million,and our Digital Experience business achieved subscription revenue of$1.27 billion,representing 12 percent year-over-year growth.Q4 and FY2024

10、 ResultsShantanu Narayen|Chair&CEOAdobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 4 of 24 2024 was a year of records for Adobe.We achieved record revenue of$21.51 billion,representing 11 percent year-over-year growth.GAAP earnings per share was$12.36 and non-GAAP earnings per share wa

11、s$18.42,representing 5 percent and 15 percent year-over-year growth,respectively.We hit several new milestones with our AI innovations,enabling us to add more than two billion dollars in Digital Media net new ARR and surpass one billion dollars in the ending book of business for Adobe Experience Pla

12、tform and native apps.The Digital Experience business crossed$5 billion in revenue,making us one of the mission-critical providers of marketing technology in the world.We exited the year with$19.96 billion in RPO and cash and short-term investments of$7.89 billion.2024 was also a transformative year

13、 of product innovation,where we delivered foundational technology platforms.We introduced multiple generative AI models in the Adobe Firefly family including Imaging,Vector,Design and most recently Video.Adobe now has a comprehensive set of generative AI models designed to be commercially safe for c

14、reative content,offering unprecedented levels of output quality and user control in our applications.We reimagined creativity and productivity for a broader set of customers with Adobe Express,the quick and easy create-anything app.The deep integration of Firefly across our flagship applications in

15、Creative Cloud,Document Cloud and Experience Cloud is driving record customer adoption and usage.Firefly-powered Adobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 5 of 24 generations across our tools surpassed 16 billion,with every month this past quarter setting a new record.We enhance

16、d document productivity with AI Assistant in Adobe Acrobat and Reader,unlocking even greater value from the trillions of PDFs around the world.Weve successfully scaled Adobe Experience Platform and native apps to deliver the fundamental infrastructure required for customer engagement.Were accelerati

17、ng automated decisioning and powering audiences,journeys and channels to deliver truly personalized experiences at scale.We set the stage to drive an AI content revolution by bringing content and data together in Adobe GenStudio,integrating high-velocity creative expression with enterprise activatio

18、n.The release of Adobe GenStudio for Performance Marketing integrates Creative Cloud,Express and Experience Cloud and extends our end-to-end content supply chain solution,empowering freelancers,agencies and enterprises to accelerate the delivery of content,advertising and marketing campaigns.Ill now

19、 turn it over to David to discuss the momentum in our Digital Media business.Adobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 6 of 24 DAVID WADHWANI Thanks,Shantanu.Hello everyone.In Q4,we achieved net new Digital Media ARR of$578 million and revenue of$4.15 billion,which grew 12 perce

20、nt year over year,fueled by innovation in both our Creative and Document businesses.We ended the year with just over two billion dollars of net new Digital Media ARR for the first time ever,as a result of accelerated product innovation,record traffic to and engagement on social and mobile,as well as

21、 increasing value for enterprise customers through Firefly Services and GenStudio,which bring together our Creative and Experience Clouds.Q4 FY2024 HighlightsDavid Wadhwani|President,Digital Media Business 2024 Adobe.All Rights Reserved.Adobe Confidential.2024 Adobe.All Rights Reserved.Adobe Confide

22、ntial.Document Cloud revenue of$843 million,up 17%Y/Y as reported and inconstant currency in Q4 FY2024;Continued growth of Monthly Active Users,which grew over 25 percent yearover year,surpassing 650 million paid and free users;Strong top of funnel momentum through Acrobat Web,with monthly activeuse

23、rs up nearly 50 percent year over year;Strength in Acrobat Pro single app in both Document Cloud and Creative Cloudofferings;A great back to school season with a new AI Assistant offering in Education forstudents;andKey enterprise customer wins include Abbott Laboratories,BWI GmbH,DefenseInformation

24、 Systems Agency,Kaiser Permanente,Novo Nordisk,Truist,U.S.Cellular and the U.S.Department of State.Adobe Document CloudAdobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 7 of 24 Digital Media:Document Cloud On the Document Cloud side,PDF continues to be the global standard for digital do

25、cuments andAdobe Acrobat is revolutionizing the way people engage with them across mobile,web and desktop.We took a major step forward in FY24 with the introduction of AI Assistant in Acrobat and Reader.AI Assistant and other AI features,like Liquid Mode and Firefly,are accelerating productivity thr

26、ough faster insights,smarter document editing and integrated image generation.A recent productivity study found that users leveraging AI Assistant completed their document-related tasks four times faster on average.AI Assistant is now available in Acrobat across desktop,web and mobile and integrated

27、 into our Edge,Chrome and Microsoft Teams extensions.In Q4,we continued to extend its value with specialized AI for contracts and scanned documents,support for additional languages and the ability to analyze larger documents.In Acrobat Web,our integrations with Adobe Express allow users to generate

28、images and quickly stylize content.We saw AI Assistant conversations double quarter over quarter,driving deeper customer value.In Q4,we achieved Document Cloud revenue of$843 million,growing 17 percent year over year.We set a record for net new Document Cloud ARR of$173 million,with ending ARR of$3.

29、48 billion,growing 23 percent year over year.Other highlights include:Continued growth of Monthly Active Users,which grew over 25 percent year over year,surpassing 650 million paid and free users.Strong top of funnel momentum through Acrobat Web,with monthly active users up nearly 50 percent year ov

30、er year.Strength in Acrobat Pro single app in both Document Cloud and Creative Cloud offerings.A great back to school season with a new AI Assistant offering in Education for students.Key enterprise customer wins include Abbott Laboratories,BWI GmbH,Defense Information Systems Agency,Kaiser Permanen

31、te,Novo Nordisk,Truist,U.S.Cellular and the U.S.Department of State.Adobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 8 of 24 Digital Media:Creative Cloud Creative Cloud also had a strong year,as demand for content continues to grow across mobile,desktop and streaming platforms.Adobe MA

32、X,the premiere creativity conference,showcased our FY24 innovation and drove over half a billion video views across all channels.We have made major strides with our generative AI models with the introduction of Firefly Image Model 3,enhancements to our vector models,richer design models and the all-

33、new Firefly video model.These models are incredibly powerful on their own,and their deep integration into our tools,like Lightroom,Photoshop,Premiere,InDesign and Express have brought incredible value to millions of creative professionals around the world.We have brought our Creative and Experience

34、Clouds together through the introduction of Firefly Services in GenStudio,addressing the growing need for scaled content production in enterprises.Firefly generations continue to accelerate and now have crossed 16 billion cumulative generations.In Q4,we achieved$3.30 billion in revenue,which grew 11

35、 percent year over year.Net new Creative Cloud ARR was$405 million.Other highlights include:Adoption of Adobe Express by approximately 4,000 businesses in the quarter and an 84 percent year-over-year increase in the number of students with access to Express Premium as part of this years back to scho

36、ol season.Adobe Express saw strong ecosystem growth,with over 180 2024 Adobe.All Rights Reserved.Adobe Confidential.2024 Adobe.All Rights Reserved.Adobe Confidential.Creative revenue of$3.30 billion,up 10%Y/Y as reported or 11%in constantcurrency in Q4 FY2024;Adoption of Adobe Express by 4,000 busin

37、esses and+84%Y/Y in the number ofstudents with access to Express Premium;Adobe Express saw strong ecosystem growth,180+plugins available Expressmarketplace and integrations into leading social,productivity and collaborationapps;Massive customer interest in Firefly Video Model,limited public beta,in

38、PremierePro drove+70%increase in Premiere Pro beta users since introduction at MAX.Itwill be more broadly available in early 2025;Enhancements to Firefly Image,Vector and Design models include 4x faster imagegeneration and new capabilities;Strong adoption of Lightroom Mobile.Adobe Lightroom was reco

39、gnized as the MacApp of the Year in Apples Annual App Store Awards;New Frame.io V4 streamlines creative management for video projects;Firefly Services adoption ramps as enterprises such as Pepsi and Tapestry use it toscale content production;andKey enterprise customer wins include Alphabet,American

40、Express,Coca-Cola,Johnson&Johnson,LVMH,Nestl,Procter&Gamble,T-Mobile and the U.S.Department of Defense.Adobe Creative CloudAdobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 9 of 24 plugins available in our Express marketplace and integrations into leading social,productivity and collabo

41、ration apps like ChatGPT,Google,Slack,Wix,Box,Hubspot and Webflow,significantly increasing our customer reach.The launch of the Firefly Video Model and its unique integration in Premiere Pro in limited public beta garnered massive customer interest and we look forward to making it more broadly avail

42、able in early 2025.This feature drove a 70 percent increase in the number of Premiere Pro beta users since it was introduced at MAX.Enhancements to Firefly Image,Vector and Design models include four times faster image generation and new capabilities integrated into Photoshop,Illustrator,Premiere Pr

43、o and Adobe Express.Strong adoption of Lightroom Mobile with customers embracing innovations like Generative Remove and Lens Blur as well as Quick Actions which streamlines editing and increases discovery and adoption of premium features.Just this morning,Adobe Lightroom was recognized as the Mac Ap

44、p of the Year in Apples Annual App Store Awards.The launch of the new Frame.io V4 streamlines creative management for video projects to enable end-to-end editing capabilities and seamless collaboration between editors and their stakeholders.Firefly Services adoption continued to ramp as enterprises

45、such as Pepsi and Tapestry use it to scale content production given the robust APIs and ease of creating custom models that are designed to be commercially safe.Key enterprise customer wins include Alphabet,American Express,Coca-Cola,Johnson&Johnson,LVMH,Nestl,Procter&Gamble,T-Mobile and the U.S.Dep

46、artment of Defense.Our AI product releases and business evolution in FY24 has set the stage for another strong year ahead as we expand to new audiences,deliver more value to existing users and increasingly integrate our Digital Media and Digital Experience clouds to create differentiated business so

47、lutions.We will do this by:Accelerating the adoption of freemium offers including Express,Lightroom and Acrobat on web Adobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 10 of 24 and mobile,as well as expanding access to Acrobat AI Assistant-which delivered strong financial performance i

48、n FY24.Growing our core creative business by continuing to expand our AI innovations in our flagship applications as well as bringing them to web and mobile.In addition,we will soon introduce a new higher-priced Firefly offering that includes our video models,as a comprehensive AI solution for creat

49、ive professionals.This will allow us to monetize new users,provide additional value to existing customers and increase ARPU.And further accelerating Firefly Services,which saw significant demand in FY24,by integrating it into GenStudio to provide enterprises with solutions to exponentially scale the

50、ir content production capabilities with AI.Were thrilled with the response to our innovations in FY24,excited to release new capabilities and look forward to delighting customers in the year ahead.Ill now pass it to Anil.Adobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 11 of 24 ANIL CH

51、AKRAVARTHY Thanks,David.Hello everyone.The Experience Cloud business had a strong close to the year,achieving revenue of$1.40 billion for the quarter and a record$5.37 billion in revenue in fiscal 2024.Subscription revenue in the quarter was$1.27 billion,representing 12 percent year-over-year growth

52、.The book of business for Adobe Experience Platform and native apps Real-Time CDP,Customer Journey Analytics and Journey Optimizer surpassed one billion dollars in the quarter,with 48 of the Fortune 100 companies now leveraging these solutions.The market opportunity for customer experience managemen

53、t is large and growing.Both B2B and B2C Q4 FY2024 HighlightsAnil Chakravarthy|President,Digital Experience BusinessAdobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 12 of 24 companies are selecting Adobe as their strategic technology partner to accelerate customer acquisition,engagement

54、 and retention.Our leading solutions spanning content,data and customer journeys empower businesses to drive top-line growth while simultaneously delivering productivity gains.The AI innovations we have delivered enable our customers to accelerate the delivery of personalized experiences at scale an

55、d have been built to satisfy enterprise governance requirements.Adobe Experience Platform AI Assistant empowers marketers to automate tasks and generate new audiences and journeys.Adobe Experience Manager Generate Variations provides dynamic and personalized content creation natively through AEM,ena

56、bling customers to deliver more compelling and engaging experiences on their websites.We are transforming the content supply chain for enterprises with Adobe GenStudio,which natively integrates multiple Adobe applications across Creative Cloud and Experience Cloud,including Express,Firefly,Workfront

57、,Experience Manager,Customer Journey Analytics and Journey Optimizer.GenStudio enables agencies and enterprises to unlock new levels of creativity and efficiency across content creation and production,workflow and planning,asset management,delivery and activation and reporting and insights.Adobe Gen

58、Studio for Performance Marketing is a great addition to the GenStudio portfolio,offering an integrated application to create paid social ads,display ads,banners and marketing emails by leveraging pre-approved,on-brand content.It brings together creative teams that define the foundational requirement

59、s of a brand,including guidelines around brand voice,channels and images,with marketing teams that need to deliver numerous content variations with speed and agility.Were seeing strong customer demand for Adobe GenStudio for Performance Marketing since its general availability at MAX.GenStudio is th

60、e answer to address how marketing is going to transform in the era of AI for CMOs,CIOs and CFOs.Other highlights include:Expanded partnership with Amazon to make Adobe Experience Platform available on Amazon Web Services(AWS)and extend our leadership across public clouds.Enterprises will soon be abl

61、e to access the full power of AEP and native apps on AWS.Integration partnerships with Googles Campaign Manager 360,Meta,Microsoft Advertising,Adobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 13 of 24 Snap and TikTok,offering marketing teams a holistic view of campaign performance dire

62、ctly in Adobe GenStudio to optimize the ROI of their ad spend.Strong industry analyst recognition in major analyst reports including the Gartner Magic Quadrant forDigital Commerce and the Forrester Wave forCross-Channel Marketing Hubs.In particular,Gartner recognized Adobes critical capabilities for

63、 Multichannel Marketingsuch as our differentiated ability to adapt customer journeys in real time based on customer behavior.AI innovations delivered in the premium tiers and add-ons helped us close our largest bookings quarter ever,with key global customer wins including Air Canada,Allianz,American

64、 Express,Bank of America,BMW,Centene,CIBC,Cisco,Disney,Fanatics,GAP,GM,JPMorgan Chase,PayPal,Samsung,Tesco and Wells Fargo.Digital remains a critical growth imperative for businesses around the world.Adobe Digital Insights,which analyzes trillions of data points,reported that both Black Friday and C

65、yber Monday sales hit record highs of$10.8 billion and$13.3 billion,jumping 10.2 percent and 7.3 percent from last year,respectively.We expect the full holiday season to hit$240.8 billion,up 8.4 percent year over year.With the availability of our new offerings,in FY25,Adobe has a unique opportunity

66、to capitalize on the breadth of these solutions to further optimize our integrated go-to-market field organization.We are expanding our enterprise go-to-market teams to sell these integrated solutions that cut across Digital Media and Digital Experience,globally under the new GenStudio umbrella.We h

67、ave seen early success for this strategy that included Express and Firefly Services in Q4.As we enable our worldwide field organization in Q1,we anticipate acceleration of this pipeline throughout the rest of the year and beyond.We are confident of continuing our leadership and momentum into 2025.I

68、will now pass it to Dan.Adobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 14 of 24 DAN DURN Thanks,Anil.Our earnings report today covers both Q4 and FY24 results,highlighting growth drivers across our businesses,and Ill finish with financial targets.We are proud of the performance we ha

69、ve driven in FY24,delivering record revenue,EPS and Operating Cash Flows while aggressively investing in AI product innovation.New AI releases including Express,Acrobat AI Assistant,Firefly Services,DX premium tiers and GenStudio for Performance Marketing have expanded the portfolio of products,driv

70、ing proliferation and meaningful GenAI monetization.We had a strong finish to the year with records in Digital Media net new ARR and Digital Experience bookings.Q4 and FY2024 ResultsDan Durn|EVP&CFOAdobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 15 of 24 In FY24,Adobe achieved record

71、revenue of$21.51 billion,which represents 11 percent year-over-year growth as reported and in constant currency.GAAP EPS for the year was$12.36,and non-GAAP EPS was$18.42,growing 5 percent and 15 percent year over year,respectively.FY24 business and financial highlights included:Digital Media revenu

72、e of$15.86 billion;Net new Digital Media ARR of$2.00 billion;Digital Experience revenue of$5.37 billion;Cash flows from operations of$8.06 billion;RPO of$19.96 billion exiting the year;and Repurchasing approximately 17.5 million shares of our stock during the year.2024 Adobe.All Rights Reserved.Adob

73、e Confidential.11%Y/Y growth111%Y/Y growth$21.51 billionTotal Revenue$2.0 billion of net new ARRDigital Media ARR12%Y/Y growth112%Y/Y growth$15.86 billionDigital Media segment revenue10%Y/Y growth110%Y/Y growth$5.37 billionDigital Experience segment revenue12%Y/Y growth112%Y/Y growth$4.86 billionDig

74、ital Experience subscription revenueNon-GAAP:$18.42GAAP:$12.36Earnings per shareFY2024 ResultsGenerated$8.06 billion of cash flows from operations17.5 million shares repurchased in the year1.Adjusted to show growth rates in constant currency.Adobe Q4 and FY2024 Earnings Call Script December 11,2024

75、Page 16 of 24 In the fourth quarter of FY24,Adobe achieved revenue of$5.61 billion,which represents 11 percent year-over-year growth as reported and in constant currency.GAAP diluted earnings per share in Q4 was$3.79 and non-GAAP diluted earnings per share was a record$4.81,growing 17 percent and 13

76、 percent year over year,respectively.Q4 business and financial highlights included:Digital Media revenue of$4.15 billion;Net new Digital Media ARR of$578 million;Digital Experience revenue of$1.40 billion;Cash flows from operations of$2.92 billion;and Added$1.82 billion to RPO in the quarter.Digital

77、 Media In our Digital Media segment,we achieved Q4 revenue of$4.15 billion,which represents 12 percent year-over-year growth as reported and in constant currency.We exited the quarter with$17.33 billion of Digital Media ARR,growing our ending ARR book of business 13 percent year over year in constan

78、t currency.2024 Adobe.All Rights Reserved.Adobe Confidential.11%Y/Y growth111%Y/Y growth$5.61 billionTotal Revenue$578 million of net new ARRDigital Media ARR12%Y/Y growth112%Y/Y growth$4.15 billionDigital Media segment revenue10%Y/Y growth110%Y/Y growth$1.40 billionDigital Experience segment revenu

79、e12%Y/Y growth113%Y/Y growth$1.27 billionDigital Experience subscription revenueNon-GAAP:$4.81GAAP:$3.79Earnings per shareQ4 FY2024 ResultsGenerated$2.92 billion of cash flows from operations4.6 million shares repurchased in the quarterRemaining Performance Obligations(RPO)exiting the quarter were$1

80、9.96 billion1.Adjusted to show growth rates in constant currency.Adobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 17 of 24 Digital Media:Document Cloud Adobe achieved Document Cloud revenue of$843 million,which represents 17 percent year-over-year growth as reported and in constant cur

81、rency.In the quarter,we added$173 million of net new Document Cloud ARR,growing our ending ARR book of business 23 percent year over year in constant currency.Fourth quarter Document Cloud growth drivers included:Strong growth across Reader and Acrobat on web and mobile and extensions such as Edge a

82、nd Chrome;Acrobat subscription demand across all customer segments,routes to market and geographies;Accelerated adoption and monetization of AI Assistant driven by product enhancements and delivery of French and German language support;and Year-end seasonal strength in the enterprise.2024 Adobe.All

83、Rights Reserved.Adobe Confidential.2024 Adobe.All Rights Reserved.Adobe Confidential.Adobe Document Cloud|Q4 FY2024 HighlightsDocument Cloud revenue of$843 million,up 17%Y/Y as reportedand in constant currency,with$173 million of net new DocumentCloud ARRStrong growth across Reader and Acrobat on we

84、b and mobile andextensions such as Edge and Chrome;Acrobat subscription demand across all customer segments,routesto market and geographies;Accelerated adoption and monetization of AI Assistant driven byproduct enhancements and delivery of French and Germanlanguage support;andYear-end seasonal stren

85、gth in the enterprise.Adobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 18 of 24 Digital Media:Creative Cloud We achieved Creative revenue of$3.30 billion,which represents 10 percent year-over-year growth,or 11 percent in constant currency.In the quarter,we added$405 million of net new

86、Creative ARR,growing our ending ARR book of business 11 percent year over year in constant currency.Fourth quarter Creative growth drivers included:Strong demand for new subscriptions for Creative Cloud All Apps,across individuals,Teams,Enterprise and Education;Strength in Creative Cloud single apps

87、 for Acrobat Pro,Lightroom and Photoshop;Momentum with new subscriptions in emerging markets;Demand for Adobe Express across education,SMB,and enterprises;and Adoption of Firefly Services in the enterprise.2024 Adobe.All Rights Reserved.Adobe Confidential.2024 Adobe.All Rights Reserved.Adobe Confide

88、ntial.Adobe Creative Cloud|Q4 FY2024 HighlightsCreative revenue of$3.30 billion growing 10%Y/Y as reported or11%Y/Y in constant currency,with$405 million of net new CreativeARRStrong demand for new subscriptions for Creative Cloud All Apps,across individuals,Teams,Enterprise and Education;Strength i

89、n Creative Cloud single apps for Acrobat Pro,Lightroomand Photoshop;Momentum with new subscriptions in emerging markets;Demand for Adobe Express across education,SMB,and enterprises;andAdoption of Firefly Services in the enterprise.Adobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 19 of

90、 24 Digital Experience Turning to our Digital Experience segment,in Q4 we achieved revenue of$1.40 billion,which represents 10 percent year-over-year growth as reported and in constant currency.Digital Experience subscription revenue was$1.27 billion,growing 13 percent year over year or 12 percent i

91、n constant currency.Fourth quarter Digital Experience growth drivers included:Strong finish to the year,with the largest-ever bookings quarter and robust performance across geographies including the U.S.and EMEA and multiple verticals including financial services;Strong subscription revenue growth,l

92、ed by Adobe Experience Manager,Adobe Journey Optimizer,Real-Time-Customer Data Platform,Customer Journey Analytics and Workfront;Continued strength in retention and expansion across our enterprise customers with Digital Experience solutions being leveraged by 85 of the Fortune 100 companies;Momentum

93、 with AEP and native apps,with FY24 ending book of business surpassing$1.0 billion and growing greater than 40 percent year over year;and Strong bookings for our umbrella GenStudio solution with interest and momentum for our new GenStudio for Performance Marketing offering.2024 Adobe.All Rights Rese

94、rved.Adobe Confidential.2024 Adobe.All Rights Reserved.Adobe Confidential.Adobe Experience Cloud|Q4 FY2024 HighlightsDigital Experience revenue of$1.40 billion growing 10%Y/Y as reported and inconstant currency,with subscription revenue of$1.27 billion growing 13%Y/Yas reported or 12%in constant cur

95、rencyStrong finish to the year,with the largest-ever bookings quarter and robustperformance across geographies including the U.S.and EMEA and multipleverticals including financial services;Strong subscription revenue growth,led by Adobe Experience Manager,Adobe Journey Optimizer,Real-Time-Customer D

96、ata Platform,CustomerJourney Analytics and Workfront;Continued strength in retention and expansion across our enterprisecustomers with Digital Experience solutions being leveraged by 85 of theFortune 100 companies;Momentum with AEP and native apps,with FY24 ending book of businesssurpassing$1.0 bill

97、ion and growing greater than 40%Y/Y;andStrong bookings for our umbrella GenStudio solution with interest andmomentum for our new GenStudio for Performance Marketing offering.Adobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 20 of 24 Income Statement and Balance Sheet Adobes effective ta

98、x rate in Q4 was 15.5 percent on a GAAP basis and 18.5 percent on a non-GAAP basis.RPO exiting the quarter was$19.96 billion,growing 16 percent and cRPO growing 13 percent year over year as reported.Our cash flows from operations in the quarter were a record$2.92 billion,and ending cash and short-te

99、rm investment position exiting Q4 was$7.89 billion.In Q4,we entered into a$2.5 billion share repurchase agreement,and we currently have$17.65 billion remaining of our$25 billion authorization granted in March 2024.Targets Now turning to our FY2025 financial targets.2024 Adobe.All Rights Reserved.Ado

100、be Confidential.Revenue by GeographyQ4 FY2024 ResultsAmericas60%EMEA26%Asia14%$19.96BRPO$7.89BCash and short-term investments$2.92BCash flows from operations4.6MShares repurchasedAdobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 21 of 24 We measure ARR on a constant currency basis durin

101、g the fiscal year and revalue ending ARR at year-end.FX rate changes between the end of FY23 and the end of FY24 have resulted in a$117 million decrease to the Digital Media ARR balance entering FY25,from$17.33 to$17.22 billion and is reflected in our investor data sheet.We expect an approximate$200

102、 million headwind to FY25 revenue,as a result of the effect of foreign exchange and a smaller impact of the continued move to subscriptions from perpetual offerings.Factored into our financial targets is an ongoing strategy to introduce new tiered subscription offerings and add-ons.For FY25 we are t

103、argeting:Total Adobe revenue of$23.30 to$23.55 billion;Digital Media segment revenue of$17.25 to$17.40 billion;Digital Media ending ARR book of business growth of 11.0 percent year over year;Digital Experience segment revenue of$5.80 to$5.90 billion;Digital Experience subscription revenue of$5.375 t

104、o$5.425 billion;GAAP earnings per share of$15.80 to$16.10;and Non-GAAP earnings per share of$20.20 to$20.50.2024 Adobe.All Rights Reserved.Adobe Confidential.$23.30 billion to$23.55 billionTotal Revenue$17.25 billion to$17.40 billionDigital Media segment revenue11.0%Y/YDigital Media ending ARR growt

105、h$5.80 billion to$5.90 billionDigital Experience segment revenue$5.375 billion to$5.425 billionDigital Experience subscription revenueNon-GAAP:$20.20 to$20.50GAAP:$15.80 to$16.10Earnings pershareThe information on this slide contains forward looking statements that involve risk and uncertainty.Actua

106、l results may differ materially.Please review Adobes SEC filings and/or visit theAdobe Investor Relations website for additional information.1Targets assume non-GAAP operating margin of 46%,non-GAAP tax rate of 18.5%and diluted share count of 433 million for fiscal year 2025.FY2025 Financial Targets

107、1|December 11,2024Adobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 22 of 24 We expect non-GAAP operating margin of approximately 46 percent and a non-GAAP tax rate of approximately 18.5%.For Q1 FY25 we are targeting:Total Adobe revenue of$5.63 to$5.68 billion;Digital Media segment reve

108、nue of$4.17 to$4.20 billion;Digital Experience segment revenue of$1.38 to$1.40 billion;Digital Experience subscription revenue of$1.27 to$1.29 billion;GAAP earnings per share of$3.85 to$3.90;and Non-GAAP earnings per share of$4.95 to$5.00.For Q1,we expect non-GAAP operating margin of approximately 4

109、7 percent and a non-GAAP tax rate of approximately 18.5%.Summary In summary,Im proud of our outstanding performance,which combines robust product leadership,velocity of innovation and financial discipline positioning us to achieve strong revenue and EPS growth in the year ahead.Shantanu,back to you.

110、2024 Adobe.All Rights Reserved.Adobe Confidential.$5.63 billion to$5.68 billionTotal Revenue$4.17 billion to$4.20 billionDigital Media segment revenue$1.38 billion to$1.40 billionDigital Experience segment revenue$1.27 billion to$1.29 billionDigital Experience subscription revenueNon-GAAP:$4.95 to$5

111、.00GAAP:$3.85 to$3.90Earnings pershareThe information on this slide contains forward looking statements that involve risk and uncertainty.Actual results may differ materially.Please review Adobes SEC filings and/or visit theAdobe Investor Relations website for additional information.1Targets assume

112、non-GAAP operating margin of 47%,non-GAAP tax rate of 18.5%and diluted share count of 439 million for first quarter fiscal year 2025.Q1 FY2025 Financial Targets1|December 11,2024Adobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 23 of 24 SHANTANU NARAYEN Thanks,Dan.This quarter,Adobe was

113、 once again recognized for our exceptional culture and industry leadership including on Forbes Worlds Best Employers,Fortunes 50 AI Innovators and Fortunes Best Workplaces in Technology and the Wall Street Journals Best-Managed Companies list.At MAX,we announced a new global initiative aimed at help

114、ing 30 million next-generation learners develop AI literacy,content creation and digital marketing skills using Adobe Express to thrive in the modern workforce,working with education partners and schools,nonprofits and online learning platforms to provide training,certifications and career pathways.

115、Our strategy to unleash creativity for all,accelerate document productivity and power digital businesses represents a massive addressable market opportunity.Adobe continues to build on its strong foundation of transformative innovation,category and brand leadership,financial performance and profitab

116、le growth.Were delivering Adobe“magic”to an expanding set of global customers and executing on the massive market opportunity ahead.Adobe couldnt be better positioned for 2025 and beyond.Thank you and we will now take questions.Operator.2024 Adobe.All Rights Reserved.Adobe Confidential.FY2024 Accomp

117、lishmentsAcrobat AI AssistantAdobe Content HubAdobe WorkfrontPlanningAdobeCreativeResidencyContent Credentials3,700+membersFrame.io v4Adobe FireflyImage Model 3Regional SummitEventsLondon,Munich,Paris&MumbaiFireflyVideoModelAdobe Expressfor Enterprise,Teams,Education,Non-profitAdobe FireflyServicesFirefly Video ModelGenStudio forPerformanceMarketingAdobe Q4 and FY2024 Earnings Call Script December 11,2024 Page 24 of 24 Q&A