1/192 0.03-29.91 <font color=red>n</font> 欢迎来到分子知识今天我们讲述 adobe 两百亿美元收购 figma 二零二三年十二月二十日圣诞节前最后一个完整的工作周一笔十亿美元的现金从 adobe的公司账户划出穿过银行间清算系统落入了旧金山成立仅十一年的 figma 公司账户这笔钱没有附带任何条件不换取一股股权不锁定任何业务合作甚至不需要对方说一声谢谢在金融术语里它叫 reverse termination fee也就是反向终止费但在华尔街的私下谈论中人们更愿意叫他另一个08-28 18:58:23-08-28 18:58:52<font color=blue>Welcome to Molecular Knowledge. Today, we're talking about Adobe's $2 billion acquisition of Figma on December 20th, the last full working week before Christmas. A deal worth ten billion dollars in cash was withdrawn from Adobe's accounts, passed through the interbank clearing system, and landed in Figma's account, a company founded just eleven years ago in San Francisco. This money came without any conditions: no equity stake required, no business collaboration locked in, not even requiring the other party to say "thank you." In financial terms, it's called a reverse termination fee, but on Wall Street, people prefer another name...</font><br>2/192 30.1-59.5 <font color=red>aaa</font> 名字载客账单要理解这笔钱为什么存在你得先理解 adobe有多恐惧二零二二年的 adobe是一家统治了创业设计行业四十年的帝国 photoshop illustrator premiere pro 这些名字就是行业标准本身它的商业模式简单粗暴全球设计师每年订阅 creative cloud adobe做收一百四十亿美元的年度经常性收入但就在这一年 adobe 内部的市场调研文件里出现了一个让高管层业务能寐的数字在全球 u i 设计工具的用户使用份额中一个叫08-28 18:58:24-08-28 18:58:41<font color=blue>MingZiZaiKeZhangDanYaoLiJieZheBiQianWeiShenMeCunZaiNiDeXianLiJie adobeYouDuoKongJuErLingErErNianDe adobeShiYiJiaTongZhiLeChuangYeSheJiHangYeSiShiNianDeDiGuo photoshop illustrator premiere pro ZheXieMingZiJiuShiHangYeBiaoZhunBenShenTaDeShangYeMoShiJianDanCuBaoQuanQiuSheJiShiMeiNianDingYue creative cloud adobeZuoShouYiBaiSiShiYiMeiYuanDeNianDuJingChangXingShouRuDanJiuZaiZheYiNian adobe NeiBuDeShiChangDiaoYanWenJianLiChuXianLeYiGeRangGaoGuanCengYeWuNengMeiDeShuZiZaiQuanQiu u i SheJiGongJuDeYongHuShiYongFenEZhongYiGeJiao</font><br>3/192 60.02-61.37 <font color=red>hp</font> 他的产品占了百分之七十七08-28 18:58:25-08-28 18:58:28<font color=blue>His products account for 77%.</font><br>4/192 61.79-65.03 <font color=red>n</font> 而 adobe自己花六年时间打造的竞品 adobe x d08-28 18:58:25-08-28 18:58:32<font color=blue>And Adobe's own product, which took six years to develop, is called Adobe XD.</font><br>5/192 65.37-66.33 <font color=red>hp</font> 份额不足百分之十08-28 18:58:28-08-28 18:58:32<font color=blue>Less than 10% of the shares</font><br>6/192 66.81-72.27 <font color=red>de</font> 菲克玛做了一件听起来微不足道实际上颠覆整个行业的事他把设计工具搬进了浏览器08-28 18:58:29-08-28 18:59:50<font color=blue>Figma has done something that sounds insignificant but actually revolutionizes the entire industry: they've brought design tools into a browser.</font><br>7/192 72.76-75.64 <font color=red>hp</font> 以前设计师画完图导出文件发给产品经理08-28 18:58:32-08-28 18:58:37<font color=blue>Previously, designers would finish drawing and then export the file to send to product managers.</font><br>8/192 75.96-79.8 <font color=red>n</font> 产品经理再发给前端工程师来回改版本邮件满天飞08-28 18:58:33-08-28 18:58:40<font color=blue>Product managers keep sending back-and-forth version updates to front-end engineers, which is a common occurrence.</font><br>9/192 80.21-81.17 <font color=red>n</font> 宾管说不用了08-28 19:03:35-08-28 19:03:36<font color=blue>The landlord said no more.</font><br>10/192 81.49-82.81 <font color=red>xss</font> 所有人打开同一个网址08-28 18:58:36-08-28 18:58:56<font color=blue>Everyone open the same URL</font><br>11/192 83.11-84.73 <font color=red>hp</font> 你改一笔我实时看到一笔08-28 18:58:38-08-28 18:58:41<font color=blue>You change one, I see it in real time.</font><br>12/192 85.17-86.79 <font color=red>n</font> 设计师产品经理工程师08-28 18:58:40-08-28 18:58:42<font color=blue>Designer, Product Manager, Engineer</font><br>13/192 87.19-88.45 <font color=red>aaa</font> 同时在一个文件里工作08-28 18:58:41-08-28 18:58:42<font color=blue>Work on the same file</font><br>14/192 88.85-93.38 <font color=red>hp</font> 这种基于 web first 的架构的实时协作直接重做了整个行业的工作流入口08-28 18:58:42-08-28 18:58:47<font color=blue>This web-first architecture directly redefines the entire industry's workflow entry.</font><br>15/192 93.74-95.72 <font color=red>n</font> 更可怕的是它带来的网络效应08-28 18:58:43-08-28 18:58:46<font color=blue>What's even more frightening is the network effect it brings.</font><br>16/192 95.97-98.49 <font color=red>aaa</font> 当一个团队把 figma当成对设计稿的地方08-28 18:58:43-08-28 18:58:46<font color=blue>When a team uses Figma as the place to create design drafts</font><br>17/192 98.87-103.61 <font color=red>n</font> 后面的开发交付标注白板讨论全都会自然围着飞哥马转08-28 18:58:47-08-28 18:58:51<font color=blue>The subsequent development and delivery annotation whiteboard discussions will naturally revolve around Fei Ge Ma.</font><br>18/192 104.21-104.99 <font color=red>hp</font> 这就叫入口08-28 18:58:48-08-28 18:58:50<font color=blue>This is the entrance.</font><br>19/192 105.46-106.84 <font color=red>lx</font> 跟微信占了聊天入口08-28 18:58:48-08-28 18:59:11<font color=blue>Took over the WeChat chat interface</font><br>20/192 107.15-113.27 <font color=red>aaa</font> 你钱包打车外卖全都在里面干是一个道理设计师用的越多插件生态就越丰富08-28 18:58:50-08-28 18:58:54<font color=blue>It's a reasonable assumption that your wallet contains everything: transportation, takeout, etc. The more plugins designers use, the richer their ecosystem becomes.</font><br>21/192 113.6-119.54 <font color=red>hp</font> 插件生态越丰富企业客户就越离不开这种赢者通吃的飞轮效应让 ado比感到窒息08-28 18:58:51-08-28 18:58:58<font color=blue>The more diverse the plugin ecosystem, the less companies can do without this winner-takes-all flywheel effect. This makes ado feel suffocated.</font><br>22/192 120.09-123.09 <font color=red>n</font> 微软上万人的设计团队全面转投 figma 谷歌08-28 18:58:52-08-28 18:58:55<font color=blue>Microsoft's thousands of designers have all switched to Figma. Google</font><br>23/192 123.48-124.56 <font color=red>n</font> airbnb netflix08-28 18:58:53-08-28 18:58:54<font color=blue>Airbnb and Netflix</font><br>24/192 124.89-127.47 <font color=red>de</font> 全是他的客户更致命的是菲格玛才十岁08-28 18:58:54-08-28 18:59:34<font color=blue>All of his clients are more dangerous, and Figma is only ten years old.</font><br>25/192 127.81-130.39 <font color=red>aaa</font> 年营收四亿美元增速每年百分之四五十08-28 18:58:55-08-28 18:58:58<font color=blue>Revenue increased by $4 billion, with a growth rate of 40% per year.</font><br>26/192 130.85-134.09 <font color=red>n</font> 而 adobe x d 已经被内部悄悄放进了维护模式08-28 18:58:56-08-28 18:58:59<font color=blue>And Adobe XD has been quietly put into maintenance mode internally.</font><br>27/192 134.41-136.33 <font color=red>n</font> 翻译成大白话就是放弃了08-28 18:58:56-08-28 18:58:59<font color=blue>In simple terms, it means giving up.</font><br>28/192 136.6-138.13 <font color=red>xss</font> 呃逗比不是在买一个工具08-28 18:58:57-08-28 18:59:37<font color=blue>Um, "cute" is not about buying a tool.</font><br>29/192 138.42-141.69 <font color=red>aaa</font> 他是在给自己买虚名单这就是整场谈判的核心筹码08-28 18:58:58-08-28 18:59:02<font color=blue>He was essentially buying a fake reputation, and that's the core bargaining chip in this entire negotiation.</font><br>30/192 142.15-143.23 <font color=red>hp</font> 二零二二年五月二十八日08-28 18:58:59-08-28 18:59:03<font color=blue>May 28, 2022</font><br>31/192 143.9-147.8 <font color=red>n</font> 正式聘请了旧金山精品投行 cutless partners 作为财务顾问08-28 18:59:00-08-28 18:59:04<font color=blue>Officially hired San Francisco boutique investment bank, Cutless Partners, as financial advisor</font><br>32/192 148.21-148.51 <font color=red>n</font> 同一天08-28 18:59:01-08-28 18:59:02<font color=blue>On the same day</font><br>33/192 148.78-150.1 <font color=red>aaa</font> 飞igma的 c e o  dlanfield08-28 18:59:02-08-28 18:59:03<font color=blue>CEO of Flygma</font><br>34/192 150.49-154.21 <font color=red>n</font> 拨通了一家匿名巨头的电话 s e c 文件里只叫他 party a08-28 18:59:03-08-28 18:59:07<font color=blue>I called a phone number from an anonymous file of "party a" in the SEC.</font><br>35/192 154.55-155.93 <font color=red>hp</font> 业内普遍猜测是微软08-28 18:59:04-08-28 18:59:07<font color=blue>The industry widely speculates that it is Microsoft.</font><br>36/192 156.28-161.08 <font color=red>aaa</font> field 告诉对方 figma 可能会收到一份收购要约问对方有没有兴趣竞标08-28 18:59:04-08-28 18:59:07<font color=blue>Tell the other party that Figma may receive a takeover offer, and ask if they are interested in bidding.</font><br>37/192 161.57-161.93 <font color=red>n</font> 三天后08-28 18:59:05-08-28 18:59:06<font color=blue>Three days later</font><br>38/192 162.23-163.52 <font color=red>n</font> party 签了保密协议08-28 18:59:07-08-28 18:59:09<font color=blue>The party signed a non-disclosure agreement.</font><br>39/192 163.86-165.18 <font color=red>n</font> 拿到了菲格玛的商业数据08-28 18:59:07-08-28 18:59:09<font color=blue>Got the Figma business data</font><br>40/192 165.59-167.75 <font color=red>hp</font> 三周后 party 表示不感兴趣退出了08-28 18:59:08-08-28 18:59:12<font color=blue>Three weeks ago, the party expressed their disinterest and withdrew.</font><br>41/192 168.08-170.66 <font color=red>aaa</font> 但这三周已经够了 ado比那边收到的信号是08-28 18:59:09-08-28 18:59:11<font color=blue>However, these three weeks have been enough. The signal received from ado in the other side is</font><br>42/192 171.05-174.71 <font color=red>n</font> 有人在跟我抢这就是并购谈判中经典的竞价假象08-28 18:59:10-08-28 18:59:15<font color=blue>Someone is trying to outbid me. This is a classic bidding war in M&A negotiations.</font><br>43/192 175.12-178.18 <font color=red>n</font> 你不需要真的有两个买家你只需要让唯一的买家相信08-28 18:59:10-08-28 18:59:15<font color=blue>You don't need to have two actual buyers, you just need to make the single buyer believe.</font><br>44/192 178.53-184.5 <font color=red>lx</font> 他不是在谈判他是在竞标真真假假不重要让对方心里产生竞争的紧迫感才重要08-28 18:59:12-08-28 19:00:27<font color=blue>He's not negotiating; he's bidding. It doesn't matter whether it's real or fake, what matters is to create a sense of urgency and competition in the other party.</font><br>45/192 184.83-187.41 <font color=red>aaa</font> 你不赶紧出高架下一秒就被别人抢走了08-28 18:59:12-08-28 18:59:16<font color=blue>You don't get out of the overpass quickly, and you will be robbed by others in a second.</font><br>46/192 187.65-188.58 <font color=red>hp</font> 啊都比果然慌了08-28 18:59:13-08-28 18:59:16<font color=blue>Oh, they're definitely in a panic.</font><br>47/192 188.87-192.74 <font color=red>n</font> 二零二二年六月十九日 ado比抛出第一份正式邀约两百亿美元08-28 19:04:15-08-28 19:04:19<font color=blue>June 19, 2022: Adobol launches its first official offer of $2 billion</font><br>48/192 192.95-196.73 <font color=red>n</font> 一半现金一半股票 dlan field 当场还价二百三十亿08-28 18:59:15-08-28 18:59:19<font color=blue>Half cash, half stock. dlan field immediately offered 230 billion</font><br>49/192 197.01-199.47 <font color=red>n</font> 你 pos 一下想想这个数字意味着什么08-28 18:59:16-08-28 18:59:18<font color=blue>Think about what this number means.</font><br>50/192 199.92-204.06 <font color=red>aaa</font> 斐玛二零二二年的年度经常性收入也就是 a二 r 是四亿美元08-28 18:59:17-08-28 18:59:20<font color=blue>FEMA's 2022 annual recurring revenue, or ARR, was $4 billion.</font><br>51/192 204.42-206.82 <font color=red>hp</font> 二百三十亿除以四亿是五十七点五倍08-28 18:59:17-08-28 18:59:22<font color=blue>230 billion divided by 400 million is 57.5 times</font><br>52/192 207.22-210.34 <font color=red>n</font> 在金融估值里这叫 p s 倍数也就是市销率08-28 18:59:19-08-28 18:59:25<font color=blue>In financial valuation, this is called the P/S ratio, which stands for price-to-sales ratio.</font><br>53/192 210.66-214.32 <font color=red>n</font> 传统的并购估值喜欢用 d c f 模型也就是现金流折现08-28 18:59:19-08-28 18:59:25<font color=blue>Traditional M&A valuation methods often use the DCF model, which is also known as discounted cash flow.</font><br>54/192 214.7-218.42 <font color=red>aaa</font> 但对于高速增长的萨斯公司华尔街更看重 p s 倍数08-28 18:59:20-08-28 18:59:24<font color=blue>However, for Sas Company in Wall Street, which is experiencing rapid growth, the p/s multiple is more important.</font><br>55/192 218.85-220.59 <font color=red>hp</font> 二零二二年美联储激近加息08-28 18:59:23-08-28 18:59:27<font color=blue>2022 Federal Reserve's aggressive interest rate hikes</font><br>56/192 220.93-224.35 <font color=red>aaa</font> 全球萨斯公司的平均收购倍数已经跌回十到十二倍08-28 18:59:25-08-28 18:59:27<font color=blue>The average acquisition multiple of SAS companies has fallen back to ten to twelve times.</font><br>57/192 224.73-231.33 <font color=red>n</font> 五十七倍是泡沫顶峰二零二一年都罕见的数字呃都比当然嫌贵于是 failed 退到二百一十五亿08-28 18:59:26-08-28 18:59:34<font color=blue>57 times is the peak of foam, a rare number in 2021. It's obviously too expensive and failed to reach 215 billion.</font><br>58/192 231.71-233.27 <font color=red>n</font> 最后双方在二百亿落锤08-28 18:59:26-08-28 18:59:30<font color=blue>The two sides finally reached an agreement to settle the dispute for 2 billion.</font><br>59/192 233.68-234.22 <font color=red>hp</font> 但请注意08-28 18:59:27-08-28 18:59:29<font color=blue>Please note</font><br>60/192 234.48-235.89 <font color=red>aaa</font> 这不是 adobe砍下来的08-28 18:59:28-08-28 18:59:29<font color=blue>This is not Adobe's cut.</font><br>61/192 236.27-238.19 <font color=red>hp</font> 这是卖方设计好的砍价成就感08-28 18:59:30-08-28 18:59:33<font color=blue>This is the sales team's designed bargaining achievement.</font><br>62/192 238.47-241.44 <font color=red>aaa</font> 你以为自己从二百三十亿砍到了二百亿省了三十亿08-28 18:59:31-08-28 18:59:34<font color=blue>You think you've cut from 230 billion to 20 billion, saving 30 billion.</font><br>63/192 241.77-247.23 <font color=red>n</font> 心理上觉得自己赢了但人家的心理底价可能从来就没超过二百亿价格锁死之后08-28 18:59:31-08-28 18:59:39<font color=blue>Mentally, I felt like I had won, but their psychological bottom price may have never exceeded 200 million. Once the deal was locked in...</font><br>64/192 247.54-249.82 <font color=red>hp</font> 麦方做了整场交易中最致命的一部棋08-28 18:59:34-08-28 18:59:38<font color=blue>Mac made the most decisive move in the entire game.</font><br>65/192 250.17-251.61 <font color=red>de</font> 既然你 adobe 不肯再加价08-28 18:59:35-08-28 19:00:11<font color=blue>Since Adobe is no longer willing to increase the price</font><br>66/192 251.93-253.04 <font color=red>n</font> 那我们就谈别的08-28 18:59:35-08-28 18:59:38<font color=blue>Then we'll talk about something else.</font><br>67/192 253.49-256.79 <font color=red>aaa</font> 在并购法律实物中当基础收购价遇到天花板时08-28 18:59:36-08-28 18:59:38<font color=blue>When the actual acquisition price encounters a ceiling in M&A legal practice</font><br>68/192 257.16-258.18 <font color=red>hp</font> 顶级的卖方顾问08-28 18:59:38-08-28 18:59:41<font color=blue>Top-notch sales consultants</font><br>69/192 258.38-264.35 <font color=red>xss</font> 会把谈判重心转移到风险分配上二零二二年七月五日 fake玛的谈判团队提出了一组新条件第一08-28 18:59:39-08-28 19:00:59<font color=blue>On July 5, 2022, Fake's negotiating team proposed a new set of conditions.</font><br>70/192 264.63-267.57 <font color=red>n</font> 如果因为反垄断审批失败导致交易无法完成08-28 18:59:40-08-28 18:59:42<font color=blue>If the transaction cannot be completed due to failure of antitrust approval</font><br>71/192 267.9-270.45 <font color=red>aaa</font> 和do比必须支付一笔反向终止费第二08-28 18:59:40-08-28 18:59:43<font color=blue>And, in addition to the termination fee of $100 that must be paid, there is a second</font><br>72/192 270.86-274.16 <font color=red>n</font> 这笔钱必须是纯现金三个工作日内到账第三08-28 18:59:41-08-28 18:59:45<font color=blue>The money must be in cash and arrive within three business days.</font><br>73/192 274.67-275.51 <font color=red>hp</font> 触发条件极宽08-28 18:59:42-08-28 18:59:44<font color=blue>Very wide trigger conditions</font><br>74/192 275.97-279.42 <font color=red>n</font> 只要欧盟英国美国任何一个主要司法辖区不批08-28 18:59:43-08-28 18:59:49<font color=blue>As long as any of the major jurisdictions, such as the European Union, Britain or the United States, do not approve...</font><br>75/192 279.82-281.92 <font color=red>aaa</font> 不管是谁的责任和逗比都得掏钱08-28 18:59:44-08-28 18:59:46<font color=blue>Whoever is responsible and the "funny guy" must pay.</font><br>76/192 282.44-283.4 <font color=red>hp</font> 正常的科技并购08-28 18:59:45-08-28 18:59:47<font color=blue>Normal tech mergers and acquisitions</font><br>77/192 283.72-287.74 <font color=red>n</font> 反向分手费一般是交易额的百分之二到三 cist 要了百分之五08-28 18:59:45-08-28 18:59:51<font color=blue>Reverse breakup fees are typically between 2% and 3% of the transaction amount, while Cist charges a 5%.</font><br>78/192 287.98-288.85 <font color=red>aaa</font> 也就是十亿美元08-28 18:59:47-08-28 18:59:47<font color=blue>Ten billion dollars</font><br>79/192 289.17-291.15 <font color=red>aaa</font> 听起来在区间上演似乎不算离谱08-28 18:59:49-08-28 18:59:51<font color=blue>It sounds like something that could happen in a small town.</font><br>80/192 291.5-292.43 <font color=red>n</font> 但魔鬼在细节里08-28 18:59:50-08-28 18:59:52<font color=blue>But the devil is in the details.</font><br>81/192 292.66-296.26 <font color=red>de</font> 这个条款不要求 fakeigma 配合恶多比打反垄断官司打到最后08-28 18:59:50-08-28 19:00:41<font color=blue>This clause does not require Fakeigma to cooperate with Adidas in the antitrust lawsuit.</font><br>82/192 296.63-299.51 <font color=red>aaa</font> 只要双方共同评估认为没有明确获批路径08-28 18:59:51-08-28 18:59:53<font color=blue>As long as both parties agree that there is no clear approval path</font><br>83/192 299.77-304.39 <font color=red>hp</font> 就可以触发这意味着菲克玛不用陪着 ado比去布鲁塞尔熬三年诉讼08-28 18:59:52-08-28 18:59:58<font color=blue>This means that Fikama doesn't need to accompany ado to Brussels for three years of litigation.</font><br>84/192 304.73-306.11 <font color=red>n</font> 到点直接拿钱走人08-28 18:59:53-08-28 18:59:54<font color=blue>Take the money and leave</font><br>85/192 306.5-306.68 <font color=red>n</font> 而且08-28 18:59:53-08-28 18:59:54<font color=blue>And</font><br>86/192 306.99-310.26 <font color=red>aaa</font> 这笔钱在法律上被精妙的包装成了 liquidated damages08-28 18:59:54-08-28 18:59:56<font color=blue>This money was cleverly packaged in legal terms as liquidated damages.</font><br>87/192 310.58-313.52 <font color=red>n</font> 也就是约定损害赔偿而不是惩罚性违约金08-28 18:59:55-08-28 18:59:58<font color=blue>Instead, they agreed on compensation for damages rather than punitive fines.</font><br>88/192 313.83-316.62 <font color=red>n</font> 这就确保了他在法庭上具有极强的可执行性08-28 18:59:55-08-28 18:59:58<font color=blue>This ensures that he has a strong legal basis in court.</font><br>89/192 316.97-322.49 <font color=red>aaa</font> 不会被法官以显示公平为由撤销 a逗比的律师团华尔街最顶级的 walk tell lipton08-28 18:59:57-08-28 19:00:01<font color=blue>The judge will not revoke the "stupid" lawyer's deal, which is a top-tier walk tell lipton in Wall Street.</font><br>90/192 322.68-323.76 <font color=red>hp</font> 为什么接受了这个条款08-28 18:59:58-08-28 19:00:01<font color=blue>Why did you accept this term?</font><br>91/192 324.13-325.99 <font color=red>n</font> 因为 adobe太想锁定交易了08-28 18:59:59-08-28 19:00:02<font color=blue>Because Adobe wants to lock in the deal.</font><br>92/192 326.22-330.48 <font color=red>n</font> 他用十亿美元的钱在分手费换来的是菲格玛签署排他协议08-28 19:00:00-08-28 19:00:03<font color=blue>He used $10 million to get Figma to sign an exclusive agreement.</font><br>93/192 330.81-333.33 <font color=red>hp</font> 停止寻找其他买家在 adobe的算盘里08-28 19:00:02-08-28 19:00:05<font color=blue>Stop looking for other buyers in Adobe's abacus</font><br>94/192 333.53-337.64 <font color=red>aaa</font> 这笔交易一定会成十亿美元不过是一个永远不会被触发的保险条款08-28 19:00:02-08-28 19:00:06<font color=blue>This deal will definitely be worth billions of dollars, but it's just a non-triggerable insurance clause.</font><br>95/192 338.04-338.64 <font color=red>n</font> 他们算错了08-28 19:00:03-08-28 19:00:04<font color=blue>They were wrong.</font><br>96/192 339.02-341.12 <font color=red>n</font> 二零二二年九月十五日交易正式公布08-28 19:00:04-08-28 19:00:07<font color=blue>September 15, 2022 Transaction officially announced</font><br>97/192 341.48-344.0 <font color=red>n</font> 消息出来的当天 adobe股价暴跌百分之十七08-28 19:00:05-08-28 19:00:09<font color=blue>On the day when the news came out, Adobe's stock price plummeted by 17%.</font><br>98/192 344.37-352.23 <font color=red>hp</font> 市值蒸发约三百亿美元华尔街用脚投票兄弟你买贵了但呃都比顾不上了他觉得自己买的不是一个工具是续命单08-28 19:00:06-08-28 19:00:17<font color=blue>A staggering $300 billion in market capitalization has evaporated on Wall Street, as investors are resorting to desperate measures. One trader admitted that he felt like he was buying not a tool but a life-saving lifeline.</font><br>99/192 352.56-358.5 <font color=red>aaa</font> 你不买杯马五年后他从你手里抢走的不只是设计工具市场是整个创意软件行业的入口08-28 19:00:07-08-28 19:00:12<font color=blue>Five years from now, if you don't buy a cup of coffee, not only will he steal your design tools market, but the entire creative software industry entrance.</font><br>100/192 358.87-359.05 <font color=red>n</font> 然后08-28 19:00:08-08-28 19:00:09<font color=blue>Then</font><br>101/192 359.47-360.37 <font color=red>n</font> 监管机构来了08-28 19:00:09-08-28 19:00:11<font color=blue>Regulatory agencies are coming.</font><br>102/192 360.76-365.56 <font color=red>n</font> 欧盟委员会和英国竞争与市场管理局 c m a 在长达十五个月的深入调查后08-28 19:00:10-08-28 19:00:16<font color=blue>The European Commission and the UK's Competition and Markets Authority (CMA) have concluded a lengthy investigation lasting fifteen months.</font><br>103/192 365.9-368.06 <font color=red>n</font> 抓住了一个都比自己递上去的把柄08-28 19:00:12-08-28 19:00:15<font color=blue>Caught a handle that was bigger than himself.</font><br>104/192 368.47-368.95 <font color=red>de</font> 调查发现08-28 19:00:12-08-28 19:00:19<font color=blue>Investigation revealed</font><br>105/192 369.22-370.69 <font color=red>aaa</font> 在并购案宣布前的数周08-28 19:00:13-08-28 19:00:15<font color=blue>In the weeks leading up to an M&A announcement</font><br>106/192 370.91-374.66 <font color=red>n</font> adobe高层已经下令大幅削减 adobe x d 的工程资源投入08-28 19:00:15-08-28 19:00:20<font color=blue>Adobe's senior management has ordered a significant reduction in engineering resources for Adobe X D.</font><br>107/192 375.0-385.47 <font color=red>aaa</font> 并且秘密终止了一个代号 project sp 的下一代 web 设计工具项目 c m a 的分析师在报告里写了一句极其犀利的话这不是巨头买下小公司然后杀掉小公司的产品08-28 19:00:16-08-28 19:00:23<font color=blue>In addition, they secretly terminated the analysis of project sp, a next-generation web design tool called cma. The analyst wrote an extremely sharp sentence in his report: "This is not about giants buying up small companies and killing off their products."</font><br>108/192 385.84-390.64 <font color=red>n</font> 这是巨头花天价买下小公司从而光明正大的杀掉自己正在研发的竞品08-28 19:00:17-08-28 19:00:21<font color=blue>This is how a giant company buys up a small one in order to legally eliminate its own developing competitor.</font><br>109/192 390.94-394.18 <font color=red>hp</font> 在法律和反垄断实物中这叫反向杀手收购08-28 19:00:18-08-28 19:00:22<font color=blue>In the legal and antitrust realm, this is known as a reverse takeover.</font><br>110/192 394.57-395.11 <font color=red>de</font> 英文是 reverse08-28 19:00:19-08-28 19:00:30<font color=blue>English is reverse.</font><br>111/192 395.92-396.16 <font color=red>n</font> ter acquisition08-28 19:00:20-08-28 19:00:21<font color=blue>acquisition of land</font><br>112/192 396.98-400.94 <font color=red>n</font> 传统的杀手收购是大公司吃掉小公司消灭未来的竞争者08-28 19:00:22-08-28 19:00:27<font color=blue>Traditional killer acquisitions are when large companies buy out smaller ones to eliminate future competition.</font><br>113/192 401.38-406.3 <font color=red>n</font> 反向杀手收购是大公司吃掉小公司消灭的是自己本会被迫进行的创新08-28 19:00:23-08-28 19:00:29<font color=blue>Acquisition by reverse engineering is when a large company buys out a small one, and the innovation that results from this is forced upon them.</font><br>114/192 406.7-408.619 <font color=red>hp</font> 欧盟和英国 c m a 的审查逻辑08-28 19:00:23-08-28 19:00:26<font color=blue>EU and UK CMA review logic</font><br>115/192 408.95-409.73 <font color=red>aaa</font> 代表了过去十年08-28 19:00:24-08-28 19:00:25<font color=blue>Represented the past decade</font><br>116/192 410.07-411.99 <font color=red>aaa</font> 科技反垄断与经历一次重大迭代08-28 19:00:26-08-28 19:00:28<font color=blue>Technology Antitrust and a Major Iteration</font><br>117/192 412.5-415.38 <font color=red>hp</font> 过去监管机构主要关注传统的杀手并购08-28 19:00:27-08-28 19:00:31<font color=blue>In the past, regulatory agencies primarily focused on traditional hostile takeovers.</font><br>118/192 415.81-417.79 <font color=red>n</font> 看重的是当下的市场份额重叠08-28 19:00:27-08-28 19:00:29<font color=blue>Focus on current market share overlap</font><br>119/192 418.17-421.77 <font color=red>lx</font> 但这一次他们引入了潜在竞争者理论和动态竞争的概念08-28 19:00:28-08-28 19:01:05<font color=blue>However, this time they introduced the theory of potential competition and the concept of dynamic competition.</font><br>120/192 422.04-425.28 <font color=red>n</font> 监管文件详细论述了设计平台所特有的生态壁垒08-28 19:00:29-08-28 19:00:34<font color=blue>The regulatory documents detailed the unique ecosystem barriers specific to the platform design.</font><br>121/192 425.65-435.61 <font color=red>n</font> fiigma 在产品界面设计端的渗透率越高其未来向上下游图像编辑领域延伸的势能就越强你本来还在跟 figma 打架你为了收购直接自己先认输了08-28 19:00:30-08-28 19:00:41<font color=blue>The higher the penetration of Figma in product interface design, the stronger its potential to extend into upstream and downstream image editing fields. You were still fighting with Figma when you tried to acquire it; now you've just given up on your own initiative.</font><br>122/192 435.98-437.84 <font color=red>aaa</font> 这要是批准了市场上还有竞争吗08-28 19:00:31-08-28 19:00:33<font color=blue>Will this be approved, and will there still be competition in the market?</font><br>123/192 438.18-439.98 <font color=red>de</font> 监管给出的补救方案进或侮辱08-28 19:00:31-08-28 19:00:51<font color=blue>Regulatory remedies or insults</font><br>124/192 440.26-441.04 <font color=red>hp</font> 想过审批也行08-28 19:00:32-08-28 19:00:35<font color=blue>I'm thinking about it.</font><br>125/192 441.41-446.54 <font color=red>aaa</font> addobe把 photoshop 或 illustrator 剥离出来或者 figma 把核心产品 figma design 剥离08-28 19:00:34-08-28 19:00:37<font color=blue>Adobe will spin off Photoshop or Illustrator, or Figma will separate its core product, Figma Design.</font><br>126/192 446.94-448.05 <font color=red>n</font> 这等于要双方的命08-28 19:00:35-08-28 19:00:37<font color=blue>This is equivalent to the lives of both sides.</font><br>127/192 448.52-453.26 <font color=red>hp</font> 这种结构性救济措施直接摧毁了交易的战略初衷二零二三年十二月十七日08-28 19:00:36-08-28 19:00:41<font color=blue>This structural relief measure directly undermines the strategic intent of trading. December 17, 2023</font><br>128/192 453.7-455.74 <font color=red>aaa</font> 多比和菲格玛签署共同终止协议08-28 19:00:38-08-28 19:00:39<font color=blue>Dobby and Figma sign a joint termination agreement</font><br>129/192 456.08-456.44 <font color=red>hp</font> 第二天08-28 19:05:39-08-28 19:05:41<font color=blue>The next day</font><br>130/192 456.79-457.57 <font color=red>n</font> 联合声明发布08-28 19:00:39-08-28 19:00:40<font color=blue>Joint Statement Released</font><br>131/192 457.88-459.32 <font color=red>aaa</font> 第三天十亿美元到账08-28 19:00:40-08-28 19:00:41<font color=blue>Third day, ten billion dollars arrived</font><br>132/192 459.81-464.19 <font color=red>n</font> 飞igma从成立到二零二二年所有轮次融资加起来总共三亿三千万美元08-28 19:00:41-08-28 19:00:48<font color=blue>The total amount of funding raised by Flyigma from its inception to the end of 2022 was $33 million.</font><br>133/192 464.5-469.48 <font color=red>n</font> 十亿分手费是过去十年融资总和的三倍而且不稀释任何一股 d feel08-28 19:00:41-08-28 19:00:49<font color=blue>Ten billion in transaction fees is three times the total amount of funding over the past ten years, and it doesn't dilute any shares. d feel</font><br>134/192 469.81-470.74 <font color=red>aaa</font> 和他的联合创始人08-28 19:00:42-08-28 19:00:43<font color=blue>And his co-founders</font><br>135/192 471.27-471.45 <font color=red>de</font> wallace08-28 19:00:43-08-28 19:00:51<font color=blue>Wallace</font><br>136/192 471.78-474.69 <font color=red>hp</font> 以及所有早期投资人手里的股份一分为少08-28 19:00:43-08-28 19:00:47<font color=blue>And all the shares held by early investors were divided into two.</font><br>137/192 475.28-475.82 <font color=red>aaa</font> 后面的故事08-28 19:00:44-08-28 19:00:45<font color=blue>The following story</font><br>138/192 476.09-477.32 <font color=red>aaa</font> 比交易本身更精彩08-28 19:00:45-08-28 19:00:46<font color=blue>More exciting than the transaction itself</font><br>139/192 477.69-484.35 <font color=red>aaa</font> 靠着这笔从天而降的现金弹药菲德玛在二零二四年疯狂招兵买马研发费用一年干到七亿五千万美元08-28 19:00:47-08-28 19:00:52<font color=blue>With this windfall of cash, Phaidon has gone on a hiring and R&D spree in 2024, spending $75 million.</font><br>140/192 484.73-489.35 <font color=red>hp</font> 二零二五年全年营收突破十亿美元大关净收入留存率高达百分之三十六08-28 19:00:48-08-28 19:00:56<font color=blue>In 2025, the company achieved a total revenue exceeding $1 billion and maintained a net retention rate of up to 36%.</font><br>141/192 489.7-491.26 <font color=red>n</font> 在萨斯行业的财务模型里08-28 19:00:49-08-28 19:00:51<font color=blue>In the financial model of the SaaS industry</font><br>142/192 491.56-493.24 <font color=red>n</font> 净收入留存率超过百分之百08-28 19:00:50-08-28 19:00:52<font color=blue>Net income retention rate exceeds 100%</font><br>143/192 493.59-495.51 <font color=red>de</font> 意味着即使不获取任何新客户08-28 19:00:51-08-28 19:01:31<font color=blue>Even if no new customers are acquired</font><br>144/192 495.87-496.89 <font color=red>n</font> 光靠现有客户增购08-28 19:00:52-08-28 19:00:54<font color=blue>Relying solely on existing customers to increase sales</font><br>145/192 497.25-506.43 <font color=red>de</font> 每年也能实现内生增长更重要的是 figma 并没有躺在十亿美元的分手费上睡大觉面对 adobe在 firefly 等生成式 a i 领域的疯狂反扑08-28 19:00:53-08-28 19:03:05<font color=blue>Every year, it can achieve endogenous growth. More importantly, Figma hasn't been lying on the $10 billion breakup fee and sleeping soundly in front of Adobe's crazy counterattack in generative AI fields like Firefly.</font><br>146/192 506.86-508.42 <font color=red>n</font> 飞ma全面拥抱了 a i 时代08-28 19:00:53-08-28 19:00:56<font color=blue>Flyma has fully embraced the age of AI</font><br>147/192 508.8-513.06 <font color=red>aaa</font> 一气呵成的推出了 figma make figma draw 等一系列重磅新产品08-28 19:00:54-08-28 19:00:57<font color=blue>Launched a series of heavyweight new products, including Figma Make, Figma Draw, and more.</font><br>148/192 513.78-516.66 <font color=red>n</font> 将 a i 驱动的原形设计直接嵌入了协作工作流08-28 19:00:55-08-28 19:00:58<font color=blue>Integrate the a i-driven prototype design directly into collaborative workflows</font><br>149/192 517.03-517.45 <font color=red>hp</font> 数据显示08-28 19:00:56-08-28 19:00:58<font color=blue>Data shows</font><br>150/192 517.82-524.48 <font color=red>n</font> 在 a r r 超过十万美元的大客户群体中有超过百分之六十的用户每周都在高频使用这些 a i 功能08-28 19:00:57-08-28 19:01:05<font color=blue>Among the over 100,000 customers who have spent more than $100,000, over sixty percent of users use these AI features on a weekly basis.</font><br>151/192 524.79-527.7 <font color=red>aaa</font> 这极大的提升了产品的不可替代性和单席位价值08-28 19:00:58-08-28 19:01:00<font color=blue>This significantly increased the product's uniqueness and per-seat value.</font><br>152/192 528.01-529.27 <font color=red>n</font> 二零二五年七月三十一日08-28 19:00:58-08-28 19:01:01<font color=blue>July 31, 2025</font><br>153/192 529.59-531.27 <font color=red>hp</font> 飞克玛在纽交所独立上市08-28 19:00:59-08-28 19:01:03<font color=blue>Fike Corp. went public on the New York Stock Exchange</font><br>154/192 531.68-534.14 <font color=red>xss</font> 股票代码 v 发行价三十三美元08-28 19:01:00-08-28 19:01:37<font color=blue>Stock code v, issue price of thirty-three dollars</font><br>155/192 534.47-537.29 <font color=red>aaa</font> 首日暴涨百分之二百五十收在一百一十五美元08-28 19:01:01-08-28 19:01:04<font color=blue>The stock price surged by 25% on the first day, closing at $115.</font><br>156/192 537.59-539.18 <font color=red>n</font> 市值冲上六百七十亿美元08-28 19:01:02-08-28 19:01:04<font color=blue>Market capitalization reaches $670 billion</font><br>157/192 539.64-541.5 <font color=red>hp</font> 是当初阿都比报价的三倍多08-28 19:06:03-08-28 19:06:07<font color=blue>It was three times more than the price offered by Abu initially.</font><br>158/192 541.89-542.52 <font color=red>hp</font> 而 ado比呢08-28 19:01:04-08-28 19:01:06<font color=blue>And what about ADO?</font><br>159/192 542.85-546.09 <font color=red>aaa</font> 交易黄了之后省下来的二百亿美元现金在二零二四年08-28 19:01:05-08-28 19:01:07<font color=blue>After the transaction, there were 200 billion US dollars in cash left over.</font><br>160/192 546.29-547.76 <font color=red>n</font> 到二零二五年的 a i 浪潮里08-28 19:01:05-08-28 19:01:08<font color=blue>In the wave of AI in 2025</font><br>161/192 548.09-549.23 <font color=red>lx</font> 反而成了他的救命钱08-28 19:01:06-08-28 19:01:35<font color=blue>Became his life-saving money</font><br>162/192 549.64-550.12 <font color=red>hp</font> firefly08-28 19:01:07-08-28 19:01:09<font color=blue>firefly</font><br>163/192 550.41-552.63 <font color=red>aaa</font> 生成市 a i creative cloud 智能化改造08-28 19:01:08-08-28 19:01:10<font color=blue>Generate a i creative cloud intelligent transformation</font><br>164/192 553.0-557.89 <font color=red>n</font> 这些都需要巨额研发投入某种意义上戈多比还得感谢欧盟出来拦了那一刀08-28 19:01:09-08-28 19:01:14<font color=blue>These all require huge R&D investment, in a sense, Godo also needs to thank the EU for stopping that knife.</font><br>165/192 558.3-559.17 <font color=red>hp</font> 这场博弈的余震08-28 19:01:10-08-28 19:01:13<font color=blue>The Aftershocks of This Game</font><br>166/192 559.47-572.31 <font color=red>aaa</font> 甚至重塑了整个科技圈的并购生态既然传统的股权收购需要经历长达十几个月的严苛反垄断审查并且极有可能面临如 adobe一般支付天价分手费却竹篮打水一场空的惨烈结局08-28 19:01:11-08-28 19:01:18<font color=blue>Even reshaped the entire tech industry's M&A ecosystem. Traditional equity acquisitions require a lengthy and stringent antitrust review, which could potentially end in disastrous outcomes like Adobe, where companies pay exorbitant fees but ultimately fail to complete the deal.</font><br>167/192 572.85-576.81 <font color=red>n</font> 科技巨头们迅速演化出了一种极为狡黠的新型监管套力策略08-28 19:01:11-08-28 19:01:15<font color=blue>Tech giants have rapidly evolved a highly cunning new regulatory compliance strategy.</font><br>168/192 577.2-578.16 <font color=red>hp</font> 也就是 acquire higher08-28 19:01:13-08-28 19:01:15<font color=blue>acquire higher</font><br>169/192 578.5-579.97 <font color=red>n</font> 或者叫反向雇佣并购08-28 19:01:15-08-28 19:01:17<font color=blue>Reverse Acquisition or Reverse Merger</font><br>170/192 580.45-584.41 <font color=red>n</font> 微软花六点五亿美元技术许可费挖空了 inflection a i 的核心团队08-28 19:01:16-08-28 19:01:20<font color=blue>Microsoft pays $65 million in technology licensing fees to empty the core team of inflection AI</font><br>171/192 584.82-586.62 <font color=red>hp</font> 亚马逊和谷歌也如法豪致用08-28 19:01:16-08-28 19:01:20<font color=blue>Amazon and Google also received the same results.</font><br>172/192 586.88-590.48 <font color=red>n</font> 极低的代价吸纳了初创公司的大脑却把空壳留在原地08-28 19:01:17-08-28 19:01:22<font color=blue>Extremely low cost attracted the brains of startups, but left empty shells in their wake.</font><br>173/192 590.8-596.29 <font color=red>aaa</font> 这种假固佣针并购的模式正是巨头们对菲ig玛案反垄断铁拳的应激反应08-28 19:01:19-08-28 19:01:22<font color=blue>This pattern of fake acquisition is a reaction to the antitrust measures taken by giants against the Fiygma case.</font><br>174/192 596.69-597.53 <font color=red>hp</font> 所以这场博弈里08-28 19:01:20-08-28 19:01:23<font color=blue>So in this game of chess</font><br>175/192 597.8-599.809 <font color=red>n</font> 谁是赢家 figma 一分钱股份没丢08-28 19:01:21-08-28 19:01:24<font color=blue>Who is the winner? No money lost in Figma.</font><br>176/192 600.12-601.62 <font color=red>n</font> 白拿十亿现金独立上市08-28 19:01:22-08-28 19:01:25<font color=blue>White takes $10 billion in cash and goes public</font><br>177/192 601.96-602.74 <font color=red>aaa</font> 市值翻三倍08-28 19:01:23-08-28 19:01:24<font color=blue>Market capitalization tripled</font><br>178/192 603.14-606.8 <font color=red>hp</font> 外方顾问用六十个人的团队从一家万亿市值的巨头口袋里08-28 19:01:24-08-28 19:01:29<font color=blue>Foreign consultants used a team of 60 people to extract money from a trillion-dollar company.</font><br>179/192 607.13-608.09 <font color=red>aaa</font> 合法地优雅地08-28 19:01:24-08-28 19:01:25<font color=blue>Legally and gracefully</font><br>180/192 608.44-610.24 <font color=red>n</font> 滴水不漏的掏走了十亿美金08-28 19:01:25-08-28 19:01:28<font color=blue>A watertight operation that took away ten billion dollars</font><br>181/192 610.55-614.78 <font color=red>n</font> 那都比花了十亿买了个教训但也躲过了一场可能更昂贵的整个噩梦08-28 19:01:26-08-28 19:01:31<font color=blue>That was a lesson learned, but it also dodged what could have been an even more expensive nightmare.</font><br>182/192 615.32-621.32 <font color=red>aaa</font> 欧盟和英国 c m a 用一直反对意见向全球科技巨头宣告猎杀式收购的时代结束了08-28 19:01:26-08-28 19:01:31<font color=blue>The European Union and the United Kingdom have jointly issued a statement to global tech giants, declaring an end to the era of predatory acquisitions.</font><br>183/192 621.65-623.63 <font color=red>n</font> 回到谈判桌上那句最核心的逻辑08-28 19:01:29-08-28 19:01:31<font color=blue>Back to the core logic of negotiation:</font><br>184/192 624.05-625.85 <font color=red>hp</font> 搞清楚买家为什么非买不可08-28 19:01:30-08-28 19:01:33<font color=blue>Understand why buyers can't resist buying</font><br>185/192 626.21-628.129 <font color=red>aaa</font> 然后在这点上往死里做文章08-28 19:01:31-08-28 19:01:33<font color=blue>Then, I will make a lot of effort on this point.</font><br>186/192 628.57-630.31 <font color=red>de</font> 呃多比以为自己是去收小弟的08-28 19:01:32-08-28 19:02:00<font color=blue>Uh, Dobie thought he was going to recruit new members.</font><br>187/192 630.64-633.52 <font color=red>n</font> 从谈判桌到分手会全程都是别人的剧本08-28 19:01:33-08-28 19:01:37<font color=blue>The entire process from the negotiation table to the breakup is someone else's script.</font><br>188/192 633.88-636.16 <font color=red>n</font> 这就是华尔街顶级精品投行的首艺08-28 19:01:33-08-28 19:01:37<font color=blue>This is the first time a top-tier Wall Street investment bank has done this.</font><br>189/192 636.55-638.83 <font color=red>hp</font> 宰你还让你觉得是自己急着要送钱08-28 19:01:34-08-28 19:01:39<font color=blue>You're making it seem like you were the one who was in a hurry to give money.</font><br>190/192 639.38-643.64 <font color=red>aaa</font> 在这场没有硝烟的资本战争里真正的猎手往往以猎物的姿态出现08-28 19:01:35-08-28 19:01:37<font color=blue>In this war without gunpowder, the real hunters often appear in disguise.</font><br>191/192 644.02-646.9 <font color=red>lx</font> 而最顶级的商业智慧不是永远赢下每一场交易08-28 19:01:36-08-28 19:02:09<font color=blue>The ultimate business intelligence is not always winning every deal.</font><br>192/192 647.23-651.01 <font color=red>n</font> 而是确保自己无论输赢都永远站在牌桌的最有利位置08-28 19:01:37-08-28 19:01:42<font color=blue>Instead, ensure that you are always in the most advantageous position at the table, regardless of whether you win or lose.</font><br>