Adobe Inc.

Good morning, and thank you for joining us. Welcome to Adobe's Q4 Earnings and 2020 Financial Analyst Meeting. I'm Jonathan Voss, VP of Investor Relations for Adobe. You should have a copy of the press release we filed this morning, as well as our Investor Relations data sheet. We've got a great program planned for you today, which is in many ways similar to what we've done in the past and in a few ways different. This year marks my 10th analyst meeting at Adobe, The first was the year we had just launched Creative Cloud, and it's amazing to reflect on how that business has grown since then. For my first nine analyst meetings, I was one of the many employees helping behind the scenes. And this year, I have the privilege of introducing the executive speakers as the head of Adobe's Investor Relations program, a role I assumed earlier this year, just after we had made the shift to working remotely. I've really enjoyed all of the conversations with investors and analysts about Adobe's business this year, and I look forward to meeting many of you in person at some point. That leads to the other way today's program is a little bit different than what we've done in the past. This is our first virtual analyst meeting. I, for one, will really miss the opportunity to meet many of you and chat after the event, but we've also been learning this year about the power of communicating digitally and seeing that we are able to reach a broader audience with a webcast than we might with an in-person event. Due to the format, we've streamlined the planned presentation today, but a long-form slide deck has been posted to Adobe's IR site that has all of the detailed information you're used to seeing. Let's take a look at the agenda. Shantanu will kick things off today by talking a bit about the quarter and fiscal year we just completed And then moving over to Adobe's vision and strategy for the future. Abe will then talk about the company's vision from a technology lens. Scott will highlight our creative cloud strategy. Anil will go over our experience cloud strategy. And Gloria will talk about our strategy related to our people, as well as other Adobe stakeholders. Finally, John will provide a detailed financial summary and share Adobe's growth strategy. And then we'll go to live Q&A. Before we get started, as a reminder, some of the information we'll be providing today includes forward-looking statements that are subject to risk and uncertainty. Actual results may differ from these statements, and we encourage you to review the risk factors in our SEC filings for more information. Additionally, we'll be providing both GAAP and non-GAAP financial information. Reconciliations between the two can be found on Adobe's Investor Relations website. I will now pass it over to Adobe's president and CEO, Shantanu Narayan.

Thank you, Jonathan. I'd also like to add my welcome. Thank you for joining our annual financial analyst meeting. Today's format is a little different than what we are used to. But to make the most of this year's medium, we'll use the time today to cover strategy, business momentum, as well as our financial performance. We've posted the complete deck, similar to what we've done in prior years. But rather than speak to every slide, we'll have the management team share their highlights in their areas. And we've always saved some time for Q&A at the end of our presentations. First and most importantly, I hope you're all staying safe and healthy. It's really tragic to see the recent spate of casualties, but the progress in vaccines gives us all hope that the worst will soon be behind us. And clearly none of us could have predicted how everything would change overnight and the world as we know it would change so dramatically. Digital is even more become the primary way for people to connect, work, learn and be entertained. This new reality has only increased the importance and relevance of our solutions and accelerated the tailwinds that benefit our business. This combined with our business fundamentals, unparalleled innovation and world class execution continues to drive our growth. 2020 was another momentous year for Adobe. And like all companies, our primary focus has been to protect the health and safety of our employees and continue to serve our customers. We took swift and decisive action to direct our employees to work from home, suspend travel, and cancel in-person events. And we focused on helping our customers make their own transition to digital overnight. For example, we provision 30 million students with creative cloud so that they could create from home. We implemented the government rapid response program to assist local governments. With our honor heroes campaign we galvanized our community to create artwork honoring the true heroes essential workers. And we set the bar high for digital events. with Adobe Summit as well as Adobe Max. In fact, Adobe Max garnered 21 million views. We continue to harness the trillions of transactions powered by the Adobe Experience Cloud to provide a unique real-time perspective on the economy with the Adobe Digital Economy Index. And we pioneered new areas such as the Content Authenticity Initiative Which provides attribution functionality that creators can attach to their work to create more transparency around how content has been posted and edited Our leadership extends to not only what we do, but how we do it. And we're proud of the continued industry recognition that we receive We continue to be a top riser on the interbrand global best brands of the year for the fifth year in a row. We're consistently named one of the best places to work by both Fortune and Glassdoor. And in an area that's becoming increasingly important to you as investors, we're a leader, whether it's in the Dow Jones Sustainability Index or the Bloomberg Equality Index. But as a product company at our core, it is our innovation engine that I'm most proud of as we continue to fire on all cylinders. With Creative Cloud, we continue to remain the clear leader in a category that's exploding. We delivered significant product innovation that extended our applications to multiple surfaces. We added greater collaboration capabilities to all of our leading applications. And we continue to break ground in new categories while improving engagement as well as customer satisfaction. The document cloud continues to have huge demand in this digital environment with PDF and Adobe sign all being mission critical across many businesses. We delivered more capabilities, or verbs as we refer to it, across desktop, web, mobile, and through our frictionless PDF services. And with Experience Cloud, we continue to build out the world's most comprehensive customer experience management portfolio. And the new capabilities in the Adobe Experience Platform have now been expanded to include real-time customer profiles. We delivered new services intelligence services to further the use of artificial intelligence and machine learning in organizations we delivered new solutions like customer journey analytics which unifies cross channel data. And I'm excited that we recently closed the acquisition of work from which is a leading work management solution for marketers. On the financial side, after crossing the $10 billion mark in 2019, we haven't missed a beat. And as you can see from our targets, we expect to exceed the $15 billion mark in 2021. And we're incredibly pleased to drive both top and bottom line growth while generating cash and continuing to return to shareholders. In fact, in 2020 we achieved $12.87 billion in revenue, which represents 15% year over year growth. In Q4 we surpassed $10 billion in digital media ARR, which is a significant milestone for us as a company. With a strong financial discipline that you've all been accustomed to, we continue to generate impressive cash flows from operations and generated over $5 billion in fiscal 20. And we continue to focus on earnings per share with the earnings per share on a non-GAAP basis of $10.10, which represents 28% year-over-year growth. I truly believe that these financial accomplishments set us apart from all other software companies and the best is yet to come. Adobe's mission is to change the world through digital experiences and it has never been more relevant as people seek new ways to communicate, learn and conduct businesses virtually. The benefits of our innovation help billions across the globe. And the impact is experienced across every aspect of society. It motivates our employees to focus on having more impact and to invent the future. When you think about the macro trends that we all experience, every industry is experiencing a tectonic shift towards all things digital. And I believe that the events of this year have only accelerated that. The genie is not going to go back into the bottle. And even regulated industries that have traditionally been slower to embrace digital have certainly picked up the pace this year. We have industries like health care that are transforming, whether it's through personalized medicine, telehealth, and new ways, frankly, to engage patients. On the creative side, it continues to be the golden age of design and creativity, and design continues to be a key competitive advantage because everyone at their heart is a creator. They want to express themselves across new devices with new modalities. And creativity is so essential to how we connect, how we cope, and how we learn. Education has also been reimagined because digital is central to how students learn today, whether it's through remote education as well as by unlocking new forms of creative storytelling. And digital is also breaking long-standing barriers to access to education, which is something great because it's making it more accessible. The way we work will never be the same again. And it's great to see how the PC has experienced a tremendous revival as the computing workhorse. Documents are at the center of how work gets done. Paper-to-digital transformation is only accelerating and every business process is going digital because every business is now a digital business. Digital has become the primary way for all businesses to engage with their customers. And it's true that customer expectations are also at an all-time high because e-commerce is exploding. In fact, an annual holiday report that's powered by Adobe Analytics predicts that online holiday spending will reach $189 billion, which represents 33% year over year growth. And underpinning all of this is a massive shift towards artificial intelligence and machine learning, which will only further these forces at play. At Adobe, our strategy is at the nexus of this digital revolution. And through technology, we believe we're transforming work, learn, and play. We're relentlessly focused on looking around the corner. How do we drive towards the next big market opportunity to solve customer pain points and anticipate their needs? We've pioneered and we're leading three massive growing categories, creativity, digital documents, and customer experience management. And we're relentless about expanding the customer segments we serve, adding more addressable market opportunity because we want to empower everyone from the student to the small business owner to the largest enterprise in the world. And I believe we win by creating pathbreaking technology platforms that will lead the industry for decades and today work across the entire computing paradigm from the largest clouds to the smallest devices and are built with a service-oriented architecture that also enables us to have new monetization models. In fact, our three industry-leading cloud offerings are more mission critical than ever before across every geography and audience. With Creative Cloud, we're unleashing creativity for all, giving anyone, anywhere the tools to express their creativity. With Document Cloud, we're accelerating document productivity, modernizing how people view, share, and engage with digital documents. And with Experience Cloud, we're powering digital businesses of all sizes, giving them everything that they need to design and deliver great customer experiences. And underpinning our three clouds is the magic and power of Adobe Sensei, a significant differentiator for Adobe and an enabler to more rapid innovation. As it relates to the creative business, everywhere we look, whether it's entertainment, education, or the enterprise, content is fueling the digital economy. And that's driving an explosion of creators, tools, and assets that all represent tailwinds for our business. The reality is that creativity is for everyone. from the students submitting their next school assignment to the creative professional making an ad, everybody has a story to tell. And when you look at the categories, whether it's web content or mobile application creation, imaging, video, animation, screen design, augmented reality, AR, 3D, they're all surging in this era of digital storytelling. Creativity is essential because more than ever before, This year has shown us the power of creativity in enabling people to express themselves, to connect and to cope. We believe that creativity is one of the fundamental skills in the 21st century. And as machines get faster and smarter, skills that are uniquely human like creativity will become increasingly more essential. Creativity is also now multiplayer because whatever your skill level, Today's creative process is becoming more iterative and collaborative. And all creative professionals must manage these multiple work streams across increasingly remote and dispersed teams requiring seamless cloud based enabled collaboration and workflows that drive this productivity. Social communities like Behance that we have and live tutorials are also providing new ways to learn and to be inspired. For us adobe creative clouds vision is to be the one stop shop from inspiration to monetization. you'll hear from Scott later, but let me expand a little bit on our strategy. First, we want to advance every creative category and we're a creative category leader in core creative categories, including photography design video illustration and layout. And we're expanding our leadership in new and emerging categories, including screen design and immersive media like 3D, VR, and AR. And what the strategy has enabled us to do is to acquire new creators through single app offerings and then demonstrate the benefits of the entire creative cloud offering over time. We're focused on building multi-surface systems Building solutions for every surface and system because we want to enable anybody to create wherever and whenever inspiration strikes. We truly believe that these devices are not just consumption devices anymore, but every device should also be a creation device. Focused on adding collaboration services because we can ensure that content can be seamlessly managed in the cloud and access from any device. And what this enables us to do on the business side is to increase engagement, but also to acquire new stakeholders and expand our customer base with these new monetization opportunities. We want to engage and inspire the community and our vibrant communities, which are a critical driver of both acquisition and engagement. are succeeding. In fact, we've grown to over 25 million members on Behance, which represents a huge opportunity for further upsell into the broader Creative Cloud ecosystem. And programs like Adobe Live enable us to provide forums for creatives and to promote active use and learning. We've always maintained that retention is the new growth, and that is more relevant than ever before as we've crossed $10 billion in digital media annualized recurring revenue from our current subscribers. At the end of the day, we're focused on democratizing creativity, enabling anyone from a student to a social media influencer, from a professional photographer filmmaker and designer to express their creativity. And we delivered on new applications like Photoshop and Illustrator on tablets, consumer apps like Photoshop Camera and easy to use storytelling apps like Premiere Rush and Spark, which are all attracting new users and expanding our base. But in addition to this tremendous product innovation, We have a data driven operating model which is enabling our ability to capture this expansive opportunity. Because we have a tremendously sophisticated understanding of our customer and we're able to serve up personalized experiences and offers at every part of this digital funnel and journey. And what this enables us to do is unlock engagement as well as provides us with new upsell opportunities. And when you put this all together mapping the products and services that we're targeting across these expansive segments and adjusting for factors like non genuine usage. The Creative Cloud total addressable market is projected to be approximately $41 billion in 2023 $20 billion of that addressable market is coming from creative pros, which includes Creative Cloud apps and new services like Adobe stock. $21 billion of the addressable market opportunities coming from the broader communicator and consumer segments, which includes products like Spark and Premier Rush, as well as the non-pro users of Creative Cloud, as well as stock. And our aspiration to unleash creativity will continue to be this North Star that we will execute against for many years to come. Among the key growth drivers that I'd like to highlight for this business include the ability to acquire new customers through category single applications for screen design, video, and 3D, using mobile increasingly as a funnel through the creation of mobile IDs, through mobile monetization services, as well as upsell to the multi-surface systems, and new services such as Adobe Stock, as well as continued global acquisition and expansion. Turning to our second growth opportunity. It's clear and obvious the digital documents on our mission critical empowering the modern business and we have seen this massive acceleration as businesses all shifted to remote work overnight. The truth is that artificial intelligence and machine learning the cloud and mobile are all redefining the notion of productivity. It's reshaping how we work. It's enabling greater flexibility. And it's requiring more collaboration across global dispersed teams. And artificial intelligence is only amplifying this productivity. We're seeing a massive adoption of paper to digital processes and workflows. And the paper-based tasks of the past are all now being moved digitally. And the other aspect that's happening at the cloud ecosystems are driving a new business opportunity, what we call the API economy, which is revolutionizing how apps and services are both being built as well as being monetized What drives this is the fact that PDF continues to be the lingua franca for how things happen on the internet. We have over 2 billion mobile and desktop devices that have had Reader or Acrobat installed. In fact, we have 300 billion PDFs that are open in Document Cloud applications over the last 12 months. And so strategically, as we think about the opportunity, the first is to expand what we call our sensei-powered Acrobat verbs. And it's to enable all document actions. editing, sharing, scanning, and signing. It's to unlock the value that exists in trillions of PDFs that have been created by deciphering these unstructured PDFs and making them truly responsive on mobile devices. In fact, one of the innovations we're particularly proud of is called Liquid Mode in the Acrobat Reader, which both deciphers and automatically reformats text, images, and tables for quick navigation and consumption and is powered by Adobe Sensei. We think mobile fuels this new business opportunity because PDF usage has absolutely exploded across mobile devices. Making this acrobat experience more frictionless across mobile and web is truly leveraging the ubiquitous PDF format that we have, and we're expanding both the free and paid mobile customer base. We're also increasingly capturing the PDF demand with Acrobat Web, because what we are doing is converting the massive demand for PDF web, such as create and edit through search, through our frictionless services. With every business going digital, the third aspect of the strategy is to enable the paper to digital transformation through services that we have like Acrobat and Adobe Sign, but also to leverage what we deliver through the Adobe Experience Platform and the Adobe Experience Manager as well as Adobe Experience Manager forms. And we want to unleash an entirely new PDF ecosystem with document services. Which provides API's to third party developers and they will then find new and exciting ways to use PDF and we will be able to monetize those services. So let me expand on just a few of these opportunities. There are about 50 million searches for PDF actions every month. And what we want to enable this through a single click. Best in class web experience deliver quick access to actions that the customer wants and allow them to deliver and discover a more comprehensive set of acrobat offerings. This is similar to what we've done with the successful reader upsell motion, which is to drive engagement around PDF to enable people to complete their tasks and then upsell people from the free product to acrobat subscriptions. The other aspect of our document cloud strategy is to deliver a unified document cloud platform. This includes Acrobat, AEM forms and Adobe sign, which are central to the way work is getting done today. And we have a tremendous go to market advantage because it's the sophistication of our data driven operating model that gives us a really incredible understanding of our customers. How to reach them how to serve them effectively and we have the ability to truly optimize everything on the funnel from acquisition, all the way through retention. We're continuing to expand the science scale and reach into fast growing new verticals with significant go to market partnerships, including with Microsoft Workday ServiceNow and notarize and we will continue to invest in the brand equity associated with PDF. as the lingua franca of the internet. We're incredibly excited about the second growth pillar, the document cloud strategy and the broader addressable market that it represents. And we expect the addressable market to grow to $21 billion in 2023. We're benefiting from the move to subscriptions. We're benefiting from visitor acquisition. We're benefiting from mobile. And the PDF mobile opportunity itself represents approximately $11 billion of this addressable market. And on the document services platform, we're driving growth with electronic signatures and new embedded services, which we believe represents $10 billion in addressable opportunity. Our third growth initiative is all about customer experience management. And we continue to believe that it represents a massive opportunity with the acceleration that we all see and digital transformation. Because the reality is that today every business is a digital business. And the imperative for digital customer engagement has never been greater. Because every business has to understand their customers and deliver personalized experiences. Because all of us as consumers, we buy experiences, not just products. The reality today is that customers are expecting this engaged, personalized digital experience, and we want these interactions to feel easy and efficient. They need to be well-designed, they need to be context-aware, and they need to be seamless across channels and secure and delivered at the exact microsecond at which we expect it. And delivering a next generation platform to deliver and drive this experience is easier said than done because it requires businesses to completely merge content data and artificial intelligence to deliver this compelling relevant personalized experience in real time. And the truth is that companies must design for this brilliance but wire for intelligence. Adobe created the digital marketing category and we're now the leader in a much broader opportunity, the customer experience management category. Our strategy is to deliver a comprehensive set of applications and services Grouped in solution areas such as content and commerce customer journey management customer data and insights and now with the closing of our work front acquisition work management and Anil Chakraborty will spend a little bit more time talking about our strategy. The second aspect is to deliver this next generation technology platform. Adobe Experience Platform, which provides the underlying infrastructure to make CXM a reality and is years ahead of anything that any competitor has provided. Because it truly brings together hundreds of data points to create this unified customer profile that companies can activate to deliver the personalized experience at scale. Our vision is also to deliver an industry-leading marketing system of record. With the Workfront acquisition now being closed, we have the leading work management product for marketers. And while unlike most companies, most of our growth is organic, we do use inorganic opportunities strategically, and we have an incredibly successful track record of acquiring, growing, and scaling these companies. We have a long-standing set of partners and an ecosystem with Workfront with over a thousand joint customers. And Workfront is already equipped with APIs for not just experience cloud, but also creative cloud, which represents opportunities to further leverage and deliver synergies across our businesses. One of the key assets that we have is the ability to deliver a scale go to market, cutting across the entire C-suite, given the affinity that both customer CIOs and CMOs have for Adobe. Because all businesses are now working to re-architect their systems around the customer, which requires this strong partnership between the chief marketing officer and the chief information officer. And this enables us to scale our go-to-market across the entire C-suite, which is driving higher value contracts as well as services. And we continue to have an explosive partner ecosystem that believes in our vision and is delivering unique expertise to our joint customers. A total addressable market when we think about it for the Adobe Experience Cloud is estimated to be approximately $85 billion in 2023. And that's comprised of customer data and insights, which continues to be a huge opportunity because intelligence is increasingly the lifeblood of every organization. So this represents an approximately $26 billion addressable opportunity. The explosion of content and commerce where we're the absolute leader is driving a $44 billion opportunity. And customer journey management, which includes products like campaign and email marketing, as well as B2B marketing and demand generation, which includes account-based marketing and lead management, is expected to be a $15 billion opportunity. As we've said before, these are large and growing categories which are top of mind for every business. To summarize, we believe that we have the right strategy that's being applied to an exceptional opportunity that is approximately $147 billion in 2023. We have a proven capability to both create and continuously lead these categories. We're thinking bigger about our businesses and the customers that we serve, from consumers and students to communicators and the creative professionals and the entire C-suite. We have leading products, services, and platforms to unleash creativity, accelerate document productivity, and to power digital businesses. is the over 20,000 talented employees that we have that are all rallied around our mission and the impact that they can have. We have a revered brand all across the globe. We are a world-class financial discipline that's driving both top and bottom line growth with an impressive margin. This is truly an expansive opportunity, and we're well-positioned to capture it. I certainly believe that Adobe's best days are ahead of us. We expect to cross $15 billion in revenue next year. We have a huge addressable market, industry-leading applications, services, and platform, and an unparalleled innovation engine. Let me just quickly touch on some growth drivers that we believe will continue to propel this momentum. On the Creative Cloud, in addition to our leading applications across every category, Mobile as a funnel as well as a product monetization opportunity is huge. Services such as stock are becoming meaningful parts of the ARR growth. New categories like video, web services, as well as 3DNI. On the document cloud side, the continued adoption of web-based PDF services, mobile-based PDF services, and Acrobat subscriptions the ability to deliver adobe sign to target both the small and medium business as well as the larger enterprise through both seat expansion as well as through document workflows and on the experience cloud continuing to deliver this next generation technology platform delivering sensei intelligence services the ability to leverage a partner ecosystem and to cross and upsell in both mid-market and commercial as well as to drive new logo growth and to continue to make sure that we deliver value, drive customer success and maintain retention. And now what I'd like to do is to have Abhay Parasnes, both our CTO as well as somebody who has recently taken on responsibility as Chief Product Officer for Document Cloud to talk about our technology vision. Abhay?

Thanks, Shantanu. Good morning, everyone. It's great to talk to all of you again. Shantanu talked about the broader opportunity and strategic imperatives for Adobe. I would like to take next few minutes to talk about our technology vision and share my excitement for the road ahead. Being a product company at our core, we have always taken a long-term view of building deep technology platforms that are highly defensible and drive industry breakthroughs. With everything going on this year, I'm especially proud of the sheer breadth and depth of innovations our teams have delivered. Illustrator on iPad and neural filters in Photoshop, Liquid Mode and Acrobat Web in Document Cloud, And AEM Cloud and real-time CDP and Experience Cloud are just few examples of innovations we have delivered. And this incredible pace of innovation is only exceeded by the massive scale at which we operate today. With trillions of activations served from Experience Cloud to hundreds of millions of mobile app downloads, and more than 2 billion devices running reader and acrobat software today, we truly have unmatched scale from cloud to the edge. Now, a key aspect of our technology strategy is to develop a consistent architectural viewpoint across all of our products. We think of this unified architecture at three levels. Multi-surface experiences for our apps, a rich portfolio of services and APIs, and our Sensei AI stack built on shared content and data platforms. Everything we do across our three clouds is guided by this unified technology vision and gives us a significant strategic advantage. Increasingly, we are thinking beyond discrete app silos to delivering new modalities, and fluid multi-surface experiences across desktop, mobile, and web. For example, in Creative Cloud, we are adding modern web and collaboration technologies to core imaging and video workflows in applications like Photoshop and Premiere, evolving them into complete creative systems. Similarly, in Document Cloud, we are taking the best-in-class PDF runtimes on PCs and bringing them to both web and mobile platforms for a consistent multi-surface PDF experience. And in Experience Cloud, we are uniquely focused on a new kind of customer experience, one that's real-time and hyper-personalized across every single touchpoint. At the services tier, we are not only building an increasingly rich portfolio of services, but we are focused on three cross-cutting themes. First, we are embedding collaboration deeply at the core of all our applications, converting our best-in-class single-user apps like Photoshop or Acrobat to multi-user collaborative solutions. And because we uniquely understand our file types and workflows, we can enable a much richer contextual collaboration for users as opposed to a generic file sharing or communication platform. Second, using the shared content and data platforms, we are enabling unique cross-cloud use cases going from creators to knowledge workers to marketers. This is something that only Adobe can deliver. Lastly, we are increasingly focused on the API economy opportunity by exposing our services via open APIs to developers and ISVs in the ecosystem. You will see us aggressively focus on this new vector. Last but not the least, I've talked to all of you about Adobe Sensei, our generational bet on AI. Sensei is already having a profound impact with our teams delivering hundreds of Sensei-powered features across our three clouds. We started Sensei with AI features delivered within existing apps. But by leveraging our unique understanding of our users' workflows and usage patterns, we have built a specialized Sensei platform, one that's focused on creativity, documents, and customer experience domains. With this platform in place, we are now positioned to push the limits with completely new kinds of AI-first apps. Liquid mode in Document Cloud is one great example of this. This was a multi-year journey and required us to solve some unique and hard problems. Using the latest techniques in AI, machine learning, and computer vision, we trained Sensei to deeply understand the trillions of PDFs that exist in the world. And then using that intelligence, we are able to generate structure out of unstructured PDFs that are across the world. Initially, we are using this to create a delightful experience on mobile devices. But the possibilities ahead are truly exciting. With document intelligence breakthroughs in areas like semantic understanding or document summarization. And like Liquid Mode in DocCloud, we are also working on unique Sensei services for creative intelligence and experience intelligence. Sensei is a key R&D priority with long-term strategic advantage, one that's letting us build truly differentiated capabilities and delight customers with Sensei-powered Adobe magic. As our customers rely on Adobe for ever more mission-critical needs, WE ARE LASER FOCUSED ON ENGINEERING EXCELLENCE AND GETTING THE BASICS RIGHT EVERY SINGLE DAY. WE ARE ONE OF THE FIRST SAS COMPANIES THAT HAS BUILT A MULTICLOUD FOUNDATION ENABLING US TO DELIVER ACROSS VARIOUS PUBLIC, PRIVATE, AND HYBRID CLOUD ENVIRONMENTS AND DOING SO WITH HIGH LEVELS OF OPERATIONAL EXCELLENCE AS WELL AS COST EFFICACY. ALSO, WITH ADOBE'S COMMON CONTROLS FRAMEWORK, WE ARE ABLE TO MEET enterprise expectations for security, compliance, and privacy requirements, as well as global regulatory landscape. Lastly, we continue to play a top leadership role in the industry with various standards and other efforts like our content authenticity initiative and open data initiative. In closing, the opportunity ahead for Adobe is truly exciting. From future of creativity to reimagining documents to opportunity to completely rewire the customer experience. We have a world-class engineering team with a deep culture of innovation and investments in foundational technology platforms that enable us to deliver with speed and scale. I've never been more confident about Adobe's technology agenda, and I'm super excited about our ability to go invent the future. Now, let me hand over to Scott Belsky, Chief Product Officer for Creative Cloud, to talk about Creative Cloud Strategy. Over to you, Scott.