Adobe Inc.

Good day and welcome to the Q1 FY 2023 Adobe Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Jonathan Voss, VP of Investor Relations. Please go ahead.

Good afternoon and thank you for joining us. With me on the call today are Shantanu Narayan, Adobe's Chairman and CEO, David Woodwani, President of Digital Media, Anil Chakravarty, President of Digital Experience, and Dan Dern, Executive Vice President and CFO. On this call, which is being recorded, we will discuss Adobe's first quarter fiscal year 2023 financial results. You can find our press release as well as PDFs of our prepared remarks and financial results on Adobe's Investor Relations website. The information discussed on this call, including our financial targets and product plans, is as of today, March 15th, and contains forward-looking statements that involve risk, uncertainty, and assumptions. Actual results may differ materially from those set forth in these statements. For a discussion of these risks, you should review the factors discussed in today's press release and in Adobe's SEC filings. On this call, we will discuss GAAP and non-GAAP financial measures. Our reported results include gap growth rates as well as constant currency rates. During this presentation, Adobe's executives will refer to constant currency growth rates unless otherwise stated. Reconciliations are available in our earnings release and on Adobe's investor relations website. Adobe Summit is just around the corner in Las Vegas at the Venetian Convention and Expo Center beginning on Tuesday, March 21st. Following the day one keynote, we will host a Q&A session with financial analysts and investors in attendance at 1130 a.m. Pacific time. Audio of the event will be broadcast live, and the replay will be available on Adobe's IR website. More details about Summit and the agenda are available at summit.adobe.com. I will now turn the call over to Shantanu.

Thanks, Jonathan. Good afternoon, and thank you for joining us. Adobe had a strong Q1. driving record revenue across our Creative Cloud, Document Cloud, and Experience Cloud businesses. We achieved $4.66 billion in revenue, representing 13% year-over-year growth. Gap earnings per share for the quarter was $2.71, and non-gap earnings per share was $3.80. Digital is reshaping how we connect and engage with the world around us. Our performance demonstrates the critical role that Adobe products are playing in fueling the global digital economy, empowering everyone everywhere to imagine, create, and bring any digital experience to life. We're executing against our strategy to unleash creativity for all, accelerate document productivity, and power digital businesses, delivering on our innovative product roadmap, and engaging a growing universe of customers, from individuals to small businesses to the largest enterprises. Given the recent news reports, I wanted to provide an update on the process and timing of our pending acquisition of Figma. We remain excited about the opportunity to advance product design, accelerate collaborative creativity on the web, and redefine the future of creativity and productivity. The potential combination continues to be well received by customers, industry analysts, and partners. In addition, we are preparing for integration as we work through the regulatory process. From the outset, we have been well prepared for all potential scenarios while realistic about the regulatory environment. We have completed the discovery phase of the U.S. DOJ second request and are prepared for next steps, whether that is an approval or a challenge. Adobe remains confident in the facts underlying the case, and based on current process timing, we believe the transaction continues to be on track for a close by the end of 2023. It goes without saying that our Q1 success demonstrates that we continue to be ruthlessly focused on executing against our immense opportunities independent of this combination. David over to you.