Adobe Inc.

and welcome to the Q2 FY23 Adobe Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Jonathan Voss, Vice President 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 Chair and CEO, David Woodwani, President of Digital Media, Anil Chakravarty, President of Digital Experiences, and Dan Dern, Executive Vice President and CFO. On this call, which is being recorded, we will discuss Adobe's second 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, June 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 GAAP 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. I will now turn the call over to Shantanu.

Thanks, Jonathan. Good afternoon, and thank you for joining us. Adobe had an outstanding quarter, achieving record revenue of $4.82 billion, representing 13% year-over-year growth. Gap earnings per share for the quarter was $2.82, and non-gap earnings per share was 391. Our results demonstrate strong demand across Creative Cloud, Document Cloud, and Experience Cloud, with particular strength in digital media ARR. Adobe's mission to change the world through personalized digital experiences is more critical than ever, as digital continues to rapidly transform work, life, and play. Our groundbreaking innovations including the new Adobe Express, the launch of Firefly, our family of creative, generative AI models, co-pilot functionality in our creative applications, including Photoshop and Illustrator, AI-powered advancements in Acrobat, a new product analytic solution, and the latest capabilities in real-time CDP are empowering an ever-expanding customer base to imagine, create, and deliver standout content and experiences. We're executing against our strategy to unleash creativity for all, accelerate document productivity, and power digital businesses. Every disruptive technology has presented exciting opportunities for Adobe to innovate and increase our addressable market opportunity. This has been true for cloud computing, mobile, and AI. We have delivered hundreds of AI innovations through Adobe Sensei, such as neural filters in Photoshop, Liquid Mode and Acrobat, and Customer AI in Adobe Experience Platform. Our ongoing R&D investments have enabled the rapid development and deployment of Firefly, our generative AI technology. We believe generative AI will drive both further accessibility and adoption of our products. Our generative AI strategy focuses on data, models, and interfaces. Our rich data sets across creativity, documents, and customer experiences enable us to train models on the highest quality assets. We will build foundation models in the categories where we have deep domain expertise, including imaging, vector, video, documents, and marketing. We are bringing generative AI to life as a co-pilot across our incredible array of interfaces to deliver magic and productivity gains for a broader set of customers. Since its launch in March, Firefly has captured the imagination of the world with over half a billion generations, and we're just getting started. Our digital experience business is powering personalized customer engagement for companies around the world, enabling them to drive experience-led growth. We're delivering an innovative product roadmap and integrating Sensei GenAI services across Experience Cloud. Last week, we hosted a successful EMEA Summit with tremendous excitement from thousands of customers and partners, reinforcing that digital is a critical imperative across industries. Adobe's category leadership and mission-critical products will continue to drive our growth. For FY23, we now expect Creative Cloud and Document Cloud to end the year ahead of our previously issued revenue and ARR targets, and digital experience to be slightly below our previous annual target, given the current enterprise spend environment. As a result of our groundbreaking innovation and continued execution, we are pleased to raise total Adobe annual revenue and EPS targets. David, over to you.