Adobe Inc.

and welcome to the Q2 FY24 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 Chair 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 second quarter fiscal year 2024 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 13th, and contains 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 today's earnings release and 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. Non-GAAP 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 revenue of $5.31 billion, representing 11% year-over-year growth. GAAP earnings per share for the quarter was $3.49, and non-GAAP earnings per share was $4.48. representing 15% year-over-year growth. Our success is driven by growing customer value through an innovative product roadmap. The advances we are delivering across Creative Cloud, Document Cloud, and Experience Cloud are enabling us to attract an expanding universe of users. Everyone from creators, communicators, students, entrepreneurs, and businesses of all sizes are using our products to unleash their creativity, accelerate document productivity, and power their digital businesses. Adobe's highly differentiated approach to AI is rooted in the belief that creativity is a uniquely human trait, and that AI has the power to assist and amplify human ingenuity and enhance productivity. We're innovating across data, models, and interfaces and natively integrating AI across all our offerings. In Creative Cloud, we've invested in training our Firefly family of creative, generative AI models with a proprietary data set and delivering AI functionality within our flagship products, including Photoshop, Illustrator, Lightroom, and Premiere. We're reimagining creativity for a broader set of customers by delivering Adobe Express as an AI-first application across the web and mobile surfaces. Since its debut in March 2023, Firefly has been used to generate over 9 billion images across Adobe creative tools. In Document Cloud, we're revolutionizing document productivity with Acrobat AI Assistant, an AI-powered conversational engine that can easily be deployed in minutes. This enhances the value of the trillions of PDFs, which hold a significant portion of the world's information. Acrobat AI Assistant features are now available through an add-on subscription to all reader and Acrobat Enterprise and individual customers across desktop, web, and mobile. At the end of May, we celebrated the five-year anniversary of Adobe Experience Platform, which we conceived and built from scratch, and which is on track to be the next billion-dollar business in our digital experience portfolio. We released AEP AI Assistant to enhance the productivity of marketing practitioners through generative AI while expanding access to native AEP applications. With Adobe Gen Studio, we're bringing together products across our clouds, including Creative Cloud, Adobe Experience Manager, Workfront, Adobe Journey Optimizer, and Customer Journey Analytics, as well as Adobe Express for Business, to address the massive content supply chain opportunity. Our approach to empower marketers to quickly plan, create, manage, activate, and measure on-brand content is resonating with customers and validating our leadership across data, content, and journeys to deliver personalized experiences at scale. We're extending our applications to integrate third-party text, image, and video models and partnering strategically to create multimodal, large-language models, offering customers greater choice in tools and further enhancing the value of our leading applications and solutions. We're driving strong usage, value, and demand for our AI solutions across all customer segments and seeing early success monetizing new AI technologies across our digital media and digital experience businesses. Given this rich product roadmap, focus on execution, and customer demand in the first half of the year, we're pleased to raise our annual Digital Media NetNew ARR, digital experience subscription revenue, and EPS targets. I'll now turn it over to David to discuss the momentum in our digital media business. Thanks, Shatnu.