Adobe Inc.

and welcome to the Q4 and FY25 Adobe Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Doug Clark, 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 Wadwani, 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 fourth quarter and fiscal year 2025 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, December 10, 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 and non-GAAP growth rates, including 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, Doug. Good afternoon, everyone, and thank you for joining us. In fiscal 2025, Adobe delivered significant AI influence in AI-first ending ARR, which accelerated through the year. We achieved record revenue of $23.77 billion and non-GAAP EPS of $20.94, which represents outstanding financial performance. We're leveraging AI to accelerate innovation to anticipate and serve the needs of large and expanding audiences, business professionals and consumers, creators and creative professionals, and marketing professionals. Our vision for business professionals and consumers is to deliver AI-driven, quick and easy applications that enable them to be creative and productive, consuming or generating content across multiple media types and channels. We do this by delivering new conversational and agentic interfaces in Adobe Reader, Acrobat, and Express to provide a freemium integrated experience for billions of users. For creators and creative pros, our vision is to deliver the most comprehensive, power and precision applications from ideation and creation to production and delivery. We've done an outstanding job of both creating our own commercially safe Firefly models, as well as seamlessly integrating third-party partner models across Creative Cloud flagship applications like Photoshop, Illustrator, and Premiere. With the Firefly application, we're giving creators a rich set of generative AI capabilities that allow users to generate with Adobe and partner models, ideate with Firefly boards, and create and edit videos and images through conversational experiences blended with direct manipulation. Along with the Firefly app, we've introduced new products like Premiere Mobile with YouTube integration and Photoshop Mobile to further serve creators anywhere they create. We're transforming the enterprise content supply chain by integrating creative applications, workflow management, asset management, Firefly services, and custom models with Firefly Foundry. We have the most comprehensive vision for marketing professionals, whether they are freelancers or working at an agency or within an enterprise, to create a brand or address the expanding needs of the content supply chain in the era of AI to deliver customer experience orchestration solutions. Adobe Experience Platform and Apps power customer engagement and loyalty. Adobe Experience Manager and Agentech Web Solutions, including LLM Optimizer, Sites Optimizer, and Brand Concierge deliver brand visibility and discovery. And Adobe Gen Studio enables enterprises to optimize their full content supply chain to realize true personalization at scale. FY25 accomplishments and highlights include establishing ourselves within leading AI ecosystems with partnerships and integrations across AWS, Azure, Google Gemini, Humane, Microsoft Co-Pilot, OpenAI, and others offering unprecedented access, choice, and flexibility to customers. Leading the way in AI innovation around conversational and agentic interfaces, including products like LLM Optimizer and Acrobat AI Assistant, creating custom models through Firefly Services, Firefly Foundry, and GenStudio, as well as infusing AI within our applications, including Photoshop, Lightroom, Express, and Premiere. We continue to leverage inorganic strategies to deliver more value to customers and are pleased with our recently announced intent to acquire SEMrush to help brands enhance their visibility and expand audience reach, driving significant new user acquisition across individuals and enterprises with products including Acrobat, Creative Cloud, Express and Firefly achieving total Mao growth of greater than 15% year over year. Accelerating adoption of our AI functionality by enterprise customers further highlights our leadership and their trust in Adobe's ability to deliver AI value seamlessly across workflows. In Q4, globally, we drove record bookings of deals greater than 1 million and achieved over 25% year-over-year growth in the number of customers with $10 million plus in ARR. Our customer group strategy, large market opportunity, and product innovation drove strong FY25 results. This is the foundation for our FY26 total Adobe ARR growth target of over 10%, and we're focused on accelerating this momentum beyond FY26. I'll now turn it over to David.