Thanks so much, everybody, for joining. I'm delighted to be hosting a call here with Adobe CFO, Dan Durn, Head of IR, Jonathan Vaas, who you all know. We've got a number of questions here that we're gonna kind of go through. We have 50 minutes, and we will leave some time at the end here for any questions. If you do want to pose a question, please feel free to do so, either through the app, there's a chat window and a chat feature within this webcast presentation, or you can just send me an email at brad.sills@bofa.com. So with that, thanks again. Dan, Jonathan, great to have you both here. Thanks for joining. Yeah, thanks, Brad. It's a pleasure to be here. Appreciate it. Awesome. Yeah, absolutely. And a lot to talk about, you know, a lot last week that we saw from Adobe on the pricing announcements here for Firefly and AI. You had a nice quarter that you reported as well. So why don't we just start there? I'm sure you've been busy since the earnings call. Perhaps we could just start with, you know, what are some of the key highlights that you'd like to point out here from the earnings call, and what's been the feedback? Yeah. So, company's been performing really well, as you know. You've got the top line up 13% year-over-year, DME business is up 14%, subscriptions, DX subscriptions are up, I'm sorry, 13% year-over-year. So company's performing well from a top-line standpoint. Driving that is, strong digital flows on a Creative Cloud business. You can see the excitement around the new innovation that we're bringing to market, Express, Firefly. Firefly capabilities natively embedded into some of our flagship applications. Document Cloud continues to perform really well. You're seeing the PLG motion continue to drive, value for customers, and you see Acrobat Web drive strong uptake. Acrobat Mobile, again, strong uptake. And then from a DX standpoint, AEP and Apps continues to drive really strong growth. We're winning in large transformational deals across the board, where we're solving the hardest problems for customers with an integrated suite of solutions, simultaneously driving top-line benefits and doing it from a productivity standpoint so that they can drive that profitable growth. And then making substantive investments across the entire product portfolio. You can see the strength of the margins and the cash flow. Operating margin, 46.3% and $1.87 billion of operating cash flow. So top to bottom across the portfolio, investments to drive growth, but also being responsible and disciplined from an execution standpoint, delivering those strong results and a value-accretive lift for investors. Mm-hmm. Wonderful. Wonderful. No, that's great. Thanks, Dan. And why don't we shift gears to some of the pricing announcements last week, you know, with the release of Firefly in conjunction there. Maybe just a recap of that and you know, some of the rationale for the pricing that was announced. Yeah. What we announced was, we're gonna be introducing Firefly as a generally available web application. You've got the free version, then you've got the premium version, where there's a $5 a month subscription. You can see what we're natively integrating from an Express standpoint, making that generally available. From a Creative Cloud standpoint, you can see a $2 increase for the individual SKUs, individual app SKUs, and you can see a $5 increase for the all-app SKUs. The pricing on the Creative Cloud kicks in on November first, and it's only upon renewal of the subscription and new user adoption. So there's gonna be very, you know, modest impact and uplift from these pricing actions as we look forward into Q4. And then what I would say is the philosophy that underpins that is all about pervasive adoption of the technology. We've got a long history of introducing technology, making pervasive across the ecosystem, and deeply embedding these incredible capabilities into, natively integrated into the applications, but deeply integrated into the workflows that define day-to-day existence of our customers. And so it's gonna be a real productivity enhancer as we roll these capabilities out, but the innovation roadmap that sits behind it is really impressive, and we're going to be bringing other media types to the table beyond images with generative AI capabilities, things like video 3D content, InDesign. A lot of great surface area for us to introduce these capabilities. That's exciting. That's great. Awesome. You know, you guys are talking to customers, you're pricing to value. You've done some studies here, I'm sure, to back that pricing. I guess, what would you say from just a qualitative standpoint as to, you know, how customers are deriving value here and how, you know, pricing kind of commensurate with that? Yeah. So as we've engaged with customers, we're seeing virality in the community of the capabilities that we're bringing to market. The enthusiasm from the community, the response we're getting from people, when we brought betas to market historically, I think the all-time high for us was maybe 80 to 100,000 downloads.... something in that neighborhood. What we're seeing with Photoshop and Illustrator, with these generative AI capabilities, natively integrated into those applications, we saw 3 million downloads in the beta window, with over 2 billion generations from the customer base. And so the response from the community, the response from the customer base, has been fantastic. These are game-changing capabilities when you think about the creative workflows, that define what our customers do. That's great. That's great. And anything we should be mindful here with respect to, you know, timing of the rollout and geographies? I think Asia was excluded from the price increase, yes, which will kick in in November, as you mentioned. But any other kind of considerations as we think about putting this in our models, you know, across, you know, as you roll this out? Yeah, it's a great observation. It's a partial rollout initially. We'll get to, you know, global rollout over time. Initially, it'll be in the Americas and, Europe. We also had modest FX adjustments in a few geographies, Argentina, Brazil, Chile, and then Sweden and Norway. So there's a little bit of FX adjustments built in, but it's a partial rollout, and we'll work to get a global rollout over time as we get a chance to, you know, continue to refine from a, culturalization standpoint, other geographies, and then we'll bring those online over time. Wonderful. Wonderful. Thank you for that. And, why don't we shift to the credit packs, the consumption component, if you will, to the pricing announcement here. How should we think about that impacting, you know, ARR, you know, recurring subscription? Will there be a separate, you know, transactional line item? And also, I guess, you know, what are you considering a transaction or, you know, an individual unit in that pricing component? Yeah. What's great about the credit packs is they're going to be done on a subscription basis, and that will get baked into the ARR component. From a philosophical standpoint— Sure ... how we're approaching the market initially. Again, we want pervasive adoption. We don't want generation anxiety, you know, taking hold within the customer base, so we've got a nice allocation of Generative Credits in the baseline subscription. Those that engage deeper way with the ecosystem have the opportunity of upping that credit allocation through a purchase subscription around, Generative Credits. One credit equals one generation. So as you think about the ideation process, you think about embedding it in the workflow. And you'll see this on display in at MAX during product demos. You'll see how artists engage with the tools, how they bring their creativity to life in the digital world, the number of times that they hit that generative capability natively in the workflow, and you can begin to get a sense of how customers will engage. Those that hit that credit limit have the opportunity to get additional credit allocations, will be embedded- in our ARR line, net new ARR, ARR line. And what I would also say is, you know, David said something really important on the earnings call. He said, "We're going to be bringing these- generative capabilities to market in different media types." So you can think about the compute power embedded in 3D. You can think about the compute power embedded in generative video. the credit system is now a framework to think about currency in the Adobe ecosystem and the compute power that brings these different media types to life. So now you've got an ecosystem that's purpose-built, so that if someone wants to generate video or 3D content, it's going to be a different credit consumption than just the image model. And so now we've got the foundation built for future delivery of these technologies and consumptions at consumptions of those credits at various rates, depending on which media type that generative action is hitting. And so we really look about the long-term arc of financial performance around that credit pack ecosystem and we're really encouraged by it. Wonderful. Thanks, Dan. You know, as part of this announcement here, there's this concept of, you know, fast versus slow generation. Once you exceed the minimums that are included in the base subscription and go, you have the option to go to the premium. Can you just give us a sense for what that means exactly? You talked about, you know, getting in queue once you if exceeded those maximums. What does that mean exactly? How slow versus the fast, you know, generation? Yes, and not surprisingly, we are a very data-driven company, and we have a lot of usage data from the customer base in the six months we've been active with the beta in the market. Based on those usage statistics, we've created the framework around credit allocation so that we can reserve- the right kind of compute horsepower to serve our customers and give them the type of experience they expect in the Adobe ecosystem. Once a customer hits that credit allocation, they're put into a slow lane, if you will. Fast lane, slow lane just to use an analogy. We've got a reserve instance of compute power that's then going to be shared across that slow lane component. It allows us to create the right kind of user experience for customers as they consume those fast credit allocations. B ut it also allows us to manage cost on the back end for those that don't want to engage deeper with the credit subscription, a generative credit subscription pack. And so it's striking the right balance between user experience and driving it to market, driving the technologies to market in a cost-efficient way to manage the- Inferencing, inferencing costs across our ecosystem. We set the limits, and we set the pricing in a way that we think it's going to be value accretive for the customer, or value accretive for the customer, but also value accretive for investors. We'll continue to monitor the data, we'll continue to watch customer usage, and we'll obviously make adjustments. - over time to make sure we're doing this in a way that's value accretive for investors. Wonderful. Thanks, Dan. How should we think about the interplay with Firefly and Stock? You know, is it possible that this additional engagement from Firefly could drive more transactional revenue through Stock? You know, maybe you could elaborate a little bit on how we should think about those two. Yeah. So we think there's going to be interesting opportunities over time with the Stock business as we engage, as our users and community engage with the Firefly ecosystem. You're bringing a lot more people into the creative process and the repository of, of content that sits on Stock, and the opportunities that we're going to have over time as more people come into the creative process. We think, you know there's an interesting opportunity there. If I take a snapshot in time of today, we've seen a lot of momentum in that Stock business as we've brought Firefly capabilities to market. Q3 was an all-time record. We've just implemented the contributor bonus payout, and we've gotten a great response from the Stock contributors for that extra economic upside from the training we've done on their content. And so, we think that there's a really nice ecosystem building around Stock, and that business is performing. You know, we really see the momentum in that business as we've brought these Firefly capabilities online. Mm-hmm. Wonderful. Wonderful, great. And you raised your Q4 implied guidance for Q4 on Digital Media net new ARR. Can you elaborate a bit on how much of that increase is just broad-based momentum in the business versus the impact from that first month of the price increase taking effect, please? Yes. We get this question a lot. I'm sure you have. Good thing- Yeah you can see in the guide, the momentum of the business, there's a strong follow-through. Business is performing well. You see where we were at the beginning of the year, $1.65 billion. A quarter ago, we formally raised that to $1.75 billion of net new ARR. You can see what's implied from our Q3 print and our Q4 guide. There's a lot of strong momentum around the business. We're going to stay focused- on driving innovation. We're going to stay focused on keeping the company's priorities clear as this major inflection- comes to life in the market, and then we're going to execute with rigor behind that prioritization and innovation. So we like the setup. The pace of innovation at the company is- you know, all-time high. The velocity- the engagement, collaboration across the organization. I really would encourage people to either go to MAX in person or watch the webcast of what we're bringing to light. You'll get a lot of insight around the engine of innovation at the company and the velocity with which it's moving, and it's just a real excitement in the company. You see that in the guide. Wonderful. Thanks, Dan. I think historically, you have commented that, you know, net new ARR growth historically has been driven by, you know, one, new user adds, two, upsells, and then kind of third, a distant third, I think, was price. You know, how has that changed at all with this announcement, you know, for next year, obviously, and then also just longer term? What are... Is-- Has that philosophy changed at all, just given all the innovation that we're seeing in the base product, that you're putting into the base product with, you know, components like Firefly? Yeah, no change to the growth algorithm that underpins the great results and momentum we see in the business. First and foremost, it's going to be about new user adoption. You see that- in the approach that we're taking strategy around our pricing. We are pricing these technologies in a way that's going to create pervasive user adoption and democratize access to the Adobe ecosystem. So we lower the barrier- to adoption by embedding copilots in the product, anticipating through machine learning, what the next logical step in the creative process is, and revealing that through a toolbar, that increases the time to productivity of new users to the ecosystem. So pervasiveness of these technologies, new user- is first and foremost. Then, one- one of the things that we have really, you know, honed, we've got an actual core competency, a superpower inside of the company, is taking people on digital journeys through the ecosystem to cross-sell and upsell. We've got a data-driven operating model. We understand how to engage with these users through a digital channel that leads to- value for our users, but also, increased financial performance. Third of the three, as you point out, will be pricing actions from time to time. You see that playing out-... market. Now that we've got a segmented product portfolio, we can engage the casual users in the Adobe ecosystem. We can take the next step- on the journey as they go deeper, get them into Express and Express Premium, get them into individual apps, get customers into all apps. There's gonna be a point of adoption at every place in that customer's journey so that the tools and technology, the products that they engage with, are purpose-built for their needs. We're no longer gonna have professional applications doing multiple duty across our customer base. We understand- the consumers and the communicators. We've been engaging with them for a very long time and do $ billions of revenue with those users. To get the product segmented gives us the opportunity to value price these products over time. From time to time, we will continue to engage customers, realize that value, but we're also delivering value for investors. I wanted to add something here. I think something that makes this a unique moment for Adobe. If you think generative AI and Firefly, I think it's a rare moment when the same technology is playing at the low end of the market in bringing in new customers who don't have, you know, creative skills yet that have been honed. That very same technology is adding a tremendous amount of value to the professionals who have used our product for decades. It's in some ways, the same foundational piece of innovation is going to add to that new customer acquisition motion. It's going to aid- in the upsell motions as people sort of learn how to use the products, and it's delivering a tremendous amount of value to the ecosystem of skilled experts. That's gonna be an uplift there as well. So in that growth algorithm, you know, I see positive impacts of Firefly generative AI across kind of the whole ARR algorithm for Adobe. Mm-hmm. Wonderful. Thanks, Jonathan. Great. Maybe a good segue into some of the commentary you've made here around, you know, customers coming into the franchise, you know, through and then, and then, they have the upgrade path, you know, through the freemium model, if you will, in that consumer and communicator market segment that you've talked about over the years. Maybe if you could just elaborate a little bit on, you know, what did you see during the beta of Firefly? What impact did it have on that top-of-funnel business in those two segments? You know, is that next cohort, you know, large cohort of customers coming in such that you, you, you can take them on these journeys that you're describing? Yeah, so a couple observations. We brought Firefly technology to the market in beta form, and we saw customer engagement. We saw the virality of the moment, and the users and the customers being blown away with that capability. Natively integrating it into Photoshop and Illustrator, you saw a knee in the curve in terms of engagement, you know, clicking over 2 billion generations. And again, the down- the beta downloads, relative to historic norms, when we brought beta versions of products to market, we saw, you know, again, all-time highs of 80,000, 100,000-type numbers historically. 3 million beta downloads of Photoshop and Illustrator give you a sense- of the depth of engagement and the interest that- has been sparked with these technologies. And when we engage with the professional community, and we embed these capabilities in their workflows, they're absolutely blown away at the productivity enhancement. The ideation process, they can cover a lot more surface area of ideas now. They can hone that down- to where they wanna land, and then with the power and precision- of the tools, take that further and bring it to life in the digital world. That magic, the enthusiasm from the users is off the charts. That magic- is going to be on display in L.A. at MAX. And again- day one keynotes and product demos, I really would encourage everybody to take a look at what's happening, and then you'll understand the enthusiasm from the user community when you see that magic brought to life natively in workflows. Wonderful. Thanks, Dan. Well, great. And then, you know, we have to ask a macro question. It's not something you often discuss. I think, you know, last year when you saw some headwinds, I think the, you know, the first quarter we saw that it was more on just the e-commerce. You know, you didn't see that bump that you had seen in the prior year, with reopening. And then you had, you know, currency impact, then you had, you know, the Russia impact, but I don't think you ever really called out the macro having a major impact on the business. Correct me if I'm wrong, but we would love to get your take on how this slowdown has impacted the business and, you know, how we should think about any potential tailwinds as we potentially come out of this. Yeah. So we see what others see in the market. Conversations we have with customers, the macro market, we see what others see. The great thing about- Adobe is we are built to be resilient. When you look at the business model, the way we monetize our technology, it's incredibly resilient. When you think about the customer segments that we span, individuals, students, teams inside of small companies, all the way to the largest enterprises on the planet, spanning that entire- customer base, the global footprint- that we have. We're a company that's built to be resilient. And that resiliency shines in this environment. You look at the way we're growing in a difficult macro, you look at the profitability we're producing, and you look at the philosophy- and pace of innovation that we're bringing to life, broadly across- the entire product portfolio, and you can see- What makes Adobe special in an environment like this. And so, again, we're going to stay focused on prioritizing, we're going to stay focused on innovating, and we're going to stay focused on executing with rigor to deliver value for investors. You see that philosophy on full display in this environment. Mm-hmm. Wonderful. Thanks, Dan. Why don't we shift gears to margin here? A lot of questions have come in. I promise I'll get to some here in a few minutes. But want to spend the next 5 minutes or so here, kind of, with some of these questions. Just on margin, on the earnings call, you had mentioned that margin should kind of, you know, remain consistent with that mid-forties level that you're seeing, even as you generative AI. so could you elaborate a little bit on the puts and takes here, particularly with, you generative AI? and as Firefly ramps, how should we be thinking about that impact on the margin profile? Yeah, and so, companies performing really well at times of inflection- my personal view is a little bit of shaping guidance to help investors see through some of the complexities of a major in, inflection coming to life in a market. So that was the intent around the commentary. We will- make substantive investments to bring these technologies to life. The good thing about that is, there's very few companies that can do what we do, when you think about from a plug standpoint, inferencing content, when you think about OpEx, R&D, from a training and bringing foundation models to life, the investments we're making to lead in this inflection are substantive. You can see where we guided Q4, was implied in that guide, is about a 44.5-45.5% operating margin. If I go back- in time to when we started the year and set the annual targets, implied in those- annual targets was about a 44.5. So that gives you a mid-40 sort of ballpark to think about as we bring these technologies to life, as we continue to make these investments, to crystallize that clear market leadership in bringing the- creative process to life generative AI capabilities and bringing more people- on the Adobe ecosystem by democratizing access to our core technologies. Rolling it out into our Document Cloud portfolio, bringing it to life in our Experience Cloud portfolio. It's going to be pervasive across the product lineup. As we make those investments, mid-40s ballpark is how to think about the margin profile as we drive that long-term top-line progression built on these technologies. Mm-hmm. Mm-hmm. Great. And while we're on the topic of Firefly, obviously dominating the conversation here, understandably, you know, what do you, what do you think are the biggest differentiators here, you know, versus some of these alternatives out there, LLMs out there, like Midjourney and DALL-E? You know, David mentioned on the call that the enterprises view, you know, Adobe in general, as, with Firefly, the safe option, and he elaborated on what that means exactly. But I'd love to get your perspective on, you know, the differentiation here as we see, you know, as we see some third-party LLMs coming in. Yeah. So as we think about the foundation generative AI capabilities, you think about three pillars- of that foundation. Think about data, think about the foundation models, and then think about the surface area and product suite workflows to bring these technologies to life so they have relevance for the customer. From a data standpoint, you know, we start with our stock portfolio. Gives us a deep, rich data set that we are licensed to train on. Then you think about other data- that we've brought into the process, vetted by legal, where it's safe to consume. That is the foundation of our data set. So we've started- with commercially safe in mind because we know we're going to be pervasive across the enterprise. So you start with the foundation of design to be commercially safe. If you think about where we differentiate ourselves in the market, we've got unique perspectives on the creative process, on the imaging process, on the video process- on the 3D process, on the design process. There's insights from that market and our product portfolio, and the way we engage- with that user base, we've got a highly differentiated set of insights around those media types that are going to form the foundation- of our foundation. And then you think about the surface area. We are pervasive across the workflows, whether it's digital content creation, digital documents, or a digital interface- between a company and its customers, that digital marketing channel. We've got. We're deeply ingrained with how teams and companies operate. Gives us an incredible surface area to bring these technologies to life. Absent those surface areas- those workflows, this technology is almost anonymous. And what you will see on display at MAX, you'll see the ideation process at work.... You'll see the creatives hone that down to an idea, and then the power and precision of the technologies to take that further. Nobody can compete with that continuum. And then we think about commercially safe as the foundation of our models. And then you think about engaging with enterprise, where they can ingest on-brand content and data to customize and tune the model for their own brand, so that they can take their creative teams and begin to unleash them. And if you think about the velocity- of content creation, digital content creation inside of our customers, and then activating that digital content, with things like CDP and, Journey Optimizer, analyzing the way- they're engaging with their customers and the workflows associated with that, you begin to see a velocity of personalized content creation that's on brand, designed to be safe, and our customers are going to start to ramp their engagement in a very personalized way with their customer sets. We are at the foundation of unleashing that capability. Nobody can compete with that. Wonderful. Great to hear. Thanks, Dan. And then one more for me, and then I'll, I'll go to some of the questions here. On the earnings call, you alluded to an opportunity here to work with large brands who may wish to bring in, you know, their own proprietary data, their own images, you know, LLMs, to Adobe, and create kind of custom Firefly models, if you will. Should we think of this as potentially, you know, a third leg to the AI monetization opportunity here? Obviously, you've got the price increase. You have the premium subscription for fast image generation. Could this be a third leg of growth here, like some structured EAs of some kind? Yeah. So the engagement with the enterprise customers we have, virtually all of them are very interested in this capability for the reasons I just mentioned. They see an opportunity to ingest on-brand assets, tune those models to the specific brand environment they operate in. And then when you think about the capabilities of our Real-Time CDP platform, you get those real-time digital insights on who their customers are. Now the framework is in place to tailor that content to cohorts that become increasingly, increasingly refined to the holy grail of N of one. Virtually all of our customers see the value, the potential in those tuned and trained, customized models. We think it's going to be a nice tailwind, from an economic standpoint, as we engage those customer sets. Virtually all of those enterprise customers are showing incredible interest in that capability. Great. Great. Thanks, Dan. We have about 15 minutes left here. I'm going to go through some of these questions here. A lot, a lot have come in. One on Figma. The question is, you know, as to the acquisition, have you become more confident after several months of engagement with regulators? Can you elaborate on, you know, how, generative AI and the opportunity there may, may change the merit of the acquisition? Yes. So, we're engaging with regulators in three geographies. The CMA in the U.K. and the EC in the EU, both have gone to phase two. We continue to engage with the Department of Justice. The timelines around the CMA and the EC are published on their websites. We continue to believe in the merits of the transaction. We're having great conversations with the regulators, and we'll know in the coming months sort of what the result of the process is. So we feel good about where we stand. From generative AI capability, I don't think it fundamentally alters the view of the transaction. Figma is addressing a nice adjacency to our core business. We like the response we've gotten from customers and industry press. They see the value of bringing these capabilities together and creating a more seamless environment, for our customers and their customers to operate in a common environment. But it doesn't change the thesis- It's a nice market adjacency for us. Got it. Got it. Thanks, Dan. One here on the price increase and the impact on Q4. The question is, you know, given that almost half of the base is individual and monthly, you know, what-- why wouldn't we see mechanically the full impact of the net new ARR from that price increase on the monthly cohort renewing in Q4? Yeah, that's the question. Yeah. So again, you know, late quarter impact from the pricing, not everybody renews on the first day of the month. They're going to re-renew when they re, renew. And again, just to shape it from an expectation standpoint, there'll be a modest uplift in Q4. I can add more because this may be baked into some confusion on the question. Most of our individual subscribers are on annual plans that are billed monthly on their credit cards. It's we do have monthly subscriptions that renew every month at a higher price point, but that's a much smaller SKU for us than the annual paid monthly SKUs. Got it. Got it. Okay. And another question here around, you know, how, you generative AI is a, is a TAM expansion here. That seems logical, that AI breaks down, you know. But, but the question is, you know, how, how do you think about how this could impact your competitive dynamic with the likes of the down-market competitors like Canva? So we like how we're positioned against the broad continuum of the customer set. If you look at the capabilities that are being brought to life with Express, democratization of access to our ecosystem, embedded, natively embedding a co-pilot in the creative process throughout our flagship apps. We're incredibly well positioned as I see the power of these technologies. When I think about the longer-term roadmap, we've been in, investing in these capabilities for decades. The power and precision of those individual and, applications across our entire portfolio, how we reveal those capabilities over time in the Express roadmap to bring customers deeper into our ecosystem. Nobody can match that collective investment in the features that define who we are, and again, selectively- -revealing those over time as part of that Express roadmap, nobody can match that. So we feel incredibly good about how we're positioned across that entire continuum of the customer base. Right. Right. Wonderful. Okay, great. And, a question here on, you know, any guardrails that you can provide us here as to, you know, how we should think about this impact for next year or next fiscal year. Obviously, there's the Q4 impact that we've talked about here, but for next fiscal year, you know, you're talking about millions of top-of-funnel user ads, you know, and there's a price increase here. So, anything you can provide, you know, to, to help us think about the impact for next year? Yes. So I'll just come back to, come to MAX, see the technology. We'll engage from a generative AI roadmap. We'll talk about expectation shaping from a market standpoint, but the FY 2024 insights, stay tuned for the next- earnings call. We'll set the expectations, set the financial targets on that call. I won't front-load that. Wonderful. Okay. Thanks, Dan. Okay, why don't we shift to, you know, a comment you made earlier, and maybe we can just double-click on that. You mentioned video editing that there's an opportunity here. It seems like it could be significant, and, you know, I recall the Frame.io acquisition puts you in a good place there. So, what have you seen there in terms of engagement and usage here, and where's the opportunity generative AI in that category? Yes, there's a massive opportunity from generative AI standpoint. Nobody understands this industry the way we do and the technical capabilities that define that product set. What you'll see at MAX, and Shantanu mentioned this, or David mentioned this, I can't remember which one on the earnings call, Text-Based Editing, won- -the engineering award in Hollywood this year for that capability. We'll show what that capability is like in one of our product demos. But basically- you turn the source material into a script, and it's as editing the video content is as easy as cutting and pasting in a Word document. To see that power come together, where you can splice those video segments together, you can edit, you can cut pieces out, it's as simple as cut and paste. The engineering prowess to bring that type of capability, have very intuitive user interface on something that's complex, like video editing. That text editing capability is just a first step in the journey of bringing these amazing technologies to life in another media type. You will see that on display in one of those product demos at Max. It's awesome. Great. That's great. Exciting. Look forward to seeing that. Okay, good. And why don't we shift gears to the Document Cloud? Business is performing nicely, growing a steady 17%-18% last few quarters. Maybe you could just help us elaborate a little bit on what are the key growth drivers there and where are you seeing traction. Yeah, this team has done a great job from a PLG standpoint. This is the, call it the lead horse, if you will, on the PLG motion inside of the company. You see that motion coming to life on Acrobat Web. You can see the number of users that are engaging. It's up significantly year-over-year, Acrobat Web. You can see Acrobat Mobile kicking in. Liquid Mode is a really important capability that basically seamlessly across surface area of devices change the user experience so that they get a great outcome. So that team is performing well, continuing to engage their customer base with that strong PLG motion. David and Shantanu alluded to the capabilities that we're gonna be bringing to life, where you can engage more conversationally with your documents than you have been able to do in the past. And it's the documents- that you have on your device, it's the documents that you have in your team, and ultimately, it's gonna be the documents you have in your enterprise and beyond. When you think about a ring-fence set of content, when you think about to engage with that in a more conversational way, you begin to see the productivity. unlocks that come to life inside of organizations with those capabilities employed. I'll leave my comments there. Just repeating what David and Shantanu shared on the earnings call. Again, come to Yeah Share more on that. Wonderful. Thanks, Dan. Five minutes here. I've got a few more questions. Again, if you do have a question, please feel free to either email me or you could post it here in the chat window. While we're on the topic of Document Cloud, Dan, you've seen some nice traction with Adobe Sign. I think that's driving a lot of incremental growth. Can you just elaborate a bit there on, you know, where that strength has been coming from? Yeah. So, about a year ago, we went through a line optimization from a digital workflow standpoint, digital document standpoint, digital signature standpoint. We brought the capabilities of Sign and Acrobat together, optimized- the lineup for our customers, and they're getting more value than buying each one individually in a non-integrated way. So, that line optimization, we've gotten great feedback from customers. They appreciate the value that's embedded in there, and the increase of adoption of Sign is an important part, of that journey. We've seen a great response from customers. They appreciate the value of bringing those capabilities together. Wonderful. Acrobat, not an offering that we hear a lot about on the earnings call, but you have a dominant position there, obviously. Have you thought about a price increase for Acrobat, with all the innovation underway there, you know, and across collaboration and eSignature? Yeah. So we've got a clear market leadership when it comes to digital documents. PDF, the most pervasive file format, on the planet, Acrobat is the best way to engage with that. PLG motion is alive and well, but I would orient people to the growth algorithm. New user adoption, see that alive and well. Make it pervasive. Make people engage- with our capabilities in a pervasive way. Take them on journeys- Get into the digital workflows. Bring Sign in, natively embedded those capabilities into the Express product. Bring more stakeholders in the creative processes enterprise. In the Adobe ecosystem, get on their desktops, engage more meaningfully- with the ecosystem in those digital workflows. Embed collaborative capabilities seamlessly into these products. You see that philosophy alive and well. Pricing is third of three from a growth algorithm, but we're focused on new user adoption. And over time, based on the value we deliver, deliver to customers, there's an opportunity to turn a dial from a pricing standpoint, and we'll certainly do it in a way that's value accretive from a customer and investor standpoint. I'll just jump in with another- Wonderful stay tuned. For those who tune in for our investor event at MAX, there's gonna be some exciting innovations that we preview there on the Acrobat business that show how we can increase the value and the capabilities of what's possible, and we're excited about that. Wonderful. Great. And then a final question here, one that just came in, back to Firefly and some of the metrics that you provided there. The question is: Did the 3 million beta downloads generate the 2 billion of images, or was there a standalone Firefly that also contributed to the 2 billion? Yeah, definitely the standalone has contributed to it, but we did see a bend in the curve once we natively integrated that and brought it to life in Photoshop and Illustrator, and it really sharpens the perspective. There's three pillars generative AI capabilities: there's data, there's models, and then there's the surface area. Of those three, the surface area, the product portfolio, the workflows, is the most important aspect of bringing these technologies to life in a way that customers can get productivity enhancements. In the absence of that workflow context, in the absence of that product context, it's almost just a novelty. The magic of- Wonderful bringing it to life, we saw it from a data standpoint, really sharpened our perspective on the importance. We've got the world's best imaging technology and models. We've got the cleanest set of data to bring it to life in a commercially safe way. But that surface area- Natively embedding it, that's where the real power and magic, and it's the hardest to replicate for others that are trying to bring these capabilities to market. So we think we've got a distinct advantage in the way we engage with our community, and we saw those signals as those betas came to life. Customers, that's what drove the 3 million downloads by historical standards, a signal like we've never seen before. Wonderful. Well, Dan, Jonathan, thank you both so much for joining. Great session here. Learned a lot, great dialogue, and look forward to seeing you at Adobe MAX in a couple weeks. Sounds good. Thanks again for the invite. Good seeing you, Brad. Thanks, everyone. Bye, guys.