All right. Good afternoon, everyone. Thank you so much for joining us. I'm Matthew Swanson, equity research analyst here at RBC. We are so excited, fresh off Q2 earnings, to be joined by David Wadhwani from Adobe, President of Creativity and Productivity. Thank you so much for giving us some time this afternoon. Thanks for having me, Matt. I guess maybe we'll start by going back to the beginning of this current era, the beginning of 2023. If maybe you could just talk to us a little bit about how generative content has played out since these early days when we were all figuring out how to generate hands with less than seven fingers, to today relative to your expectations. Then maybe just as a fun thought exercise, maybe what you would have done the same and what you would have done differently going back to that time. Yeah. It's a great question, and one of the truisms is that the amount of change that we've seen across the ecosystem has been, I think, astounding. If I think a little bit about the journey we've been on, Matt, obviously we started with this idea that we are going to develop our own model, Firefly. We're going to do it differently, focused on commercial safety, and that would be our core differentiation relative to the market. We'll start to build more and more tooling around it. That has, and I can explain why, as a foundational layer, that has played out quite well for us. I think we all recognize that Firefly because of the way we train it doesn't represent what I'd call the SOTA, or state-of-the-art frontier models for image or video in the generic sense. It is a terrific model for editing. It's a terrific model for customization in enterprises. It really has made a difference in terms of the workflows and our ability to position in these organizations. From there, about a year ago, we started leaning in much more into aggregating not just Adobe Firefly, but a series of these other models into what we're increasingly referring to as Adobe Firefly Studio. Adobe Firefly Studio is the place where you can access the Adobe Firefly models, but all these other third-party models do some generative work in that. That was the next context, and maybe even generate across things, like generate an image and use that image to convert it and generate a video. You started to have these, what I'd call these very short but basic workflows integrated into it. More recently, what these models have started to do is really turn the corner in terms of editing capabilities, not just creation and generation capabilities. That's let us now start to expand the roadmap for what we can do in terms of Adobe Firefly Studio to be able to create what I'd call more traditional experiences for not just generating content, but also editing content. You can upload an image, you can edit the image conversationally, and then you can use that to go into these video generation modes and workflows. Again, we're starting to see the workflows extend and become more powerful. What you'll start to see, actually, please keep an eye out starting tomorrow, and we have Cannes coming up. Those workflows are going to expand even further, because now it's not just about how you take and generate content, but then how do you assemble content? How do you work across projects in these ecosystems? That's a really big push for us coming up in the next few days, weeks, months, that I think fundamentally changes from, hey, this is about generating something cool, to this is about doing legitimate work. The last thing is that we've been, at the same time, taking all of our traditional tools and turning all of the capabilities into MCP endpoints. Now we have, and we've launched our creative agent. You'll start to see more announcements about that as well in the days and weeks ahead. What we're seeing there is now being able to do all of this stuff through a standard conversational experience with the ability to switch into more precise editing and back. That's really going to be the foundation of how we differentiate. It's a little hard for me to say what we do differently in the context of the specific of the question, but what I would say is that evolution is that I think, and I take some great pride in the fact that we've kept up with all of these changes and evolutions and really integrated into these workflows, and that's really what's driving some of those Creative Cloud numbers that we talked about last week. Yeah, I appreciate that. Actually, I jumped the gun slightly here. For all the investors on the line, there is a Q&A button in the top right corner of your screen. If you click through that, you can ask questions to me through my email box, and we'll keep this as interactive as possible. Maybe looking back to last week's earnings, you had a lot of positive metrics around some key areas of focus, key areas of investment for Express, for Firefly, for Acrobat. Can you talk about the areas of strength we're seeing right now in terms of the ARR growth, and then maybe what you're seeing in terms of things that are offsetting that? Yeah. As we talked about, I think AI first ARR has grown to $500 million. We saw Firefly ecosystem from individuals to enterprises approaching $300 million at this point. A lot of the foundation of those kinds of things are a result of what we talked about, which was that we're seeing more demand for these AI capabilities. The capabilities in our products is also starting to elongate, and we're able to do more than what was once a question of, hey, how do you generate a cool image? Not with seven fingers, but five fingers, and then how do I generate more images, these kinds of things. That was what I'd say inning zero of AI. As it matures, people are going to need more fulsome workflows around these things, both in the context of individuals and in the context of automation and in enterprises. The fact that we've been so quickly sort of adding these workflows, that's what's driven the growth in those businesses and why we feel so confident about the long-term health and potential of those businesses. Offsetting that in the short term is, I think, a little bit of-- Sorry, it's that shift of user expectations and behaviors that are coming in the context of the rise of AI. We've always seen a bit of a movement toward freemium, obviously, over the last decade or so. That in and of itself isn't new. What we are seeing that is new and accelerating is we're seeing a significant growth in terms of intent-based search. When you're in an LLM, like ChatGPT or Claude, instead of just doing a search, you're actually asking how you do something, or what's the best way to do it. That translates into people doing more intent-based search on traditional search ecosystems as well. As that composition of user behavior is shifting from, "I want to go buy something" to, "I want to do something," that gives us a lot more traffic, as we talked about. That traffic has to flow into a freemium experience. That takes time to nurture and monetize. Those are the offsetting factors. We can feel really good about what we're seeing in terms of this growth, but as we do that, we are taking traffic that would have traditionally gone to a direct-to-paid Photoshop experience and saying, "Actually, we're better off long term migrating it over to these freemium experiences, because the customers will be more satisfied in that context." Those are the offsetting factors. Our first question coming from an investor here. We're obviously in a huge moment of digital transformation as a market in general, and at the same time, you guys are going through some executive transitions. What do you think are kind of the most important pieces for Adobe's next set of leadership to have to kind of take you through this next stage of growth for the company? Yeah, as you can imagine, that is something we're very focused on, with the board and how we think through this. A few things. One is, we are in a time of product evolution and reformation, right? I think from a executive team perspective, we need to make sure that we continue to lean in heavily in terms of leaders that understand and are highly opinionated and passionate about products and development. Adobe's always been a product company. You know that when you talk to Shantanu. You know that when you talk to Bruce and John and Chuck before that. That's been the foundation of when we do best. Especially in these moments of transformation in the industry, that product mindset has always resulted in Adobe being a stronger company on the back of the transformation. The second thing, though, is that two other things are equally important. We've been very focused, and we've talked to you guys about in the past around our data-driven operating model, the digital flows. That flow is changing, we want leadership in place that understands and has experience developing these freemium flows in the past. We want to make sure that throughout the company, we are thinking about the evolution of what we call our data-driven model to the free data-driven model. There's an evolution there. We have a lot of the infrastructure in place. We've been doing that for years with Acrobat. We just need to make sure that we continue that. Thirdly, in the context of enterprise, we definitely see this evolution where enterprises are looking for not just the technology. They're looking for the solutions and the hard ROI to be delivered alongside with them with integrated services. It's going to be the mix of strong product vision and passion combined with go-to-market execution. That's helpful color. I think you've mentioned the freemium transition a couple of times now in our first few questions. I'm getting more questions on this coming from investors, too. It's probably the biggest topic of conversation since earnings last week. Yeah. Could you talk to us a little bit more about what's giving you confidence in the long-term benefit of the freemium conversions? Also just from a different perspective, has anything changed about the way you're thinking about freemium compared to late last year when the idea of maybe the conversions coming more in the second half of this year, and now it's kind of shifted to being pushed out a little bit further? Yeah. All very relevant questions given what we shared on the call. First of all, what gives us confidence in terms of this transformation, right? We talked about it. Traffic is up 40% year-over-year. That gives us sort of that highest level of demand and intent that we can see. It's not just sort of generic organic traffic, it's intent-based traffic. We know what people are trying to do, and we recognize what that is. The second thing we've done is that part of the reason we're getting that traffic is we've evolved how we think about the algorithms with search and SEO, SEM, but also the algorithms with LLM optimization as well to lean into that intent. That's why we're getting that. That's the earliest signal that the intent is growing, but we're capturing more than our fair share of that intent. I think that should give us confidence at the first derivative level. The question is, are we able to convert that intent to MAU, right? If traffic grew 40% year-over-year, the creative freemium MAU grew 70% year-over-year, and accelerated from last quarter, which was 50% year-over-year. It gives you a sense that we're actually getting pretty good about taking that traffic and converting it into users that are getting benefit from it. We talked a little bit on the call, one of the dynamics that we see is that that traffic is looking for fast gratification, immediate gratification. They're not looking to go and pull out a credit card and say, "Okay, well, let me go buy this product right now." They're looking for immediate gratification. By leaning into that, we're seeing that top of funnel turn into engagement with Adobe. We think that's a really important point, especially now as there's transformation and there are alternatives out there. We want them engaging with Adobe as the primary destination. That's what we look at. Third, once you've got that engagement, you need to start to convert that into the formation of habit. Right. I think a little bit of that evolution is what we're learning and what we're always playing with in terms of how we were thinking about the second half versus where we are right now, is that habit formation is an iterative process. We need to give ourselves room to develop that for the long term. If we try to convert that initial monthly free usage too quickly, they bounce out. If we wait too long, we minimize what ARR is. We're trying to figure out what that Goldilocks is. A few truisms there that we're already observing is that if users start to form habit before they purchase, their usage of the product after purchase is higher and their lifetime value is better. Really, the message to take away is we're doing a good job of capturing the intent. We're doing a good job of converting that intent into MAU. The next step of focus for us is turning that MAU into habit formation. Then we will get to that habit formation to ARR. I understand and empathize with the desire to know exactly the timeline and those things. We are, of course, and I think you guys understand that, we are very focused on the long-term opportunity for Adobe, and habit formation is really the next thing that we need to drive. We're seeing really good positive signals. When it happens, we're seeing good positive signals in terms of lifetime value. At the risk of being slightly redundant here, I did want to touch on the other half of the Creative Cloud line optimization- Yeah Just the pressure that that has on second half ARR. I know it has a lot to do with the similar themes we were just talking about, building the freemium funnel, and then also thinking about that customer lifetime value from a monetization standpoint relative to an immediate monetization event. Could you just talk a little bit about how that's the same and how that's different than. Yeah the freemium concepts you just spoke to? Yeah, I think, Matt, this is an area I think we've gotten a lot of questions of, like, we understand the strategy around leaning into the freemium part of the funnel and the evolution that's happening in the market, why not use and potentially drive price increases on the existing base? We've said it, and I think it'll take some nuance to explain, it is an important point for us. The reason we're not pulling that lever right now is that as much as we would love to look at the market through these hyper-siloed lenses to say, "We can take an action in our Creative Cloud base that doesn't impact perception of the freemium funnel," the reality is the market is much more commingled than that clean separation. The number one thing in my philosophy in terms of how we build this for the long term is to take the right methodological steps as we go forward and don't confuse our learnings in the process. Right? If we were to raise prices, we would send mixed messages to the market, those mixed messages would have some impact. We see that. We know that Adobe is already seen as a premium industry-leading capability and tool set. That is the perception we want to benefit from. If we do anything there, it does influence the other part of the market. Our primary focus right now is really proving out this freemium strategy in a way that we can share with you more actively. Anything we do that distracts from that internally, from an execution standpoint or with the community and the message we send them, we just don't think is building the foundation that's going to give us the long-term opportunity. Switching to an area where we are seeing a lot of monetization, you talked on the quarter about AI-first experiences. Going back to Adobe Summit last year, you were at $125 million of AI-first ARR. Now we're up over $500 million, 3x on a year-over-year basis, and that includes Firefly ending with $300 million in Q2. Could you just talk to us a little bit more, we're trying to think about where this TAM is going. Where are you seeing these budgets coming from, right? What's the right way to think about how this is being driven relative to those traditional spending buckets that you've been selling into for 30 years? Yeah. Let's break this into two sides of the equation. One is individual end users, two is enterprises in the context. Let's start with individual end users. I think it's very clear, we see this in our own lives, I would imagine, that if you think about it in the context of a business professional or a creator or creative professional, we're all trying to get something done. When we use AI in a way that actually makes that easier, I get more time to go do something else. Often that is, I can take on more clients, or I can further my career, or individuals on my teams are able to produce more. Clearly when we talk about things like Firefly or when we talk about things like AI Assistant in Acrobat as examples, that's really the motivating factor. We see, we've talked about this a bit, really good attach rates and usage of these capabilities in the product. That one I think is pretty easy for us to all internalize because I'm sure we're all using AI in different ways to further what we do. When we look at it in the context of enterprises, let me give you a few examples of what is driving the growth in terms of AI first in that world. When we've met with some large enterprises, they are actively looking for different ways to make content production more efficient internally. Right? You can imagine one of the things that they need to do is they need to engage customers wherever they are. If I create a video and that video is a letterbox video and it's optimized for YouTube, I want to have that run on TikTok and Instagram and pick your favorite platforms, I then have to go through a process of reformatting, reframing that content and sometimes translating into different languages and things. That's a very expensive process. Something like our Firefly enterprise offerings now take that and really automate all of that process. Instead of waiting weeks to get it done and instead of paying tens of thousands of dollars, you can get it done in minutes, and you can pay a fraction of that to us. It's much more moving to this outcome-based pricing, or output-based pricing that people can look at and say, "I get the value, I see the benefit, and I can do that." Those budgets are transformation sometimes. I think when you talk to most enterprises today, you hear the phrase, "We're trying to insource a lot of this kind of repetitive work." That's where they're reallocating the budgets, and we tend to be the beneficiary of it. That's helpful. We have another investor question here, and it says, "We understand that Runway and other video generation companies have been accelerating ARR and saw a lot of strength in net new ARR. What are they doing right that's capturing share of this new market faster than Adobe? I don't actually think that's an accurate statement in my mind, based on some of the things that we're talking about, the scale we're talking about. There are 2 types of deals that can happen. There are short-term spiky deals, and there's a baseline of a run rate that builds, that's more durable and more sustainable. If you look at video usage that we're seeing on top of our models, we have the broadest set of video models that we offer. It's not a single vendor kind of model, number 1. Number 2 is that we are doing optimization of those models in a series of everything from the largest media brands in the world, all the way down to mid-market marketing brands, right? We are seeing that kind of similar growth. Are there certain one-off deals that at their scale compared to our scale might create some short-term look-throughs that look different? Absolutely. Overall, if I think about the competitive landscape as we're entering into these conversations with marketing teams and media companies, we're in all of them, and we're seeing solid growth across them. That actually feeds pretty well into the next question I had, which is, we've talked a lot about a lot of different generative models over the year in the news cycle. The current strategy and Adobe's strategy really seems to be about enabling enterprises to find the right tool for the right job, kind of that idea of enterprise choice. Could you just talk a little bit about the challenge for enterprises if they are trying to standardize on a model when the idea of best of breed is always changing? I think that this is the operative word in terms of exactly what I was getting at, Matt, in terms of these kind of moments and these spikes and troughs and valleys. Our position is I think a pretty good one when it comes to this context because, again, we front all of these models. Not only that, we have more rights for customization of those models than anyone else does. Whether enterprise wants us to do some deep tuning work on top of our model or Runway or Veo or others, we have the ability to do that all the way down to basically just being the front on that. In addition to that, a few things. One is we also give enterprise-grade control in terms of access to those models. Who do you want to have access to what models? Do you want a lot of questions around do enterprises want access to Chinese models? What are the legal implications of that? Same thing with Runway. Some organizations are comfortable with Runway, some are not. Some only want access to the commercially safe models because of the way they're using it. We have a layer that gives enterprises, A, visibility into who's using what B, we embed Content Credentials into everything we generate, so anywhere in their workflow, they're able to understand what model was used and how it was generated so they can decide whether that piece of content can flow into AEM or can go out to customers, and what regions they're allowed to go out to. We give them all of that control. exactly to your point, more and more, Model A may have a spike in capabilities here, Model B may have a different spike, and when a prompt comes in or an intent comes in to do something, we can route it to the right model based on the performance of the model, based on the quality of the output, and based on the cost. That foundation gives us a position to basically say, "Look, these models, they're all great at different things and at different times." We can obfuscate all of that complexity away for you. One more thing I'd say, Matt, for the investors, these models will always have examples of an individual in an organization that championed that model and said, "I want to bring this model in," and maybe paid an outsized amount for that model for some use case. That's the point, that's the difference between finding a few champions and building a durable business. I think you can hear two things. You can hear exactly what I'm saying, and I believe that's the foundation of how you build a multi-billion dollar durable business, and you can hear, at the same time, that a model provider here or there had a good quarter or two. Maybe on that same line of thought. Sorry, I got off by one question. There's been a really popular kind of buzzword, I think, in the generative AI space across all sub-sectors, and that's orchestration. It's something Adobe's talked about more, about having this kind of centralized repository for content or a single source of truth is something we hear a lot, especially for omni-channel advertising and all the different form factors that you need things in. What are you seeing in terms of, I guess, enterprise adoption, how important that layer is? I know we're getting a little bit onto the other side of the business. Yeah I've never felt like you guys have more of a centralized story than you have these last couple of years between them. Yeah. Very excited about that. In a sense, if you think about the evolution of our CXO business and the products we've sold, we have a foundation that is based on a number of best-of-breed capabilities around brand visibility, around content supply chain, around customer engagement, right? The foundation of all these things is there. If you think about it, you have individuals in an organization that are responsible for brand visibility. You have individuals that are responsible for content supply chain. You have individuals that are responsible for the real-time CDP or CJA, and customer journeys, and these kinds of things. One of the things that is most inefficient in that flow is how you orchestrate through lines across them. Right? We were just talking to a large enterprise customer yesterday, who's basically said, what they're doing, this is with us, they're looking at the through lines across all of these things and saying, "What are the number one?" They came up with 41 through lines, basically, to say, when someone brings in traffic, I then need to be able to develop content and identify the segment that I want the traffic to be cohorted into, and then build a campaign around that. Right? That's a through line on some activity. In order to do that through line today, you have to get people that are subject matter experts in each of these and stitch that together. What we announced at Adobe Summit was CXO, sorry, CX Coworker, and actually, it went GA last week. Interest in that has been extremely high. Right? It's because of this reason. As you look at the orchestration across this, to be able to have skills that understand when you bring in new traffic, these are the things that need to happen, and automate that through line, that is the holy grail where people unlock not just the capacity and capabilities of these things, but you get a much faster through line in terms of outcomes, and a much more thoughtful outcome based on the data that AI is able to take a look at. That orchestration is critical to our long-term success, and CX Coworker is off to a great start because of that. Demand is very strong. Yeah. No, I'm going to pick up on that line of thought in a second, we got another question from an investor, and it just would not be 2026 or 2025 without some commentary around seat count. Is unit growth positive in the Creative Cloud business if you exclude the Express business? In terms of how you're thinking about pricing, should growth start to mirror volume growth over the next 12 months? Growth, referring to revenue growth. I see what you're saying. I'll put it a few ways. Without a doubt, we are seeing more people using our products on a monthly basis than ever before. That gives us that long-term confidence that we're talking about. The mix of freemium and paid is evolving and shaping, and that's what we talked about on the call the other day. Where this settles out in terms of the ratio of free to paid, that's a little bit of the work that we're doing in terms of the habit formation and the time to conversion, and that will take some time to play out. At some point, that does normalize out to some metrics that you'll be able to start to look at and say, "Hey, look, MAU growth is a leading indicator of ARR growth with this ratio or set of ratios applied to it." We recognize that that's something that we need to give you guys more and more visibility into over time. That certainly is our intent. Just in the fullness of humility and transparency, those are the things that, as I said, we've gotten very good at capturing that top-of-funnel intent. We've gotten good at converting that to MAU. We have some really good signals of how we convert that MAU to habit formation, and we have some good signals in terms of that habit formation to better lifetime value conversion. We just need to give ourselves a little bit more room to iterate and experiment along that journey. We feel like that's something we've done in the past with Acrobat, and that's now something we're going to apply to the creative side of the business. Maybe adding one more question onto that kind of thought on that side of the business before we flip back to a little more on the enterprise. When you think about some of the trends or concepts you're seeing from the prosumer versus the consumer bucket- how, and maybe this freemium or top-of-funnel motion, what do you think is important to both those groups and how you land, expand, retain within- Yeah both those buckets? Yeah. First of all, I think it's probably a fair statement to say a few things. One is we're seeing, to use these phrases, the consumer demand for content creation is exploding. Right? What that is doing is that's also translating to more prosumers coming into the ecosystem. Put another way, the language we would use is consumer demand is exploding, but we're now starting to see business professionals and creators saying, "Hey, I want to create visually rich and/or video content for what I'm doing." Right? Of course, beyond that, there's creative professionals and what they're looking to do. I think the volume goes up at the high end with consumers, the monetization capabilities are part of that pyramid, much more significant with business professionals that are looking to do this or creators that are looking to do this, and even more significant with creative professionals. If I look at this, Matt, we're very focused on the business professionals and creators as that next big category that's being formed. If I think about the intent, many of the consumer use cases can start, whether intent and search or start in the LLMs, we're going to grab those users where they are, bring them into the flow, and part of what we see is a selection bias based on how we build our applications, in terms of more toward the business professionals and creators, the prosumers who are willing to pay. If I'm willing to pay, I'm really looking for more of those workflows I talked about at the beginning. I'm not looking to just generate an image and hope it has five fingers. I'm looking to actually orchestrate a project to create something that has a very strong intent and purpose behind it. That's where our tools really shine. Yeah. No, that's super helpful. I guess this is another one of those comments that probably could be used for just about any software company right now, it seems like a lot of the generative AI conversation is starting to shift now from what can we do to what should we do, right? ROI has become such a focus to kind of justify gen AI investments. Yeah. Could you just talk about the role attribution and performance measurement is going to end up playing in the TAM for creative in general? Yeah. Really just kind of like I think, yeah, you get the question. Yeah, absolutely. This is one obviously near and dear to my heart, both in terms of what we sell and frankly how I run my consumer business or my adobe.com business as an example, or my B2B business on this stuff. Yeah, I think they're highly related. If I think about the evolution of, you started the conversation with 2023, and I answered it in the context of individual end users. Let me answer it in the context of businesses. In 2023, the excitement was there for all of this technology, and everyone was like, "Just let me at it." In the following year or year and a half, the focus was, "Great, I've had at it, and I'm not getting any value out of it." I need to go out of the, what we used to say, they want to leave the playground and go from the playground to the platform. So they started to basically ask, "Give it to me and tell me what to do." So we would do that. Everyone in the industry was doing that. The disconnect between the activity they were doing and the ROI they were receiving was still hard to connect that attribution in. If you think about it in the context, boards used to just say, "Use AI. Use it." Now they're asking Token costs are going up. Tell me the ROI you're getting associated with that. Now the evolution is to say, "Hey, can you just do it for me more and more?" This is where you hear us talk significantly about it's not just about the platform that we have, but it's about the relationships and the trust we have, and it's about the strength of the integrated services and forward-deployed engineers that we're placing in these organizations that really matter. Because we have the technology that identifies how to improve brand visibility, identifies how to create better engagement, measures it all, and creates the content, that flywheel, we're in a really unique position to walk into these organizations and say, "Look, we've got all the right pieces, but just as importantly, we have the right people to help make sure it's implemented correctly and help make sure that not just is it implemented correctly, but you make the changes in terms of your internal processes to do it." This is the example I was giving earlier. Remember that company I talked about, we've identified 41 through lines? Just using AI doesn't get you the benefit. Actually, taking the cultural usage of that AI in the organization and fixing the through lines, that's where you get the difference. That's the conversations I have with customers, and our DX organization is having all the time. All right. We've got another one from an investor here revisiting some of the freemium concepts. The idea is that there's such a proliferation of products that's out there versus when you went through this with Acrobat. Can you just help us understand the confidence you have that you'll be able to convert and retain these customers, and what should give investors confidence that this timeline won't get pushed out again? Yeah. A few things. One is innovation's in our DNA. I'm going to go back to that evolution that you started the question with, Matt, is that there's. We've, by the way, we saw this back in the day when we were developing our apps as well, our Creative Cloud apps. At the beginning of the market, the expectations and the needs of these applications are fairly low. Like, can I generate an image? A lot of people can build a product that can generate an image very quickly. Can I take one image and make that an input into video generation? A lot of people can do that. As you move up the stack, as you start developing products, projects, as you start creating a collaboration infrastructure so multiple people can work on multiple projects along the way, as you start introducing Not everything gets done, by the way, with AI. It just doesn't make sense to that point. It's cost-effective, it's expensive, it's slow. Even 10 seconds to generate an image, it's magic, but it breaks the flow. Sometimes you can just apply traditional technology to have the same outcome that's richer and/or more precise. As you move up, you start building these workflows. As those workflows start including the 40 years of innovation in our tools atomized directly into these new workflows, combined with richer context permanence, you start to establish this fundamental difference. I think it's an interesting corollary that doesn't have total consistency, but it gets the point across. I think Cursor's an interesting example. You're going to see these harnesses for AI get deeper and deeper and richer and richer. That is a fundamental truism of where we start to differentiate, and not everyone will keep up. The fact that there are a lot of players in this space should not be a surprise. The bet that you would be placing on Adobe is that we have all the right people, the knowledge graphs, the proprietary data to implement this in a way that as the sophistication and the needs and the demand evolve and mature, not everyone will be able to keep up with us in that context, and we're just in an advantaged position because of that. All right, David, we're getting really close to time, but I'm going to sneak one last one in. We started off looking back to 2023, maybe looking ahead to 2030. What do you think is maybe the most underappreciated part of how this market will evolve, or what are you most excited for? Yeah. Honestly, it's literally the last question that was asked. I think we're in the noisiest part of the market right now. We all feel it, by the way. I wake up every morning, and I'm like, "What's happening here? What's happening there? Should we be reacting to it? Should we not be reacting to it?" Right? I think one of the things I talk to the team about internally, and again, this goes back to some of the time I've spent with many investing in and running earlier-stage growth companies, is the power of pivoting. Right? If an organization cannot pivot in this world when there's dynamism in the market, we have a structural disadvantage. I take a lot of pride in terms of how we have pivoted and evolved based on what's happened in the market. That said, that pivoting and that evolution starts to shine the light clearer and clearer on where we're going. In my mind, 2030, it's exactly where you said. It's about how do I really take this stuff and turn it into things that creators, business professionals, creative professionals, marketing professionals can rely on deterministically to get the outcomes I need, especially given that there's token economics at work here, right? It's not like I just buy something, and I just try it. As that happens, that favors the companies, I believe, like Adobe, that have the long-term understanding of those markets and those domains, that has the traditional capabilities that can get atomized and reconstituted alongside the models, and are willing to take the risk to shift the business to match the behaviors that we're seeing, right? 2030, I think, at that point, first of all, things move so fast. I always hesitate to prognosticate more than a day in advance, let alone three or four years in advance. I think it matures. I think the hype cycle goes to real productive output, and that's going to really, I think, advantage what we are and what we can bring. All right. I think that's a great place to end it. Thank you so much for being so generous with your time, and thank you to all the investors for attending as well. Yeah. Likewise. I just want to convey my appreciation, first to you, Matt, but also to the investors. I know that times of change require us convincing you of where we're going, and I appreciate you taking the time to hear us out.