Welcome everyone, and thank you all for joining. To the countless folks online as well, thank you for tuning in. I'm Doug Clark, Head of Investor Relations here at Adobe. I hope all of you have had a chance over the past two days to check out some of the keynotes and the incredible innovation that we've had here on display. This session is an opportunity to tie all of those amazing innovations with our business strategy, especially how we're embedding AI into our entire product portfolio. We have Shantanu, Anil, David and Dan to provide updates, and we'll really have a lot of time for Q&A at the end. Here we go. Some standard housekeeping. The statements that we make today may include forward-looking statements that involve risks, uncertainty and assumptions as of today, April 21st. Our actual results could differ materially from those set forth in these statements. Please refer to our presentation and our risk factors in our SEC filings for more information. Today's slides, including non-GAAP disclosures, reconciliations, and additional information, are posted on the investor relations website. Also, a brief update on our pending acquisition of Semrush. We've received all regulatory approvals, and following the expiration of required waiting period, we anticipate closing Semrush in the coming weeks. We look forward to incorporating Semrush into our business and will provide an update to our full year financials as part of our Q2 earnings in early June. Today is really about the transformation of the customer experience orchestration, and making Adobe's agentic vision a reality. It's my pleasure to welcome Shantanu, Anil, David, and Dan to the stage. Thanks. Great. Thanks, Doug. Let me also extend my welcome both to those who are joining here in person today, as well as those who have tuned online. What we thought we'd do is just actually talk a little bit about all the innovation that we've delivered and put it in the context of what we've always talked to you about. The mission continues to be empowering everyone to create. We certainly believe that AI is going to be a massive tailwind, and over the next few slides, I'll talk a little bit about how we think it both expands and accelerates the opportunity that's available for us across all of the audiences that we serve, which is on this slide. We have been, for a while now, talking to you about how we have been actually ensuring that all our innovation is really focused ruthlessly on the customers that we serve. The three key customer audiences that we serve are the business, professional, and consumers, making sure that we deliver these AI-powered, new conversational, quick and easy apps to ensure that we can actually deliver both creativity and productivity. We've been the first company to talk about the fact that we think creativity and productivity are coming together, and anybody who's trying to be productive has to ensure that there's a significant amount of creativity involved in that. The core of the company continues to be everything that we do around creators. These are the next generation folks who are embracing creativity as a profession, as well as the core creative professionals. For them, ensuring that we have AI as well as the power and precision that they really need in order to bring any media type, any content that they want to life across any surface. David will touch more on that as well. That continues to be a significant opportunity for us, and we'll touch on that. We all know that more and more of this digital content is actually being produced by organizations and as part of what marketing professionals do. Today, as you saw, we unveiled significant amounts of innovation as it relates to this area and category that we're calling customer experience orchestration. We continue to believe that our ability to do what we also call as GenStudio, which is create, deliver, optimize, analyze, and ensure that all of the content that's being created is being served to address for every enterprise their next generation of consumers. We think that's a big opportunity. You have seen us over the last few quarters talk about how when we think about where all of this creative content is going, it's increasingly going from the creators and creative professionals to the marketing professionals and within enterprises. The two things we thought we'd all touch on is, if you take a step back and think about those audiences that we serve, it's clear that we serve a lot of end users. We've talked about MAU, we've talked about the 850 million people who are using our products, and enterprises. Enterprises who are all increasingly focused on what we used to call digital marketing, what we call customer experience management, now we call customer experience orchestration. We thought we'd just take a step back and talk about what's happening. As you hear all of these massive announcements that seem to come every single day, how do we put that in context of what that means for Adobe? How do we innovate, as well as how do we monetize all of what you're hearing every single day as it relates to AI? We decided to bucket that as it relates to what's happening on the individual side, how are individuals thinking about it, and what's happening on the enterprise side. You see this, and again, as I said, Anil and David will also add to that. The first thing that we think is that this market opportunity is actually not just changing, but it's expanding. We continue to believe that AI is going to be a tailwind for the entire category as it relates to the number of people creating, the amount of money that's spent on creating, as well as the same thing as it relates to customer experience. These additional surfaces, every single time you hear about a new additional surface, whether it's Microsoft Copilot, whether it's ChatGPT, whether it's Anthropic and Claude, we just look at this and say it's an additional surface, much like when you had desktops and you had mobile devices and then you had the web browsers. It represents another surface on which people want to create as well as they want to consume. It's a big opportunity for us to make sure that our technology is available, maybe in different forms, but that's at the highest level how we think about the additional surfaces. AI also provides this unique opportunity to provide conversational interfaces as well as agents. There was a lot of announcements. You'll see more information on the second page. We think, again, that further democratizes the ability for you to do content creation as well as productivity. These conversational interfaces and agents that we're seeing are all about achieving your outcomes faster. Media generation models. Every single day, there's probably a media generation model. I think Adobe has done a phenomenal job of incorporating it. They're all going to have different characteristics, different attributes. In our products, whether it's Firefly or Photoshop or Illustrator or Premiere Pro, we're going to make sure that we support these different models, and over time, ensure that we can actually deliver for the customer the ability to understand what's the right model for whatever task they're performing. We'll talk on that. Certainly, there are new AI-first applications that will emerge. We have with Firefly, a new AI production studio, and we can talk about how we're doing semantic editing in there, how we're doing mood boards in there, what we're doing with Graph, what we're doing with idea generation. These new AI-first applications is another way for us to attract people to our platform. The business model, as we think about it, and a lot of these are "ands" as it relates to our opportunity, the business model is also an "and." In addition to the core subscription-based pricing, we'll talk about how we're doing consumption-based pricing, whether it's credits, whether you call it tokens, as well as freemium. That's what's happening on the individual side, as individuals are like, "How do I discover where I can go for creative expression? How can I start a marketing process as an individual with an end user application?" On the enterprise side, if you think about it, and again, those who were here both yesterday and today, the excitement around that, every single customer that I've talked to on the enterprise has been talking about, "Hey, help us take advantage of all of these new things that are happening that we all have to deal with with your products." Additional channels where these conversations are happening. We have the new LLM channels. That's where we have to make sure that we allow people to understand what conversation's happening, what's their brand visibility. These additional channels, whether they're channels to acquire customers, whether it's channels to place their ads, or whether it's channels to engage customers, the importance of that certainly becomes more important. Much like on the individual side, all enterprises have to make sure that they offer conversational interfaces for anybody who's coming to their site in order to do that. These new coworkers and agents, the fundamental way in which we can make all of our technology available, first as MCP endpoints, then as skills, and now as coworkers and agents. The monetization model for that is when we have a deal with an enterprise, we ask them what kind of capacity that they want for these agents to be able to automate content production. For those who were here this morning, you heard Shailesh talk about for all of his brands across Procter & Gamble, he wants to just create ginormous amounts of content. Some of that will be created by individuals, some of that will be created by coworkers and agents, and that's the provisioning as well as the licensing that we will do with enterprises. Certainly, there's a lot of conversation around AI coding and what's happening with AI coding. We believe this AI coding will allow further personalization and further customization within enterprises. There hasn't been a single customer who's been telling me that they intend to use the AI coding in any way to replace what we are doing, but they all want to know how can they augment everything that they have. That's the reason why we call it orchestration, because orchestration is going to become way more important. There's going to be this proliferation of different workflows, different applications that are built within an enterprise, but we still have this unique opportunity to make sure we bring it together. Anil talked a lot today about when you think about wherever your systems of record are, in order to orchestrate all of that through, whether it's the Journey Optimizer or Customer Journey Analytics. AI coding will ensure that people within companies do more coding, but it actually puts even more focus for us on making sure that we can orchestrate all of that, both through individual services that we offer to those customers, as well as orchestration across that. An area that we're getting a lot of interest in and excitement, and you heard people talk about that, is these enterprise models, which is how can you take, whether you're Procter & Gamble, perhaps, and you think about what is the Old Spice model in order for me to create content? This is what we represent both as it relates to Firefly and Firefly Foundry, as well as what we can do with GenStudio creative production. We're going to continue to push the envelope on making sure that in an intellectually appropriate way, that we can provide these enterprise models that actually leverage all of the data that an enterprise has in their organization, whether it has to be with an individual or whether it has to be across the organization. Similar to the end user that we're doing on the individual side, the business models will also now include consumption and outcome-based pricing in addition to subscription. If you want to create a whole bunch of content using GenStudio, we can certainly understand how much content you want to produce and price that accordingly. Hopefully, this gives you some flavor of framing all of the things that you're hearing about AI. What the next slide does is actually then talk about some of the incredible innovation that we've done across each one of these. I won't spend all my time on this, but I think you can see whether it's wow, as the additional surfaces have emerged, Adobe has very quickly delivered the appropriate creative technology in there. Conversational interfaces, David will talk on Creative Agent and the availability of that, in addition to what we've done with, like the Acrobat AI Assistant or a Photoshop AI Assistant. The proliferation of media generation models, we monetize that through what we are doing with Firefly, and as I mentioned, the subscription as well. We have both the freemium as well as consumption-based models that are now available for us. On the enterprise side, all of the new offerings, LLM Optimizer, the fact that everybody wants to now understand how they can optimize their LLM. Doug mentioned that Semrush, we've got all the regulatory approval. We will now have GEO as well. All my customer visits, they can't wait to hear how we're going to help them both with their SEO as well as with their GEO. I'm sure Anil will talk about that. Brand Concierge does the conversational interface. The message I think to all of you is our innovation has captured all of the ways in which AI can actually be a tailwind and make sure that we continue to deliver innovation across each one of that. The metrics that we use in the company, given the breadth of the business, given the scope of the business, certainly I think as it relates to the freemium, we have to think about MAU. We monitor credits and the consumption of credits, both within our applications and tiered subscription tiers or as additional credit packs. AI influenced ARR and AI first ARR were ways in which we want to make sure that we're actually innovating faster and looking around the corner to make sure we deliver that. At the end of the day, we think that the total ARR for the company, given how customers also want to procure from us, is the right way to continue to look at how we are growing the business, as you can see, in a profitable way. With that, why don't I have Anil maybe touch a little bit on summit, and some of these announcements, and then David, and we'll give it to Dan then. Awesome. Thank you, Shantanu. Summit has been an extraordinary response from our customers and our partners, nearly 14,000 people in person. There are three key highlights I would call out. One, the category that we have talked about customer experience orchestration in the era of AI resonating really well with enterprise customers. Enterprise customers telling us, "Look, customer experience is a fragmented area for us. We have 25+ applications, lots of manual processes. We are looking to you, Adobe, to really help us in this agentic software to help unify that and bring that in orchestration and help us to use the AI technology in the context of what we are doing and really help with business outcomes like revenue growth, additional customer satisfaction and loyalty, and also with cost savings as well." That's been one great one. Second, all the innovation has resonated extremely strongly. I'll touch upon that in the next slide. The third was the partnerships we announced, especially with all the major AI platforms. If you think of today, who is playing in the enterprise AI platforms, we have Claude, OpenAI, Microsoft, AWS, NVIDIA, all announcing partnerships and expansions with us, so that's been very gratifying and we've clearly seen that response from our customer base as well. In terms of the highlights, the ones in red are some of the ones that I'll call out as Shantanu went through the exact framework. The response has been great in terms of understanding what we do and how we can help them bring the orchestration to life in the customer environment. Few highlights, additional channels. Shantanu started talking about the LLMs. The LLM Optimizer, especially with what we can do with the pending acquisition of Semrush, has been extremely well received because customers already see that as part of one process. I want to have the same team do both search engine optimization as well as Generative Engine Optimization, whether it's for Google or AI overviews, or for ChatGPT or Perplexity and so on. You guys are bringing that together. That's awesome. That's something that's been extremely well received. Brand Concierge enables them to offer a conversational experience and also enables them to have direct interactions with their customers without getting disintermediated. We've seen a lot from customers in retail, travel, and hospitality, and other verticals show a lot of interest. We were one of the launch partners for ChatGPT Ads. Ashley Kramer from OpenAI was here for one of the keynotes yesterday, and we launched GenStudio for ChatGPT Ads to enable our customers, our brands, to have ads placed through ChatGPT. The ads that they develop through GenStudio get activated directly. A couple of examples of the new AI coworkers. We launched CX Enterprise Coworker, which is really a specialized AI agent that knows the entire context of customer experience in a given customer and can augment the capacity and dramatically increase the productivity of marketing teams. Every marketing team that we talk to tells us that they are bottlenecked because they just have too much work to do. They have too many markets, too many customer segments, too many products, too many brands, all demanding attention, and they just don't have enough capacity to do it. It's not just capacity. You also need governance because you got to make sure that just because you have capacity, the same consumer doesn't get 10 different offers from you in the space of an hour. You got to make sure that it gets done in a governed manner, and that's what CX Enterprise Coworker does. We really brought the entire power of what we do with all of our AI and agentic technologies through the CX Enterprise Coworker. We are surfacing that not only through our platform, but through all the major AI platforms. For example, the Adobe Marketing Agent, which runs with Microsoft Copilot, was one, and we saw the example yesterday in the keynote where Charles Lamanna talked about how we are using Microsoft Copilot Coworker with all of Adobe's portfolio. In terms of enterprise models, one of the things that customers tell us is, "Look, we now know that generating content is getting easier," but to make the content really usable, like David was talking about yesterday, to make sure that the content stands out, it reflects the brand, it is compliant, and it's available in any channel that they want, they need to be able to infuse their brand intelligence into the content. You get the output of the generative models, but to turn that into usable marketing content, that's what Adobe Brand Intelligence does, and the response to that has been phenomenal. You saw the example of Xfinity on stage yesterday, and we expect to see a lot of customer demand for that going forward. In terms of our new AI-first applications, the family of applications we announced called the Agentic Web, where LLM Optimizer, Sites Optimizer, Brand Concierge, all part of that, it takes the footprint that we have in our content management systems. Virtually every major website runs on Adobe Experience Manager, and that is probably the best content that a lot of companies have because it goes through a governance process, a validation process, and every product, every brand gets described on their websites. Now they need to make sure that, one, they're allowing the LLMs to pick that up. Many of them block it because they're blocking all bots, and that's not a good thing to do. They need to be much more selective about allowing, whether it's ChatGPT or Perplexity or other LLMs to pick up that content, because that's the only way they show up in the responses to prompts. They want our help to truly understand how these LLMs work, how these new personal agents work, like OpenClaw or NemoClaw. How are consumers actually looking for information? How is the discovery process happening? They want us to help understand that so that they can get their content in the right place. When the consumer asks for something that's related to them, their brand shows up in the right way, in a trusted and accurate manner. Huge demand for that, but because there's really no comprehensive solution like we are offering with Adobe Experience Manager and the Agentic Web for what we call as brand visibility. The last area Shantanu touched on is around business models. The subscription business model, we've obviously started to expand that already with AI credits for a lot of the agents that we have. We started doing that last year with the AEP Agent Orchestrator. We're now expanding that with more consumption-based, token-based approaches. Our unified pricing has been super successful. It's internally named as Pangea, which is our unified pricing model. Virtually all of our largest deals right now are done with the unified pricing model that gives the customer the ability to swap without having to do any paperwork extra, without having to do any kind of extra agreement. Being able to swap one Adobe product for another, that way they have the assurance that even if they get the demand wrong in terms of how much they're expecting, they will not have a capacity problem within their Adobe agreement. That's been super popular. With customers like the one you saw with DICK'S Sporting Goods, for example, today, with leading customers, we have a lot of forward deployed engineering going on and outcome-based pricing that we're doing based on business metrics that matter to them. Those are some of the things that I wanted to highlight. Overall, I would say it's been a very, very heartening response here at summit. Great. All right. I'll talk to the other red boxes that show up in a second. As Anil and Shantanu talked about, I'm going to use this as the framing. I'm going to try to use this to actually tell the narrative. I think many of you have been following what we've been up to over the last few years, give you a little bit of that narrative thread and then tie it back to the products and the monetization. Let's start at the proliferation of media models. We started by building our media models in a very different way. The foundation of Firefly was around commercial safety and making sure that everything we developed in there, people knew they were able to use for production output, but also with a high degree of focus on editing capabilities. The pixel preservation as opposed to just the generation. That's really been the foundation and control and precision that we've been relying on the Firefly models for. Over time, we started to incorporate more and more third-party models from Google and OpenAI, Runway, Flux, and a whole host of others that, as Shantanu mentioned, bring in different personalities and different strengths that each of the models have into that family. We've created this really great foundation of model capabilities that are across the industry's best models, including Firefly and third parties, into our platform. We realized, though, as we were working with brands, that out-of-box generation was not sufficient for production output for these brands. That's why we then evolved, and we introduced this idea of Firefly Foundry and custom model development. Because when a brand generates something, they want that generation to be pixel perfect to the brand elements and the historical way that they've been creating content, or their franchise and their characters and their scenes and their props if they're a media and entertainment company. We started to evolve there, and as Anil just talked about, Brand Intelligence is the next step in that direction. Because what we find is that not everything is necessarily codified in what they've done to date. There's a lot of implied value based on things that they've released in the past. Brand Intelligence now takes all of the capabilities and understanding of what an enterprise is trying to achieve and integrates that into the generation models across the board. That's been a really, I think, powerful foundation that we've built on. On top of that, we think that the introduction of conversational interfaces has been a huge opportunity for us, and we started investing heavily in that about a year ago. About six months ago, we released Photoshop, Express, and Acrobat into the wild in OpenAI. The way we did that was we took the 40 years of technology development for Photoshop, Illustrator, Acrobat, Premiere, After Effects, and we took all of the capabilities within those products, and we started to atomize those as individual, what Shantanu referred to as MCP endpoints. What that means is that any feature in those applications can now be called on by a chatbot or an LLM. That fundamentally changed the way I think people are going to be able to experience our applications. No longer they're going to use one application or another application. They're going to conversationally use across these applications. We took those, and we exposed those in ChatGPT and Copilot, with Gemini and Claude coming in the not-too-distant future. As we did that, and as we were working with Anthropic, we realized that the generic LLM capabilities still lack the awareness and the depth of what a creative professional understands. It still lacks the depth and the precision of what a knowledge worker in a marketing group or a salesperson understands in terms of how they want to use those MCP tools. Working with them, we introduced this idea and announced last week this idea of a creative agent. The creative agent is a more deterministic agent that understands how creative professionals work. It is a better outcome, it drives a better outcome using all of those 40 years of innovation and those tools. That's what we announced last week along with Anthropic, talking about how impactful that will be, both in terms of what shows up in Claude. But then what also shows up in our first-party applications. The other thing I just want to emphasize here, as we've done this in partnership with all of the chatbot providers so that the conversational experience has also evolved. No longer is it about ask a question and get a response. Now, when you ask something to be done, we've worked with them to insert UI responses. If you ask for something to happen that requires more input, that might be more precise through a slider or through some sort of UI mouse-based input, it will give you that opportunity to do that. That has fundamentally changed the way we look at the top of funnel here, because now if anyone wants to engage with creative or productivity capabilities in these interfaces, we're right there for them. Because our creativity and productivity agent understands it better, we're going to do a better job on their behalf. We also have the user interface to journey them into richer, more precise capabilities in our first-party applications as well. That becomes a really productive form of top of funnel for us. If I take all of this and I say, if I take a step back and let's look at it through the lens of business professionals and consumers and creators and creative professionals. For business professionals and consumers, what that's meant is taking everything we're doing with Acrobat and Express, and we're bringing those closer and closer together, as you know, so that you have a single experience for content comprehension, content creation, and content publishing into one integrated experience across those surfaces. What the productivity agent means in that context is, I don't have to do everything myself manually by pointing and clicking. I can actually ask that of Acrobat and Express, and it will do that for me. Similarly, in terms of Firefly and Creative Cloud, the Creative Agent is now a sidebar in all of those applications. The Creative Agent for those of you is actually launching next week, and so you'll be able to start to see that. In the context of that, you'll be able to have conversations, entire conversations around designing a logo, taking that logo that you've designed, putting it on different merchandise, and then taking that and prepping it for social, all through these conversational capabilities using our underpinning capabilities from Photoshop Illustrator. You're having a fully conversational element. Opens up the top of funnel so more people can participate, but drives the usage there. In both of these contexts, we monetize the same way we've been monetizing. We talked about the growth of generative credit consumption. The tokens that we drive has been very significant for us. We talked about in the last earnings call the growth in Firefly add-on packs as well. What these capabilities do with these conversational experiences, it drives more utilization, drives more token consumption, and more value to the user. That's how the monetization flows. Similar to what Anil was saying in terms of enterprise, because of Firefly Foundry, Custom Models, Brand Intelligence, all coming together in Firefly Creative Production, now what we're able to do is move to outcome-based pricing. We all know when a marketing organization wants to create content, they sometimes want to create that content and publish it across multiple social endpoints. If they do that, the creative production and the creative agent will take that and actually do all the work to resize, reframe, and publish that content, and we charge based on outcome there. Similarly, you heard Sailesh today, as a CPG brand, they have a lot of content that's physical content, 3D digital twins. How do you drive that all the way through? All of those capabilities that the creative agent does on behalf of enterprise customers is really capable of being priced at outcome. All of this is about growing the amount of usage, growing the value, growing the token, and that becoming a new line of monetization that's additive to Adobe. Thanks, David. Thank you all for joining us, both in person, online. It's great to be here with all of you. You heard from Shantanu, Anil, David on Adobe's strategy, on our product innovation, and how we're thinking about that opportunity ahead, particularly as AI reshapes how our customers create, how they work, and how they engage. What I'm going to do is connect that to how we're executing on our customer-focused strategy. Because ultimately, for me, it comes down to three things, executing with discipline, driving durable growth, and creating long-term shareholder value. Adobe, we're operating at scale and we're doing it from a position of strength. We've got over $26 billion of ARR, and we're delivering double-digit customer group subscription revenue growth. But at the same time, we're seeing strong momentum from our AI-first solutions, with ending ARR more than tripling year-over-year. If you take a step back and look at the demand signals, the signals are clear. We're seeing growth across our user base. We've got over 850 million monthly active users, and that's growing 17% year-over-year. Just think about that. Over 850 million monthly active users. We're touching greater than one in 10 people on the planet each and every month in the Adobe ecosystem, and that's growing greater than 17% year-over-year. That's a significant addressable market. Engagement. Engagement's increasing. Credit consumption. Credit consumption's increasing, and that's the clearest signal that you see of customers who are embedding AI into their creativity and productivity workflows. That's translating directly to growth of the Firefly family of solutions. In the enterprise, we're helping their customers, we're helping our customers transform how they operate in the era of AI. We have three solutions now. Each of them is greater than $1 billion. In the aggregate, those three billion-dollar businesses are growing greater than 20% year-over-year. That is incredible growth at that scale. I think it illustrates and underscores both the importance and differentiation of our content supply chain solutions, our customer engagement, and our brand visibility. It reflects both the scale of the opportunity we're pursuing, as well as the differentiation and durability of the Adobe platform. All of this is underpinned by a strong financial model, and we continue to deliver durable financial performance, and we're generating significant operating cash flows. We've generated more than $10 billion in FY 2025 alone. That gives us an incredible amount of flexibility to continue to invest in the innovation that's fueling the growth, and also return capital to shareholders. It also reflects the confidence we have in the long-term opportunity ahead of us. In the past three years, we've reduced our net share count by almost 10%, and that's through disciplined capital allocation. Today, we're announcing a new $25 billion share purchase authorization, which is a strong commitment to significantly reduce the shares outstanding in the next several years. It also underscores the long-term optimism that we have in the business opportunities in front of us. We've got a clear strategy, we've got strong momentum, and we've got a disciplined approach to execution. We're focused on driving durable growth and delivering long-term value. With that, let's switch to Q&A, and Doug, turning it back to you. Thanks, Dan. Thank you, everybody. We have, I think, ample time to get to as many questions as possible. Excuse me. Please try to limit yourself, do the best you can, to one question where possible. Let me see where the mics are to start. Jessica, there. Let's start closest to you. Here? Sure. Hey, how you guys doing? This is Peter Burkly here on behalf of Kirk Materne with Evercore ISI. Lot of focus, for obvious reasons, around just the concept of orchestration, and I guess I would be really curious to just have you guys explicitly state what's your right thing, in terms of being that orchestration layer within the enterprise? I guess, secondarily, I'm sort of curious, do you view it as being more of a domain-specific type of concept where maybe you guys own the marketing department, and other vendors can still also exist within the enterprise? Or do you view a scenario where it's one or a couple platforms sort of dominate this orchestration conversation? Thanks. I'll start and then maybe Anil can go. When we talk about the orchestration solution, just to clarify, we're talking about it as it relates to customer experience. There may be orchestration as it relates to dealing with HR within the company, but I think as it relates to what needs to happen to both have the fundamental customer platform, which was the Adobe Experience Platform, he mentioned 70 billion profiles, the trillion experiences. That's really what we are focused on, as well as all of the content that needs to be created, the infrastructure to engage with customers so that the entire customer funnel is something that we address. Exactly. Yeah. We don't see ourselves as a general-purpose orchestration layer. We are focused squarely on customer experience orchestration. We have the Adobe Experience Platform, the agent orchestrator for what we build, but those agents are accessible through any other major orchestration layer as well, ServiceNow, Microsoft, et cetera. I will say that we're clearly the largest provider now of marketing technology in the world, and I think with the innovation that we have, we feel we're further going to differentiate ourselves, both in terms of the focus as well as in terms of the delivery of what needs to be done in that particular space. Because customer orchestration will come with all of these different channels. How do you deal with it? How do you make sure you have your presence? How do you then engage with them? How do you do commerce? Yeah, we think it's a massive addressable opportunity, and that's really what we continue to be focused on. Which, again, as Anil said, it's an evolution of what we started with digital marketing, what we did with customer experience management, and now we're doing with customer orchestration. Customer validation seems to be even more positive as it relates. I hope you've had the chance also to talk to customers while you're here. Okay, great. Let's go Keith in the front. Excellent. Thank you guys for hosting a summit and the investor meeting. I wanted to ask a question about timing, right, and when this comes to fruition. I would say coming to summit for the past decade or whatnot, the broader story has always been, how do we get our customers to use a broader set of our solutions here, right? We have a lot of capability. We want to consolidate that capability, and there's new technologies that enable that. Like we were talking about workflow. Five years ago, we were talking about GenStudio and the data side, and now we're talking about an agentic layer on top of it. The timing is still an open question. I think Dan talked about GenStudio as like, it's almost like an ERP uplift, right? In terms of the structural change needed within your customer. The question is, when does this occur? Are these innovations getting to a point of where it's enough to really catalyze these ERP-type migrations to get people to restructure how they're doing marketing? Or should we temper our expectations on, this is going to take a while. This is going to be a three to five-year cycle as people go through this heavy lift of restructuring how they're doing their marketing. Then the other side of the question is monetization, right? Does this entail a shift in monetization away from seat-based, away from consumption? Is that something that we should be starting to think about in our models of what does it mean moving from primarily a seat-based business model to these other new types of whether it's outcome-based or consumption-based types of pricing models? Maybe the two of us can touch on that. I mean, Keith, first we look at it and say, are we pulling away already from the other providers in this space as the platform provider of choice for customer experience management? We certainly believe that. As you look at the approximately $6 billion book of business as it relates to ARR, the double-digit subscription revenue growth, we think we are already pulling away from anybody else who's been there in that market. We think that the small, single product providers of technology will be even more challenged. To your point, I think this agentic stuff will continue to be now an accelerant to allow more people to adopt different pieces and scale it because the urgency of it from the customer is more significant than it's ever been before. Yeah. I would add that the agentic software enables enterprises to integrate applications much faster than before. In the old world, you needed a lot of things to line up. You had your data models had to line up, the schema had to line up, the user interfaces had to line up. There was a lot more that you had to line up. The beauty of the agentic model is because of the way these layers work, underneath the MCPs, it can be very different, but the MCPs enable you to have loose coupling, and the reasoning capabilities enable you, so you don't have to have perfectly defined interfaces to get going. That'll make the integration go much faster. We believe adoption will be faster as we move towards more like outcome-based pricing and other things that show the customer that our interests are aligned more closely with theirs. Okay. Let's come down in front to Brad. Awesome. Thank you, Doug, and thanks so much for hosting us. Brad Zelnick, Deutsche Bank. This is one of the best summits that I can remember, for real. I've been to many, especially as we consider the agentic capabilities that you've shown us, things like Enterprise Coworker really showing the incremental opportunity that can be captured, not just cost takeout, which everybody associates with AI. My question, outcome-based pricing, Anil, you mentioned it, David, you followed up on it. Can you expand? How do you implement this in a way that avoids friction with the customer? Where is it appropriate? For which types of customers? Maybe for Dan, what are the upside and downside risks to the financial model? Thanks. I'll start in the context of customer experience. In the deals that we have done, the best deals of outcome-based pricing are the ones where customers say, "Look, we do want it to reflect the risk-sharing that we have. We want you to show that the technology is working in our environment. We want it to align with the business outcomes that we're looking for. But we also want predictability. We don't want runaway costs. And we also want to make sure that over time, as we get the benefits of revenue growth and so on, we really want to make sure that you have predictability, that you don't have a curve that's actually outpacing our revenue growth or even keeping in pace with our revenue growth. We want to get the benefit of scale." That's what we've been able to do when we look at metrics like, for example, how many campaigns they're running, how much content that they're actually producing, what time it takes for them to actually get a campaign out to market. Those are the types of outcomes that we have seen in these early customer engagements that we have done. Then what we have done is to translate them ultimately into subscription, which is we'll define the outcome. This is your subscription cost. Until we get to that, it might be we start at a lower base level. Once you get to that, the subscription goes up in a stairstep. That's what works very well from a predictability perspective for the customer, and obviously works for us from our subscription and ARR perspective. That's what we'll intend to continue, and we'll see where it goes. This is obviously a market that's moving quickly. I can add maybe one very specific example of where we're doing this. Firefly Creative Production. This is what we've been talking to you about, the automated content creation part of it. We've been working with customers, and we've basically broken it down into, for every content creation action that you take, how much are you actually spending on that content creation? I'll give you a simple example that I've shared before. I've got a video, and I need to resize and reframe that video for every social network, right? I need to translate that video into these languages. How much are you spending on each of those tasks? If we were to automate it, you'll have it faster, and we'll charge you a fraction of the cost you would have done the traditional way. That becomes a very easy way, as Anil was talking about earlier, to align our pricing to the way they think about it. It takes risk out of the equation for everyone, and the good news is it's deterministic in the outcome. That's been what's driven the growth that we've started to see so quickly. Dan talked about Firefly crossing $250 million. That was a $0 million business a couple of years ago, right? That continues to be the foundation of it. Yeah, in terms of the error bar then from a financial model, both Anil and David touched on it. I think when you go and evolve from just a pure subscription model to augment that to either consumption or outcome-based, there's a bit of variabilization in the outcome. What I get really excited on was the point that David just made. When you capture a fraction of the economics versus how it was done before, that gives you a ton of value headroom to price into, and it's based on tangible outcomes. There's a direct through line between outcome, value delivered, and what portion of that becomes ours. I really like the cleanliness and the look-through on outcome to pricing and the headroom that gets created versus the way things are currently done. Maybe, Brad, just one other trend that we are seeing actually. We certainly monitor and inspect each of the deal wins significantly, which is, and I think this was Keith's question as well, how are you doing on the deal wins? How are you doing on the selling? The one way in which people want to actually engage with us much faster. I think Anil and I were talking. We have over 50 people trying out the stuff that we announced today. You're also seeing a lot more as it relates to proof of concepts where people are like, "Hey, can we just get going?" That's happening in parallel. In the past, you probably would have gone there and said, "Okay, what is your capacity? How much can you, w hat do you want?" It's a different process. The good news is it's already embedded in how they're using it, and so actually that allows a different kind of conversation. Again, that's a clear trend that we're seeing differently. Okay, thanks. Let's stay down the middle. Let's go to Jay. Is this good? Thank you, Jay Vleeschhouwer. This is largely a product management or complexity management question. Over the last couple of years, GenStudio has been arguably the center of gravity, let's call it, within DX. I still like to call it DX, in terms of customer upselling. Within the company, we get everybody to pay $20 the moment they say DX. I'll collect later, Jay. Okay. I'll say it again. In terms of customer upselling and migration now, however, GenStudio is sitting at the top of the new CX enterprise stack, which is a very interesting architecture, but along with brand intelligence and customer engagement. The question is, how are you thinking about GenStudio as still a focus area in terms of upselling and migration, or what is the focus in terms of more broadly upselling the base to the new broader architecture that you've shown the last couple of days? Oh, secondly, what is the right number of agents? That is to say, how do you decide against having too many agents versus too few agents? The roadmap sessions the last couple of days, like Marketo this morning and GenStudio yesterday, very interesting, but a lot of agents coming. How do you avoid having too much complexity in the portfolio in that regard? Maybe I'll start on the GenStudio stuff. As the team knows, I'm particularly passionate about GenStudio because I actually view GenStudio, Jay and others, as a way to actually integrate everything that the company is doing. The five pillars of GenStudio for me have always been creation and production, which is, if you think about it, that's Creative Cloud and that's Firefly in terms of now ideation with boards and graphs. How do you think about the beginning of a campaign or the beginning of a content workflow, as it relates to everything that you're doing with Firefly and, I mean, Frame, as well as what you're doing with Workfront. Core asset management. The first thing I asked when I was acting as interim CMO was like, "Tell me how many pieces of content that were created, and if I want to," as Shirley said, "move from one campaign every two years to one campaign every 10 seconds, how do I think about that?" The activation and the delivery of that, and then the analysis. I think the way, in particular, Anil's field organization is now selling GenStudio, it's part of that entire, what content are you producing? How much are you going to be producing within the company? How are you going to be producing it with individual seats? It's actually really served for us as the way in which people are like, "Yeah, I want that strategic partnership with Adobe," and we want it. Now, they may have already provisioned for some parts of Creative Cloud. They may have provisioned for some parts of Workfront, but this actually allows us to really elevate the relationship. As an overarching solution of how we deliver it, I think we are positioning it as the umbrella for all of Adobe in terms of the content supply chain. The second thing we're doing is we're introducing these new products. As you have GenStudio for Performance Marketing, and you think about, "Hey, there's a new channel." I think you talked about OpenAI and the ads associated with ChatGPT or what we are doing with Amazon. It has both the benefits of individual new components that are being monetized separately. I think more than anything else, this has been the best way in which we go in and say, "We're going to be your strategic partner for all of your content creation tools." I have to mention that this is where all of the agency and SI partners have been great because the way they also think about it, they want a GenStudio within the agency to run it. They want a GenStudio that's shared between us and them and the client for how the client wants to operate. If some people want to bring it in-house, they have a GenStudio between the client and us. I think there are just many ways in which we're monetizing GenStudio, and so that's the way I look at it. On the MCPs and it's an M multiplied by N. I thought you'd ask the question, so how many MCP endpoints do you have? How many skills do you have? Then how many agents do you have? I'll let these two folks answer it because there's clearly the benefit of that for Adobe. Don't underestimate it. It allows us to take our ton of technology and make them available in very different ways at the speed at which nobody can do it. I think the benefit is not just in offering these agents. It's the fact that we can take, in Photoshop, you have how many agents and how many skills? Hundreds of MCP endpoints and probably 100 or so skills already sort of in pipeline. Does that answer your question, Jay? Just one thing to think about as you think about these agents and these skills. Not everything is generative, right? The reasoning can happen, but because we have this proliferation of these across Anil's group and my group, this proliferation of these skills and MCP endpoints, so much of what you can do is more deterministic, faster and cheaper. It doesn't cost the generative effects that it used to have in the past. Let's go to Alex. Hey, guys. Thanks for taking the question. Alex Zukin from Wolfe Research. I echo the sentiments about a great DX summit, and great seeing you again, Shantanu, for everything that you've done for Adobe over the many, many years. I guess I want to ask a question about AI anxiety. Specifically, it feels like we're in the midst of this anxiety period for customers, obviously for investors, around cost, around security, around quality, around whether the investments they've made in their platforms are the right ones. It seems like it introduces more pausing and lengthening of sales cycles. As you are talking to customers today, with respect to all of the innovation and all of the integration that it's driving across your platform, how are you both managing that AI anxiety? How does it impact your ability to actually get more out of the contracts or the expansion opportunity in these deal bans? When you think about where that money's coming from, ultimately, whether it's from experimental AI, still FOMO budgets, or whether it's from lines of business, whether it's from impacting hiring plans for their marketing organizations going forward, how are they sharing their thoughts about that and influencing the growth rate of the product portfolio? I'll just start with two quick thoughts and then actually, Anil and David, I'll have you add. The two things I'll say is we were at an executive forum, which all of the executives associated with big companies. The word that's still being used a lot is AI transformation, to your point, within the company. Everybody acknowledged that 12 months from now, success for them will be AI execution. The good news is, from where the customers are, they're talking about, "Yes, we recognize it's an AI transformation, but AI execution is how we will measure our self success." It feels like they've crossed that bridge associated with saying it. The anxiety, the one thing I'll say is, when people see the technology, I was actually very curious when people saw all of the stuff that we did, these agents and coworkers and conversational interfaces, what would their response be? I actually think seeing it in action and what it does actually reduces anxiety. Because now it's real, it's the innovation. They can get their feel on it, and they're like, "Oh my God, I can do more," as opposed to, "Am I going to be impacted by it?" In my own way, I feel like the more you make it real, the more people actually will embrace it because they're like, "Wow, this actually can help me do my job. I would say exactly that. The feedback has been that the Coworker has made it really tangible, right? It used to be very abstract. We would put all marketing departments out of business and so on. It was just very abstract or very simplistic. You see something like the Coworker, you say, "That's solving a real problem. I need to find audiences. I need to have the right content. I need to make sure the campaigns are launched. I need to measure them, and then I iterate and test and go." That is something marketers know is a bottleneck today. If you can help me do that for all my markets and so on, it's actually very tangible. The other conclusion that we have seen so far, at least the feedback we've heard is, they know the AI platforms are moving really fast and innovating fast. Sometimes too fast. They announce things, and then they back away from things, and you can't build a long-lasting enterprise system based on that. They see us as a great partner that can help them balance that out. As it relates to the budget, Anil, where it's coming from, I do think there's an AI budget that people have. Yes. Because everybody has to say, "Hey, here's how I'm using AI budget," and this is a good way to actually leverage that. Yeah. Alex, I think AI anxiety is exactly the right phrase that I think people are feeling, and what do you do when you're anxious? You go to someone you trust, right? I think the brand that Adobe has represented in marketing, in media and entertainment, in the creative space, even in productivity, it's the place you can go. The one thing they know is something's going to happen tomorrow that completely upends their strategy or their thinking. If Adobe is the company that's coming in and saying, "We've got your back," and whatever that is, to Anil's point, because of the orchestration work we've done, because of the agentic work we've done, we will incorporate that in a way that has the least impact and the most upside to your organization. That trust is one of the most important things I think we bring. We also have the domain expertise and the empathy of what they go through every day that I don't think the broad-based AI companies have the time to think about. Okay. Let's go from here. Thank you. Jackson Ader at KeyBanc Capital Markets. Thanks for doing this, guys. I want to talk about Express. My perception is that Express has taken a little bit of a backseat the last couple of days. I just always thought it was the marketer's tool, right, to create content. There was a lighter weight version of the flagship stuff on the creative side. It was like a nice, there's some synergies there. It seems like some of the agentic things that Adobe is coming out with, along with some of the third-party kind of general use agent stuff, is filling that need instead. I'm curious whether that is just my perception or whether it's true that these agentic capabilities fill a need that Express used to. Yeah, happy to take that. First of all, I assume you all noticed how much innovation was on stage. How much we can jam in is a function of how long you guys are able to sit in your seats. What we did over the last couple of days was talk about the rise of agents and how people are engaging. What we are seeing is that there's a transformation away from sitting down and with a blank screen or sitting down with a template and more to a generative capability to generate an outcome, as you saw with Firefly, with Creative Agent, and what you saw with Firefly Creative Production. All of this content's being generated. How you then do the last mile of editing continues to be a focus for us in that ecosystem. We are seeing adoption of Express continuing to rise very quickly in the enterprise. We're seeing adoption of Express actually growing very quickly in individual users as well. The input into that is the agentic and generative capabilities, but it's a significant part of that freemium monthly active users that we're talking about grew to over 80 million, and I think it was 50% year-over-year growth. This whole ecosystem of freemium onboarding is the fastest we have, and it's also an integrated part of the GenStudio content supply chain work for marketing self-service that we have at the end of the chain in the enterprise. Okay. Let's come back up the middle, in front. Thank you. Stefan Slowinski from BNP Paribas. Thank you for taking our questions. Dan, on the shift to consumption and outcome-based pricing, does the long-term gross or operating margin look different for Adobe? Yeah. I actually think the growth profile will get enhanced as we, again, think about the way work gets done today, the friction cost in the ecosystem, and putting the power into the hands of our customers, to take campaigns on a global basis and ramp their content to connect in a more personalized way through that digital channel. That has significant benefits, not only from a top-line standpoint, but from a bottom-line productivity standpoint. When you think about that equation and our ability to price into that headroom, I actually think it's an accelerant as we begin to proliferate these capabilities across the customer base. From a margin structure standpoint, I think there's a couple of factors at play. We've done a great job with unit cost of compute today, and you can see even though generative credit consumption up 3x quarter-over-quarter in Q4, up again 45% quarter-over-quarter in Q1, you see the margin structure and profile that the company is driving forward. We're going to continue to stay hyper-focused on the things that we can control, make sure we drive training in the right way, and make sure we drive unit cost of inferencing down over time with the models we bring to market. There's also going to be an industrial response to the cost equation at play, and semiconductor industry is going to drive better cost of compute profiles, and we will all take advantage of that as that cost of compute comes down structurally from an industry response, but also controlling the company-specific issues that we see over time. We're going to continue to drive our strategy, give the customers the tools that we know they want, and we're uniquely positioned to provide, and then stay hyper-focused and diligent and disciplined in how we do that and drive value for shareholders long term. Okay. Matt. Yeah. Great. Thank you. Matt Swanson from RBC. Maybe going back to that conversation about transformation versus execution. Transformation feels very much like the "What can we do?" conversation, and execution becomes the "What should we do?" conversation, and that ultimately really feels like it's going to come down to ROI, right? Can you just talk more about what Experience Cloud's role is long term in justifying the spend of the Creative Cloud and really getting away from any of these conversations people are having about AI slop or just the proliferation of content not being the end goal, but driving better results being the end goal? Yeah. From a customer perspective, what we see is, look, when you think of what it takes for customer experience orchestration, we need the entire spectrum of all the way from understanding the customers, addressing all of these different challenges that we saw, the proliferation of channels, the explosion of content required. When customers look at the content that's required, obviously they don't want to produce slop. Nobody's going to click through it. It's a waste of marketing dollars and a waste of campaigns. So they're looking to say, "I want to use the power of the generative AI. I want to use the power of these models, Firefly and third-party models," but it's got to be in the context of the marketing campaigns. That, I believe, is the unique role that we play. When Shantanu referenced the Adobe Experience Platform, we have that information in the billions of profiles that we have, in the segment analysis that we have. We can make it very specific and then bring together GenStudio, Firefly Enterprise. That's what makes the content very relevant, very personalized. That's where you get better open rates, better click-through rates. If you're doing it on other channels, you get the most effective response. That's what we believe that we bring together by putting all of this into a single orchestration platform. It's important to also sort of realize that Creative Cloud, and Photoshop, and Illustrator, Premiere are fully formed parts of GenStudio and what we do with creative and production. I don't know if you were here yesterday as an example, but we showed that end-to-end workflow about how we're moving from a world where marketers and creatives are working to create these campaigns, to a world where marketers, creators, and agents are coordinating to create this. That core human element is what ensures that you can not produce slop, but the production and the scale production at the end is what gives you the personalization. Okay. Let's stay in the middle. Right there. Hey, thanks. It's Michael Turrin with Wells Fargo Securities. I echo the thank you for hosting a great event. Anil, you mentioned the partnerships. There were a number of announcements across the hyperscalers, OpenAI's, Anthropic's of the world. A question we get often is just, are there ways that you ensure that the value accrues from those partnerships back towards Adobe as the core incumbent system of record versus starts to flow in different directions? Can you talk more about how you evaluate and approach these partnerships, and how you ensure that the value stays and ideally continues to accrue on top of Adobe? Yeah. When you look at the Adobe CX Enterprise, which is the main offering that we launched, we think of that in a couple of different architectural layers, and that's the easiest way to understand how the value accrues to us. You think of the UI layer, where we're really bringing together the conversational capabilities, but really combining that with the things that we are really good at, whether it was the user interfaces that really people know well and they can perform their activities in. We allow for flexibility, and that is something that our customers value. More often than not, while it's open to other UIs, we do believe that a lot of customers will use our UI because it commands the power of conversational as well as the other kinds of UIs that we provide. At the next layer, which is the agentic layer, we have all of the domain capabilities that we produce as agents. They are open. You can use them through other agent orchestration systems. But by combining that with everything that they do with the partners, we can also let them integrate third-party agents and agents that they build into our system. That, again, provides that flexibility there. The third layer is the model layer. Again, in addition to Firefly, we now have 30+ models, so we'll have a lot more models. Customers are building their own small language models that we can integrate with. And that openness provides for the agentic reasoning and provides for the autonomous operations. The data layer is where we really differentiate. That's when you have the data that, like the AEP has with the 70 billion plus profile activations, 1 trillion experiences every year. That's very hard to replicate outside our context. It's not that it's locked in, it's just very hard to replicate outside our context. If you're going to run a full-fledged campaign, a full-fledged orchestration system, you need all of that together. We believe that optimization, the ability to integrate with their layers, is very appealing to customers. If you have to replicate that in the context of a cloud or in the context of Google Gemini, for example, that's a lot more work for the customer than doing it with the architecture that we provide. Anil talked about the sort of differentiation. The other way I would actually answer that question as well is, every time we've added another "infrastructure" or hyperscaler, it's accelerated the business. As you know, we first came out with AEP on Azure. When we added AEP on AWS, that accelerated the business. Same thing with GCP, et cetera. You have to be available where it is. One trend that we're definitely seeing is that the customers are actually saying, "Hey, I may have an allocation for Anthropic, and I may have an allocation for GCP, and I want to have an allocation." Actually everybody is sort of saying, as long as the Adobe consumption is on one of those, we can use it. I think our flexibility actually helps us say, "It doesn't matter what your infrastructure allocation is." They are also working well to make sure that that is not negative for them as companies. We're very convinced that making this available on every platform that's out there is actually in our best interest and in the customer's best interest. Okay. This is going to be our last question. We'll come up in front. Excuse me, Keith. Hi. Excuse me. Keith Bachman from Bank of Montreal. I wanted to direct this maybe to you, Shantanu or Anil, but sort of a similar vein that the last question, but through the eyes of the consumer and trying to understand how the value chains may alter. In the keynote today, there was an example of DICK'S Sporting Goods and buying a golf club. In that example, you're interacting with the brand and/or the retailer. Just recently, I was buying a new set of golf clubs. I did 80% of my research through Claude, and then a little bit of interaction with either the brand or the retailer. I'm just trying to understand how that dynamic still creates value for Adobe through brand identity or the orchestration layer if most of the perceived value from the consumer's perspective actually arises through Claude rather than, say, the brand or the retailer? I actually think, I'll start maybe. That's the exact value that DICK'S Sporting Goods, in that particular example, or Titleist, I don't know which set of golf clubs you bought, TaylorMade, actually wants to make sure that the content that they're producing actually shows up the way that they want that content to show up in Claude. When we talk about brand visibility, when we talk about LLM optimization, it's to make sure that when you are having that conversation, irrespective of where you're having it, I mean, how do the LLMs get that? They go get the information from the websites, and this is again what Anil said. When we produce all of that content so that it actually shows up with the right attributes across all of that's a significant value that we're providing, again, whether it's to the golf manufacturer or to the retailer. That's actually the value add for us. We get value because every single company is now saying, "How did the content management business actually grow?" The content management business, when we acquired Day Software, I think we saw that, wow, everybody's now going to create an alternate representation on a mobile device. Everybody's going to create an alternate representation on a tablet. Now they have to create an alternate representation with a conversational interface. They have to represent a conversational interface that's happening on a channel that they don't own with the fidelity that they want. That's actually our opportunity, and that's what we are providing. When we say, "Hey, we'll make sure that your content is available everywhere, whether it's social, whether it's search," that's why it's an and, and and. That's what every company wants to know, which is they all spend all their time creating these websites where they actually turned away bots. Remember when we all had to go through those 14 hoops about are you a human? CAPTCHA. CAPTCHA, exactly. Now they have to completely revamp that website so that the right agents, if the right agents aren't allowed, you're definitely not going to transact, and you're going to get upset and go away. As a company providing that content, as a company providing that infrastructure, and a company providing that visibility, our role becomes more important, right? It ultimately serves you as a consumer, and it serves the right company that's providing the product. That's why I think it's an immediate opportunity, going back to the transformation as well as the AI. I have one last story, which is, in a customer visit yesterday, they actually, in order to bring urgency to where they wanted the budget, they apparently did this demo with their leadership team to say, "Look at the conversation that's happening on an LLM," and that company was conspicuously missing. Now, if you're a C-level executive and you see that demo, what's the first thing you're going to do? You're going to funnel that money to say, "Hey, go make sure that we're available, because if this is where the conversation's happening." That, I think, is the reason why all of the innovation that we showed today is actually more relevant, more important, and more critical to roll out ASAP. Okay. Thank you, team. Thank you, everyone, for coming, for tuning in, for your time, for your support of Adobe. We really appreciate it, and we look forward to seeing you again next time. I'd also maybe like to add my thanks as well. When you spend your time and come to summit, I think it's the best way, frankly, for you to learn about what the innovation is, to wander the halls. Again, from me, a personal thanks, because when you come here and you spend the time, I think that's the best way to understand what's important for the customers. I just wanted to express my appreciation as well for coming here and being at this event. Thank you.