All right, Sarah. Thank you. Shantanu, thanks for having us here at Adobe Summit.

Thanks for being here, John. So, let's start on that CEO transition.

I've known you a long time.

It's been about 20 years.

Of you in the role. This is the time Adobe stock has been down just like a lot of software.

Over these AI concerns.

Tell me your thinking behind now being the time.

For this transition.

Well, as you say, John, we've known each other a long time, too.

It feels like 18 years ago when we talked about what Adobe was going to do for the future of creativity.

And when I take a step back, first and foremost,.

Uh, you know, the impact that we have had, whether it's on customers, whether it's on employees, on the era of creativity,.

And, you know, returning to shareholders,.

Uh, I think the company has done just an absolutely amazing job.

Uh, to me, it, uh, with AI and the disruption that's going to happen, it was really important that we got our.

Strategy in place.

And when we think about our audience-based strategy, what we are doing around business professionals and consumers,.

How we're targeting creators and creative professionals,.

As well as the creative pro and the marketing professional community,.

I feel really good about the strategy that's in place.

>> Mhm. If you think about the innovation, we're going to show just an amazing amount of innovation.

All the way from models and what we are doing with Firefly,.

Uh, all the way up to, you know, what we are doing around the CX enterprise.

Uh, and so serving that entire constituency.

And so I feel good about the strategy.

I feel really good about, uh, the innovation that we're delivering.

The momentum in the business continues.

And while you point out that the stock, uh, as it relates to all of software,.

Uh, there are questions around it, I'm actually more confident about the company's future.

And I'd like to go back to my first love, which is building products and focusing on customers.

Put this in the context for me of a couple of the major challenges as you came in as CEO.

Back then, software was still being sold on shelves and on DVDs.

You led one of the first transitions,.

Successful transitions,.

To software as a service.

And, uh, you also, Adobe wasn't an enterprise software company before you started those acquisitions that expanded into experience, expanded into marketing.

Is this AI transition.

More challenging?

Is it differently challenging?

Has it been, uh, something different than you expected?

Well, let's talk first about what's common.

Yeah. And what's common is this amazing amount of technology.

That's actually going to revolutionize,.

Uh, you know, how creativity happens, how marketing happens, how customer.

Experience orchestration happens. And if you think about, you know, the fundamental.

Secular trends, there's more content that's being created than ever before.

Enterprises.

Need to engage with every one of their consumers digitally.

So, I think what's common is the opportunity.

That exists,.

Uh, to continue to bring technology to bear in these domains of creativity, marketing,.

Is actually as large as it's been before.

What's also common.

Is the fact that when you think about the innovation that's being delivered,.

The pace of innovation is actually accelerating,.

And it's building on all the previous generations.

So, you know, as you point out, uh, we were thinking about graphics and computing in the PC era, and we transitioned.

That to the mobile era, and then the cloud era, and SaaS, and now AI.

I think what's different a little bit is that people are really thinking about, you know, what happens to the future of.

Software. And I think actually the future, I think the bears have it all wrong.

Uh, I actually believe that there's going to be more opportunity for creative companies than ever before.

Uh, but we have to navigate that.

We have to navigate these new surfaces,.

Uh, like LLMs, and make sure that you can perform your creative functions there.

We have to make sure that we can deliver conversational interfaces.

Mhm. Uh, so all the modalities by which people want to engage, uh, with computing is possible.

Uh, but let me just give you some trends.

When we talk talk about SaaS and the impact,.

We're serving 70 billion profiles.

As it relates to what we are doing on customer experience.

For our customers. We're performing 35 trillion transactions a day.

When we think about the end user adoption,.

We have about 850.

Million monthly average users as a combination of Acrobat.

And what we are doing with Express and Creative Cloud and Firefly.

That doesn't strike me as, you know, uh, ways in which we are saying that we're on the back foot.

In fact, it's an, uh, we are going to be aggressive about delivering.