Good afternoon and thank you for joining us today. Joining me on the call are Adobe’s President and CEO, Shantanu Narayen, as well as Mark Garrett, Executive Vice President and CFO. In the call today, we will discuss Adobe’s second quarter fiscal year 2014 financial results. By now, you should have a copy of our earnings press release, which crossed the wire approximately one hour ago. We have also posted PDFs of our earnings call prepared remarks and slides, our financial targets and an updated investor datasheet on adobe.com. If you would like a copy of these documents, you can go to the Investor Relations page and find them listed under Quick Links. Before we get started, we want to emphasize that some of the information discussed in this call, particularly our revenue, subscription and operating model targets, and our forward-looking product plans is based on information as of today, June 17, 2014 and contains forward-looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the forward-looking statements disclosure in the earnings press release we issued today, as well as Adobe’s SEC filings. During this call, we will discuss GAAP and non-GAAP financial measures. A reconciliation between the two is available in our financial targets document and in our updated investor datasheet on Adobe’s Investor Relations website. Call participants are advised that the audio of this conference call is being webcast live in Adobe Connect and is also being recorded for playback purposes. An archive of the webcast will be made available on Adobe’s Investor Relations website for approximately 45 days and is the property of Adobe. The call audio and the webcast archive may not be rerecorded or otherwise reproduced or distributed without prior written permission from Adobe. I will now turn the call over to Shantanu.

Thanks, Mike and good afternoon. Adobe’s business momentum continued in Q2. I am happy to report we achieved $1.68 billion in revenue, with non-GAAP earnings per share of $0.37, both exceeding the high end of our targeted ranges. We drove strong performance across key growth areas, including Creative Cloud, Adobe Marketing Cloud and Document Services. In Q2, Creative ARR grew to $1.2 billion and we exited with more than 2.3 million Creative Cloud subscriptions, well ahead of the target we set for the quarter. More importantly, moving forward all Adobe and channel focus will solely be, on Creative Cloud offerings and CS6 perpetual revenue becomes de minimis. Building on our strong Q2 momentum, tomorrow we will unveil a broad set of Creative Cloud innovations, including desktop and mobile applications, new services and specialized offerings for key customer segments. In addition to targeting Creative Professionals and CS customers, we will expand the core Creative Cloud platform to target hobbyists and consumers, including former Photoshop Elements and Photoshop Lightroom customers. We believe this addresses a larger market opportunity. While Creative Cloud customers regularly receive access to new features, products and services as part of their subscription, this is our biggest update since CS6. We are excited to share what we have been working on and will host a live customer event in New York that will be webcast on Adobe.com at 1 PM Eastern Time. In Digital Publishing, we continued to see traction in the corporate market. New DPS customers include Booz Allen Hamilton, Dow Jones & Co., Honeywell and Procter & Gamble. In addition, Samsung will support DPS as the publishing platform for their new magazine service, Papergarden. In Document Services, Acrobat continued to achieve solid performance and our hosted Document Services offerings continued their momentum. With EchoSign, we teamed up…

Thanks, Shantanu. In the second quarter of FY ‘14, Adobe achieved revenue of $1.68 billion above the high end of our targeted range. GAAP diluted earnings per share in Q2 were $0.17 and non-GAAP diluted earnings per share were $0.37, both also above the high end of our targeted ranges. Highlights in the quarter included: adding 464,000 net new Creative Cloud subscriptions; growing Digital Media ARR by $227 million to a quarter ending total of $1.38 billion; achieving 23% Adobe Marketing Cloud year-over-year revenue growth; generating $368 million in cash flow from operations; growing deferred revenue by $48 million to a record $929 million; and exiting Q2 with 53% of our quarterly revenue as being recurring. In Digital Media, we achieved revenue of $692 million. This segment has two major components of revenue: our Creative family of products and our Document Services products. In our Creative business, customer adoption of Creative Cloud accelerated quarter-over-quarter. We exited Q2 with 2,308,000 Creative Cloud individual and team subscriptions. Q2 was the last quarter we broadly offered perpetual volume licensing of CS6 through the channel. As a result, there was a high demand by customers serviced by the channel who wanted to add to their perpetual seat capacity. This drove the upside relative to the high-end of our total targeted Q2 revenue range. We believe these customers will migrate to Creative Cloud over time. Beginning in Q3, the channel is solely focused on licensing Creative Cloud. Our success with subscriptions, ETLAs and Digital Publishing Suite adoption helped to drive Creative ARR to a total of $1.2 billion exiting Q2, an increase of $208 million quarter-over-quarter. Our strategy with segmented Creative Cloud offerings is to target existing customers across all user categories as well as attract new customers to the platform. Overall, we are seeing…

Thanks Mark. Before we get to Q&A, a few logistics items. Adobe MAX is coming up in October and will be held again in L.A. The opening day MAX keynote is on Monday October 6 and we plan to host a brief financial analyst update meeting that afternoon. We will be sending out registration information in the next week for investors and analysts to sign up for MAX. We will also webcast the MAX keynote sessions as well as our financial analyst briefing. For those who wish to listen to a playback of today’s conference call, a web-based archive of the call will be available on our IR site later today. Alternatively, you can listen to a phone replay by calling 855-859-2056; use conference ID number 54143487. Again, the number is 855-859-2056 with ID number 54143487. International callers should dial 404-537-3406. The phone playback service will be available beginning at 5 PM Pacific Time today and ending at 4 PM Pacific Time on Monday, June 23, 2014. We would now be happy to take your questions. Operator?

(Operator Instructions) And your first question comes from the line of Walter Pritchard with Citigroup.

Hi, thanks. I am wondering, Mark, if you could talk about ARPU in Q3 have a few factors here with acceleration potentially in team edition, which carries a higher ARPU and then continued growth in the lower end. Just wondering how we should think about ARPU headed into Q3?

Walter, why don’t I start and then Mark can add, because overall we continue to track ARPU for CC subscriptions, which again just to remind everybody, it does not include the enterprise ETLAs. And to give you all some color, excluding the Photoshop/Lightroom bundle, overall ARPU across individuals and teams, single applications as well as the complete Creative Cloud in all markets, including education, which you know is priced lower than commercial has actually increased every quarter for the last few quarters and is now in the high 30s. When you blend in Photoshop and Lightroom that’s priced at approximately $10, the ARPU, the resulting ARPU is now in the low 30s. So, keep in mind that with the PS/LR bundle, we believe that the overall opportunity is larger than when we first outlined the Creative Cloud opportunity and therefore presents a great ARR potential. So, that’s how we have seen ARR progress.

Yes. I wouldn’t add much to that. I think it’s doing exactly, Walter, what we would like it to do. Across each of the different offerings, it’s holding up very well. And as Shantanu said, the important part is on the Creative Professional side, it’s been increasing the last several quarters. It really just – I was just going to say it’s just going to move around based on product mix every quarter.

Got it. And I guess just a follow-up to that, would you expect that you did see sort of a nice reacceleration in the full suite adds this quarter from it being flat in Q4 to Q1? I am wondering if you look into Q3 and Q4, do you expect that as part of the subscriber guidance that you gave that the full suite additions would continue to accelerate along with the total?

I think we will continue to strength, Walter, in the full units as well. And as you know, the channel I think we identified that the channel is also going to focus exclusively on the complete offering as well as the team offering. And so I think the combination of those give us confidence for the number that we outlined for the remainder of the second half.

Great. Thanks a lot.

Your next question comes from the line of Steve Ashley with Robert W. Baird.

Thanks very much. Shantanu, my question is about the Creative Cloud and I am assuming one of your goals is to get the Creative Cloud customers to save more of their content to the Cloud. I first want to confirm that, that is something you would like to do? And number two is there any steps you would hope to take to encourage that behavior?

Sure. Steve, that’s a good question. And yes, we do want people to be able to collaborate effectively whether it’s freelancers who are working with other freelancers on a project, whether it’s people who wish to show their portfolios on Behance as well as within an enterprise people wanting to collaborate either through Creative Cloud or through our Marketing Cloud, Adobe Experience Manger solution. So being able to allow people to collaborate is a clear goal. We have actually now turned on the ability for people to save files for anybody whether you are a trial user or whether you are a full user, we have functionality that is now present in Creative Cloud that people – allows people to share individual files, allows people to share complete folders. And the way we will continue to encourage that is by integrating it directly into the desktop applications. Again tomorrow, I think there is some exciting announcements hopefully you will all be on the call to hear about what’s new both in services and mobile apps as well as in desktop apps.

Great. And maybe a quick follow-up for Mark, in the Marketing Cloud we all know there is a business transformation going on in the Creative Cloud, but there is also a little bit of a business model change taking place in the Marketing Cloud with Experience Manger shifting to subscription and can you talk at all maybe qualitatively about the impact it might be having on a reported revenue growth and/or when that might normalize year-over-year in the future?

Yes, sure Steve. I mean clearly in Digital Marketing, AEM is the hottest solution and it’s a competitive advantage for us that we have both in on-premise perpetual offering as well as term based managed services offering. We believe that the better option for most customers and for Adobe frankly is the term based offering. And while it may vary quarter-over-quarter, the hosted offering now represents over 50% of the bookings in Q2 and we would expect this trend to continue in ‘15 to your point, in FY ‘15 we would expect the vast majority to be term bookings. So, we are kind of getting through the bulk of that little mini transition if you will.

Great. Thanks so much.

Your next question comes from the line of Brent Thill with UBS.

Good afternoon. About a year ago you articulated the Creative Cloud base are on the credit solution was around 12.8 million when you looked at the CS3 to CS6 cycle with 2.3 million of that 12.8 million you get to kind of 18% of the base that’s converted, is that still the numbers that we should be looking at in terms of judging the conversion over?

Well, Brent, firstly when we outlined the number that you talked about that does include the enterprise customers. And as you know when we talk about the subscription numbers we are only talking about the subscription numbers that are individual and team. So I think it’s important to remember that 12 million plus includes our enterprise customers. The second thing I would say is that when we think about the longer term opportunities for Creative Cloud given the initiatives we described with the photography offering, it’s actually increasing our available market opportunity. And you also have to remember that when we last did our surveys, a number of the people that are now signing up for Creative Cloud are new customers and therefore that’s expanding the available opportunity. So, we are not providing the longer term numbers at this time because we are really focused on driving financial performance in the second half. But I think you should look at big picture and say we are making good traction migrating the existing customer base. We are attracting new customers to the platform and we are providing market expansion opportunities with the Creative Cloud platform to target a broader set of customers.

Okay. And just a follow-up for Mark just as a follow-on given you are still in the infancy of converting the base over that ARPU in the near-term we should assume that you are going to continue to effectively try to drive everyone on that versus trying to drive ARPU off as it relates to that the conversion rate that you are at today inside the install base?

Yes, that’s right Brent. Right now the key is to get people to move over to Creative Cloud, get those new users to adopt Creative Cloud. There will be ARPU expansion opportunities down the road.

Terrific. Thank you.

By the way one other point on all that, we keep saying this, but keep in mind we firmly believe the true health of the business is measured through ARR. ARR encompasses everything, it encompasses ARPU, it encompasses retention. So, while I understand the focus on ARPU, the right way to look at the businesses on the ARR side.

Your next question comes from Kash Rangan with Merrill Lynch.

Hi, thank you very much. Shantanu, could you give us a bit of an estimate on how much the base of 12.8 million expands by as a result of the new offerings that you are going to be targeting tomorrow to launch? And also as you pointed out, you are trying to reach to a broader base of individual point solutions and recognizing that 12.8 million is more of a thing of the past looking backwards. I am curious if I could think about the percentage expansion to that number as a result of targeting new users, point solutions, etcetera?

Yes, Kash and first…

Is it 10% more or 20% more or there is just some rough magnitude?

Well, Kash, first the expansion opportunities that we are talking about, I do want to reflect that they are already represented in the outlook that we have for the second half of the year. And so the 1 million subs that we are talking about as well as the 1.925 billion ARR both reflect our expectation of what we expect to see with the announcements tomorrow. Again, Kash, we really want to focus on the second half. We give you color relative to the 20% new customer growth that we have been seeing, but expanding that entire available opportunity and articulating what the numbers are, we are not providing updates to that at this time.

Got it. Understood. And sorry, this is another longer term question for Mark, just wondering how is your confidence level today relative to say three months back or so with respect to earnings targets for fiscal ‘15 and ‘16 being at least 2 and at least 3 respectively? Thank you. That’s it for me.

Hey, Kash. Well, unfortunately, I am going to give you the answer that Shantanu just did. I mean, obviously we have put those targets out there. They are still there, but we are not going to update them on a regular quarterly basis as we get through towards the end of this year and get ready for FY ‘15 that will be the appropriate time to update some of those longer term targets.

And Kash, I hope you are seeing that everything that we have articulated, we continue to focus on execution against it. And we certainly believe in the company that we have had a good first half and we expect to see a strong second half as well as to continue to expand on our opportunities.

Got it. My question is more, just spurred by looking at that subscription revenue growth rate and the very little operating expense growth rate you would have to put through to get that almost 70%, 80% subscription growth rate. It feels like the operating leverage in your model is finally starting to really come through and this seems to be the pivotal quarter of that happening. Congrats.

Yes, thank you. Keep in mind we did have upside this quarter like we said because of perpetual, right. The beauty of the story this quarter is as in the past prior to this transition when we have revenue upside, you are going to have earnings upside and that’s starting to come back into the picture. So, going forward, just like in the past when we have revenue upside, we will likely have earnings upside.

And just to confirm again, Kash, in response to your question, what I wanted to say was in the surveys that we are doing 20% of the user base that we are finding who are adopting the Creative Cloud are new users to the platform.

Wonderful. Thank you so much.

Your next question comes from the line of Mark Moerdler with Sanford Bernstein.

Sure. Thank you very much. I appreciate it. So, maybe you just answered that and I didn’t catch it completely, but what percent in terms of the net new users within the subscriber base? How many of the – what percentage of subscribers are net new? Do we have that yet?

Well, Mark, we do surveys on a periodic basis is what we were saying and it’s approximately 20% of the users are net new. That’s sort of an order of magnitude way of looking at it.

Okay. So, that’s still staying constant. And then a follow-up for Mark, cash and cash equivalents has been growing quarter-over-quarter, is this U.S. cash that’s growing? Was it all overseas?

Well, it’s both. But as we have said in the past, the great majority of our cash is overseas. We still believe that the best way of returning cash to shareholders is in the form of share repurchases. We continue to do that. You saw we bought a bunch of stock again this quarter. We will continue to do that. And obviously, we look at our capital planning and our capital structure on a regular basis. But right now, we think that’s the right answer.

Perfect. Thank you. I appreciate it. It’s also important.

Thank you.

Your next question comes from the line of Kirk Materne with Evercore.

Yes. Thanks very much. Can you talk a little bit about the progress you are seeing in terms of cross selling with the Digital Marketing and the Digital Media solutions in your customer base, I think we all understand that you guys have a very strong product offering both in a very big customer base of Digital Media, I guess how well or I guess can you give us some anecdotes that give you some comfort that the progress and some of the advantages you have in say the CMO officer are starting to play out especially as it relates to the Digital Marketing business?

We certainly track that internally and we continue to feel good about the progress that we are making in having larger enterprises adopt both the Creative Cloud, ETLA offering as well as multiple Marketing Cloud solutions. I think there are two areas where we see the most traction. The first area where we see traction is where people are now adopting the Creative Cloud and doing all of the asset management within the Marketing Cloud, Adobe Experience Manager, asset management solution so that’s one area where we see traction. The second area where we see traction is certainly in the area of people wanting to use the same workflow for both delivering mobile applications using PhoneGap Enterprise as well as DPS which is the Digital Publishing Suite option. And last but certainly not the least there is no question that when we look at the new deals that we are having we are selling to the C-suite. We are selling the combination of the entire content LiveCycle. And while there maybe specialist sales force that are selling one solution or the other, the number of quarter backs that we have in these large accounts selling the entire Adobe story is certainly drawing. So hopefully that gives you some color. With respect to which markets, I would say retail continues to be an area where we are seeing quite a bit of traction when we see travel, automotive these are a couple of the industries where – and financial services where we are seeing synergy between the two solutions.

And just a quick follow-up if I may, you guys announced a partnership with SAP at the summit, I guess any update on how that’s progressing or your thoughts on how that might impact the digital marketing opportunity in the back half of the year?

Yes, I think we said when we announced the partnership that we don’t expect a material impact, it’s all baked into our targets as well Brad Rencher certainly was at Sapphire where as you know it’s their largest event and they showcased the partnership as well in terms of what we are jointly doing together. I think long-term and next year what you are going to expect to see is that both companies will jointly go to market. I think the real areas of synergy, is as commerce is becoming a bigger player for SAP with their hybris commerce suite the integration that we have with that. And for the real time enterprise the integration that we have between HANA as well as our Adobe Marketing Cloud, but we are hard at work educating their sales force on our offerings and we are starting to see both companies go into join customer accounts, but it’s early yet.

Thanks very much.

Your next question comes from the line of Jennifer Lowe with Morgan Stanley.

Great. Thank you. Just to go back to ARPU a little bit I know this topic has almost been beaten to death at this point, but just looking at Q2 I think coming into the quarter the guidance that’s been for subs adds similar to last quarter and Digital Media ARR at similar to last quarter, we saw the Digital Media at similar to last quarter it looks like from an ARR perspective, but certainly the subs came in much, much better than we and others had expected from what we thought in Q1, so just sort of running those two items through that would suggest that there is something in the ARR that maybe didn’t play out the way that you had thought given that you didn’t see the similar magnitude uplift in ARR, so is there anything that kind of surprised you negatively or didn’t play out if you were thinking coming into Q2 given the outperformance in subs with more in line-ish number on the ARR side?

No, I don’t think there was anything that actually surprised us. I remember when you look at the Creative ARR are $1.2 billion, we did say that the significant amount of the over achievement in the subscriptions was as a result of the PSLR bundle, but the team continued to do well and it’s actually we expected to continue to do well but the channel focused on it Jennifer. So, we are pleased with the mix, we are pleased with the market expansion as well as again as I mentioned if you look at just the Creative ARPU, it is in the high 30s and it actually been increasing sequentially.

And switching gears a little bit, one of the things that they have talked about in the past as being capacity constrained in the Marketing Cloud and you also highlighted on the call some of the efforts to build that direct sales capacity around ETLAs on the media side, can you just talk a little bit about the growth in direct sales force and your efforts in building out some of the capacity there?

Sure. Matt, who heads up field operations, we continue to focus on adding capacity both directly as well as the partner revenue that we are starting to see in the Marketing Cloud in particular is actually increasing. So, a very substantial portion of our Adobe Marketing Cloud also has a partner element in it, which we think is good, because it actually enables us to work effectively with partners. We still continue to think Jennifer that we are capacity constrained as opposed to market constrained. We are focused on a few countries right now, because that’s where we see tremendous opportunity and will continue with geographic expansion as we continue to build out into the second half of 2014 and beyond. But we don’t provide numbers specifically in terms of the direct sales capacity.

Okay, thank you.

Your next question comes from the line of Derrick Wood with Susquehanna International.

Thanks. You guys have the outage on Creative Cloud last month, we have seen this with many cloud companies obviously in the past, but just curious what the reaction has been? And it certainly doesn’t seem like you have seen any impact in terms of your guidance, but do you think there has been any impact at all?

Well, with all cloud-based services as you mentioned, Derrick, the new reality is that we have to be even more vigilant about making sure that we have 100% uptime. The outage that occurred in Q2 should really never have happened. There was a sequence of things. And we have learned from it as well as introduced additional safeguards and redundancies as a preventive measure. I think our outreach to our customers has helped address any issues and you are right we did not see any real impact from that outage.

Okay. And quick question for Mark, any – now that CS is withdrawn from the channel, can you give us any color on the degree of step down in product revenue expected in the second half?

Well, it’s really baked into the guidance. I mean, if you look at the 10.68 this quarter going down to 9.75 to 10.25, I mean, that’s really driven by this sequential decline in perpetual revenue. I mean, that is the reason for the decline, because obviously Creative Cloud subscription revenue is increasing. Digital Marketing Cloud revenue is increasing. So, it’s really that, that is the size as it declined right there.

Okay, alright. Thank you.

And like we said, you don’t have to worry about perpetual revenue much anymore. It’s literally de minimis in Q3 and beyond.

Next question?

Your next question comes from Jay Vleeschhouwer with Griffin Securities.

Got it, thanks. Good afternoon. Shantanu, Mark, I would like to ask about the potential magnitude of Creative ETLA as a metric, it would appear that for the last couple of quarters, the year-over-year growth of ETLA has perhaps been triple or more, that’s at least our inference, but the comps get harder of course into the second half of this year and into next. But when you think about the potential for corporate maintenance renewals, capacity, access to new technology and so forth, wouldn’t it stand to reason that over time that Creative ETLA number could be potentially a several $100 million number substantially higher than it is today?

Well, Jay, first I will say that the field team has done a really good job of educating customers on the benefits of the Creative ETLA and helping transition them from perpetual offering to the term-based offering. I think when you look at the potential that we still have to get customers to the Creative ETLA, you are right, the growth that we have seen in that business has been quite significant, it is a little bit more seasonal that ETLA and that you build a pipeline over the year and then you tend to have a stronger Q4 and the Creative ETLA much like you might see in Digital Marketing bookings. We are not going to provide specific targets of how large the creative ETLA business can be, but I think we have outlined in the past how much licensing was meaningful component for the Creative business and certainly that licensing revenue should move into what is now ETLA. So it’s an area of significant focus for us in the company because it enables us to have a good relationship with the customers.

Alright. Thank you for that. My follow-up is on that EPS and I was wondering if you could update us on the volume to-date that you have seen there versus the 1.70 that you have reported at the end of Q1 and could you comment as well on how the corporate versus traditional publisher customer base mix has evolved over the last year or so and how you are thinking about that?

Sure. Jay, I think directionally the corporate customers is where we have been focusing a little bit more because we have a number of the publishers already as customers and so when you look at the growth that we are finding in DPS it is for all of these other use cases whether it’s training or manuals or corporate brochures, I think Mike used it for our annual shareholder report. So that’s where the growth is. I don’t have the exact download number with me, but growth continues in the publishing segment as well.

Thank you.

Operator, we will take two more questions.

And your next question is from Matt Hedberg with RBC Capital Markets.

Thanks guys. Nice quarter. I guess follow-up to Jay’s question. You guys have a large ELA installed base, I guess I am wondering should all former ELA customers become ETLA customers or will some of those fall into different segments and I guess if so, is there a way to kind of think about the split there?

No, I think the way of looking at it is all ELA customers should become ETLA customers, in fact directionally we have also said that some of the customers that may have in the past had smaller licenses which may have “moved to team offering could also move to the ETLA customers”. So getting a relationship with small marketing departments, entire media agencies through ETLAs is very much a part of our strategy.

That’s great. And then maybe one quick question on the geography, it looks like Asia-Pac was down again a little bit and clearly more in line with your expectations, should that market start to grow in the second half?

With Asia-Pacific the important thing to remember is that what you are seeing is the Digital Media business moved to subscriptions and in Digital Marketing it’s not as much of a market as some of the other markets. So Asia continues to perform well. We believe that Australia and some of those other markets are really good markets for Digital Marketing, but it’s not as extensive market for us in Digital Marketing as it has traditionally been in Digital Media and so the growth that we are seeing in Digital Marketing in the U.S. and Europe make that as a percentage of our revenue greater than it formally was.

That’s great. Thanks guys.

Thank you.

And your final question comes from the line of Robert Breza with Sterne Agee.

Hi. Thanks for squeezing me in. Maybe just I think most questions have been asked but Mark you I think tried to make the point you are very clear that one perpetual license are gone, we shouldn’t probably see any seasonality, is there anything else that we need to think about as we look out towards FY ’15 and ’16 in terms of seasonality or changes to the model that you could kind of point us towards? Thanks.

Not really as we move forward now this frankly gets easier for me, it gets easier for you as well to model out I mean the percent of ratable revenue going into quarter is only going to increase with perpetual coming out. You don’t need to worry about the decline of perpetual in any given quarter. We really do think now that Q3 could be the low point from a revenue perspective. I mean one little caveat would be if for some reason we sold unusual amount of AEM perpetual in any given quarter, so you will see Q4 revenue go up from Q3 due to seasonality, particularly around AEM. And then you have that seasonality come out in the first quarter, but we really think that Q3 could be the low point here. Again, with the little caveat around AEM, but for the most part, this gets much easier to forecast.

Perfect. Thank you very much.

Well, thanks again all of you for joining us. It feels like we are executing really well against our strategy. We had strong first half financial results and with upside in both Digital Media subscriptions as well as ARR. And in Digital Marketing also we feel good with strong year-over-year revenue as well as bookings growth. And as you saw the earnings upside has accompanied revenue upside demonstrating the leverage of our financial model. We look at Q2 as a significant milestone for the Creative Cloud business as we eliminated most of the options to license CS6. So, both Adobe, our customers as well as our partners can now focus solely on driving more Creative Cloud adoption. And most important, I think we continue to innovate with successful product launches of our marketing products that we unveiled at the U.S. and Europe summit events. And hopefully all of you will tune in to the global Creative Cloud launch scheduled for tomorrow that should lead to a strong second half. Thank you joining us. We think Adobe is in great shape.

And this concludes our call. Thanks for joining us today.