“In addition, we expect ARR contributions to increase sequentially in Q3 and Q4 from a new offering and pricing structure which starts late in Q2.”

In context

“iption revenue growth of approximately 17% year-over-year or 18% in constant currency; tax rate of approximately 20% on a GAAP basis and 18.5% on a non-GAAP basis; GAAP earnings per share of approximately $2.44; and non-GAAP earnings per share of approximately $3.30. As a result of the lower-than-expected deductions from stock-based compensation, our effective tax rate for fiscal 2022 is now targeted to be 19.5% on a GAAP basis and 18.5% on a non-GAAP basis. As we look towards the back half of the year, we expect quarterly sequential revenue and EPS growth in Q3 and Q4. In Digital Media, we expect strong second half ARR performance across Document Cloud and Creative Cloud, including continued strength of emerging businesses like Acrobat Web, Frame.io, Substance and Creative Cloud Express. In addition, we expect ARR contributions to increase sequentially in Q3 and Q4 from a new offering and pricing structure which starts late in Q2. We expect Digital Experience bookings to show continued momentum in the second half with a traditional strong Q4 finish. We will continue to invest in product innovation, sales capacity, marketing awareness and demand generation given our immense market opportunity. As the world reopens, we expect to increase our travel and facilities expenses. In summary, I’m pleased that Adobe delivered another record quarter in Q1 with sustained growth and world-class profitability. Adobe continues to show its resilience through unprecedented circumstances that all companies face today, and I’m confident we will emerge stronger. We are on track for another year of strong financial performance. Shantanu, back to you. Shantanu Narayen: Thanks, Dan. This is a transformative time at Adobe. We’re engaging w”