“Third, as a result of the continued strength of the U.S. dollar, we are now factoring in an incremental effects headwind of $175 million across Q3 and Q4 revenue.”

In context

“sh flows from operations in the quarter were $2.04 billion. In Q2, we repurchased approximately 1.9 million shares at a cost of $800 million. We currently have $9.5 billion remaining of our $15 billion authorization granted in December 2020, which goes through 2024. We will now provide Q3 targets as well as an update on the annual targets we provided in December factoring in the following four items. First, in March, we stated that as a result of lower than expected tax benefits associated with stock based compensation, our effective tax rates would increase in fiscal 2022. Second, in March, we outlined the impact of the on-going war in Ukraine, and our decision to cease all new sales in Russia and Belarus, resulting in an expected $75 million revenue impact on our digital media business. Third, as a result of the continued strength of the U.S. dollar, we are now factoring in an incremental effects headwind of $175 million across Q3 and Q4 revenue. And fourth while demand for our products remains strong, we now expect the second half of the fiscal year to show more pronounced summer seasonality in Q3 and the enterprise business with a stronger sequential increasing Q4. As a result, for Q3 we are targeting total Adobe revenue of approximately $4.43 billion, net New Digital Media ARR of approximately $430 million. Digital Media segment revenue growth of approximately 13% year-over-year, or 16% in constant currency. Digital Experience segment revenue growth of approximately 12% year-over-year, or 14% in constant currency. Digital Experience subscription revenue growth of approximately 13% year-over-year, or 15% in constant currency; tax rate of approximately 22.5% on a GAAP basis, and 18.5% on a non-GAAP basis, and GAAP earnings per sh”