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CLAIM #4074 · Adobe Systems Incorporated (ADBE) · 2023Q1 earnings call · Mar 15, 2023 · due Dec 31, 2023

And maybe just putting it altogether if you look at it and say that, hey, we did $410 million in Q1, we are targeting $420 million of net new ARR in Q2. The question you would have asked us if we hadn’t done this was what are you signaling about the second half of the year. So I think it’s a way of showing that the momentum is there in the business.

Shantanu Narayen · CEO

PENDING
graded after results covering Dec 31, 2023 are reported

How to check this claim

Look at: Net new ARR (Digital Media segment), Q2 fiscal 2023

It came true if: Net new ARR >= $420 million

Where: Company quarterly earnings release / Digital Media ARR disclosure (Q2 FY2023 shareholder letter or 10-Q)

In context

ry efficient channel now where students that graduate effectively upgrade and migrate into full priced offerings. That drove a very strong Creative Cloud individual all apps quarter for us. Retention, we’ve been doing a lot of work in retention through PLG, but we’ve also been driving a lot of utilization of Adobe Express as part of the Creative Cloud business. All of that combined makes for a very strong retention rate. New businesses, we talked about Substance and Frame having outsized growth. And of course, the pricing and packaging work that we’ve been doing and all along continues to contribute to that, both for CC and Acrobat CCDC as a whole. So looking ahead, all of these drivers and these levers are intact, and we have lots of opportunities going forward as well. Shantanu Narayen: And maybe just putting it altogether if you look at it and say that, hey, we did $410 million in Q1, we are targeting $420 million of net new ARR in Q2. The question you would have asked us if we hadn’t done this was what are you signaling about the second half of the year. So I think it’s a way of showing that the momentum is there in the business. Keith Weiss: Super helpful. Thank you, guys. Operator: And we will take our next question from the line of Jake Roberge with William Blair. Please proceed. Jake Roberge: Hey, congrats on great results. I just want to double click on that retention commentary you said, you called out several – in several areas of the business during the prepared remarks. Is there anything specific that you’re doing differently in this period of macro uncertainty that’s driving those results? And have you started to see Express help at all with retention metrics as customers now the tier that they can actually graduate down to? Shantanu Narayen: Well, for a couple of years right now, we’ve been really focused on what we’ve called in the past, the data-driven operating model and really being pretty focused o

Verify independently

SEC filings for ADBE · Claim quote is verbatim from the 2023Q1 earnings call.