about uh was it 30 minutes or hour it's been an hour it's been a little over an hour I mean I don't know you and I we were time zoning when we put this on the calendar but yeah what's it three o'clock here the market closes so about an hour and a half ago so um the company beat on EPS by a range you would expect that it's done over the last three quarters between two and 3% it beat by 2.49% and on Revenue it beat on a very similar structure which was 65% you can say it met uh it beat but that was very eerily similar uh to the previous uh three beats of3 71 and 0.59 uh but as we know it's all about the guide it missed on Revenue it slightly missed uh on EPS for the fourth quarter and Dan as you said it is down roughly 8% uh after uh hours but let's talk about growth here so digital media grew around 11% digital experience grew 10% uh digital experience Revenue grew by 12% and digital uh media ARR uh was four 500 million of net new ARR I mean very clippity business you know what I'm saying like they just deliver freaking EPS $465 I mean that's just absolutely uh astonishing I think the important thing that everybody is looking at from Adobe is unfortunately or fortunately investors want to know what are you doing uh in in AI Adobe is not making it very easy to parse out uh exactly uh what that that growth uh is um I am certainly paying gosh almost 20 bucks a month uh to have my be able to query my uh my my PDS I'll be honest the experience uh is not great and sometimes I feel like I get much better results taking that PDF having it sucked uh into perplexity and giving me answers uh but but listen for large Enterprises Adobe is the language um of creative professionals and I would say um after Salesforce when it comes to um overall CX and and marketing and being able to tie the creative with the actual uh marketing and the campaigns uh Adobe is is right in there and um my my final comment well I guess the reason why their target market of of I would say Enterprises is important is I don't see Enterprises just willy-nilly moving off to some new startup uh technology like uh Sora let's say and the reason for that is is that uh Adobe I think looks uh and I think in in many cases is actually a more internally regulated company when it comes to these types of things wouldn't you hate to be Ford Motor Company you use all of adobe's tools you send out all the creative uh for print advertising digital media advertising and then you realize that um my gosh um you used some copyrighted something uh or other and then you're getting takedown requests in every single country on the planet you're ripping down Billboards uh you're getting uh DM uh dmca notices uh it just gets it gets it just gets ugly and there's a lot of workflows inside of big companies and my daughters work for a big tech company and their entire workflow and all they're creative uh comes from Adobe they're just not going to rip out something by the way if Adobe waited too long on something like a a video service I think they've shown when it comes to uh still images and integrated in all their creative site that uh they've been able to uh light up um experiences that people are actually using and and find find valuable but when it comes to the endtoend uh process uh here um you're GNA not have any Enterprise that's going to move unless Adobe would be one or two years behind uh final comment uh Adobe you know in the spirit of of not being behind in certain things uh they drop me see what date was that oh it was yesterday an update uh on generative AI bringing generative AI video with Adobe Firefly video model they gave a little bit of a fun little update on some examples that they put out there and you know again like I said before highlight that says all of which designed to be commercially safe and available in beta later this year sign up for the weit list here so it's not ready it's not commercialized but there is a sign of life for um Adobe Firefly video model right on so listen um first of all Pat we were joking about you know company misses slightly this is a company that in the last quarter generated a net income of one point hold on I'm G to pull this number up here it had $465 of earning and it recorded 1.68 billion of net income this quar term yes positive market cap of the company at close was $260 billion after they dropped 8% it just went down to about 240 so it's barely more valuable than open AI at this point apparently so anyways this is why I know I sound sardonic a little bit about it but um it's been a bit of a like tumultuous run with the kind of reactions this stuff is hard like these image generators and trying to figure out what's licens and you and I both knew that one of the biggest problems and challenges that were going to have to be solved going forward is going to be rights usage for AI and so Adobe did its best to train and make sure it was had the right rights for all St it stubbed its toe a few times and it St his to a few times and you know that's definitely been a bit of of an area I mean it's been per forant I think at times as CEO shantu had to had to say hey it's a little slower it's a little conservative Pat you and I have kind of talked about this this is the economy too it's not that good out there people I'm sorry like it's just where's the first area what do you cut first marketing marketing exactly and so you know while companies are looking to get more efficient use generative AI you know we saw um you know the subscription Revenue grew double digits by the way 11% right on par with what's Salesforce grew right like this this is what Adobe apps grew this is how much that market is growing right now it's about 10% for Enterprise application so they're that's sweet that's sweet infusion Erp boom 10% yeah they actually grew a little faster but same thing yeah I mean they were in a sub20 and so the point is is you're everything is slowing the Market's slowing the economy is slowing um you know we're seeing inflation drop a little bit but I'm not meaning to make this all about economy but sometimes company performance when you're CEO you have to have the gall to say it's getting slower out there I'm not going to overpromise I'd rather take the hit now overd deliver later you know the 11% growth um in in digital media with firefly you know it's good I think people want to hear this AI growth thing though they want to hear it's growing a lot it's growing fast and there's a ton of money coming in from it and you know Pat We you and I have gone that kind of the Gambit today we talked about Oracle saying we're not going to charge it all for it companies like uh Adobe have been able to make money with tools like Firefly us tokens and rights and I don't think we've settled on which is the right approach just yet um I think near term though investors want here we're making more money because of AI I still like Adobe a lot of recurring a lot of predictable Revenue the company is in good shape it's got those little toe stubs to deal with Diversified across different parts of creative and more traditional marketing and documents um and Pat they beat I mean look nobody's ever going to be okay with a with a with a bad guide or a down guide um but hopefully that guide sets the company up to have a better performance next quarter versus expectations yeah good stuff Dan and just a correction uh Oracle Enterprise SAS was 10% growth uh when you uh peel back the onion uh on Fusion Cloud Erp it was 16% and S next site was 20 so yeah uh good good catch on that