Our view: Adobe reported a solid quarter with the strongest net new digital media ARR beat in four quarters as strong top-line results drove +$2B in CFO. Despite broad-based strength in the quarter, the focus will likely be on 2H seasonality in which the lower Q3 guidance implies a steep ramp into Q4 as the full-year top-line guidance was maintained, adjusted for currency and the Russia/Ukraine impact. Maintain our OP rating and $500 PT.