Top 10 $ADBE call insights for me: 1. Deliberately lowering second-half ARR from individual subscribers to fund a bigger freemium push across Firefly, Express, and Acrobat. 2. The roughly $500M ARR impact is split about half from deferring Creative Cloud price optimizations and about half from the freemium push. 3. The deferred Creative Cloud optimizations are a timing shift, not a cancellation. Call said they can reintroduce them later. 4. Second-half ARR is expected to skew more toward Q4 than the usual 40/60 Q3/Q4 pattern. 5. Firefly ARR grew about 50% quarter-over-quarter and is approaching $300M exiting Q2. 6. Adobe is applying the “proven Acrobat Reader freemium model” to Firefly and Express, now tied to intent-based search. 7. Adobe is using Semrush to rank on intent queries like “Summarize PDF” and route users into Acrobat Web or Firefly. 8. Adobe Creative Agent is already distributed inside Claude and ChatGPT, with Copilot and Gemini coming, and monetized through credits. 9. Customer Experience Orchestration AI-first ARR grew 4x year-over-year, with over 80% of platform customers using agentic capabilities. 10. Management signaled interest in technology tuck-in M&A because many AI targets lack sustainable or monetizable business models. 👀