3/4 cup sugar
1/4 cup water
1 package (8 ounces) cream cheese, softened
5 large eggs
1 can (14 ounces) sweetened condensed milk
1 can (12 ounces) evaporated milk
1 teaspoon vanilla extract
In a heavy saucepan, cook sugar and water over medium-low heat until melted and golden, about 15 minutes.
Brush down crystals on the side of the pan with additional water as necessary. Quickly pour into an ungreased 2-qt. round baking or souffle dish, tilting to coat the bottom; let stand for 10 minutes.
Preheat oven to 350°. In a bowl, beat the cream cheese until smooth. Beat in eggs, 1 at a time, until thoroughly combined. Add remaining ingredients; mix well. Pour over caramelized sugar.
Place the dish in a larger baking pan. Pour boiling water into larger pan to a depth of 1 in. Bake until the center is just set (mixture will jiggle), 50-60 minutes.
Remove dish from a larger pan to a wire rack; cool for 1 hour. Refrigerate overnight.
To unmold, run a knife around edges and invert onto a large rimmed serving platter. Cut into wedges or spoon onto dessert plates; spoon sauce over each serving.