The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: Congratulations on a spectacular quarter. Shantanu, my question, again naggingly, annoyingly, is about Creative TAM. You've been very consistent
in talking about how large the TAM for Creative is. I think it goes back to 10 years prior. Can you talk on -- you mentioned today on this call that it's
seemingly endless in terms of the opportunity. Can you expand on that? Why is that the case? Because there is a view, not that I share, that once
the economy opens up, the Creative folks are going to get out and enjoy the summer vacations and do less creative stuff. So we'd take a bit of a
backstep with digital transformation. I don't know how you feel about that, but if you can just talk to that tactical opening of the economy and if
that might impede digital transformation or maybe not and then talk about why your confidence in the TAM of Creative is even greater than it
was, say, 5 years back.
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: Congratulations.
Question: Jennifer Alexandra Swanson Lowe - UBS Investment Bank, Research Division - Analyst
: Great. Maybe just following along sort of the commentary on recovery. One of the things that struck me is the strength that you saw in SMB this
quarter. So maybe 2 questions on that. First, are you kind of back to pre-COVID levels at this point in terms of SMB momentum? Or is there still
more to gain there?
And then secondly, just specific on Experience Cloud, I know even pre-COVID, there were some execution challenges that you're experiencing in
the SMB space. So have those execution challenges been sort of fully addressed and you're seeing some of those more mid-market-oriented
products that you've acquired executing the way you'd like to -- the way you'd like them to? That's it for me.
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MARCH 23, 2021 / 9:00PM, ADBE.OQ - Q1 2021 Adobe Inc Earnings Call
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