Adobe Inc Q3 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst : Shantanu, I remember, I think it was MAX 2019, we talked about video and how that could be as big of an opportunity as photos. And I'm curious to get your thoughts on the total available market that is new and incremental to Adobe's Creative business as a result of the acquisition that you made of Frame. And particularly, you used the word dramatically expands the scope of what you can do, meaning collaborators in addition to content creators. Can you just talk about what you meant by that? If you could just put a finer point. Does this mean that the Creative TAM will be larger than what Wall Street thinks, which has always been the case for the past 10 years or so? And secondly, not that it's a negative, but with the seasonal pattern in summer, showing some sign of activity where people went on vacations, et cetera, is there at all any risk that digital transformation takes a bit of a back seat as we go shopping not online but go to stores, therefore, e-commerce activity might actually slow down a little? But the secular trend is still pretty solid. In terms of adjustment, are we in for some adjustment? Or maybe not, but I just want to get your thoughts on that.