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: Mark Murphy - JPMorgan Chase & Co - Analyst
: Congratulations on a great finish to the year. Shantanu, down at Adobe MAX, the energy, the enthusiasm was just truly
phenomenal. And it felt to us like a breakthrough moment, talking to customers down that there was just quite a bit of interest
in Firefly Foundry specifically because the customers can end up with this private AI model and something that will understand
their identity and their style.
Can you speak to how customers are starting to use Foundry in the early stages? And perhaps just what type of economic
potential that might be able to unleash for Adobe?
Question: Matthew Swanson - RBC Capital Markets Inc - Analyst
: I had a question kind of as we expand the product portfolio and the go-to-market motion of really mirroring up the Creative
Cloud and the Experience Cloud. Could you just talk about maybe the ROI focus on kind of justifying the value creation of
these new productivity enhancements, right?
We've seen through all your product demos how much more content can be created, but really being able to marry that up
to results and really kind of why is it a good thing for the enterprise that they have all these new capabilities.
Question: Ivan Radojicic - Wolfe Research LLC - Analyst
: This is Ivan here on the line for Alex. Maybe one question on going back to Semrush acquisition. Can you maybe talk a little
bit about what was the strategic rationale? A little more color on that and maybe how we should think about the series from
the deal for next year.
Question: Keith Weiss - Morgan Stanley - Analyst
: Congratulations on the solid end of the year. Maybe a kind of longer-term focus question. You guys have been clear that the
strategy is proliferation first and then kind of monetization going forward when it comes to a lot of these technologies and a
lot of the innovation that you're pushing into the base. And I think some of the metrics that we're seeing in Q4 are getting us
a little bit excited that we're starting to see some of that ability.
You guys talked about monthly active users up over 15%. So the user base is growing. You talked about 3x growth in the
Question: Jake Roberge - William Blair Capital Partners - Analyst
: Good to see the partnership announcement and integration with ChatGPT. David, as you expand to these new surfaces outside
of the Adobe ecosystem, how are you thinking about driving monetization of that usage or converting those users over to
your platform?
Question: Michael Turrin - Wells Fargo Securities LLC - Analyst
: You mentioned credit consumption up 3x this quarter. I was just hoping to hear a bit more around what you're seeing from
an overall consumption perspective, how third-party models are impacting that? And if you're becoming at all more confident
in monetizing or forecasting consumption?
And then secondarily, from your perspective, are there better or worse scenario for us to be thinking about in terms of which
of the larger models win [mile] share in the market for Adobe just given, I think you've seen a lot of differing opinions of that,
especially of late?
Question: Keith Bachman - Bank of Montreal - Analyst
: David, I'd like to direct this to you, if I could, and just ask you how you're thinking about the components of the construct of
growth over the course of FY26? And if I break it into two parts, just wondering if you could comment specifically on seats
within the creator and marketing professionals? Not looking for specific numbers, but if seat growth remain steady within that
category, it looks like you're filling the top of the funnel across the board.
But really, what I'm asking about is paid seat growth. Would you anticipate that that remains steady in FY26?
And then the second part of the question is, in the prepared remarks, digital media more broadly, it was 75% was upsell in
price and then the balance was basically price. And what I'm asking -- the spirit of the question is, despite growing competition,
do you think pricing is still a lever that you can draw on to support growth in '26 and beyond?
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