Simon Belanger

I'd be curious to know how earnings were growing actually without share buybacks, but operating margins were flat.

ARR increased by 12.5% and RPOs by 13%.

And in my opinion, too many Adobe bulls are focusing kind of on the disruption level bear case and kind of applying it to the, I don't know why this stock is going down.

This thing, this company is not getting disrupted.

But I think really with me trying to take the most objective look at it possible, like the company is not growing as fast as it was.

It is definitely a deceleration of growth.

Like I think revenue growth rates are,

I'm just kind of guessing, but I think they're pretty close to half of what they were maybe four or five years ago.

They used to grow 20% annually.

Yeah.

So...

I think you're not only getting... You're just getting a revaluation.

The multiple is coming down, which has happened across all software companies.

But this is also a software company that is just not growing as fast as it was.

It's putting in a lot of efforts, and I'll talk about it in a bit, with the freemium model, things like that, to kind of shape up for the future to get that growth back again.

But it's just not growing as fast as it was.

So...

If you exclude the SEMrush acquisition, which is like a SEO-based company, I used to use it quite a bit.

If you look at this chart right here, you can see a clear deceleration of growth, which is obviously going to come with a smaller multiple.

But on that ARR front with the SEMrush acquisition-