[0:00]Dylan, kind of the Silicon Valley dream coming true here. You stick with your initial idea, you develop it for a decade, you sell it for billions of dollars.
[0:10]There are still people out there asking $20 billion. What do you think is the potential here and why is Figma worth $20 billion? Well, first of all, I just want to give a giant shout out and thank you to the Figma team. Uh, I'm on this interview today and there's so many other people that have been involved in the success of Figma along the way. Past Figma mates, current Figma mates and I want to thank all of them. Of course, this is about moving forward now. And uh, how much potential there is in a combined Figma Adobe combo and we really believe there's such potential here. Uh, whether it's looking at Figma and thinking about how we can accelerate our efforts with Fig Jam through, um, Adobe Acrobat and their giant install base and uh, their productivity case there. Whether it's about the Figma design platform today and how we can bring capabilities from Adobe in, whether it be imaging, vector illustration, video, 3D or more, or it's thinking outside the box of where we're currently at. Thinking about developers and thinking about markets we're not serving and we were not planning to serve, such as creatives and thinking about how do we bring the capabilities of Adobe onto the Figma platform and make it such that creatives are able to have more collaborative workflows, make those workflows web-based and make it such that creativity, design and software development are more accessible to more people. We're truly excited about what can become possible there in our combination with Adobe. David, we all thought we were in a downturn and here you are doing a $20 billion deal. Uh, the stock had kind of a rough day as investors digested the number here. What's your response to that? Look, we, we at Adobe uh, we're entering our 40th year and uh, we continue to be very aggressive about the opportunities that that we see. If you look at, uh, the opportunity ahead and what Dylan and the amazing team at Figma have built, uh, they've built a company that's uh, two basically gonna add $200 million of ARR this year, crossing 400 million by the end of the year, uh, and uh, and addressing a tab that's 16 and a half billion dollars. And when you put it in the context of the efficiency of the business, cash flow positive with a net dollar retention rate over 100 uh, 50%. There are very few companies uh, with that profile. And in the context of what we see in some of the things Dylan talked about, when we look uh, look ahead and the synergies we can do to accelerate uh, Figma's move into that 16 and a half billion dollar tab to accelerate what we do in terms of of our core creative flagship applications uh, reimagined with the technology running on top of the Figma platform, uh, and when you think about it in the context of how Dylan was talking about with Figma and Acrobat, really coming in at the cross center cross intersection of um, creativity and productivity, we think that the market opportunity here is massive, uh, and this was a great time to make that that play. Dylan, there was a great tweet from uh, Ruben Harris, another startup entrepreneur out there. He compared Figma to Instagram. Well, if you think about it that way, you hear the numbers that David just rattled off, you're cash flow positive, you could have gone public as soon as the window opened. Why sell? Why not try to build your own $150 billion company and go public on your own terms? Yeah, I mean, first of all, we're super thankful that we had the ability to control our own destiny here, but at the end of the day, we have to think about our community and we have to think about the impact we can have and what timeline we can have an impact on. And we believe that this accelerates the impact we can have, that this broadens the impact we can have and by leveraging and utilizing the expertise of Adobe, the capabilities, the technology they built, uh, as well as the amazing people they have, uh, and they've attracted over the past three decades. Um, we think that we're able to basically scale the impact we have beyond just design and move into new areas and be able to have more impact faster and that's why we've done this deal. David, I I I know you were the architect of this deal and you also sold a couple of companies including uh, one to Adobe in your earlier days. What kind of advice did you give Dylan through this process, you know, personal advice in the best interest of, you know, Figma and his company and not necessarily the company that you work for now? Yeah, well, I think I look at it as as a shared common interest and and shared objective here. So, you know, Dylan and I've known each other for a few years and uh, we started having these conversation in earnest a few months ago. Uh, having gone through this process, being acquired as part of macromedia into Adobe, the things I know are if you have sure uh, shared purpose, if you have a shared passion and you have a clarity in terms of how you're going to actually operate and go after the market, uh, great things will happen because there's so much that we have in common in terms of how what we want to approach the market. And Dylan and I have been very clear in terms of how we're planning to run this. Dylan will remain CEO of uh, of Figma and uh, and he and I will be working very closely to make sure that the decisions that he makes with the autonomy that he needs to keep the things that are special about uh, Figma special. Uh, combined with the things that we can do surgically to uh, accelerate the business, accelerate our technology vision and accelerate move into new markets. Uh, that's really the foundation and the big the most important thing, and we talked a lot about this to the process is shared vision and trust and and I certainly have a tremendous amount of respect for what Dylan and the team has done, and I think he's he knows me well enough that he knows that I'm a person of my word and we're going to do great things together. It's mutual, and it's really helped that we knew each other for a few years prior as well.
[9:59]Dylan, you know, you Figma was making Adobe sweat. What's it going to be like joining your competitor and how do you preserve the culture of the Figmates as you say? Yeah, um, well, first of all, the more that we learned about Adobe, the less we thought about them as a competitor, honestly. Uh again, you know, we're over here in the product design and product and software creation space. Uh and Adobe is largely in the marketing space uh, when it comes to digital media.
[10:40]And so we really see this as a way to broaden our opportunities, uh and also, you know, the more that we got to know Adobe, the more we saw shared vision, shared purpose, shared values, like David referenced. Uh at Figma, one of our values is build community. Another one's craftsmanship. These are values that Adobe has in spades. And because of the autonomy and the ability to continue to build our culture, our team, uh, we really think that we'll be able to continue to accelerate our culture, uh, and I'm very excited to explore what this acquisition means to the team and figure out how we can have even more impact on our community and our ecosystem. For me, uh, I grew up using Adobe software and so the chance to help Adobe uh, think about the next generation of creative tools and how they are, um, you know, use collaboratively and what they mean in the web browser context. That's a dream come true and I'm I'm really excited for this.
