Chasing M&A is a lottery but i found this interesting from ADBE CEO. ADBE is a great company but sign off/pDF is a bit weaker than their other areas.

Shantanu Narayen

I think as it relates to your M&A question, and then David could certainly answer the other one, clearly valuations to your point have changed quite a bit. And the first thing I'll start off by saying is, we're really pleased with our portfolio. If you look at some of the new initiatives, and we've touched on that, whether it's Adobe Express, whether it's the real time CDP customer journey analytics, what we're doing with things on the web, including PDF, we feel really good. I do feel Alex that there are going to be a number of small single product companies that are probably not going to survive, what's happening. And the valuation sort of multiple changing is actually I think, good for a larger company like Adobe. So I, it doesn't feel like we need anything, but we will always be on the lookout for things that are additive, that are adjacent, and that will provide great shareholder value and our metrics associated with ensuring great technology, great cultural fit, and adjacency remain. But we have so much going on within the company that we're excited about our current portfolio, clearly, things will be more reasonable in terms of M&A as well