Freemium pivot funnel: free MAU to paid conversion and ARR, resolved at the FY26 Q3 gate re-rate funds funnel cannibalizes paid seats Re-rating converts above the norm credit & agent spend up Compression free tiers eat paid seats ARR + margins compress Free-tier MAU 850M+ free accounts Acrobat · Express · Firefly · CC Intent-driven discovery friction-free onboarding Q3 gate Sep 10 FY26 Deferred ARR paywalls · usage pricing $480M give-up Annual recurring revenue credit + AI-agent spend, not seat price growth guided ~10.2% YoY Sept 10 FY26 Q3 print — conversion rate + AI-first ARR resolves the branch