2013 Adobe Systems Incorporated. All Rights Reserved.
Adobe Systems Earnings Call
Q3 FY2013 Results
2013 Adobe Systems Incorporated. All Rights Reserved.
Introduction
Mike Saviage, Vice President of Investor Relations
2013 Adobe Systems Incorporated. All Rights Reserved.
Financial Disclaimer
Some of the information discussed in this prese...
2013 Adobe Systems Incorporated. All Rights Reserved.
Q3 FY2013 Results
Shantanu Narayen, President and CEO
2013 Adobe Systems Incorporated. All Rights Reserved.
Digital Media
 Exceeded 1 million paid
Creative Cloud subscriptions...
2013 Adobe Systems Incorporated. All Rights Reserved.
Digital Media (Continued)
 Added single app subscription
offering t...
2013 Adobe Systems Incorporated. All Rights Reserved.
Digital Marketing
 Adobe Marketing Cloud achieved
28% year-over-yea...
2013 Adobe Systems Incorporated. All Rights Reserved.
Q3 FY2013 Financial Results
Mark Garrett, Executive Vice President a...
2013 Adobe Systems Incorporated. All Rights Reserved.
Q3 FY2013
Revenue $995.1 million
EPS GAAP: $0.16 Non-GAAP: $0.32
Q3 ...
2013 Adobe Systems Incorporated. All Rights Reserved.
Digital Media Results – Creative Cloud
 Achieved total Digital Medi...
2013 Adobe Systems Incorporated. All Rights Reserved.
Digital Media Results – Document Services
 Achieved Document Servic...
2013 Adobe Systems Incorporated. All Rights Reserved.
Digital Marketing Results
 Achieved Adobe Marketing Cloud year-over...
2013 Adobe Systems Incorporated. All Rights Reserved.
Q3 FY2013 Results (continued)
 Experienced stable demand
across our...
2013 Adobe Systems Incorporated. All Rights Reserved.
Q3 FY2013 Results (continued)
 12,035 employees
 Trade DSO of 48 d...
2013 Adobe Systems Incorporated. All Rights Reserved.
Financial Targets
September 17, 2013
Q4 FY2013 Targets
Revenue $1 bi...
2013 Adobe Systems Incorporated. All Rights Reserved.
Wrap-Up
Mike Saviage, Vice President of Investor Relations
2013 Adobe Systems Incorporated. All Rights Reserved.
Conference Call Archive and Replay
Follow Adobe on Twitter
and throu...
2013 Adobe Systems Incorporated. All Rights Reserved.
Q&A
2013 Adobe Systems Incorporated. All Rights Reserved.
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Adbe q3 fy13-earnings-call-slides

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Adbe q3 fy13-earnings-call-slides

  1. 1. 2013 Adobe Systems Incorporated. All Rights Reserved. Adobe Systems Earnings Call Q3 FY2013 Results
  2. 2. 2013 Adobe Systems Incorporated. All Rights Reserved. Introduction Mike Saviage, Vice President of Investor Relations
  3. 3. 2013 Adobe Systems Incorporated. All Rights Reserved. Financial Disclaimer Some of the information discussed in this presentation, particularly our revenue, subscription and operating model targets, and our forward-looking product plans, is based on information as of today, September 17, 2013, and contains forward-looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the Forward-Looking Statements Disclosure in our press release issued today, and Adobe’s SEC filings, including our annual report on Form 10-K for fiscal 2012, and our quarterly reports filed on Form 10-Q in fiscal 2013. During this presentation, we will discuss non-GAAP financial measures. The GAAP financial measures that correspond to non-GAAP financial measures, as well as the reconciliation between the two, are available on our Website.
  4. 4. 2013 Adobe Systems Incorporated. All Rights Reserved. Q3 FY2013 Results Shantanu Narayen, President and CEO
  5. 5. 2013 Adobe Systems Incorporated. All Rights Reserved. Digital Media  Exceeded 1 million paid Creative Cloud subscriptions  Digital Media Annualized Recurring Revenue (“ARR”) grew to $655 million  Delivering a constant stream of innovation to Creative Cloud subscribers  Recently updated video tools  Adobe Anywhere  Adobe Generator  New Adobe devices to facilitate design on tablets 2013 Adobe Systems Incorporated. All Rights Reserved.
  6. 6. 2013 Adobe Systems Incorporated. All Rights Reserved. Digital Media (Continued)  Added single app subscription offering to Creative Cloud team  Introduced Photoshop + Lightroom subscription offering for photographers  Stronger-than-expected performance with enterprise term license agreements (“ETLAs”)  Majority of customers moving away from perpetual licenses  Continued to build momentum with Digital Publishing Suite  Surpassed 1.3 million Document Services subscriptions 2013 Adobe Systems Incorporated. All Rights Reserved.
  7. 7. 2013 Adobe Systems Incorporated. All Rights Reserved. Digital Marketing  Adobe Marketing Cloud achieved 28% year-over-year revenue growth  On a $1 billion run-rate in annual Adobe Marketing Cloud revenue  Completed acquisition of Neolane  Enables cross-channel campaign management  Adobe Campaign becomes sixth solution in Adobe Marketing Cloud  Strong Adobe Experience Manager performance  Major Adobe Target solution update  Adobe recognized as the digital marketing leader by industry analysts
  8. 8. 2013 Adobe Systems Incorporated. All Rights Reserved. Q3 FY2013 Financial Results Mark Garrett, Executive Vice President and CFO
  9. 9. 2013 Adobe Systems Incorporated. All Rights Reserved. Q3 FY2013 Revenue $995.1 million EPS GAAP: $0.16 Non-GAAP: $0.32 Q3 FY2013 Results Quarter Highlights  Strong Adobe Marketing Cloud revenue growth  Exceeded 1 million Creative Cloud subscriptions  Exited with approximately $655 million of Digital Media ARR driven by overachievement in Creative Cloud subscriptions and ETLAs  Exited with 41% of Q3 revenue as recurring, up from 35% in Q2 FY13
  10. 10. 2013 Adobe Systems Incorporated. All Rights Reserved. Digital Media Results – Creative Cloud  Achieved total Digital Media revenue of $637 million in Q3  Exited Q3 with 1 million 31 thousand paid Creative Cloud individual and team subscriptions  Increase of 331 thousand net new subscriptions  Achieved Creative ARR of $546 million, an increase of $191 million Q/Q Metric Q1 FY13 Q2 FY13 Q3 FY13 Total paid subscriptions exiting the quarter (thousands) 479 700 1,031 Creative ARR (millions) $233 $355 $546 Percentage on Annual (vs. month-to-month) 92% 93% 95% Percentage with full Creative Cloud (vs. point products) 81% 81% 81%
  11. 11. 2013 Adobe Systems Incorporated. All Rights Reserved. Digital Media Results – Document Services  Achieved Document Services revenue of $183 million in Q3  Success driven by continued adoption of Acrobat, Acrobat ETLAs, Acrobat cloud services and our EchoSign e-signing solution  Grew Document Services ARR from $84 million exiting Q2 to $109 million exiting Q3 ReaderAcrobat Forms CentralEchoSign
  12. 12. 2013 Adobe Systems Incorporated. All Rights Reserved. Digital Marketing Results  Achieved Adobe Marketing Cloud year-over-year revenue growth of 28%  Adobe Marketing Cloud revenue of $255 million included $6 million from the acquisition of Neolane  Neolane becomes our sixth Adobe Marketing Cloud solution and enhances our ability to drive larger customer engagements (Millions) Business Segment Q3 FY12 Q2 FY13 Q3 FY13 Digital Marketing Segment $263.7 $285.4 $311.7 Adobe Marketing Cloud $199.0 $229.6 $254.9 LiveCycle + Web Conferencing $64.7 $55.8 $56.8
  13. 13. 2013 Adobe Systems Incorporated. All Rights Reserved. Q3 FY2013 Results (continued)  Experienced stable demand across our major geographies  Net sequential quarterly currency decrease to revenue considering hedging gains was $7.4 million  Net year-over-year currency decrease to revenue considering hedging gains was $15.2 million Americas 54% EMEA 26% ASIA 20% Q3 Revenue by Geography
  14. 14. 2013 Adobe Systems Incorporated. All Rights Reserved. Q3 FY2013 Results (continued)  12,035 employees  Trade DSO of 48 days  Cash flow from operations was $216 million  Record deferred revenue of $734 million  Cash and short-term investments of $3.16 billion  Repurchased approximately 7 million shares
  15. 15. 2013 Adobe Systems Incorporated. All Rights Reserved. Financial Targets September 17, 2013 Q4 FY2013 Targets Revenue $1 billion to $1.050 billion Earnings per share GAAP: $0.09 – $0.15 Non-GAAP: $0.28 – $0.34 The information discussed on this slide contains forward looking statements that involve risk and uncertainty. Actual results may differ materially. For a discussion of these risks and uncertainties, you should review Adobe’s SEC filings. Please see our website for a detailed reconciliation between GAAP and non-GAAP targets.  Expect total Digital Media ARR to be approximately $875 million exiting Q4  Expect to add slightly more Creative Cloud paid subscriptions than what was achieved in Q3 and continued strength with ETLA adoption  Assuming the midpoint of our targeted Q4 revenue range:  Expect Digital Media reported revenue to be down sequentially  Targeting Adobe Marketing Cloud year-over-year revenue growth of ~35%  Expect LiveCycle and Connect revenue to be relatively flat quarter-over-quarter  Expect Print & Publishing revenue to decline sequentially
  16. 16. 2013 Adobe Systems Incorporated. All Rights Reserved. Wrap-Up Mike Saviage, Vice President of Investor Relations
  17. 17. 2013 Adobe Systems Incorporated. All Rights Reserved. Conference Call Archive and Replay Follow Adobe on Twitter and through our corporate blogs @Adobe @Adobe_IR http://blogs.adobe.com/conversations Earnings call archive http://www.adobe.com/ADBE Available for approximately 45 days Conference call phone replay 1-855-859-2056 (US) 1-404-537-3406 (International) Conference ID #42772158 Available 4pm PT on September 17, 2013 through 4pm PT on September 20, 2013
  18. 18. 2013 Adobe Systems Incorporated. All Rights Reserved. Q&A
  19. 19. 2013 Adobe Systems Incorporated. All Rights Reserved.
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