Adobe Systems Inc ADBE
Q2 2010 Earnings Call Transcript

Transcript Call Date 06/22/2010

Operator: Good day, everyone. Welcome to the Adobe’s Q2 Fiscal 2010 Earnings Conference Call. As a reminder, today's call is being recorded.

At this time, I'd like to turn the call over to Mr. Mike Saviage, Vice President of Investor Relations. Please go ahead, sir.

Mike Saviage - VP of IR: Good afternoon and thank you for joining us today. Joining me on the call are Adobe’s President and CEO Shantanu Narayen, as well as Mark Garrett, Executive Vice President and CFO.

In the call today, we will discuss Adobe’s second quarter fiscal year 2010 financial results. By now, you should have a copy of our earnings press release, which crossed the wire approximately one hour ago. If you need a copy of the press release, you can go to under the Company and Press links to find an electronic copy.

Before we get started, I want to emphasize that some of the information discussed in this call, particularly our revenue and operating model targets and our forward-looking product plans is based on information as of today, June 22, 2010, and contains forward-looking statements that involve risks 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 the earnings press release we issued today, as well as Adobe’s SEC filings.

During this call, we will discuss GAAP and non-GAAP financial measures. A reconciliation between the two is available in today’s earning release and on our Investor Relations' website in the investor data sheet.

Call participants are advised that the audio of this conference call is being broadcast live over the Internet and Adobe Connect, and is also being recorded for playback purposes. An archive of the call will be made available on Adobe’s Investor Relations' website for approximately 45 days, and is the property of Adobe Systems. The audio and archive may not be re-recorded or otherwise reproduced or distributed without prior written permission from Adobe Systems.

I would now like to turn the call over to Shantanu.

Shantanu Narayen - President and CEO: Thanks Mike, and good afternoon. In Q2, we achieved record revenue of $943 million with non-GAAP earnings per share of $0.44. In addition to a successful CS5 launch, we had solid results across all of our businesses and geographies. We continue to execute well against our strategic goals, providing great value to our customers, which is resulting in strong performance.

I’ll spend a few minutes discussing Q2 business highlights. Then, Mark will provide additional details about the quarter and our financial targets. Following that, I will close with a discussion on our longer term objectives and we’ll take your questions.

In our Creative Solutions business, positive product reviews, industry buzz and pent-up customer demand drove strong Creative Suite 5 adoption in all major geographic regions in the quarter. Our team has delivered an amazing set of products with new innovative features, performance improvements and workflow enhancements to help customers deliver rich and engaging content across media types, platforms and devices.

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