Adobe Systems Inc ADBE
Q4 2011 Earnings Call Transcript

Transcript Call Date 12/15/2011

Operator: Good day, everyone, and welcome to the Adobe System's Q4 Fiscal Year 2011 Earnings Conference Call. As a reminder, today's conference is being recorded.

At this time, I would like to turn the conference 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 fourth quarter and fiscal year 2011 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 News Room 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, December 15, 2011, 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 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 earnings 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. I am excited to report, we delivered record revenue of $1.152 billion in Q4. This performance helped us achieve record revenue of $4.216 billion in fiscal year 2011, which represents 11% annual growth.

Our Q4 results demonstrate we are executing exceptionally well against our strategy. We achieved quarterly revenue with 14% year-over-year growth; five quarters in a row with more than $1 billion of revenue; with strong profit and cash flow results for the year.

We accomplished these milestones while putting in place a long-term strategy that will solidify our leadership position in two fast-growing markets. Our strategy centers on our unique capability to help customers make, manage, measure, and monetize their digital experiences. Customers are asking for our help in accelerating their digital businesses, and we're doubling down in areas where digital content is mission-critical, digital media and digital marketing. We have organized Adobe to focus on these opportunities and we're investing to win in each area.

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