Adobe Systems Inc ADBE
Q2 2012 Earnings Call Transcript

Transcript Call Date 06/19/2012

Operator: Good day, everyone. Welcome to the Adobe System's Q2 FY 2012 Earnings Conference Call. As a reminder, today's conference is being recorded.

At this time, I would 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 2012 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, June 19, 2012, 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 in 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 will now turn the call over to Shantanu.

Shantanu Narayen - President and CEO: Thanks Mike and good afternoon. We had strong Q2 with $1.124 billion in revenue representing 10% year-over-year revenue growth. Our non-GAAP earnings per share was $0.60. Both results were towards the upper end of our targeted ranges for the quarter.

In our Digital Media business our strategy is to help customers create, publish, measure and monetize their content on any device. We launched Creative Cloud in May a subscription-based offering that is a hub for creating and publishing content and applications.

Creative Cloud includes our new Creative Suite 6 desktop software, tablet applications and integrated publishing services. Creative Cloud will enable us to rapidly deliver new technology to our customers, attract new users through its lower cost of entry, help us build more direct relationships with our customers and address piracy.

At the heart of Creative Cloud is Creative Suite 6, CS6 includes major updates to all of the course CS products including Photoshop, Premiere Pro, After Effects, InDesign, Illustrator and Dreamweaver.

Read our Earnings Call Transcript disclaimer.
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