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Adobe Systems Inc ADBE
Q1 2013 Earnings Call Transcript

Transcript Call Date 03/19/2013

Operator: Good afternoon. My name is Jay and I will be your conference operator today. At this time, I would like to welcome everyone to the Adobe's First Quarter Fiscal Year 2013 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session. Thank you.

I'd now like to hand the call over to Mr. Mike Saviage, Head 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 first quarter fiscal year 2013 financial results. By now, you should have a copy of our earnings press release which crossed the wire approximately one hour ago. We've also published our earnings call prepared remarks and slides, and a document containing our financial targets on Adobe.com. If you would like a copy of these documents, you can go to the Investor Relations page and find them listed under Quick Links.

Before we get started, I want to emphasize that some of the information discussed in this call, particularly our revenue, subscription and operating model targets, and our forward-looking product plans, is based on information as of today, March 19, 2013, and contains forward-looking statements that involve risk and uncertainty, while 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 Datasheet.

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. The audio and archive may not be re-recorded or otherwise reproduced or distributed without prior written permission from Adobe.

I'll now turn the call over to Shantanu.

Shantanu Narayen - President and CEO: Thanks Mike and good afternoon. I am happy to report we delivered revenue of $1.008 billion in Q1, with non-GAAP earnings per share of $0.35. Both results were above our targeted ranges for the quarter. Our Q1 results demonstrate we are executing well on our strategy, delivering strong product innovation across our Digital Media and Digital Marketing businesses and becoming more mission-critical to both our creative and marketing customers.

In Digital Media, we are redefining the creative process with Creative Cloud. We drove strong Creative Cloud adoption in Q1. We exited the quarter with 479,000 paid subscriptions and recently we crossed the 0.5 million mark. With this momentum, we are on track to reach our goal of 1.25 million paid subscriptions by the end of this fiscal year.

Read our Earnings Call Transcript disclaimer.
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