Adobe Reports Strong Q FY Financial Results

Creative Cloud Subscriptions Hit 700 Thousand; Adobe Marketing Cloud Bookings Grow Over 25 Percent

SAN JOSE, Calif. June 18, 2013 Adobe Systems Incorporated (Nasdaq:ADBE) today reported financial results for its second quarter of fiscal year 2013 ended May 31, 2013.

Second Quarter Financial Highlights

Adobe achieved revenue of $1.011 billion, within its targeted range of $975 million to $1.025 billion.

Diluted earnings per share were $0.15 on a GAAP-basis, and $0.36 on a non-GAAP basis.

Operating income was $111.3 million and net income was $76.5 million on a GAAP basis. Operating income was $247.3 million and net income was $182.9 million on a non-GAAP basis.

Adobe ended Q2 with 700 thousand paid Creative Cloud subscriptions, an increase of 221 thousand when compared to the number of subscriptions as of the end of Q1 fiscal year 2013.

Adobe Marketing Cloud quarterly revenue was $229.6 million, with bookings growth of greater than 25 percent.

A reconciliation between GAAP and non-GAAP results is provided at the end of this press release.

Executive Quotes

Our Q2 results reflect our leadership position in Digital Media and Digital Marketing, said Shantanu Narayen, president and chief executive officer, Adobe. Creative Cloud is revolutionizing the creative process, and Adobe Marketing Cloud is quickly becoming the platform of choice for the worlds leading brands, advertising agencies and media companies.

Adoption of Creative Cloud continued to accelerate and we drove strong Adobe Marketing Cloud bookings growth in Q2, said Mark Garrett, executive vice president and chief financial officer, Adobe.

Adobe to Webcast Earnings Conference Call

Adobe will webcast its second quarter fiscal year 2013 earnings conference call today at 2:00 p.m. Pacific Time from its investor relations website: www.adobe.com/ADBE. A copy of Adobe management's prepared remarks, including financial targets and conference call slides, has been posted to Adobe's investor relations website in advance of the conference call for reference.

A reconciliation between GAAP and non-GAAP financial targets is also provided on the website.

Forward-Looking Statements Disclosure

This press release contains forward-looking statements, including those related to the transition of our business as we migrate to a subscription model, adoption of Creative Cloud and growth in revenue and bookings for Adobe Marketing Cloud solutions in our Digital Marketing business, which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: failure to develop, market and distribute products and services that meet customer requirements, introduction of new products and business models by competitors, failure to successfully manage transitions to new business models and markets, including our increased emphasis on a cloud and subscription strategy, fluctuations in subscription renewal or upgrade rates, continued uncertainty in economic conditions and the financial markets, difficulty in predicting revenue from new businesses and the potential impact on our financial results from changes in our business models, and failure to realize the anticipated benefits of past or future acquisitions.

For a discussion of these and other risks and uncertainties, please refer to Adobe's Annual Report on Form 10-K for fiscal year 2012, and Adobe's Quarterly Reports on Form 10-Q issued in fiscal year 2013.

The financial information set forth in this press release reflects estimates based on information available at this time. These amounts could differ from actual reported amounts stated in Adobe's Quarterly Report on Form 10-Q for our quarter ended May 31, 2013, which Adobe expects to file in June 2013.

Adobe assumes no obligation to, and does not currently intend to, update these forward-looking statements.

About Adobe Systems Incorporated

Adobe is changing the world through digital experiences. For more information, visit www.adobe.com.

Condensed Consolidated Statements of Income (PDF: 54k)

Condensed Consolidated Balance Sheets (PDF: 49k)

Condensed Consolidated Statements of Cash Flows (PDF: 44k)

Non-GAAP Results (PDF: 54k)

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LINK:	http://www.adobe.com/aboutadobe/pressroom/pressreleases/201306/Q213Ear...
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