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Earnings Calls: 
Adobe Systems First Quarter Earnings Call
Author: 123jump.com Staff
123jump.com
Last Update: 7:30 AM EDT March 28 2008

The company posted quarter GAAP net income of $219.4 million versus $143.9 million in the first quarter fiscal 2007, and $222.2 million in the fourth quarter fiscal 2007. The headcount rose from 6,794 at the end of fourth quarter fiscal 2007 to the current quarter level of 7,037, with the most part of the increase relating to R&D. Adobe Systems now forecasts second quarter revenues to be in the range of $855 million to $885 million and EPS target is in the range 35 cents to 37 cents.

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Sequential Earnings Growth | Quarterly Earnings by Year | Quarterly Earnings Growth by Year

Source: Company filings    Q1:February  Q2:May  Q3:August  Q4:November
 
This summary is based on the first quarter fiscal 2008 earnings call conducted by Adobe Systems Inc. (ADBE: chart) on March 18, 2008.

Management:

CEO and President: Shantanu Narayen
CFO and EVP: Mark Garrett
VP, IR: Mike Saviage

Key Investor Issues:

- Quarterly non-GAAP EPS was 48 cents versus 30 cents in first quarter fiscal 2007.
- Quarter revenue rose by 37% from $649.4 million last year quarter to $890.4 million.
- The non- GAAP EPS fiscal 2008 target in the range $1.86 to $1.92.
- Non-GAAP and GAAP operating margin targets in 2008 are 39% and 30% respectively.

First-Quarter GAAP Financial Highlights

The quarter EPS were 38 cents based on 571.3 million weighted average shares.

- This compares with GAAP diluted EPS of 24 cents in the first quarter fiscal 2007 based on 604.2 million weighted average shares.
- The GAAP diluted EPS for fourth quarter fiscal 2007 was 38 cents based on 587.9 million weighted average shares compared with 24 cents reported in first quarter fiscal 2007 on 604.2 million weighted average shares.
- The company’s first quarter GAAP EPS target was in the range 34 cents to 36 cents.

The company recorded GAAP operating income of $275.4 million compared with $146.3 million in the year ago quarter.

- The GAAP operating income for fourth quarter fiscal 2007 was $275.8 million.
- As a percent of revenue, GAAP operating income was 30.9% compared with 22.5% in the first quarter fiscal 2007 and 30.3% in the fourth quarter fiscal 2007.

- The company’s GAAP tax rate for the quarter was 25.8% whilst the non-GAAP rate was 26% for the same quarter.

First-Quarter non-GAAP Financial Highlights:

Revenue

The Creative Solutions segment posted first quarter revenue of $543.5 million versus last year of $300 million and $570.5 million in the previous quarter. This represents 57% year-on-year growth

The Business Productivity segment achieved revenue of $249.7 million compared with $217.3 million in first quarter fiscal 2007 and $264.4 million in the previous quarter. On a year-on-year basis, the increase is 15%.

- Within the Business Productivity Solutions segment, the Knowledge Worker revenue was a record $195.5 million compared with $192.1 million last year same period. The year-on-year increase was 12%.
- Quarter Enterprise revenue was $54.2 million versus $42.5 million in first quarter 2007 driven by 28% year-on-year growth in LiveCycle.

The Mobile and Device segment revenue was $15.2 million during the quarter. The last year quarter revenue for the segment was $13.5 million, representing an 11% year-on-year growth.

In the Other segment revenue was $82 million versus $72 million in the first quarter fiscal 2007.

- The geographic revenue contributions breakup shows the Americas with 45%, Europe 36% and Asia 19%.

The non-GAAP diluted EPS for the first quarter was 48 cents.
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