Adobe reports strong q2 fy2013 financial results
San jose, calif.--(business wire)--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 world's 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. © 2013 adobe systems incorporated. all rights reserved. adobe, the adobe logo, creative cloud and adobe marketing cloud are either registered trademarks or trademarks of adobe systems incorporated in the united states and/or other countries. all other trademarks are the property of their respective owners. condensed consolidated statements of income (in thousands, except per share data; unaudited) may 31, 2013 condensed consolidated balance sheets (in thousands, except par value; unaudited) may 31, 2013 november 30,2012 condensed consolidated statements of cash flows (in thousands; unaudited) non-gaap results (in thousands, except per share data) the following tables show adobe's gaap results reconciled to non-gaap results included in this release. ended adobe continues to provide all information required in accordance with gaap, but believes evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only gaap financial measures. accordingly, adobe uses non-gaap financial information to evaluate its ongoing operations and for internal planning and forecasting purposes. adobe's management does not itself, nor does it suggest that investors should, consider such non-gaap financial measures in isolation from, or as a substitute for, financial information prepared in accordance with gaap. adobe presents such non-gaap financial measures in reporting its financial results to provide investors with an additional tool to evaluate adobe's operating results in a manner that focuses on what adobe believes to be its ongoing business operations. adobe's management believes it is useful for itself and investors to review, as applicable, both gaap information that includes the stock-based and deferred compensation expenses, restructuring and other charges, amortization of purchased intangibles and prior activity in connection with technology license agreements, investment gains and losses and the related tax impact of all of these items, income tax adjustments, the income tax effect of the non-gaap pre-tax adjustments from the provision for income taxes, and the non-gaap measures that exclude such information in order to assess the performance of adobe's business and for planning and forecasting in subsequent periods. whenever adobe uses such a non-gaap financial measure, it provides a reconciliation of the non-gaap financial measure to the most closely applicable gaap financial measure. investors are encouraged to review the related gaap financial measures and the reconciliation of these non-gaap financial measures to their most directly comparable gaap financial measure as detailed above.
