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Adobe Q2 Profit Up 16% on Strength of Cloud

Wednesday, June 18, 2014

Press release from the issuing company

SAN JOSE, Calif. - Adobe today reported financial results for its second quarter of fiscal year 2014 ended May 30, 2014.

Second Quarter Financial Highlights

  • Adobe achieved revenue of $1.07 billion, above the high end of its targeted range of $1.00 billion to $1.05 billion.
  • Adobe exited Q2 with 2 million 308 thousand paid Creative Cloud subscriptions, an increase of 464 thousand when compared to the number of subscriptions as of the end of Q1 fiscal year 2014.
  • Creative Annualized Recurring Revenue (“ARR”) grew to $1.20 billion, and total Digital Media ARR grew to $1.38 billion.
  • Adobe Marketing Cloud quarterly revenue was $283 million, representing 23 percent year-over-year growth.
  • Diluted earnings per share were $0.17 on a GAAP-basis, and $0.37 on a non-GAAP basis.
  • Cash flow from operations was $368 million and deferred revenue grew to a record $929 million.
  • 53 percent of Adobe’s Q2 revenue was from recurring sources such as Creative Cloud and Adobe Marketing Cloud.
  • The company repurchased approximately 2.6 million shares during the quarter, returning approximately $166 million of cash to stockholders.

A reconciliation between GAAP and non-GAAP results is provided at the end of this press release and on Adobe’s website.

Executive Quotes

“Adobe’s first-half upside was driven by accelerated adoption of Creative Cloud and Adobe Marketing Cloud”, said Shantanu Narayen, president and chief executive officer, Adobe.  “We’re excited about our upcoming product pipeline and expect a strong second half of the year.”

“Our earnings performance in Q2 reflects the financial leverage we have in our model,” said Mark Garrett, executive vice president and chief financial officer, Adobe. “With Adobe’s Creative Cloud transformation behind us, our focus moving forward is to drive strong revenue and earnings growth with our market-leading cloud offerings.”

 

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