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Adobe's Cloud Solutions Fuel Strong Financial Results
Creative Cloud and Adobe Marketing Cloud Adoption Accelerates in Q2
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.
"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."
Adobe to Webcast Earnings Conference Call
Adobe will webcast its second quarter fiscal year 2014 earnings conference call today at 2:00 p.m. Pacific Time from its investor relations website: http://www.adobe.com/ADBE. Earnings documents, including Adobe management's prepared conference call remarks with slides, financial targets and an investor datasheet are posted to Adobe's investor relations website in advance of the conference call for reference. A reconciliation between GAAP and non-GAAP earnings results and financial targets is also provided on the website.
Forward-Looking Statements Disclosure
This press release contains forward-looking statements, including those related to future product releases, business momentum, the strength of our cloud business and growth of our revenue and earnings, all of 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, fluctuations in subscription renewal rates, risks associated with cyber-attacks and information security, uncertainty in economic conditions and the financial markets, 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 our fiscal year 2013 ended Nov. 29, 2013 and Adobe's Quarterly Reports on Form 10-Q issued in fiscal year 2014.
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 30, 2014, which Adobe expects to file in June 2014.
Adobe assumes no obligation to, and does not currently intend to, update these forward-looking statements.
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