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Adobe Systems Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: January 26, 2012 04:55PM

Adobe Systems Inc. (ADBE) filed Annual Report for the period ended 2011-12-02. Adobe Systems Inc. has a market cap of $15.25 billion; its shares were traded at around $31.34 with a P/E ratio of 17.3 and P/S ratio of 3.6. Adobe Systems Inc. had an annual average earning growth of 12.7% over the past 10 years. GuruFocus rated Adobe Systems Inc. the business predictability rank of 5-star.



Highlight of Business Operations:

Our subscription revenue is comprised primarily of fees we charge for our hosted service offerings including our hosted online business optimization services. We recognize subscription revenue ratably over the term of agreements with our customers, beginning on the commencement of the service. Of the $450.7 million, $386.8 million and $74.6 million in subscription revenue for fiscal years 2011, 2010 and 2009, respectively, approximately $387.4 million, $340.6 million and $44.4 million, respectively, is from our Omniture segment with the remaining amounts representing our other business offerings.

Revenue from Creative and Interactive Solutions increased $135.6 million during fiscal 2011 as compared to fiscal 2010. The year-over-year increase in revenue was driven by continued licensing of the CS5 product family. During fiscal 2011, revenue associated with our Creative Suite products increased 7% as compared to fiscal 2010. During fiscal 2011 as compared to fiscal 2010, the overall number of units licensed for Creative and Interactive Solutions increased and unit average selling prices remained relatively stable.

Revenue from Digital Media Solutions increased $32.3 million during fiscal 2011 as compared to fiscal 2010. The growth was primarily due to an increase in revenue associated with our video authoring products, and to a lesser extent, our digital imaging products. Contributing to the growth was a 27% increase in revenue associated with Adobe Creative Suite Production Premium. Photoshop point product revenue remained relatively stable in fiscal 2011 as compared to fiscal 2010. Both the overall number of units licensed and unit average selling prices for Digital Media Solutions remained relatively stable during fiscal 2011 as compared to fiscal 2010.

Revenue from Digital Media Solutions increased $98.9 million during fiscal 2010 as compared to fiscal 2009. The increase was primarily due to an increase in revenue associated with our image editing products and to a lesser extent our video authoring products. Contributing to the increase in revenue was growth of 24% in our Photoshop point product revenue coupled with a 27% increase in Creative Suite Production Premium revenue. Excluding ELA deals, the overall number of units licensed increased and unit average selling prices remained relatively stable during fiscal 2010 as compared to fiscal 2009.

Revenue from Enterprise increased $53.8 million during fiscal 2010 as compared to fiscal 2009 due to increased adoption of our LiveCycle and Adobe Connect products as well as the acquisition of Day, which closed late in the fourth quarter of fiscal 2010 and contributed $5.4 million in revenue.

Read the The complete Report



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