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These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
Your subscription will be on a month to month basis and automatically renew every month. You may terminate your subscription at any time through your account.
We will provide you with advance notice of any change in fees.
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
manner that complies with all laws. You may not use any automated software, spider or system to
scrape data from Alphaminr.
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The service is provided “As is”. The materials and information accessible through the Service are solely for informational purposes. While we strive to provide good information and data, we make no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR (2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
If any provision of these Terms is found to be invalid under any applicable law, such provision shall not affect the validity or enforceability of the remaining provisions herein.
This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal information when we provide our service (“Service”). This Privacy Policy explains how information is collected about you either directly or indirectly. By using our service, you acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy Policy, please do not use our Service. You should contact us if you have questions about it. We may modify this Privacy Policy periodically.
When you register for our Service, we collect information from you such as your name, email address and credit card information.
Like many other websites we use “cookies”, which are small text files that are stored on your computer or other device that record your preferences and actions, including how you use the website. You can set your browser or device to refuse all cookies or to alert you when a cookie is being sent. If you delete your cookies, if you opt-out from cookies, some Services may not function properly. We collect information when you use our Service. This includes which pages you visit.
We use Google Analytics and we use Stripe for payment processing. We will not share the information we collect with third parties for promotional purposes. We may share personal information with law enforcement as required or permitted by law.
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x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
(State or other jurisdiction of
incorporation or organization)
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77-0019522
(I.R.S. Employer
Identification No.)
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Title of Each Class
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Name of Each Exchange on Which Registered
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Common Stock, $0.0001 par value per share
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The NASDAQ Stock Market LLC
(NASDAQ Global Select Market)
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Page No.
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PART I
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 5.
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Item 6
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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PART III
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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PART IV
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Item 15.
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Combine data across the Adobe Marketing Cloud solutions and third-party data sources, such as customer relationship management, point of sale, email, and survey, to create a single view of the consumer;
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Deliver personalized customer experiences across channels and on any device;
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Use predictive analytics to enable marketers to utilize past marketing program data and success to predict and drive their future success with digital marketing programs;
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Access all Adobe Marketing Cloud solutions from one centralized platform and visualize, socialize, and collaborate across teams with the interface;
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Interact with creatives through integration with Creative Cloud, enabling content creators and marketers to collaborate and communicate in real time within a cloud-based platform;
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Accurately forecast and continually optimize their mix of campaigns across digital media;
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Provide robust cross-channel campaign management capabilities utilizing real-time insights, rich customer data and a sophisticated automation and execution platform;
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Manage, publish, track, and monetize social programs;
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Store, assemble, and distribute digital assets to deliver high-quality brand, campaign, and content experiences;
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Easily add, alter, and deploy marketing tags on websites, resulting in consistent page performance and accurate data collection; and
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Integrate with over 200-plus partners in 20-plus countries, covering the expansive digital marketing ecosystem.
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the right to receive technical support on the technology they have purchased from Adobe;
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the right to receive basic “how to” help in using our products; and
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the right to receive product upgrades and enhancements during the term of the maintenance and support period, which is typically one year.
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(1)
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We offer products on a “right to use” basis pursuant to a license that restricts the use of the products to a designated number of devices, users or both. We also rely on copyright laws and on “shrink wrap” and electronic licenses that are not physically signed by the end user. Copyright protection may be unavailable under the laws of certain countries and the enforceability of “shrink wrap” and electronic licenses has not been conclusively determined in all jurisdictions.
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(2)
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We offer products under a SaaS or on-demand model, where hosted software is provided on demand to customers, generally through a web browser. The use of these products is governed by either the online terms of use or an enterprise licensing agreement associated with the product.
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Name
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Age
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Positions
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Shantanu Narayen
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51
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President and Chief Executive Officer
Mr. Narayen currently serves as Adobe’s President and Chief Executive Officer. Mr. Narayen joined Adobe in January 1998 as Vice President and General Manager of Adobe’s engineering technology group. In January 1999, he was promoted to Senior Vice President, Worldwide Products and in March 2001 he was promoted to Executive Vice President, Worldwide Product Marketing and Development. In January 2005, Mr. Narayen was promoted to President and Chief Operating Officer and in December 2007, he was appointed Chief Executive Officer of Adobe and joined the Adobe Board of Directors. Prior to joining Adobe, Mr. Narayen co-founded Pictra Inc., a digital photo sharing software company, in 1996. He was Director of Desktop and Collaboration products at Silicon Graphics Inc. before founding Pictra. Mr. Narayen is also a director of Pfizer Inc.
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Mark Garrett
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57
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Executive Vice President, Chief Financial Officer
Mr. Garrett joined Adobe in February 2007 as Executive Vice President and Chief Financial Officer. Mr. Garrett served as Senior Vice President and Chief Financial Officer of the Software Group of EMC Corporation, a products, services and solutions provider for information management and storage, from June 2004 to January 2007, his most recent position since EMC’s acquisition of Documentum, Inc., an enterprise content management company, in December 2003. Mr. Garrett first joined Documentum as Executive Vice President and Chief Financial Officer in 1997, holding that position through October 1999 and then re-joining Documentum as Executive Vice President and Chief Financial Officer in 2002. Mr. Garrett is also a director of Informatica Corporation and Model N, Inc.
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Matthew Thompson
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56
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Executive Vice President, Worldwide Field Operations
Mr. Thompson currently serves as Executive Vice President, Worldwide Field Operations. Mr. Thompson joined Adobe in January 2007 as Senior Vice President, Worldwide Field Operations. In January 2013, he was promoted to Executive Vice President, Worldwide Field Operations. Prior to joining Adobe, Mr. Thompson served as Senior Vice President of Worldwide Sales at Borland Software Corporation, a software delivery optimization solutions provider, from October 2003 to December 2006. Prior to joining Borland, Mr. Thompson was Vice President of Worldwide Sales and Field Operations for Marimba, Inc., a provider of products and services for software change and configuration management, from February 2001 to January 2003. From July 2000 to January 2001, Mr. Thompson was Vice President of Worldwide Sales for Calico Commerce, Inc., a provider of eBusiness applications. Prior to joining Calico, Mr. Thompson spent six years at Cadence Design Systems, Inc., a provider of electronic design technologies. While at Cadence, from January 1998 to June 2000, Mr. Thompson served as Senior Vice President, Worldwide Sales and Field Operations and from April 1994 to January 1998 as Vice President, Worldwide Professional Services.
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Name
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Age
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Positions
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Michael Dillon
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56
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Senior Vice President, General Counsel and Corporate Secretary
Mr. Dillon joined Adobe in August 2012 as Senior Vice President, General Counsel and Corporate Secretary. Prior to joining Adobe, Mr. Dillon served as General Counsel and Corporate Secretary of Silver Spring Networks, a networking solutions provider, from November 2010 to August 2012. Before joining Silver Spring Networks, Mr. Dillon served in various capacities at Sun Microsystems, a diversified computer networking company, prior to its acquisition by Oracle Corporation. While at Sun Microsystems, from April 2006 to January 2010, Mr. Dillon served as Executive Vice President, General Counsel and Secretary, from April 2004 to April 2006, as Senior Vice President, General Counsel and Corporate Secretary, and from July 2002 to March 2004 as Vice President, Products Law Group. From October 1999 until June 2002, Mr. Dillon served as Vice President, General Counsel and Corporate Secretary of ONI Systems Corp, an optical networking company.
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Naresh Gupta
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48
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Senior Vice President, Print and Publishing Business Unit and Managing Director, Adobe India
Dr. Gupta currently serves as Senior Vice President of Print and Publishing and Managing Director of Adobe India. Dr. Gupta joined Adobe in 1996 as a member of the Corporate Research group. He was promoted to Managing Director of Adobe Noida in 1998. In 2003 he was promoted to Vice President of Engineering and Managing Director. In April 2005, Dr. Gupta was promoted to Senior Vice President of Emerging Business and, subsequently, in 2005, he was promoted to Senior Vice President of Print and Publishing and Managing Director of Adobe India. Prior to joining Adobe, he served as a Principal Scientist and Director of the Applied Artificial Intelligence (AI) group at LNK Corp.
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Bryan Lamkin
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54
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Senior Vice President, Technology and Corporate Development
Mr. Lamkin rejoined Adobe in February 2013 as Senior Vice President, Technology and Corporate Development. From June 2011 to May 2012, Mr. Lamkin served as President and Chief Executive Officer of Clover, a mobile payments platform. Prior to Clover, Mr. Lamkin co-founded and served as the Chief Executive Officer of Bagcheck, a sharing and discovery platform, from June 2010 to May 2011. From April 2009 to June 2010, Mr. Lamkin served as Senior Vice President of Consumer Products and Applications at Yahoo!, a global technology company providing online search, content and communication tools. From May 2008 to April 2009 Mr. Lamkin served as Executive in Residence at Sutter Hill Ventures. Mr. Lamkin previously was with Adobe from 1992 to 2006 and held various senior management positions including Senior Vice President, Creative Solutions Business Unit.
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Ann Lewnes
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53
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Senior Vice President and Chief Marketing Officer
Ms. Lewnes joined Adobe in November 2006 as Senior Vice President and Chief Marketing Officer. Prior to joining Adobe, Ms. Lewnes spent 20 years at Intel Corporation, where she was Vice President of Sales and Marketing. Ms. Lewnes has been elected to the board of directors of Mattel, Inc., effective February 1, 2015.
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Donna Morris
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47
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Senior Vice President, People and Places
Ms. Morris currently serves as Senior Vice President of Adobe’s Global People and Places organization. Ms. Morris joined Adobe as Senior Director of Global Talent Management in April 2002 through the acquisition of Accelio Corporation, a Canadian software company, where she served as Vice President of Human Resources and Learning. In December 2005 Ms. Morris was promoted to Vice President Global Human Resources Operations and subsequently to Senior Vice President Human Resources in March 2007.
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Bradley Rencher
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41
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Senior Vice President and General Manager, Digital Marketing
Mr. Rencher serves as Senior Vice President and General Manager of Adobe’s Digital Marketing business unit. Mr. Rencher joined Omniture, Inc. in January 2008 as Vice President of Corporate Development and was promoted to Senior Vice President of Business Operations prior to Adobe’s acquisition of Omniture in 2009. Following the acquisition he joined Adobe as Vice President of Business Operations. Mr. Rencher was promoted to Vice President and General Manager, Omniture business unit in 2010 and subsequently to Senior Vice President in 2011. Prior to joining Omniture, Mr. Rencher was a member of the technology investment banking team at Morgan Stanley from 2005 to 2008 and a member of the investment banking team at RBC Capital Markets from 1998 to 2004.
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Name
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Age
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Positions
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David Wadhwani
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43
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Senior Vice President and General Manager, Digital Media
Mr. Wadhwani serves as Senior Vice President and General Manager of Adobe’s Digital Media business unit. Prior to June 2010, Mr. Wadhwani was Vice President and General Manager of Adobe’s Platform business unit. He joined Adobe in 2005 through the acquisition of Macromedia. Prior to his time at Macromedia, Mr. Wadhwani founded and was VP of Engineering at iHarvest, a content management company that was acquired by Interwoven and worked at Oracle in their database tools division.
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Richard T. Rowley
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58
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Vice President, Corporate Controller and Chief Accounting Officer
Mr. Rowley joined Adobe in November 2006 as Vice President, Corporate Controller and Principal Accounting Officer. Prior to joining Adobe, Mr. Rowley served as Vice President, Corporate Controller, Treasurer and Principal Accounting Officer at Synopsys, Inc., a semiconductor design software company, from December 2002 to September 2005 and from 1999 to December 2002, Mr. Rowley served as Vice President, Corporate Controller and Principal Accounting Officer. From 1994 to 1999, Mr. Rowley served in several finance-related positions at Synopsys. Mr. Rowley is a certified public accountant.
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if customers desire only perpetual licenses or to purchase or renew only point product subscriptions rather than acquire the entire Creative Cloud offering, our subscription sales may lag behind our expectations;
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our cloud strategy may raise concerns among our customer base, including concerns regarding changes to pricing over time, service availability, information security of a cloud solution and access to files while offline or once a subscription has expired;
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small businesses and hobbyists may turn to competitive or open-source offerings;
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we may be unsuccessful in maintaining our target pricing, new seat adoption and projected renewal rates; we may select a target price that is not optimal and could negatively affect our sales or earnings; or we may have to rely heavily on promotional rates to achieve target seat adoption, which could reduce average revenue per user;
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the removal of general availability of Creative Suite 6 on a perpetual licensing basis from legacy shrinkwrap and volume licensing channels, which we announced during our second quarter of fiscal 2014, could further reduce our revenues in the short term as our business shifts to subscription revenue that is recognized ratably; and
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we may incur costs at a higher than forecasted rate as we expand our cloud operations.
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difficulty in integrating the operations and personnel of the acquired company;
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difficulty in effectively integrating the acquired technologies, products or services with our current technologies, products or services;
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difficulty in maintaining controls, procedures and policies during the transition and integration;
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entry into markets in which we have minimal prior experience and where competitors in such markets have stronger market positions;
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disruption of our ongoing business and distraction of our management and other employees from other opportunities and challenges;
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inability to retain personnel of the acquired business;
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inability to retain key customers, distributors, vendors and other business partners of the acquired business;
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inability to achieve the financial and strategic goals for the acquired and combined businesses;
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inability to take advantage of anticipated tax benefits as a result of unforeseen difficulties in our integration activities;
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incurring acquisition-related costs or amortization costs for acquired intangible assets that could impact our operating results;
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potential additional exposure to fluctuations in currency exchange rates;
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potential additional costs of bringing acquired companies into compliance with laws and regulations applicable to us as a multi-national corporation;
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potential impairment of our relationships with employees, customers, partners, distributors or third-party providers of our technologies, products or services;
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potential failure of the due diligence processes to identify significant problems, liabilities or other challenges of an acquired company or technology, including but not limited to, issues with the acquired company’s intellectual property, product quality or product architecture, data back-up and security (including security from cyber-attacks), privacy practices, revenue recognition or other accounting practices, employee, customer or partner issues or legal and financial contingencies;
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exposure to litigation or other claims in connection with, or inheritance of claims or litigation risk as a result of, an acquisition, including but not limited to claims from terminated employees, customers, former stockholders or other third parties;
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incurring significant exit charges if products or services acquired in business combinations are unsuccessful;
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potential inability to assert that internal controls over financial reporting are effective;
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potential inability to obtain, or obtain in a timely manner, approvals from governmental authorities, which could delay or prevent such acquisitions;
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potential delay in customer and distributor purchasing decisions due to uncertainty about the direction of our product and service offerings; and
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potential incompatibility of business cultures.
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the need for our sales representatives to educate customers about the use and benefit of our large-scale deployments of our products and services, including technical capabilities, security features, potential cost savings and return on investment;
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the desire of large and medium size organizations to undertake significant evaluation processes to determine their technology requirements prior to making information technology expenditures;
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the need for our representatives to spend a significant amount of time assisting potential customers in their testing and evaluation of our products and services;
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the negotiation of large, complex, enterprise-wide contracts, as often required by our and our customers’ business and legal representatives;
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the need for our customers to obtain requisition approvals from various decision makers within their organizations; and
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customer budget constraints, economic conditions and unplanned administrative delays.
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shortfalls in our revenue, margins, earnings, the number of paid Creative Cloud subscribers, ARR, bookings within our Adobe Marketing Cloud business or other key performance metrics;
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changes in estimates or recommendations by securities analysts;
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the announcement of new products, product enhancements or service introductions by us or our competitors;
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the loss of a large customer or our inability to increase sales to existing customers or attract new customers;
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variations in our or our competitors’ results of operations, changes in the competitive landscape generally and developments in our industry; and
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unusual events such as significant acquisitions, divestitures, litigation, general socio-economic, regulatory, political or market conditions and other factors, including factors unrelated to our operating performance.
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foreign currency fluctuations;
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changes in government preferences for software procurement;
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international economic, political and labor conditions;
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tax laws (including U.S. taxes on foreign subsidiaries);
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increased financial accounting and reporting burdens and complexities;
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unexpected changes in, or impositions of, legislative or regulatory requirements;
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changes in laws governing the free flow of data across international borders;
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failure of laws to protect our intellectual property rights adequately;
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inadequate local infrastructure and difficulties in managing and staffing international operations;
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delays resulting from difficulty in obtaining export licenses for certain technology, tariffs, quotas and other trade barriers;
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the imposition of governmental economic sanctions on countries in which we do business or where we plan to expand our business;
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transportation delays;
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operating in locations with a higher incidence of corruption and fraudulent business practices; and
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other factors beyond our control, including terrorism, war, natural disasters and pandemics.
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requiring the dedication of a portion of our expected cash from operations to service our indebtedness, thereby reducing the amount of expected cash flow available for other purposes, including capital expenditures and acquisitions; and
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limiting our flexibility in planning for, or reacting to, changes in our business and our industry.
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Location
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Approximate
Square Footage |
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Use
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North America:
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West Tower, 345 Park Avenue
San Jose, CA 95110, USA |
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378,000
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Research, product development, sales, marketing and administration
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East Tower, 321 Park Avenue
San Jose, CA 95110, USA |
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321,000
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Research, product development, sales, marketing and administration
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Almaden Tower, 151 Almaden Boulevard
San Jose, CA 95110, USA |
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267,000
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Product development, sales and administration
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601 and 625 Townsend Street
San Francisco, CA 94103, USA |
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346,000
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(1)
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Research, product development, sales, marketing and administration
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801 N. 34th Street-Waterfront
Seattle, WA 98103, USA |
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182,000
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(2)
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Product development, sales, technical support and administration
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410 Townsend Street
San Francisco, CA 94107, USA
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47,000
|
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Research, product development, sales, marketing and administration
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3900 Adobe Way
Lehi, UT 84043, USA |
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281,000
|
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(3)
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Research, product development, sales, marketing and administration
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7930 Jones Branch Drive
McLean, VA 22102, USA |
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34,000
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(4)
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Sales and marketing
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1540 Broadway
New York, NY 10036, USA |
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37,000
|
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Sales and marketing
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343 Preston Street
Ottawa, Ontario K1S 5N4, Canada |
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122,000
|
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(5)
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Research, product development, sales, marketing and administration
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25100 NW Evergreen Rd
Hillsboro, OR 97124, USA
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85,000
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Data center
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India:
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Adobe Towers, 1-1A, Sector 25A
Noida, U.P. |
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191,000
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Product development and administration
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Tech Boulevard, Plot #6, Sector 127
Expressway, Noida, U.P.
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107,000
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Product development and administration
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Salapuria Infinity, Ground Floor,
1st Floor, 3rd Floor
#5 and #6 Bannerghatta Road,
Bangalore
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185,000
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Research, product development and administration
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Japan:
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Gate City Osaki East Tower
1-11 Osaki Shinagawa-ku, Tokyo |
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56,000
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Product development, sales and marketing
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China:
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Block A, SP Tower, 11th, 19th,
21st & 22nd Floors
Block B, SP Tower, 19th Floor
Block D, SP Tower, 10th Floor
Tsinghua Science Park, Yard 1 Zhongguancun Donglu, Haidian District Beijing |
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94,000
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(6)
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Research and product development
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Location
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Approximate
Square Footage |
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Use
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|
Romania:
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|
|
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26 Z Timisoara Blvd, Anchor Plaza
Lujerului, Sector 6 Bucharest |
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71,000
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Research and product development
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UK:
|
|
|
|
|
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Market House Providence Place
Maidenhead, Berkshire, SL6 8AD
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49,000
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|
|
|
Product development, sales, marketing and administration
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|
Germany:
|
|
|
|
|
|
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Grosse Elbstrasse 27
Hamburg |
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36,000
|
|
|
|
Research and product development
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|
France:
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|
|
|
|
|
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18 rue Roger Simon-Barboux
Arcueil, France
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28,000
|
|
|
|
Product development, sales and administration
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191 Avenue Aristide Briand
Cachan, France
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11,000
|
|
|
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Research and product development
|
|
(1)
|
The total square footage is
346,000
, of which we occupy
272,000
square feet, or approximately
79%
of this facility;
74,000
square feet is unoccupied basement space.
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|
(2)
|
The total square footage is
182,000
, of which we occupy
162,000
square feet, or approximately
89%
of this facility. The remaining square footage is subleased.
|
|
(3)
|
The total square footage is
281,000
, of which we occupy
257,000
square feet, or approximately
91%
of this facility;
24,000
square feet is unoccupied basement space.
|
|
(4)
|
The total square footage is
34,000
, of which we occupy
30,000
square feet, or approximately
88%
of this facility. The remaining square footage is subleased.
|
|
(5)
|
The total square footage is
122,000
, of which we occupy
59,000
square feet, or approximately
48%
of this facility;
6,000
square feet is unoccupied. The remaining square footage is subleased.
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|
(6)
|
In fiscal 2014, we initiated our Fiscal 2014 Restructuring Plan which included a plan to vacate our research and product development facility in China during fiscal 2015.
See Note 10 of our Notes to Consolidated Financial Statements for further information regarding our restructuring plans.
|
|
|
|
Price Range
|
||||||
|
|
|
High
|
|
Low
|
||||
|
Fiscal 2014:
|
|
|
|
|
||||
|
First Quarter
|
|
$
|
69.92
|
|
|
$
|
53.99
|
|
|
Second Quarter
|
|
$
|
68.92
|
|
|
$
|
58.63
|
|
|
Third Quarter
|
|
$
|
73.57
|
|
|
$
|
64.09
|
|
|
Fourth Quarter
|
|
$
|
73.68
|
|
|
$
|
60.88
|
|
|
Fiscal Year
|
|
$
|
73.68
|
|
|
$
|
53.99
|
|
|
Fiscal 2013:
|
|
|
|
|
|
|
||
|
First Quarter
|
|
$
|
39.83
|
|
|
$
|
34.70
|
|
|
Second Quarter
|
|
$
|
47.01
|
|
|
$
|
40.46
|
|
|
Third Quarter
|
|
$
|
48.39
|
|
|
$
|
42.72
|
|
|
Fourth Quarter
|
|
$
|
57.55
|
|
|
$
|
45.88
|
|
|
Fiscal Year
|
|
$
|
57.55
|
|
|
$
|
34.70
|
|
|
Period
|
|
Total Number of Shares
Repurchased
|
|
Average
Price
Per
Share
|
|
Total
Number of
Shares
Purchased
as Part of
Publicly
Announced
Plans
|
|
Approximate
Dollar Value
that May
Yet be
Purchased
Under the
Plan
(1)
|
|
||||||
|
|
(in thousands, except average price per share)
|
|
|||||||||||||
|
Beginning repurchase authority
|
|
|
|
|
|
|
367,324
|
|
|
||||||
|
August 30—September 26, 2014
|
|
|
|
|
|
|
|
|
|||||||
|
Shares repurchased
|
596
|
|
|
$
|
71.08
|
|
|
596
|
|
|
$
|
(42,324
|
)
|
|
|
|
September 27—October 24, 2014
|
|
|
|
|
|
|
|
|
|||||||
|
Shares repurchased
|
643
|
|
|
$
|
65.86
|
|
|
643
|
|
|
$
|
(42,373
|
)
|
(2)
|
|
|
October 25—November 28, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Shares repurchased
|
611
|
|
|
$
|
69.24
|
|
|
611
|
|
|
$
|
(42,318
|
)
|
(2)
|
|
|
Total
|
1,850
|
|
|
|
|
|
1,850
|
|
|
$
|
240,309
|
|
|
||
|
(1)
|
We currently have authority granted by our Board of Directors to repurchase up to $
2.0 billion
in common stock.
|
|
(2)
|
In September 2014, as part of our stock repurchase program, we entered into a structured stock repurchase agreement with a large financial institution whereupon we provided them with a prepayment of
$125.0 million
. As of
November 28, 2014
, approximately
$40.3 million
of the prepayment remained under this agreement.
|
|
|
Fiscal Years
|
||||||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
Operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Revenue
|
$
|
4,147,065
|
|
|
$
|
4,055,240
|
|
|
$
|
4,403,677
|
|
|
$
|
4,216,258
|
|
|
$
|
3,800,000
|
|
|
Gross profit
|
$
|
3,524,985
|
|
|
$
|
3,468,683
|
|
|
$
|
3,919,895
|
|
|
$
|
3,778,385
|
|
|
$
|
3,396,498
|
|
|
Income before income taxes
|
$
|
361,376
|
|
|
$
|
356,141
|
|
|
$
|
1,118,794
|
|
|
$
|
1,035,230
|
|
|
$
|
943,151
|
|
|
Net income
|
$
|
268,395
|
|
|
$
|
289,985
|
|
|
$
|
832,775
|
|
|
$
|
832,847
|
|
|
$
|
774,680
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Basic
|
$
|
0.54
|
|
|
$
|
0.58
|
|
|
$
|
1.68
|
|
|
$
|
1.67
|
|
|
$
|
1.49
|
|
|
Diluted
|
$
|
0.53
|
|
|
$
|
0.56
|
|
|
$
|
1.66
|
|
|
$
|
1.65
|
|
|
$
|
1.47
|
|
|
Shares used to compute basic net income per share
|
497,867
|
|
|
501,372
|
|
|
494,731
|
|
|
497,469
|
|
|
519,045
|
|
|||||
|
Shares used to compute diluted net income per share
|
508,480
|
|
|
513,476
|
|
|
502,721
|
|
|
503,921
|
|
|
525,824
|
|
|||||
|
Cash dividends declared per common share
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Financial position:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Cash, cash equivalents and short-term investments
|
$
|
3,739,491
|
|
|
$
|
3,173,752
|
|
|
$
|
3,538,353
|
|
|
$
|
2,911,692
|
|
|
$
|
2,468,015
|
|
|
Working capital
|
$
|
2,107,893
|
|
|
$
|
2,520,281
|
|
|
$
|
3,125,314
|
|
|
$
|
2,520,672
|
|
|
$
|
2,147,962
|
|
|
Total assets
|
$
|
10,785,829
|
|
|
$
|
10,380,298
|
|
|
$
|
10,040,229
|
|
|
$
|
8,991,183
|
|
|
$
|
8,141,148
|
|
|
Debt and capital lease obligations, non-current
|
$
|
911,086
|
|
|
$
|
1,499,297
|
|
|
$
|
1,496,938
|
|
|
$
|
1,505,096
|
|
|
$
|
1,513,662
|
|
|
Stockholders’ equity
|
$
|
6,775,905
|
|
|
$
|
6,724,634
|
|
|
$
|
6,665,182
|
|
|
$
|
5,783,113
|
|
|
$
|
5,192,387
|
|
|
Additional data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Worldwide employees
|
12,499
|
|
|
11,847
|
|
|
11,144
|
|
|
9,925
|
|
|
9,117
|
|
|||||
|
(1)
|
Information associated with our financial position is as of the Friday closest to November 30 for the five fiscal periods through
2014
.
|
|
•
|
future expected cash flows from software license sales, subscriptions, support agreements, consulting contracts and acquired developed technologies and patents;
|
|
•
|
expected costs to develop the in-process research and development into commercially viable products and estimated cash flows from the projects when completed;
|
|
•
|
the acquired company’s trade name and trademarks as well as assumptions about the period of time the acquired trade name and trademarks will continue to be used in the combined company’s product portfolio; and
|
|
•
|
discount rates.
|
|
•
|
the number of current subscriptions, multiplied by the average subscription price paid per user per month, multiplied by twelve months; plus,
|
|
•
|
twelve months of contract value of ETLAs where the revenue is ratably recognized over the life of the contract; plus
|
|
•
|
twelve months of Adobe Digital Publishing Suite contract value where the revenue is ratably recognized.
|
|
•
|
Consistent with our strategy, during fiscal
2014
, our subscription revenue as a percentage of total revenue
increased
to
50%
from
28%
and
15%
compared with fiscal
2013
and
2012
, respectively, as we have transitioned more of our business to a subscription-based model.
|
|
•
|
We exited fiscal
2014
with
3.454 million
paid Creative Cloud subscriptions,
up
140%
from
1.439 million
at the end of fiscal
2013
.
|
|
•
|
Total Digital Media ARR of approximately
$1.95 billion
as of
November 28, 2014
increased
by
$1.00 billion
, or
106%
, from
$944 million
as of
November 29, 2013
. The change in our Digital Media ARR was primarily due to increases in the number of paid Creative Cloud individual and team subscriptions and adoption of our enterprise Creative Cloud offering through our ETLAs.
|
|
•
|
Adobe Marketing Cloud revenue of
$1.17 billion
increased
by
$154.3 million
, or
15%
, during fiscal
2014
, from
$1.02 billion
in fiscal
2013
, and
$212.3 million
, or
26%
, during fiscal
2013
from
$803.7 million
in fiscal
2012
. The increases were primarily due to strong adoption of our AEM offering and the addition of Neolane which we acquired in the third quarter of fiscal 2013.
|
|
•
|
Our total deferred revenue of
$1.16 billion
as of
November 28, 2014
increased
by
$326.5 million
, or
39%
from $828.8 million as of
November 29, 2013
, primarily due to increases in Creative Cloud subscriptions and ETLAs. To a lesser extent, new contracts and existing contract renewals for our Adobe Marketing Cloud services contributed to this increase as our retention rates for Adobe Marketing Cloud services have been improving slightly over time.
|
|
•
|
Cost of revenue of
$622.1 million
increased
by
$35.5 million
, or
6%
, during fiscal
2014
, from
$586.6 million
in fiscal
2013
, and
$102.8 million
, or
21%
, during fiscal
2013
from
$483.8 million
in fiscal
2012
. These increases were primarily due to increased hosting and server costs associated with our subscription and SaaS offerings, costs associated with compensation and related benefits driven by additional headcount and royalty costs.
|
|
•
|
Operating expenses of
$3.11 billion
increased
by
$66.3 million
, or
2%
, during fiscal
2014
, from
$3.05 billion
in fiscal
2013
, and
$306.3 million
, or
11%
, in fiscal
2013
from
$2.74 billion
in fiscal
2012
. These increases were primarily due to increased costs associated with compensation and related benefits.
|
|
•
|
Net income of
$268.4 million
decreased
by
$21.6 million
, or
7%
, during fiscal
2014
from
$290.0 million
in fiscal
2013
, and $542.8 million, or 65%, during fiscal 2013 from $832.8 million in fiscal 2012.
|
|
•
|
Net cash flow from operations of
$1.29 billion
during fiscal
2014
increased
by
$135.8 million
, or
12%
, from
$1.15 billion
during fiscal
2013
primarily due to cash inflows associated with the increases in deferred revenue and taxes payable, offset in part by lower net income. Net cash flow from operations during fiscal
2013
decreased by $347.9 million, or 23%, from
$1.50 billion
during fiscal 2012 primarily due to lower net income.
|
|
|
|
Fiscal
2014 |
|
Fiscal
2013 |
|
Fiscal
2012 |
|
% Change
2014-2013
|
|
% Change
2013-2012
|
||||||||
|
Product
|
|
$
|
1,627.8
|
|
|
$
|
2,470.1
|
|
|
$
|
3,342.8
|
|
|
(34
|
)%
|
|
(26
|
)%
|
|
Percentage of total revenue
|
|
39
|
%
|
|
61
|
%
|
|
76
|
%
|
|
|
|
|
|||||
|
Subscription
|
|
2,076.6
|
|
|
1,137.9
|
|
|
673.2
|
|
|
82
|
%
|
|
69
|
%
|
|||
|
Percentage of total revenue
|
|
50
|
%
|
|
28
|
%
|
|
15
|
%
|
|
|
|
|
|||||
|
Services and support
|
|
442.7
|
|
|
447.2
|
|
|
387.7
|
|
|
(1
|
)%
|
|
15
|
%
|
|||
|
Percentage of total revenue
|
|
11
|
%
|
|
11
|
%
|
|
9
|
%
|
|
|
|
|
|||||
|
Total revenue
|
|
$
|
4,147.1
|
|
|
$
|
4,055.2
|
|
|
$
|
4,403.7
|
|
|
2
|
%
|
|
(8
|
)%
|
|
|
|
Fiscal
2014 |
|
Fiscal
2013 |
|
Fiscal
2012 |
|
% Change
2014-2013
|
|
% Change
2013-2012
|
||||||||
|
Digital Media
|
|
$
|
1,268.3
|
|
|
$
|
471.9
|
|
|
$
|
116.8
|
|
|
169
|
%
|
|
304
|
%
|
|
Digital Marketing
|
|
797.5
|
|
|
663.1
|
|
|
555.5
|
|
|
20
|
%
|
|
19
|
%
|
|||
|
Print and Publishing
|
|
10.8
|
|
|
2.9
|
|
|
0.9
|
|
|
*
|
|
|
*
|
|
|||
|
Total subscription revenue
|
|
$
|
2,076.6
|
|
|
$
|
1,137.9
|
|
|
$
|
673.2
|
|
|
82
|
%
|
|
69
|
%
|
|
(*)
|
Percentage is not meaningful.
|
|
•
|
Digital Media
—Our Digital Media segment provides tools and solutions that enable individuals, small and medium businesses and enterprises to create, publish, promote and monetize their digital content anywhere. Our customers include traditional content creators, web application developers and digital media professionals, as well as their management in marketing departments and agencies, companies and publishers.
|
|
•
|
Digital Marketing
—Our Digital Marketing segment provides solutions and services for how digital advertising and marketing are created, managed, executed, measured and optimized. Our customers include digital marketers, advertisers, publishers, merchandisers, web analysts, chief marketing officers, chief information officers and chief revenue officers.
|
|
•
|
Print and Publishing
—Our Print and Publishing segment addresses market opportunities ranging from the diverse authoring and publishing needs of technical and business publishing to our legacy type and OEM printing businesses.
|
|
|
|
Fiscal
2014 |
|
Fiscal
2013 |
|
Fiscal
2012 |
|
% Change
2014-2013
|
|
% Change
2013-2012
|
||||||||
|
Digital Media
|
|
$
|
2,603.2
|
|
|
$
|
2,625.9
|
|
|
$
|
3,101.9
|
|
|
(1
|
)%
|
|
(15
|
)%
|
|
Percentage of total revenue
|
|
63
|
%
|
|
65
|
%
|
|
70
|
%
|
|
|
|
|
|||||
|
Digital Marketing
|
|
1,355.2
|
|
|
1,228.8
|
|
|
1,085.0
|
|
|
10
|
%
|
|
13
|
%
|
|||
|
Percentage of total revenue
|
|
33
|
%
|
|
30
|
%
|
|
25
|
%
|
|
|
|
|
|||||
|
Print and Publishing
|
|
188.7
|
|
|
200.5
|
|
|
216.8
|
|
|
(6
|
)%
|
|
(8
|
)%
|
|||
|
Percentage of total revenue
|
|
4
|
%
|
|
5
|
%
|
|
5
|
%
|
|
|
|
|
|||||
|
Total revenue
|
|
$
|
4,147.1
|
|
|
$
|
4,055.2
|
|
|
$
|
4,403.7
|
|
|
2
|
%
|
|
(8
|
)%
|
|
|
|
Fiscal
2014 |
|
Fiscal
2013 |
|
Fiscal
2012 |
|
% Change
2014-2013
|
|
% Change
2013-2012
|
||||||||
|
Americas
|
|
$
|
2,314.4
|
|
|
$
|
2,134.4
|
|
|
$
|
2,196.4
|
|
|
8
|
%
|
|
(3
|
)%
|
|
Percentage of total revenue
|
|
56
|
%
|
|
53
|
%
|
|
50
|
%
|
|
|
|
|
|||||
|
EMEA
|
|
1,179.9
|
|
|
1,129.2
|
|
|
1,294.6
|
|
|
4
|
%
|
|
(13
|
)%
|
|||
|
Percentage of total revenue
|
|
28
|
%
|
|
28
|
%
|
|
29
|
%
|
|
|
|
|
|||||
|
APAC
|
|
652.8
|
|
|
791.6
|
|
|
912.7
|
|
|
(18
|
)%
|
|
(13
|
)%
|
|||
|
Percentage of total revenue
|
|
16
|
%
|
|
19
|
%
|
|
21
|
%
|
|
|
|
|
|||||
|
Total revenue
|
|
$
|
4,147.1
|
|
|
$
|
4,055.2
|
|
|
$
|
4,403.7
|
|
|
2
|
%
|
|
(8
|
)%
|
|
(in millions)
|
Fiscal
2014 |
|
Fiscal
2013 |
||||
|
Revenue impact:
|
Increase/(Decrease)
|
||||||
|
EMEA:
|
|
|
|
||||
|
Euro
|
$
|
12.3
|
|
|
$
|
9.1
|
|
|
British Pound
|
12.9
|
|
|
(3.9
|
)
|
||
|
Other currencies
|
(0.2
|
)
|
|
0.6
|
|
||
|
Total EMEA
|
25.0
|
|
|
5.8
|
|
||
|
Japanese Yen
|
(25.7
|
)
|
|
(63.6
|
)
|
||
|
Other currencies
|
(8.9
|
)
|
|
(5.6
|
)
|
||
|
Total revenue impact
|
(9.6
|
)
|
|
(63.4
|
)
|
||
|
Hedging impact:
|
|
|
|
||||
|
EMEA
|
10.1
|
|
|
3.7
|
|
||
|
Japanese Yen
|
8.6
|
|
|
32.3
|
|
||
|
Total hedging impact
|
18.7
|
|
|
36.0
|
|
||
|
Total impact
|
$
|
9.1
|
|
|
$
|
(27.4
|
)
|
|
|
|
Fiscal
2014 |
|
Fiscal
2013 |
|
Fiscal
2012 |
|
% Change
2014-2013
|
|
% Change
2013-2012
|
||||||||
|
Product
|
|
$
|
97.1
|
|
|
$
|
138.2
|
|
|
$
|
121.7
|
|
|
(30
|
)%
|
|
14
|
%
|
|
Percentage of total revenue
|
|
2
|
%
|
|
3
|
%
|
|
3
|
%
|
|
|
|
|
|||||
|
Subscription
|
|
335.5
|
|
|
278.1
|
|
|
219.1
|
|
|
21
|
%
|
|
27
|
%
|
|||
|
Percentage of total revenue
|
|
8
|
%
|
|
7
|
%
|
|
5
|
%
|
|
|
|
|
|||||
|
Services and support
|
|
189.5
|
|
|
170.3
|
|
|
143.0
|
|
|
11
|
%
|
|
19
|
%
|
|||
|
Percentage of total revenue
|
|
5
|
%
|
|
4
|
%
|
|
3
|
%
|
|
|
|
|
|||||
|
Total cost of revenue
|
|
$
|
622.1
|
|
|
$
|
586.6
|
|
|
$
|
483.8
|
|
|
6
|
%
|
|
21
|
%
|
|
|
% Change
2014-2013
|
|
% Change
2013-2012
|
||
|
Amortization of purchased intangibles and technology license arrangements
|
(20
|
)%
|
|
27
|
%
|
|
Cost of sales
|
(4
|
)
|
|
(8
|
)
|
|
Royalty cost
|
(2
|
)
|
|
—
|
|
|
Excess and obsolete inventory
|
1
|
|
|
(4
|
)
|
|
Various individually insignificant items
|
(5
|
)
|
|
(1
|
)
|
|
Total change
|
(30
|
)%
|
|
14
|
%
|
|
|
% Change
2014-2013
|
|
% Change
2013-2012
|
||
|
Data center cost
|
10
|
%
|
|
11
|
%
|
|
Compensation cost and related benefits associated with headcount
|
4
|
|
|
5
|
|
|
Depreciation expense
|
3
|
|
|
3
|
|
|
Royalty cost
|
3
|
|
|
4
|
|
|
Amortization of purchased intangibles
|
—
|
|
|
4
|
|
|
Various individually insignificant items
|
1
|
|
|
—
|
|
|
Total change
|
21
|
%
|
|
27
|
%
|
|
|
|
Fiscal
2014 |
|
Fiscal
2013 |
|
Fiscal
2012 |
|
% Change
2014-2013
|
|
% Change
2013-2012
|
||||||||
|
Research and development
|
|
$
|
844.4
|
|
|
$
|
826.6
|
|
|
$
|
742.8
|
|
|
2
|
%
|
|
11
|
%
|
|
Percentage of total revenue
|
|
20
|
%
|
|
20
|
%
|
|
17
|
%
|
|
|
|
|
|||||
|
Sales and marketing
|
|
1,652.3
|
|
|
1,620.5
|
|
|
1,516.1
|
|
|
2
|
%
|
|
7
|
%
|
|||
|
Percentage of total revenue
|
|
40
|
%
|
|
40
|
%
|
|
34
|
%
|
|
|
|
|
|||||
|
General and administrative
|
|
543.3
|
|
|
520.1
|
|
|
435.0
|
|
|
4
|
%
|
|
20
|
%
|
|||
|
Percentage of total revenue
|
|
13
|
%
|
|
13
|
%
|
|
10
|
%
|
|
|
|
|
|||||
|
Restructuring and other charges
|
|
19.9
|
|
|
26.5
|
|
|
(2.9
|
)
|
|
(25
|
)%
|
|
*
|
|
|||
|
Percentage of total revenue
|
|
—
|
%
|
|
1
|
%
|
|
—
|
%
|
|
|
|
|
|||||
|
Amortization of purchased intangibles
|
|
52.4
|
|
|
52.3
|
|
|
48.7
|
|
|
—
|
%
|
|
7
|
%
|
|||
|
Percentage of total revenue
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
|
|
|
|||||
|
Total operating expenses
|
|
$
|
3,112.3
|
|
|
$
|
3,046.0
|
|
|
$
|
2,739.7
|
|
|
2
|
%
|
|
11
|
%
|
|
(*)
|
Percentage is greater than 100%.
|
|
|
% Change
2014-2013
|
|
% Change
2013-2012
|
||
|
Compensation associated with cash and stock-based incentives
|
2
|
%
|
|
7
|
%
|
|
Compensation and related benefits associated with headcount
|
—
|
|
|
3
|
|
|
Various individually insignificant items
|
—
|
|
|
1
|
|
|
Total change
|
2
|
%
|
|
11
|
%
|
|
|
% Change
2014-2013
|
|
% Change
2013-2012
|
||
|
Compensation and related benefits associated with headcount
|
1
|
%
|
|
4
|
%
|
|
Compensation associated with cash and stock-based incentives
|
—
|
|
|
4
|
|
|
Various individually insignificant items
|
1
|
|
|
(1
|
)
|
|
Total change
|
2
|
%
|
|
7
|
%
|
|
|
% Change
2014-2013
|
|
% Change
2013-2012
|
||
|
Compensation associated with cash and stock-based incentives
|
3
|
%
|
|
4
|
%
|
|
Compensation and related benefits associated with headcount growth
|
—
|
|
|
4
|
|
|
Loss contingency
|
2
|
|
|
—
|
|
|
Professional and consulting fees
|
(2
|
)
|
|
7
|
|
|
Charitable contributions
|
—
|
|
|
2
|
|
|
Various individually insignificant items
|
1
|
|
|
3
|
|
|
Total change
|
4
|
%
|
|
20
|
%
|
|
|
|
Fiscal
2014 |
|
Fiscal
2013 |
|
Fiscal
2012 |
|
% Change
2014-2013
|
|
% Change
2013-2012
|
||||||||
|
Interest and other income (expense), net
|
|
$
|
7.3
|
|
|
$
|
4.9
|
|
|
$
|
(3.4
|
)
|
|
49
|
%
|
|
*
|
|
|
Percentage of total revenue
|
|
**
|
|
|
**
|
|
|
**
|
|
|
|
|
|
|||||
|
Interest expense
|
|
(59.7
|
)
|
|
(67.5
|
)
|
|
(67.5
|
)
|
|
(12
|
)%
|
|
—
|
%
|
|||
|
Percentage of total revenue
|
|
(1
|
)%
|
|
(2
|
)%
|
|
(2
|
)%
|
|
|
|
|
|||||
|
Investment gains (losses), net
|
|
1.1
|
|
|
(4.0
|
)
|
|
9.5
|
|
|
*
|
|
|
*
|
|
|||
|
Percentage of total revenue
|
|
**
|
|
|
**
|
|
|
**
|
|
|
|
|
|
|||||
|
Total non-operating income (expense), net
|
|
$
|
(51.3
|
)
|
|
$
|
(66.6
|
)
|
|
$
|
(61.4
|
)
|
|
(23
|
)%
|
|
8
|
%
|
|
|
|
Fiscal
2014 |
|
Fiscal
2013 |
|
Fiscal
2012 |
||||||
|
Net gains related to our trading securities
|
|
$
|
1.9
|
|
|
$
|
3.0
|
|
|
$
|
1.6
|
|
|
Net losses related to our direct and indirect investments in privately held companies
|
|
(0.8
|
)
|
|
—
|
|
|
(0.2
|
)
|
|||
|
Write-downs due to other-than-temporary declines in value of our marketable and non-marketable equity securities
|
|
—
|
|
|
(7.0
|
)
|
|
(0.1
|
)
|
|||
|
Gains from sale of marketable equity securities
|
|
—
|
|
|
—
|
|
|
8.2
|
|
|||
|
Total investment gains (losses), net
|
|
$
|
1.1
|
|
|
$
|
(4.0
|
)
|
|
$
|
9.5
|
|
|
|
|
Fiscal
2014 |
|
Fiscal
2013 |
|
Fiscal
2012 |
|
% Change
2014-2013
|
|
% Change
2013-2012
|
||||||||
|
Provision
|
|
$
|
93.0
|
|
|
$
|
66.2
|
|
|
$
|
286.0
|
|
|
40
|
%
|
|
(77
|
)%
|
|
Percentage of total revenue
|
|
2
|
%
|
|
2
|
%
|
|
6
|
%
|
|
|
|
|
|||||
|
Effective tax rate
|
|
26
|
%
|
|
19
|
%
|
|
26
|
%
|
|
|
|
|
|||||
|
|
As of
|
||||||
|
(in millions)
|
November 28, 2014
|
|
November 29, 2013
|
||||
|
Cash and cash equivalents
|
$
|
1,117.4
|
|
|
$
|
834.6
|
|
|
Short-term investments
|
$
|
2,622.1
|
|
|
$
|
2,339.2
|
|
|
Working capital
|
$
|
2,107.9
|
|
|
$
|
2,520.3
|
|
|
Stockholders’ equity
|
$
|
6,775.9
|
|
|
$
|
6,724.6
|
|
|
(in millions)
|
Fiscal
2014 |
|
Fiscal
2013 |
|
Fiscal
2012 |
||||||
|
Net cash provided by operating activities
|
$
|
1,287.5
|
|
|
$
|
1,151.7
|
|
|
$
|
1,499.6
|
|
|
Net cash used for investing activities
|
(490.7
|
)
|
|
(1,177.8
|
)
|
|
(834.7
|
)
|
|||
|
Net cash used for financing activities
|
(507.3
|
)
|
|
(559.1
|
)
|
|
(234.7
|
)
|
|||
|
Effect of foreign currency exchange rates on cash and cash equivalents
|
(6.7
|
)
|
|
(5.2
|
)
|
|
5.4
|
|
|||
|
Net increase (decrease) in cash and cash equivalents
|
$
|
282.8
|
|
|
$
|
(590.4
|
)
|
|
$
|
435.6
|
|
|
Board Approval
Date
|
|
Repurchases
Under the Plan
|
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
|
|
|
Shares
|
|
Average
|
|
Shares
|
|
Average
|
|
Shares
|
|
Average
|
|||||||||||
|
June 2010
|
|
Structured repurchases
(1)
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
9,482
|
|
|
$
|
32.17
|
|
|
April 2012
|
|
Structured repurchases
(1)
|
|
10,852
|
|
|
$
|
63.48
|
|
|
21,603
|
|
|
$
|
46.47
|
|
|
2,038
|
|
|
$
|
32.87
|
|
|
Total shares
|
|
|
|
10,852
|
|
|
$
|
63.48
|
|
|
21,603
|
|
|
$
|
46.47
|
|
|
11,520
|
|
|
$
|
32.29
|
|
|
Total cost
|
|
|
|
$688,902
|
|
$1,003,794
|
|
$371,995
|
|||||||||||||||
|
(1)
|
Stock repurchase agreements executed with large financial institutions.
See Stock Repurchase Program above.
|
|
|
|
Payment Due by Period
|
||||||||||||||||||
|
|
|
Total
|
|
Less than
1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than
5 years
|
||||||||||
|
Notes
|
|
$
|
1,744.9
|
|
|
$
|
652.5
|
|
|
$
|
85.5
|
|
|
$
|
85.5
|
|
|
$
|
921.4
|
|
|
Operating lease obligations
|
|
202.6
|
|
|
42.6
|
|
|
67.4
|
|
|
46.8
|
|
|
45.8
|
|
|||||
|
Capital lease obligations
|
|
3.3
|
|
|
3.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Purchase obligations
|
|
288.9
|
|
|
227.9
|
|
|
42.2
|
|
|
18.8
|
|
|
—
|
|
|||||
|
Total
|
|
$
|
2,239.7
|
|
|
$
|
926.3
|
|
|
$
|
195.1
|
|
|
$
|
151.1
|
|
|
$
|
967.2
|
|
|
|
Fiscal
2014 |
|
Fiscal
2013 |
|
Fiscal
2012 |
||||||
|
Euro
|
€
|
455.5
|
|
|
€
|
434.7
|
|
|
€
|
530.7
|
|
|
Yen (in billions)
|
¥
|
28
|
|
|
¥
|
32.5
|
|
|
¥
|
34.8
|
|
|
British Pounds
|
£
|
159.1
|
|
|
£
|
145.3
|
|
|
£
|
145.1
|
|
|
Due within one year
|
$
|
607.2
|
|
|
Due within two years
|
904.9
|
|
|
|
Due within three years
|
834.2
|
|
|
|
Due after three years
|
275.3
|
|
|
|
Total
|
$
|
2,621.6
|
|
|
-150 BPS
|
|
-100 BPS
|
|
-50 BPS
|
|
Fair Value 11/28/14
|
|
+50 BPS
|
|
+100 BPS
|
|
+150 BPS
|
|||||||
|
2,663.3
|
|
|
2,656.3
|
|
|
2,641.9
|
|
|
2,621.6
|
|
|
2,599.8
|
|
|
2,578.0
|
|
|
2,556.2
|
|
|
-150 BPS
|
|
-100 BPS
|
|
-50 BPS
|
|
Fair Value 11/29/13
|
|
+50 BPS
|
|
+100 BPS
|
|
+150 BPS
|
|||||||
|
2,363.7
|
|
|
2,360.9
|
|
|
2,353.8
|
|
|
2,338.5
|
|
|
2,320.5
|
|
|
2,302.5
|
|
|
2,284.5
|
|
|
|
Page No.
|
|
|
November 28,
2014 |
|
November 29,
2013 |
||||
|
ASSETS
|
|
|
|
||||
|
Current assets:
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
1,117,400
|
|
|
$
|
834,556
|
|
|
Short-term investments
|
2,622,091
|
|
|
2,339,196
|
|
||
|
Trade receivables, net of allowances for doubtful accounts of $7,867 and $10,228, respectively
|
591,800
|
|
|
599,820
|
|
||
|
Deferred income taxes
|
95,279
|
|
|
102,247
|
|
||
|
Prepaid expenses and other current assets
|
175,758
|
|
|
170,110
|
|
||
|
Total current assets
|
4,602,328
|
|
|
4,045,929
|
|
||
|
Property and equipment, net
|
785,123
|
|
|
659,774
|
|
||
|
Goodwill
|
4,721,962
|
|
|
4,771,981
|
|
||
|
Purchased and other intangibles, net
|
469,662
|
|
|
605,254
|
|
||
|
Investment in lease receivable
|
80,439
|
|
|
207,239
|
|
||
|
Other assets
|
126,315
|
|
|
90,121
|
|
||
|
Total assets
|
$
|
10,785,829
|
|
|
$
|
10,380,298
|
|
|
|
|
|
|
||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
|
Current liabilities:
|
|
|
|
|
|
||
|
Trade payables
|
$
|
68,377
|
|
|
$
|
62,096
|
|
|
Accrued expenses
|
683,866
|
|
|
656,939
|
|
||
|
Debt and capital lease obligations
|
603,229
|
|
|
14,676
|
|
||
|
Accrued restructuring
|
17,120
|
|
|
6,171
|
|
||
|
Income taxes payable
|
23,920
|
|
|
10,222
|
|
||
|
Deferred revenue
|
1,097,923
|
|
|
775,544
|
|
||
|
Total current liabilities
|
2,494,435
|
|
|
1,525,648
|
|
||
|
Long-term liabilities:
|
|
|
|
|
|
||
|
Debt and capital lease obligations
|
911,086
|
|
|
1,499,297
|
|
||
|
Deferred revenue
|
57,401
|
|
|
53,268
|
|
||
|
Accrued restructuring
|
5,194
|
|
|
7,717
|
|
||
|
Income taxes payable
|
125,746
|
|
|
132,545
|
|
||
|
Deferred income taxes
|
342,315
|
|
|
375,634
|
|
||
|
Other liabilities
|
73,747
|
|
|
61,555
|
|
||
|
Total liabilities
|
4,009,924
|
|
|
3,655,664
|
|
||
|
|
|
|
|
||||
|
Commitments and contingencies
|
|
|
|
|
|
||
|
|
|
|
|
||||
|
Stockholders’ equity:
|
|
|
|
|
|
||
|
Preferred stock, $0.0001 par value; 2,000 shares authorized; none issued
|
—
|
|
|
—
|
|
||
|
Common stock, $0.0001 par value; 900,000 shares authorized; 600,834 shares issued;
497,484 and 496,261 shares outstanding, respectively
|
61
|
|
|
61
|
|
||
|
Additional paid-in-capital
|
3,778,495
|
|
|
3,392,696
|
|
||
|
Retained earnings
|
6,924,294
|
|
|
6,928,964
|
|
||
|
Accumulated other comprehensive income (loss)
|
(8,094
|
)
|
|
46,103
|
|
||
|
Treasury stock, at cost (103,350 and 104,573 shares, respectively), net of reissuances
|
(3,918,851
|
)
|
|
(3,643,190
|
)
|
||
|
Total stockholders’ equity
|
6,775,905
|
|
|
6,724,634
|
|
||
|
Total liabilities and stockholders’ equity
|
$
|
10,785,829
|
|
|
$
|
10,380,298
|
|
|
|
Years Ended
|
||||||||||
|
|
November 28,
2014 |
|
November 29,
2013 |
|
November 30,
2012 |
||||||
|
Revenue:
|
|
|
|
|
|
||||||
|
Products
|
$
|
1,627,803
|
|
|
$
|
2,470,098
|
|
|
$
|
3,342,843
|
|
|
Subscription
|
2,076,584
|
|
|
1,137,856
|
|
|
673,206
|
|
|||
|
Services and support
|
442,678
|
|
|
447,286
|
|
|
387,628
|
|
|||
|
Total revenue
|
4,147,065
|
|
|
4,055,240
|
|
|
4,403,677
|
|
|||
|
Cost of revenue:
|
|
|
|
|
|
|
|||||
|
Products
|
97,099
|
|
|
138,154
|
|
|
121,663
|
|
|||
|
Subscription
|
335,432
|
|
|
278,077
|
|
|
219,102
|
|
|||
|
Services and support
|
189,549
|
|
|
170,326
|
|
|
143,017
|
|
|||
|
Total cost of revenue
|
622,080
|
|
|
586,557
|
|
|
483,782
|
|
|||
|
Gross profit
|
3,524,985
|
|
|
3,468,683
|
|
|
3,919,895
|
|
|||
|
Operating expenses:
|
|
|
|
|
|
|
|||||
|
Research and development
|
844,353
|
|
|
826,631
|
|
|
742,823
|
|
|||
|
Sales and marketing
|
1,652,308
|
|
|
1,620,454
|
|
|
1,516,159
|
|
|||
|
General and administrative
|
543,332
|
|
|
520,124
|
|
|
434,982
|
|
|||
|
Restructuring and other charges
|
19,883
|
|
|
26,497
|
|
|
(2,917
|
)
|
|||
|
Amortization of purchased intangibles
|
52,424
|
|
|
52,254
|
|
|
48,657
|
|
|||
|
Total operating expenses
|
3,112,300
|
|
|
3,045,960
|
|
|
2,739,704
|
|
|||
|
Operating income
|
412,685
|
|
|
422,723
|
|
|
1,180,191
|
|
|||
|
Non-operating income (expense):
|
|
|
|
|
|
|
|||||
|
Interest and other income (expense), net
|
7,267
|
|
|
4,941
|
|
|
(3,414
|
)
|
|||
|
Interest expense
|
(59,732
|
)
|
|
(67,508
|
)
|
|
(67,487
|
)
|
|||
|
Investment gains (losses), net
|
1,156
|
|
|
(4,015
|
)
|
|
9,504
|
|
|||
|
Total non-operating income (expense), net
|
(51,309
|
)
|
|
(66,582
|
)
|
|
(61,397
|
)
|
|||
|
Income before income taxes
|
361,376
|
|
|
356,141
|
|
|
1,118,794
|
|
|||
|
Provision for income taxes
|
92,981
|
|
|
66,156
|
|
|
286,019
|
|
|||
|
Net income
|
$
|
268,395
|
|
|
$
|
289,985
|
|
|
$
|
832,775
|
|
|
Basic net income per share
|
$
|
0.54
|
|
|
$
|
0.58
|
|
|
$
|
1.68
|
|
|
Shares used to compute basic net income per share
|
497,867
|
|
|
501,372
|
|
|
494,731
|
|
|||
|
Diluted net income per share
|
$
|
0.53
|
|
|
$
|
0.56
|
|
|
$
|
1.66
|
|
|
Shares used to compute diluted net income per share
|
508,480
|
|
|
513,476
|
|
|
502,721
|
|
|||
|
|
Years Ended
|
||||||||||
|
|
November 28,
2014 |
|
November 29,
2013 |
|
November 30,
2012 |
||||||
|
|
Increase/(Decrease)
|
||||||||||
|
Net income
|
$
|
268,395
|
|
|
$
|
289,985
|
|
|
$
|
832,775
|
|
|
Other comprehensive income, net of taxes:
|
|
|
|
|
|
||||||
|
Available-for-sale securities:
|
|
|
|
|
|
||||||
|
Unrealized gains / losses on available-for-sale securities
|
2,315
|
|
|
(2,185
|
)
|
|
11,297
|
|
|||
|
Reclassification adjustment for gains / losses on available-for-sale securities recognized
|
(3,928
|
)
|
|
(3,013
|
)
|
|
(2,874
|
)
|
|||
|
Net increase (decrease) from available-for-sale securities
|
(1,613
|
)
|
|
(5,198
|
)
|
|
8,423
|
|
|||
|
Derivatives designated as hedging instruments:
|
|
|
|
|
|
||||||
|
Unrealized gains / losses on derivative instruments
|
41,993
|
|
|
34,677
|
|
|
23,922
|
|
|||
|
Reclassification adjustment for gains / losses on derivative instruments recognized
|
(18,705
|
)
|
|
(35,914
|
)
|
|
(30,672
|
)
|
|||
|
Net increase (decrease) from derivatives designated as hedging instruments
|
23,288
|
|
|
(1,237
|
)
|
|
(6,750
|
)
|
|||
|
Foreign currency translation adjustments
|
(75,872
|
)
|
|
21,826
|
|
|
(911
|
)
|
|||
|
Other comprehensive income, net of taxes
|
(54,197
|
)
|
|
15,391
|
|
|
762
|
|
|||
|
Total comprehensive income, net of taxes
|
$
|
214,198
|
|
|
$
|
305,376
|
|
|
$
|
833,537
|
|
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Treasury Stock
|
|
|
||||||||||||||||||
|
|
|
Shares
|
|
Amount
|
|
|
|
|
Shares
|
|
Amount
|
|
Total
|
|||||||||||||||||
|
Balances at December 2, 2011
|
|
600,834
|
|
|
$
|
61
|
|
|
$
|
2,753,896
|
|
|
$
|
6,528,735
|
|
|
$
|
29,950
|
|
|
(109,294
|
)
|
|
$
|
(3,529,529
|
)
|
|
$
|
5,783,113
|
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
832,775
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
832,775
|
|
||||||
|
Other comprehensive income,
net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
762
|
|
|
—
|
|
|
—
|
|
|
762
|
|
||||||
|
Re-issuance of treasury stock under
stock compensation plans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(358,507
|
)
|
|
—
|
|
|
14,111
|
|
|
527,781
|
|
|
169,274
|
|
||||||
|
Tax detriment from
employee stock plans
|
|
—
|
|
|
—
|
|
|
(16,842
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,842
|
)
|
||||||
|
Purchase of treasury stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,519
|
)
|
|
(405,000
|
)
|
|
(405,000
|
)
|
||||||
|
Equity awards assumed for
acquisition
|
|
—
|
|
|
—
|
|
|
4,265
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,265
|
|
||||||
|
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
297,346
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
297,346
|
|
||||||
|
Value of shares in deferred
compensation plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(511
|
)
|
|
(511
|
)
|
||||||
|
Balances at November 30, 2012
|
|
600,834
|
|
|
$
|
61
|
|
|
$
|
3,038,665
|
|
|
$
|
7,003,003
|
|
|
$
|
30,712
|
|
|
(106,702
|
)
|
|
$
|
(3,407,259
|
)
|
|
$
|
6,665,182
|
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
289,985
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
289,985
|
|
||||||
|
Other comprehensive income,
net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,391
|
|
|
—
|
|
|
—
|
|
|
15,391
|
|
||||||
|
Re-issuance of treasury stock under
stock compensation plans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(364,024
|
)
|
|
—
|
|
|
23,732
|
|
|
864,800
|
|
|
500,776
|
|
||||||
|
Tax benefit from employee stock
plans
|
|
—
|
|
|
—
|
|
|
25,290
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,290
|
|
||||||
|
Purchase of treasury stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,603
|
)
|
|
(1,100,000
|
)
|
|
(1,100,000
|
)
|
||||||
|
Equity awards assumed for
acquisition
|
|
—
|
|
|
—
|
|
|
1,160
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,160
|
|
||||||
|
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
327,581
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
327,581
|
|
||||||
|
Value of shares in deferred
compensation plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(731
|
)
|
|
(731
|
)
|
||||||
|
Balances at November 29, 2013
|
|
600,834
|
|
|
$
|
61
|
|
|
$
|
3,392,696
|
|
|
$
|
6,928,964
|
|
|
$
|
46,103
|
|
|
(104,573
|
)
|
|
$
|
(3,643,190
|
)
|
|
$
|
6,724,634
|
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
268,395
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
268,395
|
|
||||||
|
Other comprehensive income,
net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(54,197
|
)
|
|
—
|
|
|
—
|
|
|
(54,197
|
)
|
||||||
|
Re-issuance of treasury stock under
stock compensation plans
|
|
—
|
|
|
—
|
|
|
|
|
|
(273,065
|
)
|
|
—
|
|
|
12,075
|
|
|
327,231
|
|
|
54,166
|
|
||||||
|
Tax benefit from employee stock
plans
|
|
—
|
|
|
—
|
|
|
53,225
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53,225
|
|
||||||
|
Purchase of treasury stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,852
|
)
|
|
(600,000
|
)
|
|
(600,000
|
)
|
||||||
|
Equity awards assumed for
acquisition
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
||||||
|
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
332,553
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
332,553
|
|
||||||
|
Value of shares in deferred
compensation plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,892
|
)
|
|
(2,892
|
)
|
||||||
|
Balances at November 28, 2014
|
|
600,834
|
|
|
$
|
61
|
|
|
$
|
3,778,495
|
|
|
$
|
6,924,294
|
|
|
$
|
(8,094
|
)
|
|
(103,350
|
)
|
|
$
|
(3,918,851
|
)
|
|
$
|
6,775,905
|
|
|
|
Years Ended
|
||||||||||
|
|
November 28,
2014 |
|
November 29,
2013 |
|
November 30,
2012 |
||||||
|
Cash flows from operating activities:
|
|
|
|
|
|
||||||
|
Net income
|
$
|
268,395
|
|
|
$
|
289,985
|
|
|
$
|
832,775
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
|
Depreciation, amortization and accretion
|
313,590
|
|
|
321,227
|
|
|
299,766
|
|
|||
|
Stock-based compensation
|
333,701
|
|
|
328,987
|
|
|
298,502
|
|
|||
|
Deferred income taxes
|
(26,089
|
)
|
|
29,704
|
|
|
89,212
|
|
|||
|
Write down of assets held for sale
|
—
|
|
|
23,151
|
|
|
—
|
|
|||
|
Unrealized (gains) losses on investments
|
(74
|
)
|
|
5,665
|
|
|
(8,535
|
)
|
|||
|
Tax benefit (shortfall) from employee stock option plans
|
53,225
|
|
|
25,290
|
|
|
(16,841
|
)
|
|||
|
Excess tax benefits from stock-based compensation
|
(53,235
|
)
|
|
(40,619
|
)
|
|
(10,003
|
)
|
|||
|
Other non-cash items
|
1,889
|
|
|
5,654
|
|
|
4,296
|
|
|||
|
Changes in operating assets and liabilities, net of acquired assets and
assumed liabilities:
|
|
|
|
|
|
||||||
|
Trade receivables, net
|
7,928
|
|
|
33,649
|
|
|
45,166
|
|
|||
|
Prepaid expenses and other current assets
|
(1,918
|
)
|
|
(55,509
|
)
|
|
4,552
|
|
|||
|
Trade payables
|
6,211
|
|
|
7,132
|
|
|
(62,874
|
)
|
|||
|
Accrued expenses
|
37,544
|
|
|
41,828
|
|
|
(7,770
|
)
|
|||
|
Accrued restructuring
|
8,871
|
|
|
(6,949
|
)
|
|
(66,047
|
)
|
|||
|
Income taxes payable
|
11,006
|
|
|
(58,875
|
)
|
|
10,041
|
|
|||
|
Deferred revenue
|
326,438
|
|
|
201,366
|
|
|
87,340
|
|
|||
|
Net cash provided by operating activities
|
1,287,482
|
|
|
1,151,686
|
|
|
1,499,580
|
|
|||
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||
|
Purchases of short-term investments
|
(2,014,186
|
)
|
|
(2,058,058
|
)
|
|
(1,776,485
|
)
|
|||
|
Maturities of short-term investments
|
272,076
|
|
|
360,485
|
|
|
439,878
|
|
|||
|
Proceeds from sales of short-term investments
|
1,443,577
|
|
|
1,449,961
|
|
|
1,126,886
|
|
|||
|
Acquisitions, net of cash acquired
|
(29,802
|
)
|
|
(704,589
|
)
|
|
(353,195
|
)
|
|||
|
Purchases of property and equipment
|
(148,332
|
)
|
|
(188,358
|
)
|
|
(271,076
|
)
|
|||
|
Proceeds from sale of property and equipment
|
—
|
|
|
24,260
|
|
|
—
|
|
|||
|
Purchases of long-term investments, intangibles and other assets
|
(17,572
|
)
|
|
(67,737
|
)
|
|
(29,701
|
)
|
|||
|
Proceeds from sale of long-term investments
|
3,532
|
|
|
6,233
|
|
|
29,031
|
|
|||
|
Net cash used for investing activities
|
(490,707
|
)
|
|
(1,177,803
|
)
|
|
(834,662
|
)
|
|||
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||
|
Purchases of treasury stock
|
(600,000
|
)
|
|
(1,100,000
|
)
|
|
(405,000
|
)
|
|||
|
Proceeds from issuance of treasury stock
|
227,841
|
|
|
598,194
|
|
|
235,251
|
|
|||
|
Cost of issuance of treasury stock
|
(173,675
|
)
|
|
(97,418
|
)
|
|
(65,977
|
)
|
|||
|
Excess tax benefits from stock-based compensation
|
53,235
|
|
|
40,619
|
|
|
10,003
|
|
|||
|
Proceeds from debt and capital lease obligations
|
—
|
|
|
25,703
|
|
|
3,152
|
|
|||
|
Repayment of debt and capital lease obligations
|
(14,684
|
)
|
|
(25,879
|
)
|
|
(9,855
|
)
|
|||
|
Debt issuance costs
|
—
|
|
|
(357
|
)
|
|
(2,297
|
)
|
|||
|
Net cash used for financing activities
|
(507,283
|
)
|
|
(559,138
|
)
|
|
(234,723
|
)
|
|||
|
Effect of foreign currency exchange rates on cash and cash equivalents
|
(6,648
|
)
|
|
(5,241
|
)
|
|
5,357
|
|
|||
|
Net increase (decrease) in cash and cash equivalents
|
282,844
|
|
|
(590,496
|
)
|
|
435,552
|
|
|||
|
Cash and cash equivalents at beginning of year
|
834,556
|
|
|
1,425,052
|
|
|
989,500
|
|
|||
|
Cash and cash equivalents at end of year
|
$
|
1,117,400
|
|
|
$
|
834,556
|
|
|
$
|
1,425,052
|
|
|
Supplemental disclosures:
|
|
|
|
|
|
|
|||||
|
Cash paid for income taxes, net of refunds
|
$
|
20,140
|
|
|
$
|
129,701
|
|
|
$
|
201,125
|
|
|
Cash paid for interest
|
$
|
68,886
|
|
|
$
|
64,843
|
|
|
$
|
66,265
|
|
|
Non-cash investing activities:
|
|
|
|
|
|
||||||
|
Investment in lease receivable applied to building purchase
|
$
|
126,800
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Issuance of common stock and stock awards assumed in business acquisitions
|
$
|
21
|
|
|
$
|
1,160
|
|
|
$
|
4,265
|
|
|
•
|
Distributors are allowed limited rights of return of products purchased during the previous quarter. In addition, distributors are allowed to return products that have reached the end of their lives, as defined by us, and products that are being replaced by new versions.
|
|
•
|
We offer rebates to our distributors, resellers and/or end user customers. The amount of revenue that is reduced for distributor and reseller rebates is based on actual performance against objectives set forth by us for a particular reporting period (volume, timely reporting, etc.). If mail-in or other promotional rebates are offered, the amount of revenue reduced is based on the dollar amount of the rebate, taking into consideration an estimated redemption rate calculated using historical trends.
|
|
•
|
From time to time, we may offer price protection to our distributors that allow for the right to a credit if we permanently reduce the price of a software product. The amount of revenue that is reduced for price protection is calculated as the difference between the old and new price of a software product on inventory held by the distributor immediately prior to the effective date of the decrease.
|
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
Beginning balance
|
|
$
|
28,664
|
|
|
$
|
57,058
|
|
|
$
|
60,887
|
|
|
Amount charged to revenue
|
|
45,550
|
|
|
74,031
|
|
|
170,839
|
|
|||
|
Actual returns
|
|
(56,812
|
)
|
|
(102,425
|
)
|
|
(174,668
|
)
|
|||
|
Ending balance
|
|
$
|
17,402
|
|
|
$
|
28,664
|
|
|
$
|
57,058
|
|
|
(in thousands)
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
Beginning balance
|
|
$
|
10,228
|
|
|
$
|
12,643
|
|
|
$
|
15,080
|
|
|
Increase due to acquisition
|
|
51
|
|
|
1,038
|
|
|
325
|
|
|||
|
Charged to operating expenses
|
|
603
|
|
|
933
|
|
|
3,356
|
|
|||
|
Deductions
(1)
|
|
(3,015
|
)
|
|
(4,386
|
)
|
|
(6,118
|
)
|
|||
|
Ending balance
|
|
$
|
7,867
|
|
|
$
|
10,228
|
|
|
$
|
12,643
|
|
|
(1)
|
Deductions related to the allowance for doubtful accounts represent amounts written off against the allowance, less recoveries.
|
|
|
Weighted Average
Useful Life (years
)
|
|
Purchased technology
|
6
|
|
Customer contracts and relationships
|
10
|
|
Trademarks
|
8
|
|
Acquired rights to use technology
|
8
|
|
Localization
|
1
|
|
Other intangibles
|
3
|
|
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
|
Current assets:
|
|
|
|
|
|
|
|
||||||||
|
Cash
|
$
|
348,283
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
348,283
|
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
|
Money market mutual funds
|
705,978
|
|
|
—
|
|
|
—
|
|
|
705,978
|
|
||||
|
Time deposits
|
63,139
|
|
|
—
|
|
|
—
|
|
|
63,139
|
|
||||
|
Total cash equivalents
|
769,117
|
|
|
—
|
|
|
—
|
|
|
769,117
|
|
||||
|
Total cash and cash equivalents
|
1,117,400
|
|
|
—
|
|
|
—
|
|
|
1,117,400
|
|
||||
|
Short-term fixed income securities:
|
|
|
|
|
|
|
|
||||||||
|
Corporate bonds and commercial paper
|
1,514,632
|
|
|
5,253
|
|
|
(509
|
)
|
|
1,519,376
|
|
||||
|
Foreign government securities
|
4,499
|
|
|
12
|
|
|
—
|
|
|
4,511
|
|
||||
|
Municipal securities
|
174,775
|
|
|
438
|
|
|
(12
|
)
|
|
175,201
|
|
||||
|
U.S. agency securities
|
497,154
|
|
|
1,295
|
|
|
(64
|
)
|
|
498,385
|
|
||||
|
U.S. Treasury securities
|
423,075
|
|
|
1,080
|
|
|
(28
|
)
|
|
424,127
|
|
||||
|
Subtotal
|
2,614,135
|
|
|
8,078
|
|
|
(613
|
)
|
|
2,621,600
|
|
||||
|
Marketable equity securities
|
153
|
|
|
338
|
|
|
—
|
|
|
491
|
|
||||
|
Total short-term investments
|
2,614,288
|
|
|
8,416
|
|
|
(613
|
)
|
|
2,622,091
|
|
||||
|
Total cash, cash equivalents and short-term investments
|
$
|
3,731,688
|
|
|
$
|
8,416
|
|
|
$
|
(613
|
)
|
|
$
|
3,739,491
|
|
|
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
|
Current assets:
|
|
|
|
|
|
|
|
||||||||
|
Cash
|
$
|
286,221
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
286,221
|
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
||||||
|
Money market mutual funds
|
429,373
|
|
|
—
|
|
|
—
|
|
|
429,373
|
|
||||
|
Time deposits
|
104,711
|
|
|
—
|
|
|
—
|
|
|
104,711
|
|
||||
|
U.S. Treasury securities
|
14,251
|
|
|
—
|
|
|
—
|
|
|
14,251
|
|
||||
|
Total cash equivalents
|
548,335
|
|
|
—
|
|
|
—
|
|
|
548,335
|
|
||||
|
Total cash and cash equivalents
|
834,556
|
|
|
—
|
|
|
—
|
|
|
834,556
|
|
||||
|
Short-term fixed income securities:
|
|
|
|
|
|
|
|
|
|||||||
|
Corporate bonds and commercial paper
|
1,261,375
|
|
|
7,116
|
|
|
(631
|
)
|
|
1,267,860
|
|
||||
|
Foreign government securities
|
11,213
|
|
|
56
|
|
|
—
|
|
|
11,269
|
|
||||
|
Municipal securities
|
186,320
|
|
|
328
|
|
|
(24
|
)
|
|
186,624
|
|
||||
|
U.S. agency securities
|
446,615
|
|
|
1,516
|
|
|
(186
|
)
|
|
447,945
|
|
||||
|
U.S. Treasury securities
|
424,076
|
|
|
799
|
|
|
(97
|
)
|
|
424,778
|
|
||||
|
Subtotal
|
2,329,599
|
|
|
9,815
|
|
|
(938
|
)
|
|
2,338,476
|
|
||||
|
Marketable equity securities
|
177
|
|
|
543
|
|
|
—
|
|
|
720
|
|
||||
|
Total short-term investments
|
2,329,776
|
|
|
10,358
|
|
|
(938
|
)
|
|
2,339,196
|
|
||||
|
Total cash, cash equivalents and short-term investments
|
$
|
3,164,332
|
|
|
$
|
10,358
|
|
|
$
|
(938
|
)
|
|
$
|
3,173,752
|
|
|
|
2014
|
|
2013
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
Corporate bonds and commercial paper
|
$
|
291,890
|
|
|
$
|
(443
|
)
|
|
$
|
225,759
|
|
|
$
|
(631
|
)
|
|
Municipal securities
|
21,759
|
|
|
(12
|
)
|
|
13,522
|
|
|
(24
|
)
|
||||
|
U.S. Treasury and agency securities
|
43,507
|
|
|
(64
|
)
|
|
105,278
|
|
|
(283
|
)
|
||||
|
Total
|
$
|
357,156
|
|
|
$
|
(519
|
)
|
|
$
|
344,559
|
|
|
$
|
(938
|
)
|
|
|
2014
|
||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
Corporate bonds and commercial paper
|
$
|
8,636
|
|
|
$
|
(66
|
)
|
||||
|
U.S. Treasury and agency securities
|
5,884
|
|
|
(28
|
)
|
||||||
|
Total
|
$
|
14,520
|
|
|
$
|
(94
|
)
|
||||
|
|
Amortized
Cost
|
|
Estimated
Fair Value
|
||||
|
Due within one year
|
$
|
606,090
|
|
|
$
|
607,222
|
|
|
Due between one and two years
|
901,940
|
|
|
904,938
|
|
||
|
Due between two and three years
|
831,932
|
|
|
834,148
|
|
||
|
Due after three years
|
274,173
|
|
|
275,292
|
|
||
|
Total
|
$
|
2,614,135
|
|
|
$
|
2,621,600
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||
|
|
|
|
Quoted Prices
in Active
Markets for
Identical Assets
|
|
Significant
Other
Observable
Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
Assets:
|
|
|
|
|
|
|
|
||||||||
|
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
|
Money market mutual funds
|
705,978
|
|
|
705,978
|
|
|
—
|
|
|
—
|
|
||||
|
Time deposits
|
63,139
|
|
|
63,139
|
|
|
—
|
|
|
—
|
|
||||
|
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
|
Corporate bonds and commercial paper
|
1,519,376
|
|
|
—
|
|
|
1,519,376
|
|
|
—
|
|
||||
|
Foreign government securities
|
4,511
|
|
|
—
|
|
|
4,511
|
|
|
—
|
|
||||
|
Marketable equity securities
|
491
|
|
|
491
|
|
|
—
|
|
|
—
|
|
||||
|
Municipal securities
|
175,201
|
|
|
—
|
|
|
175,201
|
|
|
—
|
|
||||
|
U.S. agency securities
|
498,385
|
|
|
—
|
|
|
498,385
|
|
|
—
|
|
||||
|
U.S. Treasury securities
|
424,127
|
|
|
—
|
|
|
424,127
|
|
|
—
|
|
||||
|
Prepaid expenses and other current assets:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Foreign currency derivatives
|
32,991
|
|
|
—
|
|
|
32,991
|
|
|
—
|
|
||||
|
Other assets:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Deferred compensation plan assets
|
25,745
|
|
|
549
|
|
|
25,196
|
|
|
—
|
|
||||
|
Interest rate swap derivatives
|
14,268
|
|
|
—
|
|
|
14,268
|
|
|
—
|
|
||||
|
Total assets
|
$
|
3,464,212
|
|
|
$
|
770,157
|
|
|
$
|
2,694,055
|
|
|
$
|
—
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Accrued expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Foreign currency derivatives
|
$
|
663
|
|
|
$
|
—
|
|
|
$
|
663
|
|
|
$
|
—
|
|
|
Total liabilities
|
$
|
663
|
|
|
$
|
—
|
|
|
$
|
663
|
|
|
$
|
—
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||
|
|
|
|
Quoted Prices
in Active
Markets for
Identical Assets
|
|
Significant
Other
Observable
Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
Assets:
|
|
|
|
|
|
|
|
||||||||
|
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
|
Money market mutual funds
|
429,373
|
|
|
429,373
|
|
|
—
|
|
|
—
|
|
||||
|
Time deposits
|
104,711
|
|
|
104,711
|
|
|
—
|
|
|
—
|
|
||||
|
U.S. Treasury securities
|
14,251
|
|
|
—
|
|
|
14,251
|
|
|
—
|
|
||||
|
Short-term investments:
|
|
|
|
|
|
|
|
|
|||||||
|
Corporate bonds and commercial paper
|
1,267,860
|
|
|
—
|
|
|
1,267,860
|
|
|
—
|
|
||||
|
Foreign government securities
|
11,269
|
|
|
—
|
|
|
11,269
|
|
|
—
|
|
||||
|
Marketable equity securities
|
720
|
|
|
720
|
|
|
—
|
|
|
—
|
|
||||
|
Municipal securities
|
186,624
|
|
|
—
|
|
|
186,624
|
|
|
—
|
|
||||
|
U.S. agency securities
|
447,945
|
|
|
—
|
|
|
447,945
|
|
|
—
|
|
||||
|
U.S. Treasury securities
|
424,778
|
|
|
—
|
|
|
424,778
|
|
|
—
|
|
||||
|
Prepaid expenses and other current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Foreign currency derivatives
|
11,891
|
|
|
—
|
|
|
11,891
|
|
|
—
|
|
||||
|
Other assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Deferred compensation plan assets
|
19,816
|
|
|
894
|
|
|
18,922
|
|
|
—
|
|
||||
|
Total assets
|
$
|
2,919,238
|
|
|
$
|
535,698
|
|
|
$
|
2,383,540
|
|
|
$
|
—
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Accrued expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Foreign currency derivatives
|
$
|
1,067
|
|
|
$
|
—
|
|
|
$
|
1,067
|
|
|
$
|
—
|
|
|
Total liabilities
|
$
|
1,067
|
|
|
$
|
—
|
|
|
$
|
1,067
|
|
|
$
|
—
|
|
|
|
2014
|
|
2013
|
||||||||||||
|
|
Fair Value
Asset
Derivatives
|
|
Fair Value
Liability
Derivatives
|
|
Fair Value
Asset
Derivatives
|
|
Fair Value
Liability
Derivatives
|
||||||||
|
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
|
Foreign exchange option contracts
(1)(3)
|
$
|
31,275
|
|
|
$
|
—
|
|
|
$
|
8,913
|
|
|
$
|
—
|
|
|
Interest rate swap
(2)
|
14,268
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
|
Foreign exchange forward contracts
(1)
|
1,716
|
|
|
663
|
|
|
2,978
|
|
|
1,067
|
|
||||
|
Total derivatives
|
$
|
47,259
|
|
|
$
|
663
|
|
|
$
|
11,891
|
|
|
$
|
1,067
|
|
|
(1)
|
Included in prepaid expenses and other current assets and accrued expenses for asset derivatives and liability derivatives, respectively, on our Consolidated Balance Sheets.
|
|
(2)
|
Included in other assets on our Consolidated Balance Sheets.
|
|
(3)
|
Hedging effectiveness expected to be recognized to income within the next twelve months.
|
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||||||||
|
|
Foreign
Exchange
Option
Contracts
|
|
Foreign
Exchange
Forward
Contracts
|
|
Foreign
Exchange
Option
Contracts
|
|
Foreign
Exchange
Forward
Contracts
|
|
Foreign
Exchange
Option
Contracts
|
|
Foreign
Exchange
Forward
Contracts
|
||||||||||||
|
Derivatives in cash flow hedging relationships:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net gain (loss) recognized in OCI, net of tax
(1)
|
$
|
41,993
|
|
|
$
|
—
|
|
|
$
|
34,677
|
|
|
$
|
—
|
|
|
$
|
23,922
|
|
|
$
|
—
|
|
|
Net gain (loss) reclassified from accumulated
OCI into income, net of tax
(2)
|
$
|
18,705
|
|
|
$
|
—
|
|
|
$
|
35,914
|
|
|
$
|
—
|
|
|
$
|
30,672
|
|
|
$
|
—
|
|
|
Net gain (loss) recognized in income
(3)
|
$
|
(14,962
|
)
|
|
$
|
—
|
|
|
$
|
(21,098
|
)
|
|
$
|
—
|
|
|
$
|
(29,554
|
)
|
|
$
|
—
|
|
|
Derivatives not designated as hedging relationships:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net gain (loss) recognized in income
(4)
|
$
|
—
|
|
|
$
|
466
|
|
|
$
|
—
|
|
|
$
|
2,129
|
|
|
$
|
—
|
|
|
$
|
8,742
|
|
|
(1)
|
Net change in the fair value of the effective portion classified in OCI.
|
|
(2)
|
Effective portion classified as revenue.
|
|
(3)
|
Ineffective portion and amount excluded from effectiveness testing classified in interest and other income (expense), net.
|
|
(4)
|
Classified in interest and other income (expense), net.
|
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
Gain (loss) on foreign currency assets and liabilities:
|
|
|
|
|
|
|
||||||
|
Net realized gain (loss) recognized in other income
|
|
$
|
(21,559
|
)
|
|
$
|
(4,783
|
)
|
|
$
|
(5,899
|
)
|
|
Net unrealized gain (loss) recognized in other income
|
|
17,217
|
|
|
2,751
|
|
|
(4,720
|
)
|
|||
|
|
|
(4,342
|
)
|
|
(2,032
|
)
|
|
(10,619
|
)
|
|||
|
Gain (loss) on hedges of foreign currency assets and liabilities:
|
|
|
|
|
|
|
||||||
|
Net realized gain recognized in other income
|
|
1,324
|
|
|
1,835
|
|
|
9,312
|
|
|||
|
Net unrealized gain (loss) recognized in other income
|
|
(858
|
)
|
|
294
|
|
|
(570
|
)
|
|||
|
|
|
466
|
|
|
2,129
|
|
|
8,742
|
|
|||
|
Net gain (loss) recognized in interest and other income (expense), net
|
|
$
|
(3,876
|
)
|
|
$
|
97
|
|
|
$
|
(1,877
|
)
|
|
|
|
2014
|
|
2013
|
||||
|
Computers and equipment
|
|
$
|
855,218
|
|
|
$
|
731,767
|
|
|
Furniture and fixtures
|
|
82,385
|
|
|
82,904
|
|
||
|
Server hardware under capital lease
|
|
25,703
|
|
|
61,007
|
|
||
|
Capital projects in-progress
|
|
68,652
|
|
|
54,593
|
|
||
|
Leasehold improvements
|
|
240,506
|
|
|
235,859
|
|
||
|
Land
|
|
106,283
|
|
|
106,283
|
|
||
|
Buildings
|
|
320,410
|
|
|
175,325
|
|
||
|
Total
|
|
1,699,157
|
|
|
1,447,738
|
|
||
|
Less accumulated depreciation and amortization
|
|
(914,034
|
)
|
|
(787,964
|
)
|
||
|
Property and equipment, net
|
|
$
|
785,123
|
|
|
$
|
659,774
|
|
|
|
|
2012
|
|
Acquisitions
|
|
Other
(1)
|
|
2013
|
|
Acquisitions
|
|
Other
(1)
|
|
2014
|
||||||||||||||
|
Digital Media
|
|
$
|
1,958,330
|
|
|
$
|
91,355
|
|
|
$
|
41
|
|
|
$
|
2,049,726
|
|
|
$
|
12,510
|
|
|
$
|
(4,838
|
)
|
|
$
|
2,057,398
|
|
|
Digital Marketing
|
|
1,916,468
|
|
|
526,739
|
|
|
20,621
|
|
|
2,463,828
|
|
|
—
|
|
|
(57,687
|
)
|
|
2,406,141
|
|
|||||||
|
Print and Publishing
|
|
258,461
|
|
|
—
|
|
|
(34
|
)
|
|
258,427
|
|
|
—
|
|
|
(4
|
)
|
|
258,423
|
|
|||||||
|
Goodwill
|
|
$
|
4,133,259
|
|
|
$
|
618,094
|
|
|
$
|
20,628
|
|
|
$
|
4,771,981
|
|
|
$
|
12,510
|
|
|
$
|
(62,529
|
)
|
|
$
|
4,721,962
|
|
|
(1)
|
Amounts primarily consist of foreign currency translation adjustments.
|
|
|
|
2014
|
|
2013
|
||||
|
Digital Media
|
|
$
|
147,182
|
|
|
$
|
170,213
|
|
|
Digital Marketing
|
|
321,086
|
|
|
433,245
|
|
||
|
Print and Publishing
|
|
1,394
|
|
|
1,796
|
|
||
|
Purchased and other intangible assets, net
|
|
$
|
469,662
|
|
|
$
|
605,254
|
|
|
|
2014
|
|
2013
|
||||||||||||||||||||
|
|
Cost
|
|
Accumulated Amortization
|
|
Net
|
|
Cost
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
|
Purchased technology
|
$
|
405,208
|
|
|
$
|
(264,697
|
)
|
|
$
|
140,511
|
|
|
$
|
423,237
|
|
|
$
|
(220,414
|
)
|
|
$
|
202,823
|
|
|
Customer contracts and relationships
|
$
|
376,994
|
|
|
$
|
(143,330
|
)
|
|
$
|
233,664
|
|
|
$
|
389,800
|
|
|
$
|
(111,416
|
)
|
|
$
|
278,384
|
|
|
Trademarks
|
67,268
|
|
|
(36,516
|
)
|
|
30,752
|
|
|
67,546
|
|
|
(27,933
|
)
|
|
39,613
|
|
||||||
|
Acquired rights to use technology
|
148,836
|
|
|
(86,258
|
)
|
|
62,578
|
|
|
155,322
|
|
|
(76,740
|
)
|
|
78,582
|
|
||||||
|
Localization
|
549
|
|
|
(382
|
)
|
|
167
|
|
|
3,404
|
|
|
(2,172
|
)
|
|
1,232
|
|
||||||
|
Other intangibles
|
3,163
|
|
|
(1,173
|
)
|
|
1,990
|
|
|
16,447
|
|
|
(11,827
|
)
|
|
4,620
|
|
||||||
|
Total other intangible assets
|
$
|
596,810
|
|
|
$
|
(267,659
|
)
|
|
$
|
329,151
|
|
|
$
|
632,519
|
|
|
$
|
(230,088
|
)
|
|
$
|
402,431
|
|
|
Purchased and other intangible
assets, net
|
$
|
1,002,018
|
|
|
$
|
(532,356
|
)
|
|
$
|
469,662
|
|
|
$
|
1,055,756
|
|
|
$
|
(450,502
|
)
|
|
$
|
605,254
|
|
|
Fiscal Year
|
|
Purchased
Technology
|
|
Other Intangible
Assets
|
||||
|
2015
|
$
|
64,804
|
|
|
$
|
69,356
|
|
|
|
2016
|
26,399
|
|
|
63,250
|
|
|||
|
2017
|
19,004
|
|
|
53,442
|
|
|||
|
2018
|
11,932
|
|
|
42,557
|
|
|||
|
2019
|
7,428
|
|
|
40,610
|
|
|||
|
Thereafter
|
10,944
|
|
|
59,936
|
|
|||
|
Total expected amortization expense
|
$
|
140,511
|
|
|
$
|
329,151
|
|
|
|
|
2014
|
|
2013
|
||||
|
Accrued compensation and benefits
|
$
|
320,679
|
|
|
$
|
318,219
|
|
|
Sales and marketing allowances
|
75,627
|
|
|
66,502
|
|
||
|
Accrued corporate marketing
|
28,369
|
|
|
22,801
|
|
||
|
Taxes payable
|
24,658
|
|
|
18,225
|
|
||
|
Royalties payable
|
15,073
|
|
|
14,778
|
|
||
|
Accrued interest expense
|
22,621
|
|
|
20,613
|
|
||
|
Other
|
196,839
|
|
|
195,801
|
|
||
|
Accrued expenses
|
$
|
683,866
|
|
|
$
|
656,939
|
|
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
Domestic
|
|
$
|
191,563
|
|
|
$
|
132,916
|
|
|
$
|
512,987
|
|
|
Foreign
|
|
169,813
|
|
|
223,225
|
|
|
605,807
|
|
|||
|
Income before income taxes
|
|
$
|
361,376
|
|
|
$
|
356,141
|
|
|
$
|
1,118,794
|
|
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
Current:
|
|
|
|
|
|
|
||||||
|
United States federal
|
|
$
|
26,822
|
|
|
$
|
(53,985
|
)
|
|
$
|
162,574
|
|
|
Foreign
|
|
51,684
|
|
|
65,609
|
|
|
59,255
|
|
|||
|
State and local
|
|
4,713
|
|
|
3,317
|
|
|
(2,244
|
)
|
|||
|
Total current
|
|
83,219
|
|
|
14,941
|
|
|
219,585
|
|
|||
|
Deferred:
|
|
|
|
|
|
|
|
|
|
|||
|
United States federal
|
|
(24,090
|
)
|
|
24,139
|
|
|
69,374
|
|
|||
|
Foreign
|
|
(12,895
|
)
|
|
(6,215
|
)
|
|
(6,082
|
)
|
|||
|
State and local
|
|
(6,476
|
)
|
|
(7,328
|
)
|
|
3,142
|
|
|||
|
Total deferred
|
|
(43,461
|
)
|
|
10,596
|
|
|
66,434
|
|
|||
|
Tax expense attributable to employee stock plans
|
|
53,223
|
|
|
40,619
|
|
|
—
|
|
|||
|
Provision for income taxes
|
|
$
|
92,981
|
|
|
$
|
66,156
|
|
|
$
|
286,019
|
|
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
Computed “expected” tax expense
|
|
$
|
126,481
|
|
|
$
|
124,649
|
|
|
$
|
391,578
|
|
|
State tax expense, net of federal benefit
|
|
(4,411
|
)
|
|
(6,304
|
)
|
|
11,320
|
|
|||
|
Tax credits
|
|
(1,166
|
)
|
|
(29,087
|
)
|
|
(1,226
|
)
|
|||
|
Differences between statutory rate and foreign effective tax rate
|
|
(33,769
|
)
|
|
(39,678
|
)
|
|
(122,999
|
)
|
|||
|
Change in deferred tax asset valuation allowance
|
|
—
|
|
|
514
|
|
|
(2,144
|
)
|
|||
|
Stock-based compensation (net of tax deduction)
|
|
8,688
|
|
|
9,783
|
|
|
10,976
|
|
|||
|
Resolution of income tax examinations
|
|
(1,896
|
)
|
|
(8,421
|
)
|
|
(26,687
|
)
|
|||
|
Domestic manufacturing deduction benefit
|
|
(6,272
|
)
|
|
(2,929
|
)
|
|
(17,010
|
)
|
|||
|
Tax charge for licensing acquired company technology to foreign subsidiaries
|
|
—
|
|
|
18,935
|
|
|
38,849
|
|
|||
|
Other, net
|
|
5,326
|
|
|
(1,306
|
)
|
|
3,362
|
|
|||
|
Provision for income taxes
|
|
$
|
92,981
|
|
|
$
|
66,156
|
|
|
$
|
286,019
|
|
|
|
|
2014
|
|
2013
|
||||
|
Deferred tax assets:
|
|
|
|
|
||||
|
Acquired technology
|
|
$
|
9,477
|
|
|
$
|
14,379
|
|
|
Reserves and accruals
|
|
56,109
|
|
|
67,753
|
|
||
|
Deferred revenue
|
|
16,311
|
|
|
10,218
|
|
||
|
Unrealized losses on investments
|
|
6,723
|
|
|
9,793
|
|
||
|
Stock-based compensation
|
|
58,501
|
|
|
64,244
|
|
||
|
Net operating loss carryforwards of acquired companies
|
|
9,082
|
|
|
9,222
|
|
||
|
Credit carryforwards
|
|
41,419
|
|
|
43,175
|
|
||
|
Capitalized expenses
|
|
—
|
|
|
188
|
|
||
|
Other
|
|
10,974
|
|
|
6,788
|
|
||
|
Total gross deferred tax assets
|
|
208,596
|
|
|
225,760
|
|
||
|
Deferred tax asset valuation allowance
|
|
(22,100
|
)
|
|
(21,493
|
)
|
||
|
Total deferred tax assets
|
|
186,496
|
|
|
204,267
|
|
||
|
Deferred tax liabilities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
73,295
|
|
|
89,611
|
|
||
|
Undistributed earnings of foreign subsidiaries
|
|
221,845
|
|
|
211,417
|
|
||
|
Acquired intangible assets
|
|
138,392
|
|
|
176,626
|
|
||
|
Total deferred tax liabilities
|
|
433,532
|
|
|
477,654
|
|
||
|
Net deferred tax liabilities
|
|
$
|
247,036
|
|
|
$
|
273,387
|
|
|
|
|
2014
|
|
2013
|
||||
|
Beginning balance
|
|
$
|
136,098
|
|
|
$
|
160,468
|
|
|
Gross increases in unrecognized tax benefits – prior year tax positions
|
|
144
|
|
|
20,244
|
|
||
|
Gross increases in unrecognized tax benefits – current year tax positions
|
|
18,877
|
|
|
16,777
|
|
||
|
Settlements with taxing authorities
|
|
(995
|
)
|
|
(55,851
|
)
|
||
|
Lapse of statute of limitations
|
|
(1,630
|
)
|
|
(4,066
|
)
|
||
|
Foreign exchange gains and losses
|
|
(3,646
|
)
|
|
(1,474
|
)
|
||
|
Ending balance
|
|
$
|
148,848
|
|
|
$
|
136,098
|
|
|
|
November 29,
2013 |
|
Costs
Incurred
|
|
Cash
Payments
|
|
Other
Adjustments
|
|
November 28,
2014 |
||||||||||
|
Fiscal 2014 Restructuring Plan:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Termination benefits
|
$
|
—
|
|
|
$
|
18,823
|
|
|
$
|
(4,382
|
)
|
|
$
|
20
|
|
|
$
|
14,461
|
|
|
Cost of closing redundant facilities
|
—
|
|
|
557
|
|
|
(57
|
)
|
|
(28
|
)
|
|
472
|
|
|||||
|
Other Restructuring Plans:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Termination benefits
|
2,233
|
|
|
—
|
|
|
(1,357
|
)
|
|
(339
|
)
|
|
537
|
|
|||||
|
Cost of closing redundant facilities
|
11,655
|
|
|
528
|
|
|
(5,215
|
)
|
|
(124
|
)
|
|
6,844
|
|
|||||
|
Total restructuring plans
|
$
|
13,888
|
|
|
$
|
19,908
|
|
|
$
|
(11,011
|
)
|
|
$
|
(471
|
)
|
|
$
|
22,314
|
|
|
|
Fiscal Years
|
|||
|
|
2013
|
|
2012
|
|
|
Expected life (in years)
|
3.2
|
|
|
3.9 - 4.2
|
|
Volatility
|
27
|
%
|
|
31 - 34%
|
|
Risk free interest rate
|
0.36
|
%
|
|
0.54 - 0.71%
|
|
|
Fiscal Years
|
||||
|
|
2014
|
|
2013
|
|
2012
|
|
Expected life (in years)
|
0.5 - 2.0
|
|
0.5 - 2.0
|
|
0.5 - 2.0
|
|
Volatility
|
26 - 28%
|
|
26 - 30%
|
|
30 - 36%
|
|
Risk free interest rate
|
0.06 - 0.47%
|
|
0.09 - 0.34%
|
|
0.06 - 0.30%
|
|
|
2014
|
|
2013
|
|
2012
|
|||
|
Beginning outstanding balance
|
17,948
|
|
|
18,415
|
|
|
16,871
|
|
|
Awarded
|
4,413
|
|
|
7,236
|
|
|
9,431
|
|
|
Released
|
(7,502
|
)
|
|
(6,224
|
)
|
|
(5,854
|
)
|
|
Forfeited
|
(1,295
|
)
|
|
(1,479
|
)
|
|
(2,147
|
)
|
|
Increase due to acquisition
|
—
|
|
|
—
|
|
|
114
|
|
|
Ending outstanding balance
|
13,564
|
|
|
17,948
|
|
|
18,415
|
|
|
|
Number of
Shares
(thousands)
|
|
Weighted
Average
Remaining
Contractual
Life
(years)
|
|
Aggregate
Intrinsic
Value
(*)
(millions)
|
|||
|
2014
|
|
|
|
|
|
|||
|
Restricted stock units outstanding
|
13,564
|
|
|
0.94
|
|
$
|
999.4
|
|
|
Restricted stock units vested and expected to vest
|
12,352
|
|
|
0.87
|
|
$
|
903.1
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
Restricted stock units outstanding
|
17,948
|
|
|
1.09
|
|
$
|
1,019.1
|
|
|
Restricted stock units vested and expected to vest
|
16,265
|
|
|
1.02
|
|
$
|
920.5
|
|
|
2012
|
|
|
|
|
|
|||
|
Restricted stock units outstanding
|
18,415
|
|
|
1.37
|
|
$
|
637.3
|
|
|
Restricted stock units vested and expected to vest
|
16,289
|
|
|
1.26
|
|
$
|
562.8
|
|
|
(*)
|
The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market values as of
November 28, 2014
,
November 29, 2013
and
November 30, 2012
were
$73.68
,
$56.78
and
$34.61
, respectively.
|
|
|
2014
|
|
2013
|
||||||||
|
|
Shares
Granted
|
|
Maximum
Shares Eligible
to Receive
|
|
Shares
Granted
|
|
Maximum
Shares Eligible
to Receive
|
||||
|
Beginning outstanding balance
|
854
|
|
|
1,707
|
|
|
—
|
|
|
—
|
|
|
Awarded
|
709
|
|
|
1,417
|
|
|
946
|
|
|
1,891
|
|
|
Forfeited
|
(46
|
)
|
|
(90
|
)
|
|
(92
|
)
|
|
(184
|
)
|
|
Ending outstanding balance
|
1,517
|
|
|
3,034
|
|
|
854
|
|
|
1,707
|
|
|
|
2014
|
|
2013
|
|
2012
|
|||
|
Beginning outstanding balance
|
861
|
|
|
388
|
|
|
405
|
|
|
Achieved
|
—
|
|
|
1,279
|
|
|
492
|
|
|
Released
|
(486
|
)
|
|
(665
|
)
|
|
(464
|
)
|
|
Forfeited
|
(21
|
)
|
|
(141
|
)
|
|
(45
|
)
|
|
Ending outstanding balance
|
354
|
|
|
861
|
|
|
388
|
|
|
|
Number of
Shares
(thousands)
|
|
Weighted
Average
Remaining
Contractual
Life
(years)
|
|
Aggregate
Intrinsic
Value
(*)
(millions)
|
|||
|
2014
|
|
|
|
|
|
|||
|
Performance shares outstanding
|
354
|
|
|
0.16
|
|
$
|
26.1
|
|
|
Performance shares vested and expected to vest
|
348
|
|
|
0.16
|
|
$
|
25.5
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
Performance shares units outstanding
|
861
|
|
|
0.58
|
|
$
|
48.9
|
|
|
Performance shares vested and expected to vest
|
817
|
|
|
0.56
|
|
$
|
46.3
|
|
|
2012
|
|
|
|
|
|
|||
|
Performance shares units outstanding
|
388
|
|
|
0.54
|
|
$
|
13.4
|
|
|
Performance shares vested and expected to vest
|
369
|
|
|
0.51
|
|
$
|
12.7
|
|
|
(*)
|
The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market values as of
November 28, 2014
,
November 29, 2013
and
November 30, 2012
were
$73.68
,
$56.78
and
$34.61
, respectively.
|
|
|
Outstanding Options
|
|||||
|
|
Number of
Shares
|
|
Weighted
Average
Exercise
Price
|
|||
|
December 2, 2011
|
34,802
|
|
|
$
|
31.47
|
|
|
Granted
|
57
|
|
|
$
|
32.19
|
|
|
Exercised
|
(6,754
|
)
|
|
$
|
23.61
|
|
|
Cancelled
|
(4,692
|
)
|
|
$
|
33.07
|
|
|
Increase due to acquisition
|
1,104
|
|
|
$
|
3.23
|
|
|
November 30, 2012
|
24,517
|
|
|
$
|
32.09
|
|
|
Granted
|
25
|
|
|
$
|
45.03
|
|
|
Exercised
|
(15,872
|
)
|
|
$
|
32.15
|
|
|
Cancelled
|
(1,584
|
)
|
|
$
|
37.37
|
|
|
Increase due to acquisition
|
273
|
|
|
$
|
6.82
|
|
|
November 29, 2013
|
7,359
|
|
|
$
|
29.93
|
|
|
Granted
|
—
|
|
|
$
|
—
|
|
|
Exercised
|
(4,055
|
)
|
|
$
|
30.88
|
|
|
Cancelled
|
(153
|
)
|
|
$
|
25.37
|
|
|
Increase due to acquisition
|
22
|
|
|
$
|
29.44
|
|
|
November 28, 2014
|
3,173
|
|
|
$
|
28.92
|
|
|
|
Number of
Shares
(thousands)
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Life
(years)
|
|
Aggregate
Intrinsic
Value
(*)
(millions)
|
|||||
|
2014
|
|
|
|
|
|
|
|
|||||
|
Options outstanding
|
3,173
|
|
|
$
|
28.92
|
|
|
3.19
|
|
$
|
142.0
|
|
|
Options vested and expected to vest
|
3,153
|
|
|
$
|
29.00
|
|
|
3.17
|
|
$
|
140.9
|
|
|
Options exercisable
|
2,786
|
|
|
$
|
30.24
|
|
|
2.85
|
|
$
|
121.0
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
||
|
Options outstanding
|
7,359
|
|
|
$
|
29.93
|
|
|
3.22
|
|
$
|
197.6
|
|
|
Options vested and expected to vest
|
7,242
|
|
|
$
|
30.05
|
|
|
3.18
|
|
$
|
193.6
|
|
|
Options exercisable
|
5,752
|
|
|
$
|
31.28
|
|
|
2.65
|
|
$
|
146.7
|
|
|
2012
|
|
|
|
|
|
|
|
|||||
|
Options outstanding
|
24,517
|
|
|
$
|
32.09
|
|
|
2.74
|
|
$
|
103.3
|
|
|
Options vested and expected to vest
|
24,158
|
|
|
$
|
32.15
|
|
|
2.70
|
|
$
|
100.9
|
|
|
Options exercisable
|
20,668
|
|
|
$
|
33.06
|
|
|
2.27
|
|
$
|
73.6
|
|
|
(*)
|
The intrinsic value is calculated as the difference between the market value as of the end of the fiscal period and the exercise price of the shares. As reported by the NASDAQ Global Select Market, the market values as of
November 28, 2014
,
November 29, 2013
and
November 30, 2012
were
$73.68
,
$56.78
and
$34.61
, respectively.
|
|
|
2014
|
|
2013
|
|
2012
|
|||
|
Restricted stock units granted to existing directors
|
48
|
|
|
36
|
|
|
42
|
|
|
Restricted stock units granted to new directors
|
—
|
|
|
14
|
|
|
41
|
|
|
|
2013
|
|
2012
|
||||
|
Options granted to existing directors
|
25
|
|
|
43
|
|
||
|
Exercise price
|
$
|
45.03
|
|
|
$
|
33.18
|
|
|
|
Income Statement Classifications
|
||||||||||||||||||||||
|
|
Cost of
Revenue–
Subscription
|
|
Cost of
Revenue–
Services and Support
|
|
Research and Development
|
|
Sales and
Marketing
|
|
General and Administrative
|
|
Total
(1)
|
||||||||||||
|
Option Grants and Stock
Purchase Rights
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2014
|
$
|
1,855
|
|
|
$
|
4,000
|
|
|
$
|
15,125
|
|
|
$
|
17,706
|
|
|
$
|
6,476
|
|
|
$
|
45,162
|
|
|
2013
|
$
|
2,059
|
|
|
$
|
3,413
|
|
|
$
|
18,188
|
|
|
$
|
21,283
|
|
|
$
|
8,410
|
|
|
$
|
53,353
|
|
|
2012
|
$
|
2,840
|
|
|
$
|
4,130
|
|
|
$
|
24,823
|
|
|
$
|
31,379
|
|
|
$
|
15,455
|
|
|
$
|
78,627
|
|
|
Restricted Stock and Performance
Share Awards
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
2014
|
$
|
5,878
|
|
|
$
|
6,619
|
|
|
$
|
107,029
|
|
|
$
|
102,909
|
|
|
$
|
66,104
|
|
|
$
|
288,539
|
|
|
2013
|
$
|
5,052
|
|
|
$
|
6,961
|
|
|
$
|
102,464
|
|
|
$
|
101,423
|
|
|
$
|
59,734
|
|
|
$
|
275,634
|
|
|
2012
|
$
|
3,100
|
|
|
$
|
9,461
|
|
|
$
|
83,349
|
|
|
$
|
76,359
|
|
|
$
|
47,606
|
|
|
$
|
219,875
|
|
|
(1)
|
During fiscal
2014
,
2013
and
2012
, we recorded tax benefits of
$72.4 million
,
$70.7 million
and
$61.5 million
, respectively.
|
|
|
November 29,
2013 |
|
Increase / Decrease
|
|
Reclassification Adjustments
|
|
November 28,
2014 |
|||||||||
|
Net unrealized gains on available-for-sale securities:
|
|
|
|
|
|
|
|
|||||||||
|
Unrealized gains on available-for-sale securities
|
$
|
10,178
|
|
|
$
|
2,084
|
|
|
$
|
(4,025
|
)
|
|
$
|
8,237
|
|
|
|
Unrealized losses on available-for-sale securities
|
(937
|
)
|
|
231
|
|
|
97
|
|
|
(609
|
)
|
|||||
|
Total net unrealized gains on available-for-sale securities
|
9,241
|
|
|
2,315
|
|
|
(3,928
|
)
|
(1
|
)
|
7,628
|
|
||||
|
Net unrealized gains on derivative instruments designated as
hedging instruments
|
5,367
|
|
|
41,993
|
|
|
(18,705
|
)
|
(2
|
)
|
28,655
|
|
||||
|
Cumulative foreign currency translation adjustments
|
31,495
|
|
|
(75,872
|
)
|
|
—
|
|
|
(44,377
|
)
|
|||||
|
Total accumulated other comprehensive income (loss),
net of taxes
|
$
|
46,103
|
|
|
$
|
(31,564
|
)
|
|
$
|
(22,633
|
)
|
|
$
|
(8,094
|
)
|
|
|
(1)
|
Classified in interest and other income (expense), net.
|
|
(2)
|
Classified as revenue.
|
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
Available-for-sale securities:
|
|
|
|
|
|
|
||||||
|
Unrealized gains / losses
|
|
$
|
1
|
|
|
$
|
169
|
|
|
$
|
(686
|
)
|
|
Reclassification adjustments
|
|
(8
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|||
|
Subtotal available-for-sale securities
|
|
(7
|
)
|
|
167
|
|
|
(687
|
)
|
|||
|
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
||||||
|
Unrealized gains on derivative instruments*
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Reclassification adjustments*
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Subtotal derivatives designated as hedging instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Foreign currency translation adjustments
|
|
(1,868
|
)
|
|
2,789
|
|
|
(1,314
|
)
|
|||
|
Total taxes, other comprehensive income (loss)
|
|
$
|
(1,875
|
)
|
|
$
|
2,956
|
|
|
$
|
(2,001
|
)
|
|
(*)
|
Taxes related to derivative instruments were zero for all fiscal years based on the tax jurisdiction where the derivative instruments were executed.
|
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
Net income
|
|
$
|
268,395
|
|
|
$
|
289,985
|
|
|
$
|
832,775
|
|
|
Shares used to compute basic net income per share
|
|
497,867
|
|
|
501,372
|
|
|
494,731
|
|
|||
|
Dilutive potential common shares:
|
|
|
|
|
|
|
||||||
|
Unvested restricted stock and performance share awards
|
|
8,586
|
|
|
8,736
|
|
|
7,624
|
|
|||
|
Stock options
|
|
2,027
|
|
|
3,368
|
|
|
366
|
|
|||
|
Shares used to compute diluted net income per share
|
|
508,480
|
|
|
513,476
|
|
|
502,721
|
|
|||
|
Basic net income per share
|
|
$
|
0.54
|
|
|
$
|
0.58
|
|
|
$
|
1.68
|
|
|
Diluted net income per share
|
|
$
|
0.53
|
|
|
$
|
0.56
|
|
|
$
|
1.66
|
|
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
Rent expense
|
|
$
|
111,149
|
|
|
$
|
118,976
|
|
|
$
|
105,809
|
|
|
Less: sublease income
|
|
1,412
|
|
|
3,057
|
|
|
2,330
|
|
|||
|
Net rent expense
|
|
$
|
109,737
|
|
|
$
|
115,919
|
|
|
$
|
103,479
|
|
|
|
|
|
|
|
Operating Leases
|
|
Capital Leases
|
||||||||||
|
Fiscal Year
|
|
|
Purchase
Obligations
|
|
Future
Minimum
Lease
Payments
|
|
Future
Minimum
Sublease
Income
|
|
Future
Minimum
Lease
Payments
|
||||||||
|
2015
|
|
$
|
227,910
|
|
|
$
|
44,769
|
|
|
$
|
2,140
|
|
|
$
|
3,280
|
|
|
|
2016
|
|
28,588
|
|
|
40,676
|
|
|
2,102
|
|
|
—
|
|
|||||
|
2017
|
|
13,641
|
|
|
30,943
|
|
|
2,068
|
|
|
—
|
|
|||||
|
2018
|
|
14,285
|
|
|
26,547
|
|
|
1,705
|
|
|
—
|
|
|||||
|
2019
|
|
4,492
|
|
|
23,774
|
|
|
1,776
|
|
|
—
|
|
|||||
|
Thereafter
|
|
—
|
|
|
48,644
|
|
|
2,966
|
|
|
—
|
|
|||||
|
Total
|
|
$
|
288,916
|
|
|
$
|
215,353
|
|
|
$
|
12,757
|
|
|
$
|
3,280
|
|
|
|
Less: interest
|
|
|
|
|
|
|
|
|
|
|
(11
|
)
|
|||||
|
Total
|
|
|
|
|
|
|
|
|
|
|
$
|
3,269
|
|
||||
|
|
2014
|
|
2013
|
||||
|
Notes
|
$
|
1,496,778
|
|
|
$
|
1,496,028
|
|
|
Fair value of interest rate swap
|
14,268
|
|
|
—
|
|
||
|
Adjusted carrying value of Notes
|
1,511,046
|
|
|
1,496,028
|
|
||
|
Capital lease obligations
|
3,269
|
|
|
17,945
|
|
||
|
Total debt and capital lease obligations
|
1,514,315
|
|
|
1,513,973
|
|
||
|
Less: current portion
|
603,229
|
|
|
14,676
|
|
||
|
Debt and capital lease obligations
|
$
|
911,086
|
|
|
$
|
1,499,297
|
|
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
Interest and other income (expense), net:
|
|
|
|
|
|
|
||||||
|
Interest income
|
|
$
|
21,355
|
|
|
$
|
21,887
|
|
|
$
|
24,549
|
|
|
Foreign exchange gains (losses)
|
|
(18,840
|
)
|
|
(21,001
|
)
|
|
(31,431
|
)
|
|||
|
Realized gains on fixed income investment
|
|
4,024
|
|
|
4,090
|
|
|
3,152
|
|
|||
|
Realized losses on fixed income investment
|
|
(97
|
)
|
|
(1,077
|
)
|
|
(278
|
)
|
|||
|
Other
|
|
825
|
|
|
1,042
|
|
|
594
|
|
|||
|
Interest and other income (expense), net
|
|
$
|
7,267
|
|
|
$
|
4,941
|
|
|
$
|
(3,414
|
)
|
|
Interest expense
|
|
$
|
(59,732
|
)
|
|
$
|
(67,508
|
)
|
|
$
|
(67,487
|
)
|
|
Investment gains (losses), net:
|
|
|
|
|
|
|
|
|||||
|
Realized investment gains
|
|
$
|
1,298
|
|
|
$
|
1,783
|
|
|
$
|
8,918
|
|
|
Unrealized investment gains
|
|
912
|
|
|
1,251
|
|
|
940
|
|
|||
|
Realized investment losses
|
|
(1,054
|
)
|
|
(7,049
|
)
|
|
(104
|
)
|
|||
|
Unrealized investment losses
|
|
—
|
|
|
—
|
|
|
(250
|
)
|
|||
|
Investment gains (losses), net
|
|
$
|
1,156
|
|
|
$
|
(4,015
|
)
|
|
$
|
9,504
|
|
|
Non-operating income (expense), net
|
|
$
|
(51,309
|
)
|
|
$
|
(66,582
|
)
|
|
$
|
(61,397
|
)
|
|
•
|
Digital Media—
Our Digital Media segment provides tools and solutions that enable individuals, small and medium businesses and enterprises to create, publish, promote and monetize their digital content anywhere. Our customers include traditional content creators, web application developers and digital media professionals, as well as their management in marketing departments and agencies, companies and publishers.
|
|
•
|
Digital Marketing—
Our Digital Marketing segment provides solutions and services for how digital advertising and marketing are created, managed, executed, measured and optimized. Our customers include digital marketers, advertisers, publishers, merchandisers, web analysts, chief marketing officers, chief information officer and chief revenue officers.
|
|
•
|
Print and Publishing—
Our Print and Publishing segment addresses market opportunities ranging from the diverse authoring and publishing needs of technical and business publishing to our legacy type and OEM printing businesses.
|
|
|
Digital Media
|
|
Digital
Marketing
|
|
Print and Publishing
|
|
Total
|
||||||||
|
Fiscal 2014
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Revenue
|
$
|
2,603,179
|
|
|
$
|
1,355,216
|
|
|
$
|
188,670
|
|
|
$
|
4,147,065
|
|
|
Cost of revenue
|
148,958
|
|
|
463,772
|
|
|
9,350
|
|
|
622,080
|
|
||||
|
Gross profit
|
$
|
2,454,221
|
|
|
$
|
891,444
|
|
|
$
|
179,320
|
|
|
$
|
3,524,985
|
|
|
Gross profit as a percentage of revenue
|
94
|
%
|
|
66
|
%
|
|
95
|
%
|
|
85
|
%
|
||||
|
Fiscal 2013
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Revenue
|
$
|
2,625,913
|
|
|
$
|
1,228,868
|
|
|
$
|
200,459
|
|
|
$
|
4,055,240
|
|
|
Cost of revenue
|
170,788
|
|
|
404,804
|
|
|
10,965
|
|
|
586,557
|
|
||||
|
Gross profit
|
$
|
2,455,125
|
|
|
$
|
824,064
|
|
|
$
|
189,494
|
|
|
$
|
3,468,683
|
|
|
Gross profit as a percentage of revenue
|
93
|
%
|
|
67
|
%
|
|
95
|
%
|
|
86
|
%
|
||||
|
Fiscal 2012
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Revenue
|
$
|
3,101,864
|
|
|
$
|
1,085,042
|
|
|
$
|
216,771
|
|
|
$
|
4,403,677
|
|
|
Cost of revenue
|
130,178
|
|
|
342,764
|
|
|
10,840
|
|
|
483,782
|
|
||||
|
Gross profit
|
$
|
2,971,686
|
|
|
$
|
742,278
|
|
|
$
|
205,931
|
|
|
$
|
3,919,895
|
|
|
Gross profit as a percentage of revenue
|
96
|
%
|
|
68
|
%
|
|
95
|
%
|
|
89
|
%
|
||||
|
Revenue
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
Americas:
|
|
|
|
|
|
|
|||||||
|
United States
|
|
$
|
2,115,148
|
|
|
$
|
1,935,429
|
|
|
$
|
1,969,924
|
|
|
|
Other
|
|
199,221
|
|
|
198,953
|
|
|
226,430
|
|
||||
|
Total Americas
|
|
2,314,369
|
|
|
2,134,382
|
|
|
2,196,354
|
|
||||
|
EMEA
|
|
1,179,864
|
|
|
1,129,180
|
|
|
1,294,566
|
|
||||
|
APAC:
|
|
|
|
|
|
|
|||||||
|
Japan
|
|
365,570
|
|
|
472,110
|
|
|
531,028
|
|
||||
|
Other
|
|
287,262
|
|
|
319,568
|
|
|
381,729
|
|
||||
|
Total APAC
|
|
652,832
|
|
|
791,678
|
|
|
912,757
|
|
||||
|
Revenue
|
|
$
|
4,147,065
|
|
|
$
|
4,055,240
|
|
|
$
|
4,403,677
|
|
|
|
Property and Equipment
|
|
|
2014
|
|
2013
|
||||
|
Americas:
|
|
|
|
|
|||||
|
United States
|
|
$
|
651,281
|
|
|
$
|
534,115
|
|
|
|
Other
|
|
656
|
|
|
947
|
|
|||
|
Total Americas
|
|
651,937
|
|
|
535,062
|
|
|||
|
EMEA
|
|
46,380
|
|
|
52,018
|
|
|||
|
APAC:
|
|
|
|
|
|||||
|
India
|
|
76,428
|
|
|
58,013
|
|
|||
|
Other
|
|
10,378
|
|
|
14,681
|
|
|||
|
Total APAC
|
|
86,806
|
|
|
72,694
|
|
|||
|
Property and equipment, net
|
|
$
|
785,123
|
|
|
$
|
659,774
|
|
|
|
|
|
2014
|
||||||||||||||
|
(in thousands, except per share data)
|
|
Quarter Ended
|
||||||||||||||
|
|
|
February 28
|
|
May 30
|
|
August 29
|
|
November 28
|
||||||||
|
Revenue
|
|
$
|
1,000,120
|
|
|
$
|
1,068,208
|
|
|
$
|
1,005,409
|
|
|
$
|
1,073,328
|
|
|
Gross profit
|
|
$
|
851,611
|
|
|
$
|
913,304
|
|
|
$
|
847,685
|
|
|
$
|
912,385
|
|
|
Income before income taxes
|
|
$
|
64,892
|
|
|
$
|
121,271
|
|
|
$
|
62,938
|
|
|
$
|
112,275
|
|
|
Net income
|
|
$
|
47,046
|
|
|
$
|
88,527
|
|
|
$
|
44,686
|
|
|
$
|
88,136
|
|
|
Basic net income per share
|
|
$
|
0.09
|
|
|
$
|
0.18
|
|
|
$
|
0.09
|
|
|
$
|
0.18
|
|
|
Diluted net income per share
|
|
$
|
0.09
|
|
|
$
|
0.17
|
|
|
$
|
0.09
|
|
|
$
|
0.17
|
|
|
|
|
2013
|
||||||||||||||
|
(in thousands, except per share data)
|
|
Quarter Ended
|
||||||||||||||
|
|
|
March 1
|
|
May 31
|
|
August 30
|
|
November 29
|
||||||||
|
Revenue
|
|
$
|
1,007,873
|
|
|
$
|
1,010,549
|
|
|
$
|
995,119
|
|
|
$
|
1,041,699
|
|
|
Gross profit
|
|
$
|
851,189
|
|
|
$
|
875,268
|
|
|
$
|
848,043
|
|
|
$
|
894,183
|
|
|
Income before income taxes
|
|
$
|
83,484
|
|
|
$
|
91,127
|
|
|
$
|
93,260
|
|
|
$
|
88,270
|
|
|
Net income
|
|
$
|
65,117
|
|
|
$
|
76,546
|
|
|
$
|
83,002
|
|
|
$
|
65,320
|
|
|
Basic net income per share
|
|
$
|
0.13
|
|
|
$
|
0.15
|
|
|
$
|
0.16
|
|
|
$
|
0.13
|
|
|
Diluted net income per share
|
|
$
|
0.13
|
|
|
$
|
0.15
|
|
|
$
|
0.16
|
|
|
$
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0.13
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1.
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Financial Statements. See Index to Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.
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2.
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Exhibits. The exhibits listed in the accompanying Index to Exhibits are filed or incorporated by reference as part of this Form 10-K.
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ADOBE SYSTEMS INCORPORATED
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By:
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/s/ MARK GARRETT
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Mark Garrett
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Executive Vice President and
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Chief Financial Officer
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(Principal Financial Officer)
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Signature
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Title
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Date
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/s/ JOHN E. WARNOCK
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January 20, 2015
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John E. Warnock
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Chairman of the Board of Directors
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/s/ CHARLES M. GESCHKE
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January 20, 2015
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Charles M. Geschke
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Chairman of the Board of Directors
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/s/ SHANTANU NARAYEN
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January 20, 2015
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Shantanu Narayen
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Director, President and Chief Executive Officer
(Principal Executive Officer)
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/s/ MARK GARRETT
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January 20, 2015
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Mark Garrett
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Executive Vice President and Chief Financial Officer (Principal Financial Officer)
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/s/ RICHARD T. ROWLEY
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January 20, 2015
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Richard T. Rowley
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Vice President, Corporate Controller and Chief Accounting Officer
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/s/ AMY BANSE
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January 20, 2015
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Amy Banse
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Director
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/s/ KELLY BARLOW
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January 20, 2015
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Kelly Barlow
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Director
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Signature
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Title
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Date
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/s/ EDWARD W. BARNHOLT
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January 20, 2015
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Edward W. Barnholt
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Director
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/s/ ROBERT K. BURGESS
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January 20, 2015
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Robert K. Burgess
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Director
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/s/ FRANK CALDERONI
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January 20, 2015
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Frank Calderoni
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Director
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/s/ MICHAEL R. CANNON
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January 20, 2015
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Michael R. Cannon
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Director
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/s/ JAMES E. DALEY
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January 20, 2015
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James E. Daley
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Director
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/s/ LAURA DESMOND
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January 20, 2015
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Laura Desmond
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Director
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/s/ DANIEL L. ROSENSWEIG
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January 20, 2015
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Daniel L. Rosensweig
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Director
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/s/ ROBERT SEDGEWICK
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January 20, 2015
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Robert Sedgewick
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Director
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Incorporated by Reference**
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||||||
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Exhibit
Number
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Exhibit Description
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Form
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Filing Date
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Exhibit Number
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SEC File No.
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Filed
Herewith
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3.1
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Restated Certificate of Incorporation of Adobe Systems Incorporated
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8-K
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4/26/11
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3.3
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000-15175
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3.2
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Amended and Restated Bylaws
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8-K
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10/30/12
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3.1
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000-15175
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4.1
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Specimen Common Stock Certificate
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10-Q
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6/25/14
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4.1
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000-15175
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4.2
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Form of Indenture
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S-3
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1/15/10
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4.1
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333-164378
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4.3
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Forms of Global Note for Adobe Systems Incorporated’s 3.250% Notes due 2015 and 4.750% Notes due 2020, together with Form of Officer’s Certificate setting forth the terms of the Notes
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8-K
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1/26/10
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4.1
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000-15175
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10.1A
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Amended 1994 Performance and Restricted Stock Plan*
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10-Q
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4/9/10
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10.1
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000-15175
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10.1B
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Form of Restricted Stock Agreement used in connection with the Amended 1994 Performance and Restricted Stock Plan*
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10-K
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1/23/09
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10.3
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000-15175
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10.1C
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Form of Restricted Stock Unit Agreement used in connection with the Amended 1994 Performance and Restricted Stock Plan*
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10-K
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1/26/12
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10.13
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000-15175
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10.2A
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1996 Outside Directors Stock Option Plan, as amended*
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10-Q
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4/12/06
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10.6
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000-15175
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10.2B
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Forms of Stock Option Agreements used in connection with the 1996 Outside Directors Stock Option Plan*
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S-8
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6/16/00
|
|
4.8
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|
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333-39524
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10.3
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1997 Employee Stock Purchase Plan, as amended*
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8-K
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4/26/11
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10.1
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000-15175
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10.4A
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2003 Equity Incentive Plan, as amended*
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8-K
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4/14/14
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10.1
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000-15175
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10.4B
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Form of Stock Option Agreement used in connection with the 2003 Equity Incentive Plan*
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8-K
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12/20/10
|
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99.4
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|
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000-15175
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10.4C
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Form of RSU Grant Notice and Award Agreement pursuant to the 2003 Equity Incentive Plan*
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8-K
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1/28/13
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10.6
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000-15175
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10.4D
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Form of Restricted Stock Agreement used in connection with the 2003 Equity Incentive Plan*
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10-Q
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10/7/04
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10.11
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|
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000-15175
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||
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|
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Incorporated by Reference**
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|
||||||
|
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date
|
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Exhibit Number
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|
SEC File No.
|
|
Filed
Herewith
|
||
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10.4E
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Form of Performance Share Program pursuant to the 2003 Equity Incentive Plan (applicable to the 2011 Performance Share Program)*
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8-K
|
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1/29/10
|
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10.1
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|
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000-15175
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10.4F
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Award Calculation Methodology to the 2011 Performance Share Program pursuant to the 2003 Equity Incentive Plan*
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8-K
|
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1/28/11
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10.3
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000-15175
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10.4G
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Form of Award Grant Notice and Performance Share Award Agreement pursuant to the 2003 Equity Incentive Plan (applicable to the 2011 Performance Share Program)*
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8-K
|
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12/20/10
|
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99.5
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000-15175
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10.4H
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Form of Performance Share Program pursuant to the 2003 Equity Incentive Plan (applicable to the 2012 Performance Share Program)*
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8-K
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1/26/12
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10.2
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000-15175
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||
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10.4I
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Award Calculation Methodology to the 2012 Performance Share Program pursuant to the 2003 Equity Incentive Plan*
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|
8-K
|
|
1/26/12
|
|
10.3
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|
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000-15175
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|
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|
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|
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|
|
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|
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|
||
|
10.4J
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|
|
Form of Performance Share Award Grant Notice and Performance Share Award Agreement pursuant to the 2003 Equity Incentive Plan (applicable to the 2012 Performance Share Program)*
|
|
10-K
|
|
1/26/12
|
|
10.61
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|
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000-15175
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|
|
|
|
|
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|
|
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|
|
|
|
|
|
||
|
10.4K
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|
|
2013 Performance Share Program pursuant to the 2003 Equity Incentive Plan*
|
|
8-K
|
|
1/28/13
|
|
10.2
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|
|
000-15175
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||
|
10.4L
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|
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Form of Performance Share Award Grant Notice and Performance Share Award Agreement pursuant to the 2003 Equity Incentive Plan (applicable to the 2013 Performance Share Program)*
|
|
8-K
|
|
1/28/13
|
|
10.3
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|
|
000-15175
|
|
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||
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10.4M
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|
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2014 Performance Share Program pursuant to the 2003 Equity Incentive Plan*
|
|
8-K
|
|
1/29/14
|
|
10.2
|
|
|
000-15175
|
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|
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||
|
10.4N
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|
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Form of Performance Share Award Grant Notice and Performance Share Award Agreement pursuant to the 2003 Equity Incentive Plan (applicable to the 2014 Performance Share Program)*
|
|
8-K
|
|
1/29/14
|
|
10.3
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
||
|
10.4O
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|
|
Form of Director Initial Grant Restricted Stock Unit Award Agreement used in connection with the 2003 Equity Incentive Plan*
|
|
8-K
|
|
12/20/10
|
|
99.6
|
|
|
000-15175
|
|
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|
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|
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|
||
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|
|
Incorporated by Reference**
|
|
|
|
|
||||||
|
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date
|
|
Exhibit Number
|
|
SEC File No.
|
|
Filed
Herewith
|
||
|
|
|
|
|
|
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||
|
10.4P
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|
|
Form of Director Annual Grant Restricted Stock Unit Award Agreement used in connection with the 2003 Equity Incentive Plan*
|
|
8-K
|
|
12/20/10
|
|
99.7
|
|
|
000-15175
|
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||
|
10.4Q
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|
|
Form of Director Annual Grant Stock Option Agreement used in connection with the 2003 Equity Incentive Plan*
|
|
8-K
|
|
12/20/10
|
|
99.8
|
|
|
000-15175
|
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|
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||
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10.5A
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|
2005 Equity Incentive Assumption Plan, as amended and restated*
|
|
10-Q
|
|
6/28/13
|
|
10.17
|
|
|
000-15175
|
|
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|
|
|
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|
|
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|
||
|
10.5B
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|
|
Form of Stock Option Agreement used in connection with the 2005 Equity Incentive Assumption Plan*
|
|
8-K
|
|
12/20/10
|
|
99.10
|
|
|
000-15175
|
|
|
|
|
|
|
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|
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|
|
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|
||
|
10.5C
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|
|
Form of RSU Grant Notice and Award Agreement pursuant to the 2005 Equity Incentive Assumption Plan*
|
|
8-K
|
|
1/28/13
|
|
10.7
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
||
|
10.6
|
|
|
Allaire Corp. 1997 Stock Incentive Plan*
|
|
S-8
|
|
3/27/01
|
|
4.06
|
|
|
333-57708
|
|
|
|
|
|
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|
|
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||
|
10.7
|
|
|
Allaire Corporation 1998 Stock Incentive Plan, as amended*
|
|
S-8
|
|
3/27/01
|
|
4.07
|
|
|
333-57708
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
||
|
10.8
|
|
|
Allaire Corporation 2000 Stock Incentive Plan*
|
|
S-8
|
|
3/27/01
|
|
4.08
|
|
|
333-57708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
||
|
10.9
|
|
|
Andromedia, Inc. 1999 Stock Plan*
|
|
S-8
|
|
12/7/99
|
|
4.09
|
|
|
333-92233
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
||
|
10.10
|
|
|
Macromedia, Inc. 1999 Stock Option Plan*
|
|
S-8
|
|
8/17/00
|
|
4.07
|
|
|
333-44016
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
||
|
10.11
|
|
|
Macromedia, Inc. 2002 Equity Incentive Plan, as amended*
|
|
S-8
|
|
8/10/05
|
|
4.08
|
|
|
333-127392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.12
|
|
|
Form of Macromedia, Inc. Stock Option Agreement*
|
|
S-8
|
|
8/10/05
|
|
4.09
|
|
|
333-127392
|
|
|
|
|
|
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|
|
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|
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|
|
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|
||
|
10.13
|
|
|
Form of Macromedia, Inc. Revised Non-Plan Stock Option Agreement*
|
|
S-8
|
|
11/23/04
|
|
4.10
|
|
|
333-120712
|
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|
|
|
|
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||
|
10.14
|
|
|
Form of Macromedia, Inc. Restricted Stock Purchase Agreement*
|
|
10-Q
|
|
2/8/05
|
|
10.01
|
|
|
000-22688
|
|
|
|
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|
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|
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||
|
10.15A
|
|
|
Forms of Retention Agreement*
|
|
10-K
|
|
2/17/98
|
|
10.44
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.15B
|
|
|
Second Amendment to Retention Agreement between Adobe Systems Incorporated and Shantanu Narayen, effective as of December 17, 2010*
|
|
10-K
|
|
1/27/11
|
|
10.40
|
|
|
000-15175
|
|
|
|
|
|
|
|
Incorporated by Reference**
|
|
|
|
|
||||||
|
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date
|
|
Exhibit Number
|
|
SEC File No.
|
|
Filed
Herewith
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.15C
|
|
|
Retention Agreement between Adobe Systems Incorporated and Shantanu Narayen, effective December 5, 2014
|
|
8-K
|
|
12/11/14
|
|
10.20
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.16
|
|
|
Form of Indemnity Agreement*
|
|
10-Q
|
|
6/26/09
|
|
10.12
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.17
|
|
|
Second Amended and Restated Master Lease of Land and Improvements by and between SMBC Leasing and Finance, Inc. and Adobe Systems Incorporated
|
|
10-Q
|
|
10/7/04
|
|
10.14
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.18A
|
|
|
Lease between Adobe Systems Incorporated and Selco Service Corporation, dated March 26, 2007
|
|
8-K
|
|
3/28/07
|
|
10.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.18B
|
|
|
Participation Agreement among Adobe Systems Incorporated, Selco Service Corporation, et al. dated March 26, 2007
|
|
8-K
|
|
3/28/07
|
|
10.2
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.18C
|
|
|
Master Amendment No. 2 among Adobe Systems Incorporated, Selco Service Corporation and KeyBank National Association dated October 31, 2011
|
|
10-K
|
|
1/22/13
|
|
10.13
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.19
|
|
|
Adobe Systems Incorporated Deferred Compensation Plan, as Amended and Restated*
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.20
|
|
|
Employment offer letter between Adobe Systems Incorporated and Richard Rowley, dated October 30, 2006*
|
|
8-K
|
|
11/16/06
|
|
10.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.21
|
|
|
Employment offer letter between Adobe Systems Incorporated and Mark Garrett dated January 5, 2007*
|
|
8-K
|
|
1/26/07
|
|
10.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.22
|
|
|
Credit Agreement, dated as of March 2, 2012, among Adobe Systems Incorporated and certain subsidiaries as Borrowers, The Royal Bank of Scotland PLC and U.S. Bank National Association as Co-Documentation Agents, JPMorgan Chase Bank, N.A., as Syndication Agent, Bank of America, N.A. as Administrative Agent and Swing Line Lender, and the Other Lenders Party Thereto
|
|
8-K
|
|
3/7/12
|
|
10.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.23
|
|
|
Purchase and Sale Agreement, by and between NP Normandy Overlook, LLC, as Seller and Adobe Systems Incorporated as Buyer, effective as of May 12, 2008
|
|
8-K
|
|
5/15/08
|
|
10.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.24A
|
|
|
Omniture, Inc. 1999 Equity Incentive Plan, as amended (the “Omniture 1999 Plan”)*
|
|
S-1
|
|
4/4/06
|
|
10.2A
|
|
|
333-132987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
Incorporated by Reference**
|
|
|
|
|
||||||
|
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date
|
|
Exhibit Number
|
|
SEC File No.
|
|
Filed
Herewith
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.24B
|
|
|
Forms of Stock Option Agreement under the Omniture 1999 Plan*
|
|
S-1
|
|
4/4/06
|
|
10.2B
|
|
|
333-132987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.24C
|
|
|
Form of Stock Option Agreement under the Omniture 1999 Plan used for Named Executive Officers and Non-Employee Directors*
|
|
S-1
|
|
6/9/06
|
|
10.2C
|
|
|
333-132987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.25
|
|
|
Omniture, Inc. 2006 Equity Incentive Plan and related forms*
|
|
10-Q
|
|
8/6/09
|
|
10.3
|
|
|
000-52076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.26
|
|
|
Omniture, Inc. 2007 Equity Incentive Plan and related forms*
|
|
10-K
|
|
2/27/09
|
|
10.9
|
|
|
000-52076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.27
|
|
|
Omniture, Inc. 2008 Equity Incentive Plan and related forms*
|
|
10-K
|
|
2/27/09
|
|
10.10
|
|
|
000-52076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.28A
|
|
|
Visual Sciences, Inc. (formerly, WebSideStory, Inc.) 2004 Equity Incentive Award Plan (the “VS 2004 Plan”) and Form of Option Grant Agreement*
|
|
10-K
|
|
2/29/08
|
|
10.6
|
|
|
000-52076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.28B
|
|
|
Form of Restricted Stock Award Grant Notice and Restricted Stock Award Agreement under the VS 2004 Plan*
|
|
10-K
|
|
2/29/08
|
|
10.6A
|
|
|
000-52076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.29
|
|
|
Visual Sciences, Inc. (formerly, WebSideStory, Inc.) 2006 Employment Commencement Equity Incentive Award Plan and Form of Option Grant Agreement*
|
|
10-K
|
|
2/29/08
|
|
10.8
|
|
|
000-52076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.30
|
|
|
Day Software Holding AG International Stock Option/Stock Issuance Plan*
|
|
S-8
|
|
11/1/10
|
|
99.1
|
|
|
333-170254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.31
|
|
|
Day Interactive Holding AG U.S. Stock Option/ Stock Issuance Plan*
|
|
S-8
|
|
11/1/10
|
|
99.2
|
|
|
333-170254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.32
|
|
|
Demdex, Inc. 2008 Stock Plan, as amended*
|
|
S-8
|
|
1/27/11
|
|
99.1
|
|
|
333-171902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.33
|
|
|
2011 Executive Cash Performance Bonus Plan*
|
|
8-K
|
|
1/28/11
|
|
10.4
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.34
|
|
|
2011 Executive Annual Incentive Plan*
|
|
8-K
|
|
1/28/11
|
|
10.5
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.35
|
|
|
EchoSign, Inc. 2005 Stock Plan, as amended*
|
|
S-8
|
|
7/29/11
|
|
99.1
|
|
|
333-175910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.36
|
|
|
TypeKit, Inc. 2009 Equity Incentive Plan, as amended*
|
|
S-8
|
|
10/7/11
|
|
99.1
|
|
|
333-177229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.37
|
|
|
Auditude, Inc. 2009 Equity Incentive Plan, as amended*
|
|
S-8
|
|
11/18/11
|
|
99.1
|
|
|
333-178065
|
|
|
|
|
|
|
|
Incorporated by Reference**
|
|
|
|
|
||||||
|
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date
|
|
Exhibit Number
|
|
SEC File No.
|
|
Filed
Herewith
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.38
|
|
|
Auditude, Inc. Employee Stock Option Plan, as amended*
|
|
S-8
|
|
11/18/11
|
|
99.2
|
|
|
333-178065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.39
|
|
|
Description of 2012 Director Compensation*
|
|
10-K
|
|
1/26/12
|
|
10.76
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.40
|
|
|
Adobe Systems Incorporated 2011 Executive Severance Plan in the Event of a Change of Control for Prior Participants *
|
|
8-K
|
|
12/15/11
|
|
10.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.41
|
|
|
Adobe Systems Incorporated 2011 Executive Severance Plan in the Event of a Change of Control*
|
|
8-K
|
|
12/15/11
|
|
10.2
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.42
|
|
|
2012 Executive Annual Incentive Plan*
|
|
8-K
|
|
1/26/12
|
|
10.4
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.43
|
|
|
Efficient Frontier, Inc. 2003 Stock Option/Stock Issuance Plan, as Amended and Restated*
|
|
S-8
|
|
1/27/12
|
|
99.1
|
|
|
333-179221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.44
|
|
|
Efficient Frontier, Inc. Form of Non-Plan Stock Option Agreement*
|
|
S-8
|
|
1/27/12
|
|
99.2
|
|
|
333-179221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.45
|
|
|
Nomination and Standstill Agreement between the Company and the ValueAct Group dated December 4, 2012
|
|
8-K
|
|
12/5/12
|
|
99.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.46A
|
|
|
Behance, Inc. 2012 Equity Incentive Plan*
|
|
S-8
|
|
1/23/13
|
|
99.1
|
|
|
333-186143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.46B
|
|
|
Amendment No. 1 to the Behance, Inc. 2012 Equity Incentive Plan*
|
|
S-8
|
|
1/23/13
|
|
99.2
|
|
|
333-186143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.47
|
|
|
2013 Executive Annual Incentive Plan*
|
|
8-K
|
|
1/28/13
|
|
10.5
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.48
|
|
|
Neolane 2008 Stock Option Plan*
|
|
S-8
|
|
8/27/13
|
|
99.1
|
|
|
333-190846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.49
|
|
|
2012 Neolane Stock Option Plan for The United States*
|
|
S-8
|
|
8/27/13
|
|
99.2
|
|
|
333-190846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.50
|
|
|
Description of 2013 Director Compensation*
|
|
10-K
|
|
1/21/14
|
|
10.80
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.51
|
|
|
Description of 2014 Director Compensation*
|
|
10-K
|
|
1/21/14
|
|
10.81
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.52
|
|
|
Description of 2015 Director Compensation*
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.53
|
|
|
2014 Executive Annual Incentive Plan*
|
|
8-K
|
|
1/29/14
|
|
10.5
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.54A
|
|
|
Aviary, Inc. 2008 Stock Plan, as amended
|
|
S-8
|
|
9/26/14
|
|
99.1
|
|
|
333-198973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
Incorporated by Reference**
|
|
|
|
|
||||||
|
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date
|
|
Exhibit Number
|
|
SEC File No.
|
|
Filed
Herewith
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.54B
|
|
|
Form of Stock Option Grant Notice and Award Agreement pursuant to the Aviary, Inc. 2008 Stock Plan (Installment Vesting)
|
|
S-8
|
|
9/26/14
|
|
99.2
|
|
|
333-198973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.54C
|
|
|
Form of Stock Option Grant Notice and Award Agreement pursuant to the Aviary, Inc. 2008 Stock Plan (Installment Vesting, Non-U.S.)
|
|
S-8
|
|
9/26/14
|
|
99.3
|
|
|
333-198973
|
|
|
|
10.55
|
|
|
Adobe Systems Incorporated 2014 Executive Severance Plan in the Event of a Change of Control
|
|
8-K
|
|
12/11/14
|
|
10.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
12.1
|
|
|
Ratio of Earnings to Fixed Charges
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
21
|
|
|
Subsidiaries of the Registrant
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
23.1
|
|
|
Consent of Independent Registered Public Accounting Firm, KPMG LLP
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
24.1
|
|
|
Power of Attorney (set forth on the signature page to this Annual Report on Form 10-K)
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
31.1
|
|
|
Certification of Chief Executive Officer, as required by Rule 13a-14(a) of the Securities Exchange Act of 1934
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
31.2
|
|
|
Certification of Chief Financial Officer, as required by Rule 13a-14(a) of the Securities Exchange Act of 1934
|
|
|
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X
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32.1
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Certification of Chief Executive Officer, as required by Rule 13a-14(b) of the Securities Exchange Act of 1934†
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X
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32.2
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Certification of Chief Financial Officer, as required by Rule 13a-14(b) of the Securities Exchange Act of 1934†
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X
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101.INS
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XBRL Instance
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X
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101.SCH
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XBRL Taxonomy Extension Schema
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X
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101.CAL
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XBRL Taxonomy Extension Calculation
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X
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101.LAB
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XBRL Taxonomy Extension Labels
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X
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101.PRE
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XBRL Taxonomy Extension Presentation
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X
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101.DEF
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XBRL Taxonomy Extension Definition
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X
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*
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Compensatory plan or arrangement.
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**
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References to Exhibits 10.6 through 10.14 are to filings made by Macromedia, Inc. References to Exhibits 10.24A through 10.29 are to filings made by Omniture, Inc.
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†
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The certifications attached as Exhibits 32.1 and 32.2 that accompany this Annual Report on Form 10-K, are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Adobe Systems Incorporated under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-K, irrespective of any general incorporation language contained in such filing.
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No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
Customers
Suppliers
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|