Price Graph
Price
Yield
These terms and conditions govern your use of the website alphaminr.com and its related services.
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
For the quarterly period ended September 3, 2010
|
|
|
or
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
Delaware
(State or other jurisdiction of
incorporation or organization)
|
77-0019522
(I.R.S. Employer
Identification No.)
|
|
|
345 Park Avenue, San Jose, California 95110-2704
|
|
|
(Address of principal executive offices and zip code)
|
|
|
(408) 536-6000
|
|
|
(Registrant’s telephone number, including area code)
|
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
(Do not check if a smaller
reporting company)
|
Smaller reporting company
o
|
|
Page No.
|
|||
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PART I—FINANCIAL INFORMATION
|
|||
|
Item 1.
|
|
3
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|
|
|
3
|
||
|
|
4
|
||
|
|
5
|
||
|
|
6
|
||
|
Item 2.
|
|
33
|
|
|
Item 3.
|
|
49
|
|
|
Item 4.
|
|
49
|
|
|
PART II—OTHER INFORMATION
|
|||
|
Item 1.
|
|
49
|
|
|
Item 1A.
|
|
50
|
|
|
Item 2.
|
|
61
|
|
|
Item 6.
|
|
61
|
|
|
|
62
|
||
|
|
63
|
||
|
|
64
|
||
|
September 3,
2010
|
November 27,
2009
|
|||||||
|
ASSETS
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$ | 814,149 | $ | 999,487 | ||||
|
Short-term investments
|
1,764,125 | 904,986 | ||||||
|
Trade receivables, net of allowances for doubtful accounts of $13,701 and $15,225, respectively
|
484,550 | 410,879 | ||||||
|
Deferred income taxes
|
76,765 | 77,417 | ||||||
|
Prepaid expenses and other current assets
|
96,826 | 80,855 | ||||||
|
Total current assets
|
3,236,415 | 2,473,624 | ||||||
|
Property and equipment, net
|
422,920 | 388,132 | ||||||
|
Goodwill
|
3,489,938 | 3,494,589 | ||||||
|
Purchased and other intangibles, net
|
413,091 | 527,388 | ||||||
|
Investment in lease receivable
|
207,239 | 207,239 | ||||||
|
Other assets
|
177,426 | 191,265 | ||||||
|
Total assets
|
$ | 7,947,029 | $ | 7,282,237 | ||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
Current liabilities:
|
||||||||
|
Trade payables
|
$ | 56,465 | $ | 58,904 | ||||
|
Accrued expenses
|
468,477 | 419,646 | ||||||
|
Captial lease obligations, current
|
8,698 | — | ||||||
|
Accrued restructuring
|
9,222 | 37,793 | ||||||
|
Income taxes payable
|
48,413 | 46,634 | ||||||
|
Deferred revenue
|
375,927 | 281,576 | ||||||
|
Total current liabilities
|
967,202 | 844,553 | ||||||
|
Long-term liabilities:
|
||||||||
|
Debt and captial lease obligations, non-current
|
1,515,752 | 1,000,000 | ||||||
|
Deferred revenue
|
44,988 | 36,717 | ||||||
|
Accrued restructuring
|
7,831 | 6,921 | ||||||
|
Income taxes payable
|
221,736 | 223,528 | ||||||
|
Deferred income taxes
|
73,108 | 252,486 | ||||||
|
Other liabilities
|
31,554 | 27,464 | ||||||
|
Total liabilities
|
2,862,171 | 2,391,669 | ||||||
|
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; 513,057 and 522,657 shares outstanding, respectively
|
61 | 61 | ||||||
|
Additional paid-in-capital
|
2,425,083 | 2,390,061 | ||||||
|
Retained earnings
|
5,738,864 | 5,299,914 | ||||||
|
Accumulated other comprehensive income
|
21,571 | 24,446 | ||||||
|
Treasury stock, at cost (87,777 and 78,177 shares, respectively), net of reissuances
|
(3,100,721 | ) | (2,823,914 | ) | ||||
|
Total stockholders’ equity
|
5,084,858 | 4,890,568 | ||||||
|
Total liabilities and stockholders’ equity
|
$ | 7,947,029 | $ | 7,282,237 | ||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
|
September 3,
2010
|
August 28,
2009
|
September 3,
2010
|
August 28,
2009
|
|||||||||||||
|
Revenue:
|
||||||||||||||||
|
Products
|
$ | 829,096 | $ | 636,546 | $ | 2,328,294 | $ | 2,014,392 | ||||||||
|
Subscription
|
98,632 | 13,319 | 286,418 | 37,727 | ||||||||||||
|
Services and support
|
62,591 | 47,642 | 177,342 | 136,451 | ||||||||||||
|
Total revenue
|
990,319 | 697,507 | 2,792,054 | 2,188,570 | ||||||||||||
|
Cost of revenue:
|
||||||||||||||||
|
Products
|
29,147 | 40,754 | 92,302 | 139,867 | ||||||||||||
|
Subscription
|
50,483 | 8,611 | 146,408 | 24,174 | ||||||||||||
|
Services and support
|
19,454 | 15,682 | 57,575 | 50,367 | ||||||||||||
|
Total cost of revenue
|
99,084 | 65,047 | 296,285 | 214,408 | ||||||||||||
|
Gross profit
|
891,235 | 632,460 | 2,495,769 | 1,974,162 | ||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Research and development
|
168,296 | 138,902 | 509,954 | 427,289 | ||||||||||||
|
Sales and marketing
|
303,219 | 231,320 | 921,489 | 724,020 | ||||||||||||
|
General and administrative
|
102,177 | 79,593 | 283,176 | 224,462 | ||||||||||||
|
Restructuring charges
|
(2,090 | ) | 65 | 21,073 | 15,866 | |||||||||||
|
Amortization of purchased intangibles
|
17,620 | 14,978 | 53,946 | 45,654 | ||||||||||||
|
Total operating expenses
|
589,222 | 464,858 | 1,789,638 | 1,437,291 | ||||||||||||
|
Operating income
|
302,013 | 167,602 | 706,131 | 536,871 | ||||||||||||
|
Non-operating income (expense):
|
||||||||||||||||
|
Interest and other income (expense), net
|
7,607 | 6,667 | 1,905 | 24,753 | ||||||||||||
|
Interest expense
|
(16,395 | ) | (460 | ) | (40,166 | ) | (1,872 | ) | ||||||||
|
Investment gains (losses), net
|
3,527 | 607 | (10,730 | ) | (18,444 | ) | ||||||||||
|
Total non-operating income (expense), net
|
(5,261 | ) | 6,814 | (48,991 | ) | 4,437 | ||||||||||
|
Income before income taxes
|
296,752 | 174,416 | 657,140 | 541,308 | ||||||||||||
|
Provision for income taxes
|
66,687 | 38,371 | 151,310 | 122,757 | ||||||||||||
|
Net income
|
$ | 230,065 | $ | 136,045 | $ | 505,830 | $ | 418,551 | ||||||||
|
Basic net income per share
|
$ | 0.44 | $ | 0.26 | $ | 0.97 | $ | 0.79 | ||||||||
|
Shares used to compute basic net income per share
|
518,710 | 525,911 | 523,039 | 528,015 | ||||||||||||
|
Diluted net income per share
|
$ | 0.44 | $ | 0.26 | $ | 0.95 | $ | 0.79 | ||||||||
|
Shares used to compute diluted net income per share
|
523,179 | 531,809 | 530,356 | 532,846 | ||||||||||||
| Nine Months Ended | ||||||||
|
September 3,
2010
|
August 28,
2009
|
|||||||
|
Cash flows from operating activities:
|
||||||||
|
Net income
|
$ | 505,830 | $ | 418,551 | ||||
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
|
Depreciation, amortization and accretion
|
216,641 | 197,386 | ||||||
|
Stock-based compensation
|
174,245 | 126,231 | ||||||
|
Deferred income taxes
|
(176,882 | ) | 22,671 | |||||
|
Unrealized losses on investments
|
8,766 | 13,308 | ||||||
|
Tax benefit from employee stock option plans
|
37,987 | 2,711 | ||||||
|
Other non-cash items
|
2,054 | 8,948 | ||||||
|
Excess tax benefits from stock-based compensation
|
(10,172 | ) | (84 | ) | ||||
|
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities:
|
||||||||
|
Trade receivables, net
|
(74,722 | ) | 182,377 | |||||
|
Prepaid expenses and other current assets
|
(11,953 | ) | 15,663 | |||||
|
Trade payables
|
(2,439 | ) | (7,424 | ) | ||||
|
Accrued expenses
|
52,100 | (44,351 | ) | |||||
|
Accrued restructuring
|
(26,294 | ) | (27,527 | ) | ||||
|
Income taxes payable
|
3,445 | 12,619 | ||||||
|
Deferred revenue
|
103,758 | (57,126 | ) | |||||
|
Net cash provided by operating activities
|
802,364 | 863,953 | ||||||
|
Cash flows from investing activities:
|
||||||||
|
Purchases of short-term investments
|
(1,999,341 | ) | (1,142,015 | ) | ||||
|
Maturities of short-term investments
|
512,534 | 333,219 | ||||||
|
Proceeds from sales of short-term investments
|
629,673 | 504,958 | ||||||
|
Purchases of property and equipment
|
(114,215 | ) | (84,659 | ) | ||||
|
Proceeds from sale of property and equipment
|
32,151 | — | ||||||
|
Purchases of long-term investments and other assets
|
(22,876 | ) | (24,891 | ) | ||||
|
Proceeds from sale of long-term investments
|
3,586 | 4,909 | ||||||
|
Other
|
2,198 | 3,271 | ||||||
|
Net cash used for investing activities
|
(956,290 | ) | (405,208 | ) | ||||
|
Cash flows from financing activities:
|
||||||||
|
Purchases of treasury stock
|
(650,020 | ) | (350,013 | ) | ||||
|
Proceeds from issuance of treasury stock
|
129,640 | 122,219 | ||||||
|
Excess tax benefits from stock-based compensation
|
10,172 | 84 | ||||||
|
Proceeds from debt
|
1,493,439 | — | ||||||
|
Repayment of debt and captial lease obligations
|
(1,001,559 | ) | — | |||||
|
Debt issuance costs
|
(10,662 | ) | — | |||||
|
Net cash used for financing activities
|
(28,990 | ) | (227,710 | ) | ||||
|
Effect of foreign currency exchange rates on cash and cash equivalents
|
(2,422 | ) | 14,659 | |||||
|
Net (decrease) increase in cash and cash equivalents
|
(185,338 | ) | 245,694 | |||||
|
Cash and cash equivalents at beginning of period
|
999,487 | 886,450 | ||||||
|
Cash and cash equivalents at end of period
|
$ | 814,149 | $ | 1,132,144 | ||||
|
Supplemental disclosures:
|
||||||||
|
Cash paid for income taxes, net of refunds
|
$ | 286,271 | $ | 78,635 | ||||
|
Cash paid for interest
|
$ | 34,135 | $ | 1,941 | ||||
|
Non-cash investing activities:
|
||||||||
|
Property and equipment acquired under capital leases
|
$ | 32,151 | $ | — | ||||
|
·
|
provide updated guidance on whether multiple deliverables exist, how the deliverables in an arrangement should be separated, and how the consideration should be allocated;
|
|
·
|
require an entity to allocate revenue in an arrangement using the best estimated selling price (“BESP”) of deliverables if a vendor does not have vendor-specific objective evidence (“VSOE”) of selling price or third-party evidence (“TPE”) of selling price; and
|
|
·
|
eliminate the use of the residual method and require an entity to allocate revenue using the relative selling price method.
|
|
(in thousands, except per share data)
|
Three
Months Ended
|
Nine
Months Ended
|
||||||
|
August 28, 2009
|
August 28, 2009
|
|||||||
|
Net revenue
|
$ | 751,602 | $ | 2,417,394 | ||||
|
Net income
|
$ | 96,685 | $ | 351,213 | ||||
|
Basic net income per share
|
$ | 0.18 | $ | 0.67 | ||||
|
Shares used to compute basic net income per share
|
525,911 | 528,015 | ||||||
|
Diluted net income per share
|
$ | 0.18 | $ | 0.66 | ||||
|
Shares used to compute diluted net income per share
|
533,284 | 534,033 |
|
Amortized
Cost
|
Unrealized
Gains
|
Unrealized
Losses
|
Estimated
Fair Value
|
|||||||||||||
|
Current assets:
|
||||||||||||||||
|
Cash
|
$ | 93,170 | $ | — | $ | — | $ | 93,170 | ||||||||
|
Cash equivalents:
|
||||||||||||||||
|
Money market mutual funds
|
597,801 | — | — | 597,801 | ||||||||||||
|
Time deposits
|
57,238 | — | — | 57,238 | ||||||||||||
|
U.S. agency securities
|
19,599 | 1 | — | 19,600 | ||||||||||||
|
Corporate bonds
|
46,340 | — | — | 46,340 | ||||||||||||
|
Total cash equivalents
|
720,978 | 1 | — | 720,979 | ||||||||||||
|
Total cash and cash equivalents
|
814,148 | 1 | — | 814,149 | ||||||||||||
|
Short-term fixed income securities:
|
||||||||||||||||
|
U.S. Treasury securities
|
401,173 | 3,155 | (8 | ) | 404,320 | |||||||||||
|
U.S. agency securities
|
339,476 | 1,088 | (35 | ) | 340,529 | |||||||||||
|
Municipal securities
|
120,904 | 46 | (29 | ) | 120,921 | |||||||||||
|
Corporate bonds
|
808,745 | 8,720 | (252 | ) | 817,213 | |||||||||||
|
Foreign government securities
|
65,475 | 633 | (2 | ) | 66,106 | |||||||||||
|
Subtotal
|
1,735,773 | 13,642 | (326 | ) | 1,749,089 | |||||||||||
|
Marketable equity securities
|
10,950 | 4,086 | — | 15,036 | ||||||||||||
|
Total short-term investments
|
1,746,723 | 17,728 | (326 | ) | 1,764,125 | |||||||||||
|
Total cash, cash equivalents and short-term investments
|
$ | 2,560,871 | $ | 17,729 | $ | (326 | ) | $ | 2,578,274 |
|
Amortized
Cost
|
Unrealized
Gains
|
Unrealized
Losses
|
Estimated
Fair Value
|
|||||||||||||
|
Current assets:
|
||||||||||||||||
|
Cash
|
$ | 75,110 | $ | — | $ | — | $ | 75,110 | ||||||||
|
Cash equivalents:
|
||||||||||||||||
|
Money market mutual funds
|
884,240 | — | — | 884,240 | ||||||||||||
|
Time deposits
|
40,137 | — | — | 40,137 | ||||||||||||
|
Total cash equivalents
|
924,377 | — | — | 924,377 | ||||||||||||
|
Total cash and cash equivalents
|
999,487 | — | — | 999,487 | ||||||||||||
|
Short-term fixed income securities:
|
||||||||||||||||
|
U.S. Treasury securities
|
373,180 | 3,199 | (1 | ) | 376,378 | |||||||||||
|
U.S. agency securities
|
59,447 | 273 | — | 59,720 | ||||||||||||
|
Corporate bonds
|
407,465 | 8,111 | (1 | ) | 415,575 | |||||||||||
|
Foreign government securities
|
47,620 | 666 | — | 48,286 | ||||||||||||
|
Subtotal
|
887,712 | 12,249 | (2 | ) | 899,959 | |||||||||||
|
Marketable equity securities
|
2,527 | 2,500 | — | 5,027 | ||||||||||||
|
Total short-term investments
|
890,239 | 14,749 | (2 | ) | 904,986 | |||||||||||
|
Total cash, cash equivalents and short-term investments
|
$ | 1,889,726 | $ | 14,749 | $ | (2 | ) | $ | 1,904,473 |
| 2010 | 2009 | |||||||||||||||
|
Fair
Value
|
Gross Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||||||||||
|
U.S. Treasury and agency securities
|
$ | 89,272 | $ | (43 | ) | $ | 11,179 | $ | (1 | ) | ||||||
|
Corporate bonds
|
117,257 | (252 | ) | 5,041 | (1 | ) | ||||||||||
|
Foreign government securities
|
4,335 | (2 | ) | — | — | |||||||||||
|
Municipal securities
|
31,092 | (29 | ) | — | — | |||||||||||
|
Total
|
$ | 241,956 | $ | (326 | ) | $ | 16,220 | $ | (2 | ) | ||||||
|
Amortized
Cost
|
Estimated
Fair Value
|
|||||||
|
Due within one year
|
$ | 854,720 | $ | 856,275 | ||||
|
Due within two years
|
472,194 | 477,545 | ||||||
|
Due within three years
|
336,531 | 340,439 | ||||||
|
Due after three years
|
72,328 | 74,830 | ||||||
|
Total
|
$ | 1,735,773 | $ | 1,749,089 |
| 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
|
$ | 597,801 | $ | 597,801 | $ | — | $ | — | ||||||||
|
Time deposits
|
57,238 | 57,238 | — | — | ||||||||||||
|
U.S. agency securities
|
19,600 | — | 19,600 | — | ||||||||||||
|
Corporate bonds
|
46,340 | — | 46,340 | — | ||||||||||||
|
Short-term investments:
|
||||||||||||||||
|
U.S. Treasury securities
|
404,320 | — | 404,320 | — | ||||||||||||
|
U. S. agency securities
|
340,529 | — | 340,529 | — | ||||||||||||
|
Municipal securities
|
120,921 | — | 120,921 | — | ||||||||||||
|
Corporate bonds
|
817,213 | — | 817,213 | — | ||||||||||||
|
Foreign government securities
|
66,106 | — | 66,106 | — | ||||||||||||
|
Marketable equity securities
|
15,036 | 15,036 | — | — | ||||||||||||
|
Prepaid expenses and other current assets:
|
||||||||||||||||
|
Foreign currency derivatives
|
18,290 | — | 18,290 | — | ||||||||||||
|
Other assets:
|
||||||||||||||||
|
Investments of limited partnership
|
26,793 | — | — | 26,793 | ||||||||||||
|
Deferred compensation plan assets
|
9,873 | 614 | 9,259 | — | ||||||||||||
|
Total assets
|
$ | 2,540,060 | $ | 670,689 | $ | 1,842,578 | $ | 26,793 | ||||||||
|
Liabilities:
|
||||||||||||||||
|
Accrued expenses:
|
||||||||||||||||
|
Foreign currency derivatives
|
$ | 1,680 | $ | — | $ | 1,680 | $ | — | ||||||||
|
Total liabilities
|
$ | 1,680 | $ | — | $ | 1,680 | $ | — | ||||||||
| 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
|
$ | 884,240 | $ | 884,240 | $ | — | $ | — | ||||||||
|
Time deposits
|
40,137 | 40,137 | — | — | ||||||||||||
|
Short-term investments:
|
||||||||||||||||
|
U.S. Treasury securities
|
376,378 | — | 376,378 | — | ||||||||||||
|
U.S. agency securities
|
59,720 | — | 59,720 | — | ||||||||||||
|
Municipal securities
|
— | — | — | — | ||||||||||||
|
Corporate bonds
|
415,575 | — | 415,575 | — | ||||||||||||
|
Foreign government securities
|
48,286 | — | 48,286 | — | ||||||||||||
|
Marketable equity securities
|
5,027 | 5,027 | — | — | ||||||||||||
|
Prepaid expenses and other current assets:
|
||||||||||||||||
|
Foreign currency derivatives
|
4,307 | — | 4,307 | — | ||||||||||||
|
Other assets:
|
||||||||||||||||
|
Investments of limited partnership
|
37,121 | — | — | 37,121 | ||||||||||||
|
Deferred compensation plan assets
|
9,045 | 717 | 8,328 | — | ||||||||||||
|
Total assets
|
$ | 1,879,836 | $ | 930,121 | $ | 912,594 | $ | 37,121 | ||||||||
|
Liabilities:
|
||||||||||||||||
|
Accrued expenses:
|
||||||||||||||||
|
Foreign currency derivatives
|
$ | 1,589 | $ | — | $ | 1,589 | $ | — | ||||||||
|
Total liabilities
|
$ | 1,589 | $ | — | $ | 1,589 | $ | — | ||||||||
|
Balance as of November 28, 2008
|
$ | 38,753 | ||
|
Purchases and sales of investments, net
|
1,921 | |||
|
Unrealized net investment losses included in earnings
|
(3,553 | ) | ||
|
Balance as of November 27, 2009
|
37,121 | |||
|
Purchases and sales of investments, net
|
(2,599 | ) | ||
|
Unrealized net investment losses included in earnings
|
(7,729 | ) | ||
|
Balance as of September 3, 2010
|
$ | 26,793 |
| 2010 | 2009 | |||||||||||||||
|
Fair Value Asset Derivatives
(1)
|
Fair Value Liability Derivatives
(2)
|
Fair Value Asset Derivatives
(1)
|
Fair Value Liability Derivatives
(2)
|
|||||||||||||
|
Derivatives designated as hedging instruments:
|
||||||||||||||||
|
Foreign exchange option contracts
(3)
|
$ | 9,439 | $ | — | $ | 4,175 | $ | — | ||||||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||||||
|
Foreign exchange forward contracts
|
8,851 | 1,680 | 132 | 1,589 | ||||||||||||
|
Total derivatives
|
$ | 18,290 | $ | 1,680 | $ | 4,307 | $ | 1,589 | ||||||||
|
(1)
|
Included in prepaid expenses and other current assets on our Condensed Consolidated Balance Sheets.
|
|
(2)
|
Included in accrued expenses on our Condensed Consolidated Balance Sheets.
|
|
(3)
|
Hedging effectiveness expected to be recognized to income within the next twelve months.
|
| Three Months | Nine Months | |||||||||||||||
|
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)
|
$ | 15,208 | $ | — | $ | 23,580 | $ | — | ||||||||
|
Net gain (loss) reclassified from accumulated
OCI into income, net of tax
(2)
|
$ | 13,223 | $ | — | $ | 19,428 | $ | — | ||||||||
|
Net gain (loss) recognized in income
(3)
|
$ | (8,383 | ) | $ | — | $ | (18,149 | ) | $ | — | ||||||
|
Derivatives not designated as hedging relationships:
|
||||||||||||||||
|
Net gain (loss) recognized in income
(4)
|
$ | — | $ | (5,627 | ) | $ | — | $ | 16,174 | |||||||
| Three Months | Nine Months | |||||||||||||||
|
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)
|
$ | (329 | ) | $ | — | $ | (14,516 | ) | $ | — | ||||||
|
Net gain (loss) reclassified from accumulated
OCI into income, net of tax
(2)
|
$ | 749 | $ | — | $ | 27,138 | $ | — | ||||||||
|
Net gain (loss) recognized in income
(3)
|
$ | (3,734 | ) | $ | — | $ | (12,782 | ) | $ | — | ||||||
|
Derivatives not designated as hedging relationships:
|
||||||||||||||||
|
Net gain (loss) recognized in income
(4)
|
$ | — | $ | (1,650 | ) | $ | — | $ | (10,200 | ) | ||||||
|
(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.
|
| 2010 | 2009 | |||||||||||||||||||||
|
Cost
|
Accumulated Amortization
|
Net
|
Cost
|
Accumulated Amortization
|
Net
|
|||||||||||||||||
|
Purchased technology
|
$ | 219,843 | $ | (51,709 | ) | $ | 168,134 | $ | 586,952 | $ | (387,731 | ) | $ | 199,221 | ||||||||
|
Localization
|
$ | 16,090 | $ | (10,343 | ) | $ | 5,747 | $ | 20,284 | $ | (15,222 | ) | $ | 5,062 | ||||||||
|
Trademarks
|
172,015 | (128,599 | ) | 43,416 | 172,030 | (104,953 | ) | 67,077 | ||||||||||||||
|
Customer contracts and relationships
|
364,231 | (187,457 | ) | 176,774 | 363,922 | (159,450 | ) | 204,472 | ||||||||||||||
|
Other intangibles
|
46,421 | (27,401 | ) | 19,020 | 54,535 | (2,979 | ) | 51,556 | ||||||||||||||
|
Total other intangible assets
|
$ | 598,757 | $ | (353,800 | ) | $ | 244,957 | $ | 610,771 | $ | (282,604 | ) | $ | 328,167 | ||||||||
|
Purchased and other intangible assets
|
$ | 818,600 | $ | (405,509 | ) | $ | 413,091 | $ | 1,197,723 | $ | (670,335 | ) | $ | 527,388 | ||||||||
|
Fiscal Year
|
|
Purchased
Technology
|
Other Intangible
Assets
|
|||||
|
Remainder of 2010
|
$ | 8,813 | $ | 24,624 | ||||
|
2011
|
31,870 | 50,740 | ||||||
|
2012
|
30,263 | 22,385 | ||||||
|
2013
|
26,403 | 21,686 | ||||||
|
2014
|
24,983 | 21,286 | ||||||
|
Thereafter
|
45,802 | 104,236 | ||||||
|
Total expected amortization expense
|
$ | 168,134 | $ | 244,957 | ||||
|
2010
|
2009
|
|||||||
|
Acquired rights to use technology
|
$ | 74,719 | $ | 84,313 | ||||
|
Investments
|
42,831 | 63,526 | ||||||
|
Security and other deposits
|
10,760 | 11,692 | ||||||
|
Prepaid royalties
|
9,359 | 12,059 | ||||||
|
Debt issuance costs
|
9,901 | — | ||||||
|
Deferred compensation plan assets
|
9,873 | 9,045 | ||||||
|
Restricted cash
|
2,452 | 4,650 | ||||||
|
Prepaid land lease
|
13,254 | 3,209 | ||||||
|
Prepaid rent
|
934 | 1,377 | ||||||
|
Other
|
3,343 | 1,394 | ||||||
|
Other assets
|
$ | 177,426 | $ | 191,265 |
|
2010
|
2009
|
|||||||
|
Accrued compensation and benefits
|
$ | 213,630 | $ | 164,352 | ||||
|
Sales and marketing allowances
|
29,587 | 32,774 | ||||||
|
Accrued marketing
|
31,130 | 28,233 | ||||||
|
Taxes payable
|
17,664 | 11,879 | ||||||
|
Accrued interest expense
|
5,642 | 1,355 | ||||||
|
Other
|
170,824 | 181,053 | ||||||
|
Accrued expenses
|
$ | 468,477 | $ | 419,646 |
|
Three Months
|
Nine Months
|
||||||||
|
2010
|
2009
|
2010
|
2009
|
||||||
|
Expected life (in years)
|
3.8 – 4.1
|
3.7 – 3.8
|
3.8 – 5.1
|
3.0 – 3.8
|
|||||
|
Volatility
|
35
|
%
|
37 – 43
|
%
|
29 – 36
|
%
|
37 – 57
|
%
|
|
|
Risk free interest rate
|
1.04 – 1.30
|
%
|
1.93 – 2.24
|
%
|
1.04 – 2.66
|
%
|
1.16 – 2.24
|
%
|
|
|
Three Months
|
Nine Months
|
||||||||
|
2010
|
2009
|
2010
|
2009
|
||||||
|
Expected life (in years)
|
0.5 – 2.0
|
0.5 – 2.0
|
0.5 – 2.0
|
0.5 – 2.0
|
|||||
|
Volatility
|
37 – 40
|
%
|
40
|
%
|
32 – 40
|
%
|
40 – 57
|
%
|
|
|
Risk free interest rate
|
0.22 – 0.63
|
%
|
0.33 – 1.05
|
%
|
0.18 – 1.09
|
%
|
0.27 – 1.05
|
%
|
|
|
2010
|
2009
|
|||||||
|
Beginning outstanding balance
|
41,251 | 40,704 | ||||||
|
Granted
|
3,135 | 5,758 | ||||||
|
Exercised
|
(4,503 | ) | (7,560 | ) | ||||
|
Cancelled
|
(2,397 | ) | (3,160 | ) | ||||
|
Increase due to acquisition
|
— | 5,509 | ||||||
|
Ending outstanding balance
|
37,486 | 41,251 |
|
Number of
Shares
(thousands)
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Life
(years)
|
Aggregate
Intrinsic
Value
(*)
(millions)
|
|||||||||||||
|
2010
|
||||||||||||||||
|
Options outstanding
|
37,486 | $ | 30.63 | 3.83 | $ | 112.5 | ||||||||||
|
Options vested and expected to vest
|
36,184 | $ | 30.69 | 3.77 | $ | 107.4 | ||||||||||
|
Options exercisable
|
27,280 | $ | 31.06 | 3.21 | $ | 74.7 | ||||||||||
|
2009
|
||||||||||||||||
|
Options outstanding
|
38,549 | $ | 29.75 | 3.92 | $ | 176.9 | ||||||||||
|
Options vested and expected to vest
|
36,986 | $ | 29.78 | 3.84 | $ | 168.5 | ||||||||||
|
Options exercisable
|
26,573 | $ | 29.21 | 3.23 | $ | 127.8 |
|
(*)
|
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 September 3, 2010 and August 28, 2009 were $29.49 and $31.73, respectively.
|
|
2010
|
2009
|
|||||||
|
Beginning outstanding balance
|
10,433 | 4,261 | ||||||
|
Awarded
|
6,814 | 6,176 | ||||||
|
Released
|
(2,170 | ) | (1,162 | ) | ||||
|
Forfeited
|
(1,112 | ) | (401 | ) | ||||
|
Increase due to acquisition
|
— | 1,559 | ||||||
|
Ending outstanding balance
|
13,965 | 10,433 |
|
Number of
Shares
(thousands)
|
Weighted
Average
Remaining
Contractual
Life
(years)
|
Aggregate
Intrinsic
Value
(*)
(millions)
|
||||||||||
|
2010
|
||||||||||||
|
Restricted stock units outstanding
|
13,965 | 1.72 | $ | 411.8 | ||||||||
|
Restricted stock units vested and expected to vest
|
10,959 | 1.55 | $ | 322.9 | ||||||||
|
2009
|
||||||||||||
|
Restricted stock units outstanding
|
6,319 | 1.70 | $ | 200.5 | ||||||||
|
Restricted stock units vested and expected to vest
|
4,978 | 1.52 | $ | 157.8 |
|
(*)
|
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 September 3, 2010 and August 28, 2009 were $29.49 and $31.73, respectively.
|
|
Shares
Granted
|
Maximum
Shares Eligible
to Receive
|
|||||||
|
Beginning outstanding balance
|
— | — | ||||||
|
Awarded
|
263 | 394 | ||||||
|
Forfeited
|
(13 | ) | (19 | ) | ||||
|
Ending outstanding balance
|
250 | 375 |
|
2010
|
2009
|
|||||||
|
Beginning outstanding balance
|
950 | 383 | ||||||
|
Achieved
|
— | 1,022 | ||||||
|
Released
|
(350 | ) | (382 | ) | ||||
|
Forfeited
|
(28 | ) | (73 | ) | ||||
|
Ending outstanding balance
|
572 | 950 |
|
Number of
Shares
(thousands)
|
Weighted
Average
Remaining
Contractual
Life
(years)
|
Aggregate
Intrinsic
Value
(*)
(millions)
|
||||||||||
|
2010
|
||||||||||||
|
Performance shares outstanding
|
572 | 0.84 | $ | 16.9 | ||||||||
|
Performance shares vested and expected to vest
|
508 | 0.79 | $ | 14.8 | ||||||||
|
2009
|
||||||||||||
|
Performance shares units outstanding
|
964 | 1.30 | $ | 30.6 | ||||||||
|
Performance shares vested and expected to vest
|
801 | 1.21 | $ | 25.3 |
|
(*)
|
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 September 3, 2010 and August 28, 2009 were $29.49 and $31.73, respectively.
|
| 2010 | 2009 | ||||||||||||||||
| Income Statement Classifications |
Option Grants
and Stock
Purchase Rights
|
Restricted
Stock and
Performance
Share
Awards
|
Option
Grants
and Stock
Purchase Rights
|
Restricted
Stock and
Performance
Share
Awards
|
|||||||||||||
|
Cost of revenue— subscription
|
$ | 264 | $ | 384 | $ | — | $ | — | |||||||||
|
Cost of revenue—services and support
|
147 | 278 | 437 | 190 | |||||||||||||
|
Research and development
|
6,792 | 11,224 | 11,922 | 6,338 | |||||||||||||
|
Sales and marketing
|
7,820 | 13,189 | 9,100 | 4,730 | |||||||||||||
|
General and administrative
|
4,134 | 5,436 | 4,938 | 2,087 | |||||||||||||
|
Total
|
$ | 19,157 | $ | 30,511 | $ | 26,397 | $ | 13,345 | |||||||||
| 2010 | 2009 | ||||||||||||||||
| Income Statement Classifications |
Option Grants
and Stock
Purchase Rights
|
Restricted
Stock and
Performance
Share
Awards
|
Option
Grants
and Stock
Purchase Rights
|
Restricted
Stock and
Performance
Share
Awards
|
|||||||||||||
|
Cost of revenue—subscription
|
$ | 944 | $ | 988 | $ | — | $ | — | |||||||||
|
Cost of revenue—services and support
|
832 | 876 | 1,595 | 527 | |||||||||||||
|
Research and development
|
29,717 | 38,574 | 35,317 | 21,271 | |||||||||||||
|
Sales and marketing
|
31,340 | 38,346 | 27,681 | 14,565 | |||||||||||||
|
General and administrative
|
15,380 | 17,248 | 19,220 | 6,962 | |||||||||||||
|
Total
|
$ | 78,213 | $ | 96,032 | $ | 83,813 | $ | 43,325 | |||||||||
|
November 27,
2009
|
Costs
Incurred
|
Cash
Payments
|
Other Adjustments
|
September 3,
2010
|
||||||||||||||||
|
Fiscal 2009 Plan:
|
||||||||||||||||||||
|
Termination benefits
|
$ | 22,984 | $ | 17,683 | $ | (35,416 | ) | $ | (3,813 | ) | $ | 1,438 | ||||||||
|
Cost of closing redundant facilities
|
— | 6,586 | (446 | ) | 145 | 6,285 | ||||||||||||||
|
Omniture Plan:
|
||||||||||||||||||||
|
Termination benefits
|
6,712 | — | (5,654 | ) | (609 | ) | 449 | |||||||||||||
|
Cost of closing redundant facilities
|
5,324 | — | (1,863 | ) | 187 | 3,648 | ||||||||||||||
|
Contract termination
|
242 | — | (184 | ) | 102 | 160 | ||||||||||||||
|
Fiscal 2008 Plan:
|
||||||||||||||||||||
|
Termination benefits
|
1,057 | — | (212 | ) | (279 | ) | 566 | |||||||||||||
|
Cost of closing redundant facilities
|
3,382 | — | (836 | ) | (72 | ) | 2,474 | |||||||||||||
|
Macromedia Plan:
|
||||||||||||||||||||
|
Cost of closing redundant facilities
|
5,006 | — | (2,569 | ) | (410 | ) | 2,027 | |||||||||||||
|
Other
|
8 | — | (2 | ) | — | 6 | ||||||||||||||
|
Total restructuring plans
|
$ | 44,715 | $ | 24,269 | $ | (47,182 | ) | $ | (4,749 | ) | $ | 17,053 |
|
Balance as of November 27, 2009
|
$ | 5,299,914 | ||
|
Net income
|
505,830 | |||
|
Re-issuance of treasury stock
|
(66,880 | ) | ||
|
Balance as of September 3, 2010
|
$ | 5,738,864 |
| Three Months | Nine Months | |||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Net income
|
$ | 230,065 | $ | 136,045 | $ | 505,830 | $ | 418,551 | ||||||||
|
Other comprehensive income (loss):
|
||||||||||||||||
|
Available-for-sale securities:
|
||||||||||||||||
|
Unrealized gains on available-for-sale securities
|
3,263 | 278 | 2,717 | 1,856 | ||||||||||||
|
Reclassification adjustment for gains on available-for-sale securities recognized during the period
|
(605 | ) | (2,449 | ) | (1,308 | ) | (5,026 | ) | ||||||||
|
Subtotal available-for-sale securities
|
2,658 | (2,171 | ) | 1,409 | (3,170 | ) | ||||||||||
|
Derivatives
designated as hedging
instruments:
|
||||||||||||||||
|
Unrealized (losses) gains on derivative instruments
|
(15,208 | ) | (329 | ) | 23,580 | (14,516 | ) | |||||||||
|
Reclassification adjustment for gains on derivative instruments recognized during the period
|
(13,223 | ) | (749 | ) | (19,428 | ) | (27,138 | ) | ||||||||
|
Subtotal derivatives
designated as hedging
instruments
|
(28,431 | ) | (1,078 | ) | 4,152 | (41,654 | ) | |||||||||
|
Foreign currency translation adjustments
|
7,349 | (2,333 | ) | (8,436 | ) | 9,330 | ||||||||||
|
Other comprehensive income (loss)
|
(18,424 | ) | (5,582 | ) | (2,875 | ) | (35,494 | ) | ||||||||
|
Total comprehensive income, net of taxes
|
$ | 211,641 | $ | 130,463 | $ | 502,955 | $ | 383,057 | ||||||||
|
2010
|
2009
|
|||||||
|
Net unrealized gains on available-for-sale securities:
|
||||||||
|
Unrealized gains on available-for-sale securities
|
$ | 15,551 | $ | 13,818 | ||||
|
Unrealized losses on available-for-sale securities
|
(326 | ) | (2 | ) | ||||
|
Total net unrealized gains on available-for-sale securities
|
15,225 | 13,816 | ||||||
|
Net unrealized gains (losses) on derivative instruments
|
4,146 | (5 | ) | |||||
|
Cumulative foreign currency translation adjustments
|
2,200 | 10,635 | ||||||
|
Total accumulated other comprehensive income, net of taxes
|
$ | 21,571 | $ | 24,446 |
| Three Months | Nine Months | |||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Net income
|
$ | 230,065 | $ | 136,045 | $ | 505,830 | $ | 418,551 | ||||||||
|
Shares used to compute basic net income per share
|
518,710 | 525,911 | 523,039 | 528,015 | ||||||||||||
|
Dilutive potential common shares:
|
||||||||||||||||
|
Unvested restricted stock and performance share awards
|
2,022 | 1,940 | 3,037 | 1,696 | ||||||||||||
|
Stock options
|
2,447 | 3,958 | 4,280 | 3,135 | ||||||||||||
|
Shares used to compute diluted net income per share
|
523,179 | 531,809 | 530,356 | 532,846 | ||||||||||||
|
Basic net income per share
|
$ | 0.44 | $ | 0.26 | $ | 0.97 | $ | 0.79 | ||||||||
|
Diluted net income per share
|
$ | 0.44 | $ | 0.26 | $ | 0.95 | $ | 0.79 | ||||||||
|
Fiscal Year
|
|
Capital Lease
Obligation
|
|||
|
Remainder of 2010
|
$ | 1,666 | |||
|
2011
|
9,936 | ||||
|
2012
|
9,925 | ||||
|
2013
|
9,925 | ||||
|
2014
|
1,654 | ||||
|
Gross lease commitment
|
$ | 33,106 | |||
|
Less: interest
|
(2,466 | ) | |||
|
Net lease commitment
|
$ | 30,640 | |||
|
2010
|
2009
|
|||||||
|
Notes
|
$ | 1,493,810 | $ | — | ||||
|
Credit facility
|
— | 1,000,000 | ||||||
|
Captial lease obligations
|
30,640 | — | ||||||
|
Total debt and captial lease obligations
|
1,524,450 | 1,000,000 | ||||||
|
Less: current portion
|
8,698 | — | ||||||
|
Total debt and captial lease obligations, non-current
|
$ | 1,515,752 | $ | 1,000,000 |
| Three Months | Nine Months | |||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Interest and other income (expense), net:
|
||||||||||||||||
|
Interest income
|
$ | 5,883 | $ | 7,616 | $ | 15,975 | $ | 28,655 | ||||||||
|
Foreign exchange gains (losses)
|
865 | (3,545 | ) | (16,409 | ) | (9,621 | ) | |||||||||
|
Realized gains on fixed income investment
|
604 | 2,449 | 1,302 | 5,027 | ||||||||||||
|
Realized losses on fixed income investment
|
— | — | — | (1 | ) | |||||||||||
|
Other, net
|
255 | 147 | 1,037 | 693 | ||||||||||||
|
Interest and other income (expense), net
|
$ | 7,607 | $ | 6,667 | $ | 1,905 | $ | 24,753 | ||||||||
|
Interest expense
|
$ | (16,395 | ) | $ | (460 | ) | $ | (40,166 | ) | $ | (1,872 | ) | ||||
|
Investment gains (losses), net:
|
||||||||||||||||
|
Realized investment gains
|
$ | 257 | $ | — | $ | 444 | $ | 52 | ||||||||
|
Unrealized investment gains
(1)
|
11,526 | 2,019 | 11,526 | 3,396 | ||||||||||||
|
Realized investment losses
|
(6,145 | ) | (1,362 | ) | (6,909 | ) | (3,347 | ) | ||||||||
|
Unrealized investment losses
|
(2,111 | ) | (50 | ) | (15,791 | ) | (18,545 | ) | ||||||||
|
Investment gains (losses), net
|
$ | 3,527 | $ | 607 | $ | (10,730 | ) | $ | (18,444 | ) | ||||||
|
Non-operating income (expense), net
|
$ | (5,261 | ) | $ | 6,814 | $ | (48,991 | ) | $ | 4,437 | ||||||
|
(1)
|
During the three and nine months ended September 3, 2010 and August 28, 2009, we recorded $0.4 million and $0.2 million and $1.8 million and $2.7 million, respectively, in unrealized holding gains and losses associated with our deferred compensation plan assets (classified as trading securities).
|
|
·
|
Creative Solutions
- Our Creative Solutions segment focuses on delivering a complete professional line of
integrated tools for a full range of creative and developer tasks to an extended set of customers.
|
|
·
|
Knowledge Worker-
Our Knowledge Worker segment focuses on the needs of knowledge worker
customers, providing essential applications and services to help them share information and collaborate.
This segment contains our Acrobat family of products.
|
|
·
|
Enterprise-
Our Enterprise segment provides server-based Customer Experience Management Solutions to
enterprise and government customers to optimize their information intensive customer-facing processes and
improve the overall customer experience of their constituents. This segment contains our LiveCycle and Adobe Connect lines of products.
|
|
·
|
Omniture
- Our Omniture segment provides web analytics and online business optimization products and
services to manage and enhance online, offline and multi-channel business initiatives.
|
|
·
|
Platform
- Our Platform segment includes client and developer technologies, such as Adobe Flash Player,
Adobe Flash Lite, Adobe AIR, Adobe Flex, Adobe Flash Builder, ColdFusion, and also encompasses
products and technologies created and managed in other Adobe segments.
|
|
·
|
Print and Publishing
- Our Print and Publishing segment addresses market opportunities ranging from the
diverse publishing needs of technical and business publishing to our legacy type and OEM printing
businesses.
|
|
(in thousands)
|
Creative
Solutions
|
Knowledge
Worker
|
Enterprise
|
Omniture
(*)
|
Platform
|
Print and
Publishing
|
Total
|
|||||||||||||||||||||
|
Three months ended
September 3, 2010
|
||||||||||||||||||||||||||||
|
Revenue
|
$ | 549,707 | $ | 162,576 | $ | 94,231 | $ | 91,035 | $ | 40,746 | $ | 52,024 | $ | 990,319 | ||||||||||||||
|
Cost of revenue
|
28,428 | 4,934 | 13,533 | 46,702 | 2,245 | 3,242 | 99,084 | |||||||||||||||||||||
|
Gross profit
|
$ | 521,279 | $ | 157,642 | $ | 80,698 | $ | 44,333 | $ | 38,501 | $ | 48,782 | $ | 891,235 | ||||||||||||||
|
Gross profit as a percentage of revenue
|
95 | % | 97 | % | 86 | % | 49 | % | 94 | % | 94 | % | 90 | % | ||||||||||||||
|
Three months ended
August 28, 2009
|
||||||||||||||||||||||||||||
|
Revenue
|
$ | 400,360 | $ | 138,102 | $ | 71,903 | $ | — | $ | 44,935 | $ | 42,207 | $ | 697,507 | ||||||||||||||
|
Cost of revenue
|
34,903 | 7,043 | 13,784 | — | 4,946 | 4,371 | 65,047 | |||||||||||||||||||||
|
Gross profit
|
$ | 365,457 | $ | 131,059 | $ | 58,119 | $ | — | $ | 39,989 | $ | 37,836 | $ | 632,460 | ||||||||||||||
|
Gross profit as a percentage of revenue
|
91 | % | 95 | % | 81 | % | — | 89 | % | 90 | % | 91 | % |
|
(*)
|
The three months ended September 3, 2010 includes Omniture as a new reportable segment following our acquisition of Omniture on October 23, 2009. The three months ended August 28, 2009 does not include the impact of our acquisition of Omniture. Of the $91.0 million in revenue from our Omniture segment, approximately $74.9 million represents subscription revenue and the remaining amount represents professional services and support.
|
|
(in thousands)
|
Creative
Solutions
|
Knowledge
Worker
|
Enterprise
|
Omniture
(*)
|
Platform
|
Print and
Publishing
|
Total
|
|||||||||||||||||||||
|
Nine months ended
September 3, 2010
|
||||||||||||||||||||||||||||
|
Revenue
|
$ | 1,514,427 | $ | 484,450 | $ | 250,816 | $ | 262,195 | $ | 132,798 | $ | 147,368 | $ | 2,792,054 | ||||||||||||||
|
Cost of revenue
|
88,172 | 14,669 | 42,903 | 134,828 | 7,385 | 8,328 | 296,285 | |||||||||||||||||||||
|
Gross profit
|
$ | 1,426,255 | $ | 469,781 | $ | 207,913 | $ | 127,367 | $ | 125,413 | $ | 139,040 | $ | 2,495,769 | ||||||||||||||
|
Gross profit as a percentage of revenue
|
94 | % | 97 | % | 83 | % | 49 | % | 94 | % | 94 | % | 89 | % | ||||||||||||||
|
Nine months ended
August 28, 2009
|
||||||||||||||||||||||||||||
|
Revenue
|
$ | 1,272,837 | $ | 425,867 | $ | 220,842 | $ | — | $ | 134,053 | $ | 134,971 | $ | 2,188,570 | ||||||||||||||
|
Cost of revenue
|
117,225 | 22,595 | 43,668 | — | 16,420 | 14,500 | 214,408 | |||||||||||||||||||||
|
Gross profit
|
$ | 1,155,612 | $ | 403,272 | $ | 177,174 | $ | — | $ | 117,633 | $ | 120,471 | $ | 1,974,162 | ||||||||||||||
|
Gross profit as a percentage of revenue
|
91 | % | 95 | % | 80 | % | — | 88 | % | 89 | % | 90 | % |
|
(*)
|
The nine months ended September 3, 2010 includes Omniture as a new reportable segment following our acquisition of Omniture on October 23, 2009. The nine months ended August 28, 2009 does not include the impact of our acquisition of Omniture. Of the $262.2 million in revenue from our Omniture segment, approximately $225.7 million represents subscription revenue and the remaining amount represents professional services and support.
|
|
·
|
provide updated guidance on whether multiple deliverables exist, how the deliverables in an arrangement should be separated, and how the consideration should be allocated;
|
|
·
|
require an entity to allocate revenue in an arrangement using the best estimated selling price (“BESP”) of deliverables if a vendor does not have VSOE of selling price or TPE of selling price; and
|
|
·
|
eliminate the use of the residual method and require an entity to allocate revenue using the relative selling price method.
|
| Three Months |
Percent
|
Nine Months |
Percent
|
|||||||||||||||||||||
|
2010
|
2009
|
Change
|
2010
|
2009
|
Change
|
|||||||||||||||||||
|
Product
|
$ | 829.1 | $ | 636.6 | 30 | % | $ | 2,328.3 | $ | 2,014.4 | 16 | % | ||||||||||||
|
Percentage of total revenue
|
84 | % | 91 | % | 84 | % | 92 | % | ||||||||||||||||
|
Subscription
|
98.6 | 13.3 | * | 286.4 | 37.7 | * | ||||||||||||||||||
|
Percentage of total revenue
|
10 | % | 2 | % | 10 | % | 2 | % | ||||||||||||||||
|
Services and support
|
62.6 | 47.6 | 32 | % | 177.3 | 136.5 | 30 | % | ||||||||||||||||
|
Percentage of total revenue
|
6 | % | 7 | % | 6 | % | 6 | % | ||||||||||||||||
|
Total revenue
|
$ | 990.3 | $ | 697.5 | 42 | % | $ | 2,792.0 | $ | 2,188.6 | 28 | % | ||||||||||||
|
*
|
Percentage is greater than 100%.
|
| Three Months |
Percent
|
Nine Months |
Percent
|
|||||||||||||||||||||
|
2010
|
2009
|
Change
|
2010
|
2009
|
Change
|
|||||||||||||||||||
|
Creative Solutions
|
$ | 549.7 | $ | 400.4 | 37 | % | $ | 1,514.4 | $ | 1,272.8 | 19 | % | ||||||||||||
|
Percentage of total revenue
|
56 | % | 57 | % | 54 | % | 58 | % | ||||||||||||||||
|
Knowledge Worker
|
162.6 | 138.1 | 18 | % | 484.5 | 425.9 | 14 | % | ||||||||||||||||
|
Percentage of total revenue
|
16 | % | 20 | % | 17 | % | 20 | % | ||||||||||||||||
|
Enterprise
|
94.2 | 71.9 | 31 | % | 250.8 | 220.8 | 14 | % | ||||||||||||||||
|
Percentage of total revenue
|
10 | % | 10 | % | 9 | % | 10 | % | ||||||||||||||||
|
Omniture
|
91.0 | — | * | 262.2 | — | * | ||||||||||||||||||
|
Percentage of total revenue
|
9 | % | — | % | 9 | % | — | % | ||||||||||||||||
|
Platform
|
40.7 | 44.9 | (9 | )% | 132.7 | 134.1 | (1 | )% | ||||||||||||||||
|
Percentage of total revenue
|
4 | % | 7 | % | 5 | % | 6 | % | ||||||||||||||||
|
Print and Publishing
|
52.1 | 42.2 | 23 | % | 147.4 | 135.0 | 9 | % | ||||||||||||||||
|
Percentage of total revenue
|
5 | % | 6 | % | 6 | % | 6 | % | ||||||||||||||||
|
Total revenue
|
$ | 990.3 | $ | 697.5 | 42 | % | $ | 2,792.0 | $ | 2,188.6 | 28 | % | ||||||||||||
|
*
|
Percentage is not meaningful.
|
| Three Months |
Percent
|
Nine Months |
Percent
|
|||||||||||||||||||||
|
2010
|
2009
|
Change
|
2010
|
2009
|
Change
|
|||||||||||||||||||
|
Americas
|
$ | 502.5 | $ | 354.6 | 42 | % | $ | 1,366.1 | $ | 998.5 | 37 | % | ||||||||||||
|
Percentage of total revenue
|
51 | % | 51 | % | 49 | % | 46 | % | ||||||||||||||||
|
EMEA
|
290.9 | 196.2 | 48 | % | 843.7 | 688.9 | 22 | % | ||||||||||||||||
|
Percentage of total revenue
|
29 | % | 28 | % | 30 | % | 31 | % | ||||||||||||||||
|
Asia
|
196.9 | 146.7 | 34 | % | 582.2 | 501.2 | 16 | % | ||||||||||||||||
|
Percentage of total revenue
|
20 | % | 21 | % | 21 | % | 23 | % | ||||||||||||||||
|
Total revenue
|
$ | 990.3 | $ | 697.5 | 42 | % | $ | 2,792.0 | $ | 2,188.6 | 28 | % | ||||||||||||
|
(in millions)
|
Three Months
|
Nine Months
|
||||||
|
Revenue impact:
|
||||||||
|
EMEA:
|
||||||||
|
Euro
|
$ | (16.8 | ) | $ | (1.9 | ) | ||
|
British pound
|
(3.5 | ) | (1.7 | ) | ||||
|
Total EMEA
|
(20.3 | ) | (3.6 | ) | ||||
|
Japanese Yen
|
5.4 | 15.4 | ||||||
|
Australian dollar
|
1.9 | 9.9 | ||||||
|
Total revenue impact
|
(13.0 | ) | 21.7 | |||||
|
Hedging impact:
|
||||||||
|
EMEA
|
13.0 | 18.7 | ||||||
|
Japanese Yen
|
0.2 | 0.6 | ||||||
|
Total hedging impact
|
13.2 | 19.3 | ||||||
|
Total impact
|
$ | 0.2 | $ | 41.0 |
| Three Months |
Percent
|
Nine Months |
Percent
|
|||||||||||||||||||||
|
2010
|
2009
|
Change
|
2010
|
2009
|
Change
|
|||||||||||||||||||
|
Product
|
$ | 29.1 | $ | 40.7 | (29 | )% | $ | 92.3 | $ | 139.8 | (34 | )% | ||||||||||||
|
Percentage of total revenue
|
3 | % | 6 | % | 3 | % | 6 | % | ||||||||||||||||
|
Subscription
|
50.5 | 8.6 | * | 146.4 | 24.2 | * | ||||||||||||||||||
|
Percentage of total revenue
|
5 | % | 1 | % | 5 | % | 1 | % | ||||||||||||||||
|
Services and support
|
19.5 | 15.7 | 24 | % | 57.6 | 50.4 | 14 | % | ||||||||||||||||
|
Percentage of total revenue
|
2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||||||
|
Total cost of revenue
|
$ | 99.1 | $ | 65.0 | 52 | % | $ | 296.3 | $ | 214.4 | 38 | % | ||||||||||||
|
*
|
Percentage is greater than 100%.
|
|
Percent Change
2009 to 2010
QTD
|
|
Percent Change
2009 to 2010
YTD
|
||||
|
Amortization of purchased intangibles
|
(24
|
)%
|
(22
|
)%
|
||
|
Royalty cost
|
(6
|
)
|
(7
|
)
|
||
|
Localization costs related to our product launches
|
(5
|
)
|
(8
|
)
|
||
|
Cost of sales
|
3
|
4
|
||||
|
Excess and obsolete inventory
|
5
|
(1
|
)
|
|||
|
Various individually insignificant items
|
(2
|
)
|
—
|
|||
|
Total change
|
(29
|
)%
|
(34
|
)%
|
| Three Months | Percent |
|
Nine Months | Percent |
|
|||||||||||||||||||
|
2010
|
2009
|
Change |
|
2010
|
2009
|
Change |
|
|||||||||||||||||
|
Expenses
|
$ | 168.3 | $ | 138.9 | 21 | % | $ | 510.0 | $ | 427.3 | 19 | % | ||||||||||||
|
Percentage of total revenue
|
17 | % | 20 | % | 18 | % | 20 | % | ||||||||||||||||
|
Percent Change
2009 to 2010
QTD
|
Percent Change
2009 to 2010
YTD
|
|||||
|
Compensation associated with incentive compensation and stock-based compensation
|
15
|
%
|
14
|
%
|
||
|
Compensation and related benefits associated with headcount growth
|
2
|
3
|
||||
|
Various individually insignificant items
|
4
|
2
|
||||
|
Total change
|
21
|
%
|
19
|
%
|
| Three Months | Percent |
|
Nine Months | Percent |
|
|||||||||||||||||||
|
2010
|
2009
|
Change |
|
2010
|
2009
|
Change |
|
|||||||||||||||||
|
Expenses
|
$ | 303.2 | $ | 231.3 | 31 | % | $ | 921.5 | $ | 724.0 | 27 | % | ||||||||||||
|
Percentage of total revenue
|
31 | % | 33 | % | 33 | % | 33 | % | ||||||||||||||||
|
Percent Change
2009 to 2010
QTD
|
Percent Change
2009 to 2010
YTD
|
|||||
|
Compensation associated with incentive compensation and stock-based compensation
|
15
|
%
|
14
|
%
|
||
|
Compensation and related benefits associated with headcount growth
|
4
|
4
|
||||
|
Marketing spending to support overall marketing efforts
|
4
|
3
|
||||
|
Marketing spending related to product launches and overall marketing efforts to
further increase revenue
|
3
|
1
|
||||
|
Various individually insignificant items
|
5
|
5
|
||||
|
Total change
|
31
|
%
|
27
|
%
|
| Three Months | Percent | Nine Months | Percent |
|
||||||||||||||||||||
|
2010
|
2009
|
Change |
|
2010
|
2009
|
Change |
|
|||||||||||||||||
|
Expenses
|
$ | 102.2 | $ | 79.6 | 28 | % | $ | 283.2 | $ | 224.5 | 26 | % | ||||||||||||
|
Percentage of total revenue
|
10 | % | 11 | % | 10 | % | 10 | % | ||||||||||||||||
|
Percent Change
2009 to 2010
QTD
|
|
Percent Change
2009 to 2010
YTD
|
||||
|
Compensation associated with incentive compensation and stock-based compensation
|
13
|
%
|
12
|
%
|
||
|
Compensation and related benefits associated with headcount growth
|
6
|
6
|
||||
|
Professional and consulting fees
|
4
|
4
|
||||
|
Depreciation and amortization
|
3
|
2
|
||||
|
Various individually insignificant items
|
2
|
2
|
||||
|
Total change
|
28
|
%
|
26
|
%
|
| Three Months |
Percent
|
Nine Months
|
|
Percent |
|
||||||||||||||||||||
| 2010 |
2009
|
Change
|
2010
|
|
2009 | Change |
|
||||||||||||||||||
|
Expenses
|
$ | (2.1 | ) | $ | — | * | $ | 21.1 | $ | 15.9 | 33 |
%
|
|||||||||||||
|
Percentage of total revenue
|
* | * | 1 | % |
|
1 | % | ||||||||||||||||||
|
*
|
Percentage is not meaningful.
|
| Three Months | Percent |
|
Nine Months | Percent |
|
|||||||||||||||||||
|
2010
|
2009
|
Change |
|
2010
|
2009
|
Change |
|
|||||||||||||||||
|
Expenses
|
$ | 17.6 | $ | 15.0 | 17 | % | $ | 53.9 | $ | 45.7 | 18 | % | ||||||||||||
|
Percentage of total revenue
|
2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||||||
| Three Months |
Percent
|
Nine Months |
Percent
|
||||||||||||||||||||
|
2010
|
2009
|
Change
|
2010
|
2009
|
Change
|
||||||||||||||||||
|
Interest and other income (expense), net
|
$ | 7.6 | $ | 6.7 | 13 | % | $ | 1.9 | $ | 24.8 | (92 | )% | |||||||||||
|
Percentage of total revenue
|
1 | % | 1 | % | * | 1 | % | ||||||||||||||||
|
Interest expense
|
(16.4 | ) | (0.5 | ) | * | (40.2 | ) | (1.9 | ) | * | |||||||||||||
|
Percentage of total revenue
|
(2 | )% | * | (1 | )% | * | |||||||||||||||||
|
Investment gains (losses), net
|
3.5 | 0.6 | 483 | % | (10.7 | ) | (18.5 | ) | (42 | )% | |||||||||||||
|
Percentage of total revenue
|
* | * | * | (1 | )% | ||||||||||||||||||
|
Total non-operating income (expense), net
|
$ | (5.3 | ) | $ | 6.8 | (178 | )% | $ | (49.0 | ) | $ | 4.4 | * | ||||||||||
|
*
|
Percentage is not meaningful.
|
| Three Months |
Percent
|
Nine Months | Percent |
|
||||||||||||||||||||
|
2010
|
2009
|
Change
|
2010
|
2009
|
Change |
|
||||||||||||||||||
|
Provision
|
$ | 66.7 | $ | 38.4 | 74 | % | $ | 151.3 | $ | 122.8 | 23 | % | ||||||||||||
|
Percentage of total revenue
|
7 | % | 6 | % | 5 | % | 6 | % | ||||||||||||||||
|
Effective tax rate
|
23 | % | 22 | % | 23 | % | 23 | % | ||||||||||||||||
|
(in millions)
|
September 3,
2010
|
November 27,
2009
|
||||||
|
Cash, cash equivalents and short-term investments
|
$ | 2,578.3 | $ | 1,904.5 | ||||
|
Working capital
|
$ | 2,269.2 | $ | 1,629.1 | ||||
|
Stockholders’ equity
|
$ | 5,084.9 | $ | 4,890.6 |
| Nine Months Ended | ||||||||
|
(in millions)
|
September 3,
2010
|
August 28,
2009
|
||||||
|
Net cash provided by operating activities
|
$ | 802.4 | $ | 863.9 | ||||
|
Net cash used for investing activities
|
(956.3 | ) | (405.2 | ) | ||||
|
Net cash used for financing activities
|
(29.0 | ) | (227.7 | ) | ||||
|
Effect of foreign currency exchange rates on cash and cash equivalents
|
(2.4 | ) | 14.7 | |||||
|
Net (decrease) increase in cash and cash equivalents
|
$ | (185.3 | ) | $ | 245.7 | |||
|
·
|
Fiscal 2009 Restructuring Plan
|
|
·
|
Fiscal 2008 Restructuring Plan
|
|
·
|
Omniture Restructuring Plan
|
|
·
|
Macromedia Restructuring Plan
|
| Payment Due by Period | ||||||||||||||||||||
|
Total
|
Less than
1 year
|
1-3 years
|
3-5 years
|
More than
5 years
|
||||||||||||||||
|
Capital lease obligations
|
$ | 33.1 | $ | 1.7 | $ | 19.9 | $ | 11.5 | $ | — | ||||||||||
|
|
·
|
difficulty in integrating the operations and personnel of the acquired company;
|
|
|
·
|
difficulty in effectively integrating the acquired technologies, products or services with our current technologies, products or services;
|
|
|
·
|
difficulty in maintaining controls, procedures and policies during the transition and integration;
|
|
|
·
|
entry into markets in which we have no or limited direct prior experience and where competitors in such markets have stronger market positions;
|
|
|
·
|
disruption of our ongoing business and distraction of our management and employees from other opportunities and challenges;
|
|
|
·
|
difficulty integrating the acquired company’s accounting, management information, human resources and other administrative systems;
|
|
|
·
|
inability to retain key technical and managerial personnel of the acquired business;
|
|
|
·
|
inability to retain key customers, distributors, vendors and other business partners of the acquired business;
|
|
|
·
|
inability to achieve the financial and strategic goals for the acquired and combined businesses;
|
|
|
·
|
inability to take advantage of anticipated tax benefits as a result of unforeseen difficulties in our integration activities;
|
|
|
·
|
incurring acquisition-related costs or amortization costs for acquired intangible assets that could impact our operating results;
|
|
|
·
|
potential additional exposure to fluctuations in currency exchange rates;
|
|
|
·
|
potential impairment of our relationships with employees, customers, partners, distributors or third-party providers of our technologies, products or services;
|
|
|
·
|
potential failure of the due diligence processes to identify significant problems, liabilities or other shortcomings or 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, revenue recognition or other accounting practices, employee, customer or partner issues or legal and financial contingencies;
|
|
|
·
|
unexpected changes in, or impositions of, legislative or regulatory requirements impacting the acquired business;
|
|
|
·
|
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;
|
|
|
·
|
incurring significant exit charges if products or services acquired in business combinations are unsuccessful;
|
|
|
·
|
potential inability to assert that internal controls over financial reporting are effective;
|
|
|
·
|
potential inability to obtain, or obtain in a timely manner, approvals from governmental authorities, which could delay or prevent such acquisitions;
|
|
|
·
|
potential delay in customer and distributor purchasing decisions due to uncertainty about the direction of our product and service offerings; and
|
|
|
·
|
potential incompatibility of business cultures.
|
|
|
·
|
foreign currency fluctuations;
|
|
|
·
|
changes in government preferences for software procurement;
|
|
|
·
|
international economic, political and labor conditions;
|
|
|
·
|
tax laws (including U.S. taxes on foreign subsidiaries);
|
|
|
·
|
increased financial accounting and reporting burdens and complexities;
|
|
|
·
|
unexpected changes in, or impositions of, legislative or regulatory requirements;
|
|
|
·
|
failure of laws to protect our intellectual property rights adequately;
|
|
|
·
|
inadequate local infrastructure and difficulties in managing and staffing international operations;
|
|
|
·
|
delays resulting from difficulty in obtaining export licenses for certain technology, tariffs, quotas and other trade barriers and restrictions;
|
|
|
·
|
transportation delays;
|
|
|
·
|
operating in locations with a higher incidence of corruption and fraudulent business practices; and
|
|
|
·
|
other factors beyond our control, including terrorism, war, natural disasters and diseases.
|
|
|
·
|
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
|
|
|
·
|
limiting our flexibility in planning for, or reacting to, changes in our business and our industry.
|
|
|
·
|
software and subscription revenue recognition; and
|
|
|
·
|
accounting for business combinations and related goodwill.
|
|
Period
(1)
|
|
Shares
Repurchased
(2)
|
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
|
|||||||||||
| (in thousands, except average price per share) | ||||||||||||||||
|
June 5— July 2, 2010
|
||||||||||||||||
|
Shares repurchased
|
5,195 | $ | 31.82 | 5,195 | — | (3) | ||||||||||
|
Amended repurchase authority
|
— | — | — | $ | 1,600,000 | (1) | ||||||||||
|
July 3— July 30, 2010
|
||||||||||||||||
|
Shares repurchased
|
8,450 | $ | 27.61 | 8,450 | $ | (233,333 | ) | (4) | ||||||||
|
August 1— September 3, 2010
|
||||||||||||||||
|
Shares repurchased
|
1,225 | $ | 27.60 | 1,225 | $ | (33,798 | ) | (4) | ||||||||
|
Total
|
14,870 | 14,870 | $ | 1,332,869 | ||||||||||||
|
(1)
|
In December 1997, our Board of Directors authorized our stock repurchase program which was not subject to expiration. This repurchase program was limited to covering net dilution from stock issuances and was subject to business conditions and cash flow requirements as determined by our Board of Directors from time to time. In June 2010, our Board of Directors approved an amendment to change our stock repurchase program from a non-expiring share-based authority to a time-constrained dollar-based authority. As part of this amendment, the Board of Directors granted authority to repurchase up to $1.6 billion in common stock through the end of fiscal 2012.
|
|
(2)
|
During the three months ended September 3, 2010, there were no shares that were cancelled when employees surrendered them in lieu of cash payments for withholding taxes due. These shares were not part of the publicly announced repurchase program.
|
|
(3)
|
In March 2010, we entered into a structured stock repurchase agreement with a large financial institution, whereupon we provided them with a prepayment of $250.0 million. This agreement was part of our program that was authorized in December 1997 and is not part of the amended share repurchase program approved by our Board of Directors in June 2010.
|
|
(4)
|
In June 2010, as part of the amended program, we entered into structured stock repurchase agreements with large financial institutions whereupon we provided them with prepayments of $400.0 million. As of September 3, 2010, approximately $132.9 million of up-front payments remained under these agreements.
|
|
ADOBE SYSTEMS INCORPORATED
|
||
|
By
|
/s/
Mark Garrett
|
|
|
Mark Garrett
|
||
|
Executive Vice President and
|
||
|
Chief Financial Officer
|
||
|
(Principal Financial Officer)
|
||
|
Exhibit
|
Incorporated by Reference**
|
Filed
|
||||||||
|
Number
|
Exhibit Description
|
Form
|
Date
|
Number
|
Herewith
|
|||||
|
3.1
|
Amended and Restated Bylaws
|
8-K
|
1/13/09
|
3.1
|
||||||
|
3.2
|
Restated Certificate of Incorporation of Adobe Systems Incorporated
|
10-Q
|
7/16/01
|
3.6
|
||||||
|
3.2.1
|
Certificate of Correction of Restated Certificate of Incorporation of Adobe Systems Incorporated
|
10-Q
|
4/11/03
|
3.6.1
|
||||||
|
3.3
|
Certificate of Designation of Series A Preferred Stock of Adobe Systems Incorporated
|
10-Q
|
7/08/03
|
3.3
|
||||||
|
4.2
|
Specimen Common Stock Certificate
|
S-3
|
1/15/10
|
4.3
|
||||||
|
4.3
|
Form of Indenture
|
S-3
|
1/15/10
|
4.1
|
||||||
|
4.4
|
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
|
8-K
|
1/26/10
|
4.1
|
||||||
|
10.1
|
Amended 1994 Performance and Restricted Stock Plan*
|
10-Q
|
4/09/10
|
10.1
|
||||||
|
10.2
|
Form of Restricted Stock Agreement used in connection with the Amended 1994 Performance and Restricted Stock Plan*
|
10-K
|
1/23/09
|
10.3
|
||||||
|
10.3
|
1997 Employee Stock Purchase Plan, as amended*
|
X
|
||||||||
|
10.4
|
1996 Outside Directors Stock Option Plan, as amended*
|
10-Q
|
4/12/06
|
10.6
|
||||||
|
Exhibit
|
Incorporated by Reference**
|
Filed
|
||||||||
|
Number
|
Exhibit Description
|
Form
|
Date
|
Number
|
Herewith
|
|||||
|
10.5
|
Forms of Stock Option Agreements used in connection with the 1996 Outside Directors Stock Option Plan*
|
S-8
|
6/16/00
|
4.8
|
||||||
|
10.6
|
1999 Nonstatutory Stock Option Plan, as amended*
|
S-8
|
10/29/01
|
4.6
|
||||||
|
10.7
|
2003 Equity Incentive Plan, as amended and restated*
|
8-K
|
4/20/10
|
10.1
|
||||||
|
10.8
|
Form of Stock Option Agreement used in connection with the 2003 Equity Incentive Plan*
|
10-Q
|
4/04/08
|
10.11
|
||||||
|
10.9
|
Form of Indemnity Agreement*
|
10-Q
|
6/26/09
|
10.12
|
||||||
|
10.10
|
Forms of Retention Agreement*
|
10-K
|
11/28/97
|
10.44
|
||||||
|
10.11
|
Second Amended and Restated Master Lease of Land and Improvements by and between SMBC Leasing and Finance, Inc. and Adobe Systems Incorporated
|
10-Q
|
10/07/04
|
10.14
|
||||||
|
10.12
|
Lease between Adobe Systems Incorporated and Selco Service Corporation, dated March 26, 2007
|
8-K
|
3/28/07
|
10.1
|
||||||
|
10.13
|
Participation Agreement among Adobe Systems Incorporated, Selco Service Corporation, et al. dated March 26, 2007
|
8-K
|
3/28/07
|
10.2
|
||||||
|
10.14
|
Form of Restricted Stock Unit Agreement used in connection with the Amended 1994 Performance and Restricted Stock Plan*
|
10-K
|
1/23/09
|
10.19
|
||||||
|
10.15
|
Form of Restricted Stock Unit Agreement used in connection with the 2003 Equity Incentive Plan*
|
10-K
|
1/23/09
|
10.20
|
|
Exhibit
|
Incorporated by Reference**
|
Filed
|
||||||||
|
Number
|
Exhibit Description
|
Form
|
Date
|
Number
|
Herewith
|
|||||
|
10.16
|
Form of Restricted Stock Agreement used in connection with the 2003 Equity Incentive Plan*
|
10-Q
|
10/07/04
|
10.11
|
||||||
|
10.17
|
2008 Executive Officer Annual Incentive Plan*
|
8-K
|
1/30/08
|
10.4
|
||||||
|
10.18
|
2005 Equity Incentive Assumption Plan, as amended*
|
10-Q
|
4/09/10
|
10.19
|
||||||
|
10.19
|
Form of Stock Option Agreement used in connection with the 2005 Equity Incentive Assumption Plan*
|
10-Q
|
4/04/08
|
10.24
|
||||||
|
10.20
|
Allaire Corporation 1997 Stock Incentive Plan*
|
S-8
|
3/27/01
|
4.06
|
||||||
|
10.21
|
Allaire Corporation 1998 Stock Incentive Plan*
|
S-8
|
3/27/01
|
4.07
|
||||||
|
10.22
|
Allaire Corporation 2000 Stock Incentive Plan*
|
S-8
|
3/27/01
|
4.08
|
||||||
|
10.23
|
Andromedia, Inc. 1999 Stock Plan*
|
S-8
|
12/07/99
|
4.09
|
||||||
|
10.24
|
Blue Sky Software Corporation 1996 Stock Option Plan*
|
S-8
|
12/29/03
|
4.07
|
||||||
|
10.25
|
Macromedia, Inc. 1999 Stock Option Plan*
|
S-8
|
8/17/00
|
4.07
|
||||||
|
10.26
|
Macromedia, Inc. 1992 Equity Incentive Plan*
|
10-Q
|
8/03/01
|
10.01
|
||||||
|
10.27
|
Macromedia, Inc. 2002 Equity Incentive Plan*
|
S-8
|
8/10/05
|
4.08
|
||||||
|
10.28
|
Form of Macromedia, Inc. Stock Option Agreement*
|
S-8
|
8/10/05
|
4.09
|
||||||
|
10.29
|
Form of Macromedia, Inc. Revised Non-Plan Stock Option Agreement*
|
S-8
|
11/23/04
|
4.10
|
||||||
|
10.30
|
Form of Macromedia, Inc. Restricted Stock Purchase Agreement*
|
10-Q
|
2/08/05
|
10.01
|
|
Exhibit
|
Incorporated by Reference**
|
Filed
|
||||||||
|
Number
|
Exhibit Description
|
Form
|
Date
|
Number
|
Herewith
|
|||||
|
10.31
|
Adobe Systems Incorporated Form of Performance Share Program pursuant to the 2003 Equity Incentive Plan*
|
8-K
|
1/29/10
|
10.1
|
||||||
|
10.32
|
Form of Award Grant Notice and Performance Share Award Agreement used in connection with grants under the Adobe Systems Incorporated 2008 Performance Share Program pursuant to the 2003 Equity Incentive Plan*
|
8-K
|
1/30/08
|
10.2
|
||||||
|
10.33
|
2008 Award Calculation Methodology Exhibit A to the 2008 Performance Share Program pursuant to the 2003 Equity Incentive Plan*
|
8-K
|
1/30/08
|
10.3
|
||||||
|
10.34
|
Adobe Systems Incorporated Deferred Compensation Plan*
|
10-K
|
1/24/08
|
10.52
|
||||||
|
10.35
|
Adobe Systems Incorporated 2007 Performance Share Program pursuant to the 2003 Equity Incentive Plan*
|
8-K
|
1/30/07
|
10.1
|
||||||
|
10.36
|
Form of Award Grant Notice and Performance Share Award Agreement used in connection with grants under the Adobe Systems Incorporated 2007 Performance Share Program pursuant to the 2003 Equity Incentive Plan*
|
8-K
|
1/30/07
|
10.2
|
||||||
|
10.37
|
Adobe Systems Incorporated 2007 Performance Share Program pursuant to the Amended 1994 Performance and Restricted Stock Plan*
|
8-K
|
1/30/07
|
10.3
|
|
Exhibit
|
Incorporated by Reference**
|
Filed
|
||||||||
|
Number
|
Exhibit Description
|
Form
|
Date
|
Number
|
Herewith
|
|||||
|
10.38
|
Form of Award Grant Notice and Performance Share Award Agreement used in connection with grants under the Adobe Systems Incorporated 2007 Performance Share Program pursuant to the Amended 1994 Performance and Restricted Stock Plan*
|
8-K
|
1/30/07
|
10.4
|
||||||
|
10.39
|
Adobe Systems Incorporated Executive Cash Bonus Plan*
|
DEF 14A
|
2/24/06
|
Appendix B
|
||||||
|
10.40
|
First Amendment to Retention Agreement between Adobe Systems Incorporated and Shantanu Narayen, effective as of February 11, 2008*
|
8-K
|
2/13/08
|
10.1
|
||||||
|
10.41
|
Adobe Systems Incorporated Executive Severance Plan in the Event of a Change of Control*
|
8-K
|
2/13/08
|
10.2
|
||||||
|
10.42
|
Employment offer letter between Adobe Systems Incorporated and Richard Rowley, dated October 30, 2006*
|
8-K
|
11/16/06
|
10.1
|
||||||
|
10.43
|
Employment offer letter between Adobe Systems Incorporated and Mark Garrett dated January 5, 2007*
|
8-K
|
1/26/07
|
10.1
|
|
Exhibit
|
Incorporated by Reference**
|
Filed
|
||||||||
|
Number
|
Exhibit Description
|
Form
|
Date
|
Number
|
Herewith
|
|||||
|
10.44
|
Credit Agreement, dated as of February 16, 2007, among Adobe Systems Incorporated and Certain Subsidiaries as Borrowers; BNP Paribas, Keybank National Association, and UBS Loan Finance LLC as Co-Documentation Agents; JPMorgan Chase Bank, N.A. as Syndication Agent; Bank of America, N.A. as Administrative Agent and Swing Line Lender; the Other Lenders Party Thereto; and Banc of America Securities LLC and J.P. Morgan Securities Inc. as Joint Lead Arrangers and Joint Book Managers
|
8-K
|
8/16/07
|
10.1
|
||||||
|
10.45
|
Amendment to Credit Agreement, dated as of August 13, 2007, among Adobe Systems Incorporated, as Borrower; each Lender from time to time party to the Credit Agreement; and Bank of America, N.A. as Administrative Agent
|
8-K
|
8/16/07
|
10.2
|
||||||
|
10.46
|
Second Amendment to Credit Agreement, dated as of February 26, 2008, among Adobe Systems Incorporated, as Borrower; each Lender from time to time party to the Credit Agreement; and Bank of America, N.A. as Administrative Agent
|
8-K
|
2/29/08
|
10.1
|
||||||
|
10.47
|
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
|
|
Exhibit
|
Incorporated by Reference**
|
Filed
|
||||||||
|
Number
|
Exhibit Description
|
Form
|
Date
|
Number
|
Herewith
|
|||||
|
10.48
|
Form of Director Annual Grant Stock Option Agreement used in connection with the 2003 Equity Incentive Plan*
|
10-K
|
1/23/09
|
10.60
|
||||||
|
10.49
|
Form of Director Initial Grant Restricted Stock Unit Agreement in connection with the 2003 Equity Incentive Plan*
|
10-K
|
1/23/09
|
10.61
|
||||||
|
10.50
|
Form of Director Annual Grant Restricted Stock Unit Agreement in connection with the 2003 Equity Incentive Plan*
|
10-K
|
1/23/09
|
10.62
|
||||||
|
10.51
|
Description of 2009 Director Compensation*
|
10-K
|
1/23/09
|
10.63
|
||||||
|
10.52
|
2009 Executive Annual Incentive Plan*
|
8-K
|
1/29/09
|
10.4
|
||||||
|
10.53
|
Omniture, Inc. 1999 Equity Incentive Plan, as amended (the “Omniture 1999 Plan”)*
|
S-1
|
4/04/06
|
10.2A
|
||||||
|
10.54
|
Forms of Stock Option Agreement under the Omniture 1999 Plan*
|
S-1
|
4/04/06
|
10.2B
|
||||||
|
10.55
|
Form of Stock Option Agreement under the Omniture 1999 Plan used for Named Executive Officers and Non-Employee Directors*
|
S-1
|
6/09/06
|
10.2C
|
||||||
|
10.56
|
Omniture, Inc. 2006 Equity Incentive Plan and related forms*
|
10-Q
|
08/06/09
|
10.3
|
||||||
|
10.57
|
Omniture, Inc. 2007 Equity Incentive Plan and related forms*
|
10-K
|
2/27/09
|
10.9
|
||||||
|
10.58
|
Omniture, Inc. 2008 Equity Incentive Plan and related forms*
|
10-K
|
2/27/09
|
10.10
|
|
Exhibit
|
Incorporated by Reference**
|
Filed
|
||||||||
|
Number
|
Exhibit Description
|
Form
|
Date
|
Number
|
Herewith
|
|||||
|
10.59
|
Visual Sciences, Inc. (formerly, WebSideStory, Inc.) Amended and Restated 2000 Equity Incentive Plan*
|
10-K
|
2/29/08
|
10.5
|
||||||
|
10.60
|
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
|
||||||
|
10.61
|
Form of Restricted Stock Award Grant Notice and Restricted Stock Award Agreement under the VS 2004 Plan*
|
10-K
|
2/29/08
|
10.6A
|
||||||
|
10.62
|
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
|
||||||
|
10.63
|
Avivo Corporation 1999 Equity Incentive Plan and Form of Option Grant Agreement*
|
10-K
|
2/29/08
|
10.7
|
||||||
|
10.64
|
The Touch Clarity Limited Enterprise Management Incentives Share Option Plan 2002*
|
S-8
|
3/16/07
|
99.5
|
||||||
|
10.65
|
Forms of Agreements under The Touch Clarity Limited Enterprise Management Incentives Share Option Plan 2002*
|
S-8
|
3/16/07
|
99.6
|
||||||
|
10.66
|
Description of 2010 Director Compensation*
|
10-K
|
1/22/10
|
10.71
|
|
Exhibit
|
Incorporated by Reference**
|
Filed
|
||||||||
|
Number
|
Exhibit Description
|
Form
|
Date
|
Number
|
Herewith
|
|||||
|
10.67
|
Form of Performance Share Program Award Grant Notice and Performance Share Award Agreement pursuant to the 2003 Equity Incentive Plan*
|
8-K
|
1/29/10
|
10.2
|
||||||
|
10.68
|
2010 Performance Share Program Award Calculation Methodology pursuant to the 2003 Equity Incentive Plan*
|
8-K
|
1/29/10
|
10.3
|
||||||
|
10.69
|
Fiscal Year 2010 Executive Annual Incentive Plan*
|
8-K
|
1/29/10
|
10.4
|
||||||
|
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
|
X
|
||||||||
|
32.1
|
Certification of Chief Executive Officer, as required by Rule 13a-14(b) of the Securities Exchange Act of 1934†
|
X
|
||||||||
|
32.2
|
Certification of Chief Financial Officer, as required by Rule 13a-14(b) of the Securities Exchange Act of 1934†
|
X
|
||||||||
|
101.INS
|
XBRL Instance††
|
X
|
||||||||
|
101.SCH
|
XBRL Taxonomy Extension Schema††
|
X
|
||||||||
|
101.CAL
|
XBRL Taxonomy Extension Calculation††
|
X
|
||||||||
|
101.LAB
|
XBRL Taxonomy Extension Labels††
|
X
|
||||||||
|
101.PRE
|
XBRL Taxonomy Extension Presentation††
|
X
|
|
Exhibit
|
Incorporated by Reference**
|
Filed
|
||||||||
|
Number
|
Exhibit Description
|
Form
|
Date
|
Number
|
Herewith
|
|||||
|
101.DEF
|
XBRL Taxonomy Extension Definition††
|
X
|
|
*
|
Compensatory plan or arrangement.
|
|
**
|
References to Exhibits 10.20 through 10.30 are to filings made by Macromedia, Inc. References to Exhibits 10.53 through 10.65 are to filings made by Omniture, Inc.
|
|
†
|
The certifications attached as Exhibits 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q, 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-Q, irrespective of any general incorporation language contained in such filing.
|
|
††
|
In accordance with Rule 406T of Regulation S-T, the information in these exhibits is furnished and deemed not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Exchange Act of 1934, and otherwise is not subject to liability under these sections and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
|
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 |
|---|