Adobe Inc. (NASDAQ:ADBE) Q3 2019 Earnings Conference Call Transcript

Sep 17, 2019 • 05:00 pm ET

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Adobe Inc. (NASDAQ:ADBE) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good afternoon. I'd like to welcome you to the Adobe Third Quarter Fiscal Year 2019 Earnings Conference Call. Today's conference is being recorded. During today's presentation, all lines will be muted. And we will take questions at the end of the prepared remarks.

At this time, I would like to turn the call over to Mike Saviage, Vice President of Investor Relations. Please go ahead, sir.

Executive
Mike Saviage

Good afternoon and thank you for joining us today. Joining me on the call are Adobe's President and CEO, Shantanu Narayen; and John Murphy, Executive Vice President and CFO.

In our call today, we will discuss Adobe's third quarter fiscal year 2019 financial results. By now, you should have a copy of our earnings press release which crossed the wire approximately one hour ago. We've also posted PDFs of our earnings call prepared remarks and slides, and an updated investor datasheet on Adobe.com. If you would like a copy of these documents, you can go to Adobe's Investor Relations page and find them listed under Quick Links.

Before we get started, we want to emphasize that some of the information discussed in this call, particularly our revenue and operating model targets, and our forward-looking product plans, is based on information as of today, September 17th, 2019, and contains forward-looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the forward-looking statements disclosure in the earnings press release we issued today, as well as Adobe's SEC filings.

On this call we will discuss GAAP and non-GAAP financial measures. A reconciliation between the two is available in our earnings release and on Adobe's Investor Relations website. Call participants are advised that the audio of this conference call is being webcast live, and is also being recorded for playback purposes. An archive of the webcast will be made available on Adobe's Investor Relations website for approximately 45 days, and is the property of Adobe. The call audio, and the webcast archive may not be re-recorded, or otherwise reproduced or distributed without prior written permission from Adobe.

I will now turn the call over to Shantanu.

Executive
Shantanu Narayen

Thanks, Mike and good afternoon. Q3 was a record quarter for Adobe, with strong revenue and continued growth across our entire business. We delivered $2.83 billion in revenue in Q3, representing 24% year-over-year growth. GAAP earnings per share for the quarter was $1.61, and non-GAAP earnings per share was $2.05.

Adobe's strategy to empower people to create and transform how businesses compete is fueling our continued success. The ability to deliver a personalized relationship with every customer using digital technology is a mandate for every business. Internal efficiency, including a paper-to-digital revolution, is critical to achieving that imperative. In addition, design and creativity has never been more relevant. Everyone has a story to tell from professional photographers, to immersive content and experience designers, to students and small business owners, and they need to