Adobe Inc. (NASDAQ:ADBE) Q4 2019 Earnings Conference Call - Final Transcript
Dec 12, 2019 • 05:00 pm ET
revenue growth of approximately 15%;
Net non-operating expense of approximately $20 million; tax rate of approximately 5% on a GAAP basis and 11% on a non-GAAP basis; share count of approximately 489 million shares; GAAP earnings per share of approximately $1.76; and non-GAAP earnings per share of approximately $2.23.
We expect Digital Media net new ARR in FY '20 to grow sequentially from Q1 to Q2, dip in Q3 and have a strong seasonal finish in Q4. As a reminder, Q1 FY '19 benefited from a positive one-time $20 million ARR adjustment due to the adoption of ASC 606.
We anticipate total Adobe revenue to grow by approximately 17% year-over-year in the first half of FY '20, followed by approximately 18% year-over-year growth in the second half of the year.
In summary, we finished fiscal 2019 strong with record performance in Q4. Based on our category leadership and strong momentum exiting 2019, we remain bullish about fiscal 2020 and beyond.
I'll now turn the call back over to Mike.
Adobe Summit, our annual Digital Experience user conference, will occur during the week of March 30 in Las Vegas with day one on Tuesday March 31st. An invitation to Summit for the financial community, including discounted registration information, will be sent to our analyst and investor email list in January. More information about the event can be found online at summit.adobe.com.
If you wish to listen to a playback of today's conference call, a webcast archive of the call will be available on our IR site later today. Alternatively, you can listen to a phone replay by calling 888-203-1112; use conference ID number 8536435. International callers should dial 719-457-0820. The phone playback service will be available beginning at 5 p.m. Pacific Time today and ending at 5 p.m. Pacific Time on December 19, 2019.
We would now be happy to take your questions, and we ask that you limit your questions to one per person. Operator?