Adobe Inc. (NASDAQ:ADBE) Q3 2020 Earnings Conference Call - Final Transcript

Sep 15, 2020 • 05:00 pm ET


Adobe Inc. (NASDAQ:ADBE) Q3 2020 Earnings Conference Call - Final Transcript


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Good day and welcome to the Adobe Third Quarter Fiscal Year 2020 Earnings Conference Call. [Operator Instructions]

At this time, I would like to turn the conference over to Jonathan Vaas, VP of Investor Relations. Please go ahead, sir.

Jonathan Vaas

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

On this call, we will discuss Adobe's third quarter fiscal year 2020 financial results. By now you should have a copy of the press release, which crossed the wire approximately 1 hour ago. We've also posted PDFs of our prepared remarks and financial results on Adobe's Investor Relations website.

Before we get started, we want to emphasize that some of the information discussed in this call, including our financial targets and product plans is based on information as of today, September 15 and contains forward-looking statements that involve risk, uncertainties and assumptions. Actual results may differ materially from those set forth in these statements. For a discussion of these risks, you should review the forward-looking statements disclosure in our press release we issued today as well as Adobe's SEC filings.

On this call, we will discuss GAAP and non-GAAP financial measures. Reconciliations between the two are 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. The call, audio and the webcast may not be re-recorded or otherwise reproduced or distributed without Adobe's prior written permission.

I will now turn the call over to Shantanu.

Shantanu Narayen

Thanks, Jonathan. Good afternoon. I hope all of you are safe and taking good care. The ongoing pandemic continues to result in a challenging environment everywhere around the world. People are seeking new ways to communicate, learn and conduct business virtually. Content creation and consumption are exploring in a world where connecting visually has become even more essential. Students are adapting to learning remotely instead of in a classroom. Entire industries from media and entertainment to pharma, retail, automotive and financial services have had to pivot overnight to digital operations to engage with customers and ensure business continuity. Electronic workflows and signatures are the only way to efficiently complete business transactions. The world has changed in a way that none of us could have foreseen.

This reality has created new tailwinds for Adobe. Our mission to change the world through digital experiences has never been more critical. Our strategy of unleashing creativity for all, accelerating document productivity and powering digital businesses is more relevant than ever and driving our strong performance across every geography and audience.

Adobe had an outstanding third quarter. We saw strength across Creative Cloud, Document Cloud and Experience Cloud. We achieved $3.23 billion in revenue in Q3 representing 14% year-over-year growth. GAAP