Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message| ()  

Here’s the entire text of the Q&A from Adobe Systems' (ticker: ADBE) fiscal Q4 2005 conference call. The prepared remarks are here. We recognize that this transcript may contain inaccuracies - if you find any, please post a comment below and we’ll incorporate your corrections. And please note: this conference call transcript is a Seeking Alpha product, so feel free to link to it but reproduction is not permitted without the explicit permission of Seeking Alpha.

Question-and-Answer Session

Operator

At this time I would like to remind every one, if you would like to ask a question you may press “*” and then the “1” on your telephone keypad. We will pause for just a moment to compile the Q&A roster. Your first question comes from Ben Reitzes with UBS.

Q - Ben Reitzes

Yeah, good afternoon, and Murray we’ll miss you. Couple of things, I guess, one is Bruce, with the new company what do you, you expect a similar, product development cycles with, with regard to, the typical ones at Adobe where it was 12 to 18 months, or 18 months and given your commentary about fourth quarter being, the high watermark for the year, I mean should that be coincident with, with new products or should it be more seasonal comment and then I just have one follow up?

A - Shantanu Narayen

Ben, why don’t I take that? I think the comment associated with, the quarters was just to give you some color on the quaternization in terms of what we expected for revenue namely that Q3 would be seasonally weak given Europe and Japan and that Q4 would be the strongest quarter. As you know, we are not announcing product cycles due to competitive reasons, what I can say is that we’re excited about new products that will be coming from the combined company right through the year and so we are looking forward to a pretty strong product cycle.

Q - Ben Reitzes

So, we shouldn’t assume anything, should we assume that the product cycles though are pretty comparable when we get back to the way, the companies were developing, all that throughout now you’ve combined.

A - Shantanu Narayen

I think we will continue to focus on our customers and make sure that we are very close to them, vis-a-vis how we deliver products, I think we’ve demonstrated a history of innovation and being close to them then I am going to continue to do that. Clearly, I think, with the combination there are a lot of ideas about how we can continue to extend, what we offer our customers.

Q - Ben Reitzes

Okay, and then was there any kind of demand, you think pushed into the first quarter ‘06 based on the merger, or is it hard to tell perhaps may be in the Creative Suite or something with regard to this new pricing maybe, maybe some customers sensed this was coming, did you think there is any kind of demand, that causing a strong 1Q, the revenue guidance a little better than we expected.

A - Murray Demo

You know, Ben, at this time, we don’t really haven’t seen something but there is some kind of demand in Q1, obviously if you have seen, seen continued momentum with Acrobat and Creative Suite and we would expect to see that continued force in the first quarter but no specific kind of demand which help in Q1. Obviously, we are only, I think we’re in Day 9 right now of Q1.

A - Bruce Chizen

Yeah, we will, we do anticipate the Acrobat business will continue to accelerate on a sequential basis and we also believe that when you look at the combined Creative Suite, Studio and the new bundle that we just introduced that that combined business will also increase on a sequential basis. So those are the two primary drivers for the Q1 ’06.

Q - Ben Reitzes

Murray did currency, adversely impact the quarter or will it adversely impact the year and material amount that that was the one thing, I think you missed in your thorough overview there. If you missed it even but, I would assume that’s an adverse impact, so the organic growth rate may be even higher?

A - Murray Demo

That’s correct Ben and actually in Q4 we had an adverse impact to about $6 million. And as you look at 2006, I think there is sort of three components to the revenue; obviously you have given a target of 2.7 billion and that’s after the impact of purchase accounting. If you added the purchase accounting revenue back that’s about 50 million, I get you the 2,750. We also would say when you look at the currency, at the currency rate for Euro and Yen relative to Dollar stayed, at the similar levels they are today on a relative basis ’05 to ’06, we’re loosing, well over $150 million so you could then say if it was exchange rate neutral ’05 to ’06, we would plus the purchase accounting, we’d have at least a target of 2.8 billion for 2006.

Q - Ben Reitzes

Thanks Murray, I really miss you. Take care.

A - Murray Demo

Thanks you Ben.

Operator

The next question comes from Thomas Ernst with Deutsche Bank.

Q - Thomas Ernst

Good afternoon, thank you. Guys you’ve highlighted the, the headcount of, with reduction and the size of it. Can you help us understand, is this the bulk of what’s planned or is it definitively kind of a, the restructuring for the combination, or do you anticipate that might be something, something that follow later and then, and then following up on that, I would assume that there is very good cost synergies in the overhead expenses between the two companies. How much does it costs beyond the overhead?

A - Bruce Chizen

Well couple of things Tom, first of all our goal in this was that, we would go through an exercise of rationalizing resources, for there is a overlap and trying to reposition, rebalance the resources, very quickly and do at once. If you want to build this company, going forward and we cannot have successive rounds of trying to save money, we want to do it swiftly and do it once and then focus on building this company given the opportunities that it has in front of us for the next few years so this is it for the year from our perspective. In terms of where the reductions are coming from, they’re really coming across the organization but they are prominent in the areas of G&A, would be certainly one area we’ll see quite a bit of it. A sum in sales of marketing and R&D but R&D will be there, all right. G&A will be the area where we see the primary impact.

Q - Thomas Ernst

Great and have the people all been notified at this point already, this part of the plan?

A - Bruce Chizen

No. We’ve not completed the notification process in some countries outside the United States.

Q - Thomas Ernst

Okay, great thanks. Look forward to seeing the plans on Analysts day.

Operator

Your next question comes from Scott Kessler with Standard & Poor’s Equity Research.

Q - Scott Kessler

Thanks a lot. Can you give the detail of what’s the impact of Macromedia was on your projection for non-GAAP EPS for 2006? And I have a couple follow-ups, thanks.

A - Bruce Chizen

Scott, no, we are not providing that information in terms of what that impact would be, I guess if you look at it standpoint of when announced this deal, we had mentioned that it would be breakeven to slightly accretive, that was back in the spring when we announced it. At that time, breakeven was probably around $1.18 per share, we’re targeting $1.26 to $1.30, the buyback is probably something in the $0.04 to $0.05 range, so you clearly see that the acquisition is accretive by few cents and so, if you wanted to look at it that way, there is an answer there but we feel that, we’ve delivered on what we’ve said in terms of breakeven to slightly accretive without doing the buyback, it is accretive and then with the buyback, it adds on to the, to the how accretive it is. Because of all of these synergies that we have between the 2 companies Scott, we’re running as one combined company and in a going forward basis, that’s how we did the business planning, the integration planning, that’s how we’ve set our financial targets for this coming year. So, it’s difficult to separate Macromedia, with the old Macromedia from the existing Adobe business. It’s now one company.

Q - Scott Kessler

Okay, fair enough, thank you for that. My second question involves stock option, you referenced stock option and based on my calculations I think there are impact for FY ’06 is expected to be roughly 12% to 13% something like that which is considerably lower than the impact in previous years for the both the Adobe and Macromedia and I was wondering if you could explain why this is the case and if you think this trend is going to continue in the out years?

A - Bruce Chizen

Well, I think it’s the combination of two factors, one is that the dilution from stock options in terms of the annual burn rate has come down from where it was a few years ago, clearly all over the industry, share holders have told us what they find to be acceptable and the supplying demand markets the labor has led to lower amounts of options being granted so you have that going on, as well as the volatility in the stock price has come down over the last few years after though the bubble period so combination of that leading to lower expensing.

Q - Scott Kessler

Okay and its fair to say that the amount options issuances should continue to trend lower, is that a fair assumption at this point?

A - Bruce Chizen

It’s hard to say Scott, we obviously are an IT based company, people are our business. We have to remain competitive in the marketplace, we compete for great talent, we want to retain great talent. We are competing with wonderful companies like Intel and Google and Cisco and then others for that talent. So, we have to be careful that we are not under compensating our brilliant employees and our passionate employees. So assuming the rest of the industry follow suite and decreases their compensation to their employees that something we will be able to do, if they don’t, we won’t be able to do, because we certainly don’t want our employees leaving and we want to continue to attract great employees, like Peg Wynn and Garrett llg and others.

Q - Scott Kessler

Sure. And actually this is, as I am sure you know, how is been the trend over the last couple of years for companies in the Valley. The last question I have is, do you expect to have a replacement for Murray in place by say, March 2006, is that kind of how we should be thinking about this at conjuncture?

A - Bruce Chizen

Yes, Michael (ph), fortunately Adobe is in great shape, Murray is leaving the legacy of his very disciplined and outstanding organization, he has great people who working for him, the company is very healthy, now look all the growth that we’ve had and systems in place, so my belief is given the outlook for the company both in ’06 and beyond, our ability to attract a CFO should be very high, it is a tough market for CFOs, the last time I looked, it looks like 5 or 6 was my pier software companies are all without CFOs. So, I am hopeful that we’ll have a replacement by the end of March, I am also thankful that Murray has agreed stay on a bit longer, as the search takes us longer.

Q - Scott Kessler

Great thanks a lot for candor in your answers and best of luck Murray.

A - Murray Demo

Thank you.

Operator

The next question comes from Jay Vleeschhouwer with Merrill Lynch.

Q - Jay Vleeschhouwer

Thanks, good afternoon. Question first for Shantanu, with respect to how are you conceive with you can and should do in terms of long term product development and integration and in other words, what do you think it means to let’s say, Adobe 5, the combined products now. I know, if you go back to the old orders and prime acquisitions that took you about 2 to 3 years to fully unify the products and the interfaces, is this a 2 to 3 year effort as well, do you think Shantanu to bring the products together, at the MAX conference couple of months ago, whether there is some reference to the Apollo project, about unifying interface, so maybe you can elaborate on that?

A - Shantanu Narayen

Sure. How much time do you have Jay?

Q - Jay Vleeschhouwer

As much as you can go.

A - Shantanu Narayen

I think at the center of the combined company will really be the ability to deliver this engagement platform that Bruce talked about. You know combining the ubiquity of the flash player as well as the Adobe Reader and providing not just a client environment that’s going to work across PCs and non-PCs and mobile devices, but also the authoring tools also developer tools and the servers that are required for people to be able deliver, engaging experiences and immersive experiences across all these particular devices. Having said that, let me talk about, the strategy that we are looking at and I think the business units structure reflects that strategy somewhat, I mean, certainly in the Creative Space what we are going to be doing is looking at how can we combine the best of what Macromedia did with Studio and we did with Creative Suite. One of the advantages we’ve had in having a fair amount of time to plan for this is we’ve been able to engage with customers and they certainly want us to get a tremendous amount of file format compatibility between the 2 sets of products. So that’s what we will focus on. The reality is we have many, many cycles worth of great innovation and integration ideas that we’ve already developed. So that’s on the Creative side. On the Knowledge Work aside, I think looking at what Breeze has with respect to real-time collaboration in Acrobat with a synchronous and trying to merge that is going to be a key priority. On the server side, looking at the technologies associated with LifeCycle, Flex as well as ColdFusion and delivering more of an end-to-end solution to CIOs will be the focus. So clearly we demonstrated with Day 1 that we’ve had that work well underway and with bundles you will expect to see, innovation right through and we’re not going to be waiting for, one of the things many years out. So you expect to see innovation and regular product cycles from us.

Q - Jay Vleeschhouwer

Okay. A question for Bruce and maybe for Steve if he’s there. Could you talk about sales integration, Macromedia how it’s been, you may be much more explicit about their direct sales, efforts and contributions and how do you see the other 2 enterprise and direct side of the business coming together?

A - Bruce Chizen

Yeah, I am pleased to say Steven is not here because Steven is busy motivating, inspiring and leading our sales organization, in fact this week we have our sales managers from around the world and Steve spent two days with them, talking about our strategy is going forward and the focuses that we need in order to execute against our plans. We clearly have been able to increase the size of our direct sales organization by a significant amount, Macromedia had invested heavily in that area, that was an area where we started to invest heavily, so our sales force with emphasis on the word force, has become much more significant for Adobe. It is not our intent for competitive reasons, to break that out but I can tell you is, very exciting to see we have a kick-off meeting with our entire sales organization in the not too distant future and I am anxious to get in front of them.

Q - Jay Vleeschhouwer

And just I am, pointing on the bundles that you announced couple of weeks ago. To what extent can those prove to be incremental, I mean at this point of, there is really no new technology, it’s repackaged or reconstituted products. To what extent could these bundles really be incremental over and above standalone or CS sales?

A - Shantanu Narayen

Well, Jay the way we are viewing at is, we just, I think that’s actually a tangible rate to highlight the benefits of the combined Adobe Macromedia and we do think its going to drive incremental revenue based on some research that we conducted vis-à-vis as we have looked at the creative community and Macromedia has looked at the designer developer community, looking at the penetration of each company’s products with the other sets of customers. Clearly it’s too early to tell in terms of direct results. But we do believe that it will drive incremental revenue.

Q - Jay Vleeschhouwer

Okay. And then lastly the most important question I hope Murray that will have continued access to your line expertise.

A - Murray Demo

Yeah, I want to be here in full force as CFO until we have the replacement. So I will be here to keep answering any questions you might have.

Q - Jay Vleeschhouwer

Okay. Thanks Murray.

Operator

Your next question comes from Brent Thill with Prudential.

Q - Brent Thill

Good afternoon. Can you just give us a sense of how quickly, you think you can achieve the first stage of the channel integration, I know you just, you adversely spoke about the sales side but, just in terms of integration of what the Silver lab with Macromedias right now on the internet channel?

A - Bruce Chizen

Yeah fortunately, during the integration period Brent, we were able to look at the channel strategy, look at the channel synergies and they are overlapped. And we are well on our way of achieving those synergies as we speak it.

Q - Brent Thill

Okay.

A - Bruce Chizen

It would surprise me if no later than the end of Q1 to be where we need to be.

A - Murray Demo

Yeah. Just to give a little color on that, where we stand on the integrations at this point we’ve made tremendous progress on Day 1, our Infrastructure Integration of our network, Video Conferencing Firewalls, 5 digits phones all on Day1. We are processing orders on both websites in through SAP on Day 1, we had orders processed for our direct business, most companies as one company on Day 1. The channel for licensing and shrink wrap, we are processing orders on Day 1 with full supplies of products that we needed to have with in 2 days. So, we are in a tremendous position right now, operating as one company with our typical kind of reporting basically, every 6 hours or watching revenue flow around the world is basically any level of detail we want or the combined products of the company. So, the integration is off to a, tremendous start, we obviously have more work to do. We feel quite good about where we stand on Day 9.

Q - Brent Thill

And Murray, just the timing of the billing to our buy back, which deserve a set course we should expect even when secured or will be more back and low, just to, towards the end of the year, how shall we expect to see that progress?

A - Murray Demo

Well no specific target to provide there, but we are committed to buying back that billion shares, million dollars worth of shares.

Q - Brent Thill

What was that? You said a billion shares.

A - Murray Demo

Oh yeah, I don’t have much money. Yeah, we definitely can move to a billion to a billion share, billion dollars of stock in the 12 months it will be over the course of the year, but we don’t have any specific timing to provide on that. So as we move through the year we will provide updates.

Q - Brent Thill

Great thanks.

Operator

The next question comes from Gene Munster with Piper Jaffray.

Q - Gene Munster

Good afternoon buddy and congratulations on growing these businesses, its kind of unheard to see big software companies come together and have some solid guidance like this. So, well done.

A - Murray Demo

Thank you.

Q - Gene Munster

And in terms of, I guess follow up on some other questions that have been asked. In terms of hypothetical timing of new products, I can think about lot of great products that the combined companies can put together. Should we generally be thinking about CS3 as the first kind of a event, Shantanu, you talked a little bit about it. Or should we think that there could be some combined products that could periodically find the way to the market, prior to CS3?

A - Bruce Chizen

Yeah, Gene I’d love to be able to be answer those questions, we don’t want to stall at the existing business, we don’t want to, perhaps that our competitors, as Shantanu has said previously, there are number of products that we plan rolling out through out the year, you will see more and more integration as we go through this year, as we move into ’07, and for something like the engagement platform, it will take us a number of generations for us to get to where we hopefully want to be. But I can give you confidence that we have done a great deal of planning and that of a one company the engineering teams are aggressively curving away.

Q - Gene Munster

Okay, and just in terms of revenue per customer, I know that Jay’s question kind of touched on this bundle and you guys probably aren’t going to give us some of their research that you’ve given, so you guys have done. So, I am not going to even ask that question, but maybe can we look at this way as, that if we go back and look at this historical revenue per customer changes when Macromedia has gone up bundling strategy or when you guys first did, it was CS1. Is there any reason to believe that trend will continue as far as percentages, changes and revenue per customer, when you look at, what some of the web bundle that you have today is going to provide.

A - Shantanu Narayen

Gene, what I can say is that as part of this integration effort we, really did a comprehensive customers segmentation of looking at people who are creating content for prints, for web, for video and for wireless. As well as not just to creative part of it, but also developer community, and we did find that, the penetration of all of our products, there was upside in terms of getting more people to standardize on the complete bundle kind of offerings that we are providing. So we certainly believe that there is upside, and, as just we will continue to deliver these bundles to address that opportunity that we believe we have.

A - Bruce Chizen

Well one thing that we are confident Gene, as long as the economy continues to be as stable as it is, our customers will pay for value. We are thrilled that the creative pro businesses is growing 20% year-over-year, and that is an example of that kind of willingness to pay for value. They appreciate what we have done with Creative Suite 2, we believe that we have the Macromedia products available to them that we can continue to increase our average ASP per customer.

Q - Gene Munster

Okay, and just, I guess how are you, are going to be marketing that bundle. You don’t have the advantage of new product releases, where you go now with the bundle.

A - Shantanu Narayen

Well I think we’ve started to market through the traditional channels that we have available to us. Certainly, on the website through the communities that we both have accesses to. As well as direct customer base Gene, I mean we have a fair amount of Macromedia, the fair amount of customer that they have. And we’re actively targeting those customers, certainly again as we talked about the video bundle that’s going to be coming out early in 2006. All these are opportunities for us to get the word out.

Q - Gene Munster

And one last question obviously, Apple in the next year is going to be going through a platform change, I know Bruce you were at Apple’s Developer Conference last year talking about Rosetta. Any thoughts in terms of how quickly, although we could have products to capitalize on Apple’s new platform.

A - Shantanu Narayen

Again Gene, our general philosophy with respect platform shifts whether it’s with Apples move to the Intel architecture or the Microsoft shift to Vistas. We stay focused typically on our own product schedule and making sure that as a result of a new product release that we do, that we support any new operating system, that might be available at that point on new hardware platform, and therefore as you can imagine we are well on our way of making sure that we support the Intel Mac platform in the next versions of our products.

A - Bruce Chizen

We do know that when customer switch, it is a greater opportunity for us to sell them more software. They typically will need to upgrade or buy new sets of products.

Q - Gene Munster

But would there be a new version of Breeze that would come out after the Intel switch that would be CS2 for Intel, for Apple, Intel or something like that? Or would the existing CS work on, I could see a few Rosetta but maybe we expect kind of a dot upgrade and then to capitalize on the new platform?

A - Shantanu Narayen

Again typically our philosophy has been do not introduce a specific release for a new platform rather to support that in our new version. There is no reason why our existing products should not continue to work on the new platform.

A - Murray Demo

I think, Gene its important to separate Apple’s customers from those that of both Apple and Adobe customers. Clearly they are more consumer-oriented customers will buy the new Mactel machines as quickly as they are available. Our customers will take the time to both evaluate them and also make sure that the software is right for that environment.

Q - Gene Munster

Yep.

A - Murray Demo

For Adobe it does not, would make sense for us typically to do and operating system or architectural version only, we want to incorporate that into a wrap of the product.

Q - Gene Munster

Okay, great. And finally Murray, I guess finally has deserved a vacation and see you after what you’ve financially done for the company, so congratulations and enjoy it.

A - Murray Demo

Thanks a lot Gene and I appreciate that.

Operator

Your next question comes from Sasa Zorovic with Oppenheimer.

Q - Sasa Zorovic

Good afternoon. I have question for you regarding OEM products right now, I guess new segment, we should know the product that I guess Macromedia was very excited about ending up being the other category, I guess the other categories will vary coordinate for building the past with earliest ones that was growing all that might bring Suite in particular. Does that mean that you’re going to be emphasizing these products or that is gap of this spend, sort of I guess maybe more narrating other categories in a different month?

A - Shantanu Narayen

So, in looking at the business segment classifications, and when we came up with those Sasa, one of the things we had to do also based on the SEC requirements is to look at how we’re running the business within the company and making sure that the business segment classification support, how we are managing the process internally. I think as you look at, contribute especially for people who gone to update the website, it’s an important aspect of working and conjunction with, the website that exists. So we will continue to invest in that business.

Q - Sasa Zorovic

Okay and my second question will be sort of similar to the new Apple platform, regarding we’re kind of looking at this type coming out sometime roughly, a year from now, or so what sort of is your kind of position regarding what’s kind of a refresh that might be as far as your concern?

A - Shantanu Narayen

I think it’s a little too early to tell just because I don’t know exactly when Vistas are going to ship right now Sasa so, our perspective is we are just going to continue to focus on delivering the next versions of our products, I think the innovation ideas associated with putting together this engagement platform a tremendous and so when this Vista comes we’ll support it.

Q - Sasa Zorovic

All right, great, thank you very much and Murray and let me join everyone and thank really for what you’ve done for Adobe.

A - Murray Demo

Thank you, Sasa.

Operator

Your next question comes from Tom Berquist with Citigroup.

Q - Tom Berquist

Thank you, a lot of questions have been answered but I am curious, you may answer this, sorry, but I was jumping from call to call, you talked all about the Intelligent Document Survey Business and also the relationships with SAP, IBM, EMC and others, how that’s going?

A - Shantanu Narayen

Well, still Tom, again we did have record revenue, I think if you look at the performance in the year we continued to have the deals greater than 50,000 were a record 63. Clearly, the second half in 2005 grew significantly over the first half of 2005, its over 25% growth in the second half, and so, we continued to be excited about that business, we have more reference accounts now that are available across the verticals that we target at Government financial services and other regulated industries, we did say that SAP is now starting to offer interactive forms as well as part of NetWeaver platform and our relationship with EMC is also strong, from a revenue and marketing perspective. So, we continue to feel that we have momentum in that business going into 2006 and Flex and ColdFusion will just add to that as well.

Q - Tom Berquist

In terms of how those will add to it, as obviously some our relationship between, what people will do, with application web servers versus what they do with Intelligent Forms. Now how do you envision those things going together, will you have web pages that are combinations of both HTML and Adobe Forms, how do you think about that?

A - Shantanu Narayen

Well, Tom I can give you a couple of scenarios that already seemed to be resonating with our customers that we’ve talked to. For example, in terms of being able to do the data capture and using Flex as an immersive way to create experience that can be used for data capture as a front end to the digit, as a front end to the PDF process, is gaining some interest. Macromedia also announced some very exciting data services as part of their recent MAX announcement which we can use to synchronize the data whether that comes from PDF or HTML back into the enterprise. I think having the FlexBuilder application enables us to also give more tools to developers who wish to build on this engagement platform that we’re talking about. So, what’s exciting as we’ve been talking to some customers who’ve been using Flex and using LifeCycle independently and they clearly see the benefits of us being able to put them together.

Q - Tom Berquist

Okay, so when we think about future product synergies, obviously there is a lot of synergy on the Creative Suite side, but you should also think if there’s going to be a fair amount of potential opportunities for bundles or suites, across over and intelligent document servers and they have several products from Macromedia?

A - Shantanu Narayen

We certainly believe that the combination of Flex and ColdFusion and LifeCycle enables us to deliver a more comprehensive offering to the CIO as they think about how they want to have an experience either on web or on paper. How that is reflecting itself in products, it’s a little early to tell.

Q - Tom Berquist

Okay, thanks a lot.

A - Bruce Chizen

Op we’ll take one more question.

Operator

Okay. Your next question comes from Steve Ashley with Robert W. Baird.

Q - Steve Ashley

Cool, made it in under the wire. I have a question for Shantanu, if you look at the new bundle, if we were look at the design bundle, from a designer’s perspective, what would you say with the value proposition other than the financial economics of that bundle, what other things would entice a designer to buy the design bundle over CS2?

A - Shantanu Narayen

Well, what we are hearing Steve from our customers is the people who are today producing content for print, a lot of them want to start to deal with multimedia, they want to start to make their offerings available on the web. And, with video really exploding on the web as well as using DVD, I think the ability to use animation and take that content that they had produced for one medium and move it on to the web is what developers in particular found very exciting. The other example that I would give is a number of these customers use illustrator to create a vector content and then want to animate it and by having flash in addition to illustrator, allows them to integrate that workflow, so just, 2 small examples.

A - Bruce Chizen

I think, if you think about the Adobe customer, they have relied on us for many of their solutions, the fact that we can now provide them with flash authoring in the same box, gives them comfort in trying it and testing it knowing that, that’s an area of focus that is required for them to be successful in the future.

Q - Steve Ashley

That’s it for me thank you.

Mike Saviage Vice President of Investor Relations

This concludes our call today. We thank you for joining us. Have a great and safe holiday season and we’ll see you in January at Analysts meeting.

Operator

Thank you for participating in today’s conference. You may now disconnect.

Related:

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY’S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY’S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY’S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Full Transcript of Adobe Systems’ F4Q05 (Qtr Ending Dec 2, 2005) Conference Call - Q&A (ADBE)
This Transcript
All Transcripts