Slide 1: Adobe Q4 FY2024 Earnings Call Introduction
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 Adobe Q4 FY2024 Earnings Call December 11, 2024 Introduction Steve Day| SVP, DX CFO & Corporate Finance, Interim Head of Investor Relations STEVE DAY Good afternoon and thank you for joining us. With me on the call today are Shantanu Narayen
Slide 2: Financial Disclaimer
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 Financial Disclaimer Some of the information discussed in this presentation, including our financial targets and product plans, is based on information as of today, December 11, 2024, and contains forward -looking statements that involve risk
Slide 3: Q4 and FY2024 Results
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 Q4 and FY2024 Results Shantanu Narayen | Chair & CEO SHANTANU NARAYEN Thanks, Steve. Good afternoon and thank you for joining us. In Q4, we achieved revenue of $5.61 billion, representing 11 percent year-over-year growth. In our Digital Medi
Slide 4: 2024 was a year of records for Adobe
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 2024 was a year of records for Adobe. We achieved record revenue of $21.51 billion, representing 11 percent year-over-year growth. GAAP earnings per share was $12.36 and non-GAAP earnings per share was $18.42, representing 5 percent and 15 p
Slide 5: AI innovation and platform highlights
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 generations across our tools surpassed 16 billion, with every month this past quarter setting a new record. • We enhanced document productivity with AI Assistant in Adobe Acrobat and Reader, unlocking even greater value from the trillions of
Slide 6: Q4 FY2024 Highlights: Digital Media
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 Q4 FY2024 Highlights David Wadhwani | President, Digital Media Business DAVID WADHWANI Thanks, Shantanu. Hello everyone. In Q4, we achieved net new Digital Media ARR of $578 million and revenue of $4.15 billion, which grew 12 percent year ov
Slide 7: Digital Media: Document Cloud
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 Digital Media: Document Cloud On the Document Cloud side, PDF continues to be the global standard for digital documents and Adobe Acrobat is revolutionizing the way people engage with them across mobile, web and desktop. We took a major step
Slide 8: Digital Media: Creative Cloud
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 • Creative revenue of $3.30 billion, up 10% Y/Y as reported or 11% in constant currency in Q4 FY2024; • Adoption of Adobe Express by ~4,000 businesses and +84% Y/Y in the number of students with access to Express Premium; • Adobe Express saw
Slide 9: Express marketplace and Firefly Video Model
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 plugins available in our Express marketplace and integrations into leading social, productivity and collaboration apps like ChatGPT, Google, Slack, Wix, Box, Hubspot and Webflow, significantly increasing our customer reach. • The launch of t
Slide 10: Growth priorities for Creative and Firefly
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 and mobile, as well as expanding access to Acrobat AI Assistant - which delivered strong financial performance in FY24. • Growing our core creative business by continuing to expand our AI innovations in our flagship applications as well as b
Slide 11: Q4 FY2024 Highlights: Digital Experience
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 Q4 FY2024 Highlights Anil Chakravarthy | President, Digital Experience Business ANIL CHAKRAVARTHY Thanks, David. Hello everyone. The Experience Cloud business had a strong close to the year, achieving revenue of $1.40 billion for the quarter
Slide 12: Digital Experience AI innovations and GenStudio
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 companies are selecting Adobe as their strategic technology partner to accelerate customer acquisition, engagement and retention. Our leading solutions spanning content, data and customer journeys empower businesses to drive top-line growth
Slide 13: Customer wins and analyst recognition
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 Snap and TikTok, offering marketing teams a holistic view of campaign performance directly in Adobe GenStudio to optimize the ROI of their ad spend. • Strong industry analyst recognition in major analyst reports including the Gartner Magic Q
Slide 14: Q4 and FY2024 Results: CFO
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 Q4 and FY2024 Results Dan Durn | EVP & CFO DAN DURN Thanks, Anil. Our earnings report today covers both Q4 and FY24 results, highlighting growth drivers across our businesses, and I’ll finish with financial targets. We are proud of the perfo
Slide 15: FY2024 Results
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 FY2024 Results Total Revenue $21.51 billion 11% Y/Y growth 11% Y/Y growth1 Digital Media ARR $2.0 billion of net new ARR Digital Media segment revenue $15.86 billion 12% Y/Y growth 12% Y/Y growth1 Digital Experience segment revenue $5.37 bil
Slide 16: Q4 FY2024 Results
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 Q4 FY2024 Results Total Revenue $5.61 billion 11% Y/Y growth 11% Y/Y growth1 Digital Media ARR $578 million of net new ARR Digital Media segment revenue $4.15 billion 12% Y/Y growth 12% Y/Y growth1 Digital Experience segment revenue $1.40 bi
Slide 17: Digital Media: Document Cloud Q4 Highlights
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 Adobe Document Cloud| Q4 FY2024 Highlights • Document Cloud revenue of $843 million, up 17% Y/Y as reported and in constant currency, with $173 million of net new Document Cloud ARR • Strong growth across Reader and Acrobat on web and mobile
Slide 18: Digital Media: Creative Cloud Q4 Highlights
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 Adobe Creative Cloud| Q4 FY2024 Highlights • Creative revenue of $3.30 billion growing 10% Y/Y as reported or 11% Y/Y in constant currency, with $405 million of net new Creative ARR • Strong demand for new subscriptions for Creative Cloud Al
Slide 19: Digital Experience: Experience Cloud Q4 Highlights
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 Adobe Experience Cloud| Q4 FY2024 Highlights • Digital Experience revenue of $1.40 billion growing 10% Y/Y as reported and in constant currency, with subscription revenue of $1.27 billion growing 13% Y/Y as reported or 12% in constant curren
Slide 20: Income Statement and Balance Sheet
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 Q4 FY2024 Results Revenue by Geography $19.96B RPO $7.89B EMEA 26% Cash and short -term investments $2.92B Cash flows from operations Asia Americas 14% 60% 4.6M Shares repurchased © 2024 Adobe. All Rights Reserved. Adobe Confidential. Income S
Slide 21: FY2025 Financial Targets
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 FY2025 Financial Targets 1 | December 11, 2024 Total Revenue $23.30 billion to $23.55 billion Digital Media segment revenue $17.25 billion to $17.40 billion Digital Media ending ARR growth 11.0% Y/Y Digital Experience segment revenue $5.80 b
Slide 22: Q1 FY2025 Financial Targets
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 We expect non-GAAP operating margin of approximately 46 percent and a non-GAAP tax rate of approximately 18.5%. Q1 FY2025 Financial Targets 1 | December 11, 2024 Total Revenue $5.63 billion to $5.68 billion Digital Media segment revenue $4.1
Slide 23: FY2024 Accomplishments
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 FY2024 Accomplishments Adobe Express for Enterprise, Frame.io v4 Adobe Firefly Regional Summit Teams, Education, Image Model 3 Events Non-profit London, Munich, Paris & Mumbai Firefly Firefly Video Model Video Model Adobe Firefly Services GenStud
Slide 24: Q&A
Adobe Q4 and FY2024 Earnings Call Script December 11, 2024 Q&A Page 24 of 24