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ADBE: FY12 10-K new data; updated Creative Cloud estimates




Griffin Securities, Inc.


23 Jan 2013





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We review the incremental data and management comments in Adobe’s FY12 10-K, including references to Creative Suite and other product revenues, Creative Cloud, the amount and mix of subscriptions revenues, currency effects, and acquisition accounting. In addition, we are updating our Creative Cloud model for the new “team” offering: we are modestly trimming our FY13E and modestly increasing FY14E as we expect Creative Cloud to become net incremental to revenues next year, as Adobe moves through its model transition. We are reiterating our Buy rating.

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