Adobe Systems Presentation

Adobe SystemsKristina Bergstrom (Management)

David Coonradt (Management)Shawn Jeong (Management)Brooke Madrid (Management)Tanner Swire (Management)

● Background and History● Mission Statement● Sustainable Competitive Advantage● Opportunity Statement● Significance to Leadership● Expected Outcomes

Company Overview

John Warnock and Charles Geschke founded Adobe

Systems

First Adobe office opens in Mountain

View, CA

Adobe sold 20% equity to Apple to license PostScript

Background Mission StatementSustainable Competitive Advantage

Opportunity Statement

Significance to Leadership

Expected Outcomes

Apple sells 3.4M share in Adobe,

nets 3000% gain.

Adobe (ADBE) goes public with share

price of $.17

Adobe Illustrator 1.0 launched

First laser printer (Apple)

powered by Adobe

Postscript

Adobe Photoshop launched

PDF technology announced

Adobe moves into San Jose world headquarters

Adobe Acrobat 1.0 released

Adobe Reader first integrated into web browser

#56 Fortune’s “100 Best”

InDesign 1.0 released; Adobe acquires Attitude Software

Sun Microsystems

developed Java

Expected Outcomes

Bruce Chizen named CEO

Donna Morris joins Adobe

2000 & 2001

Charles Geschke and John Warnock retired

#5 Fortune’s 100 Best Companies to Work For

Adobe acquires

Macromedia for 3.4 Billion

Shantanu Narayen becomes President and CEO

Expected Outcomes

Adobe lays off 600 employees

CS6 launched

Numerous large

companies select Omniture

Adobe lays off 680

employees

Physically packaged

Creative Suite products

discontinued

Expected Outcomes

Adobe Photoshop CC brings 3D printing

Adobe Creative Cloud announced

Adobe media player released

“Adobe Document

Cloud” launched

Expected Outcomes

“To revolutionize how the world engages

with ideas and information.”- Adobe.com

Sustainable competitive advantage is created through the production of augmented products that meet customer needs for time, convenience, risk and fear reduction. These augmented products are difficult to imitate, and

create high differentiation which raises customer perceived value.

Expected Outcomes

Adobe operates within the highly-competitive creative software industry, and leads the competition in brand

strength. Adobe has an opportunity to differentiate customers within its large user database by current and future value, and to anticipate and meet the future needs

of most valuable and growable customers, thus strengthening customer relationships, profitability and

brand image.

Expected Outcomes

Adobe Systems as well as its place in the highly competitive and fast growing computer software industry.

As a result, we have uncovered new forms of underleveraged resources within the company and have

developed detailed programmatic recommendations that will maximize these forms of sustainable competitive

advantage.

Expected Outcomes

● Leveraging database asset● Increase customer share of future value customers● Insulation from indirect competition● Variable value-based pricing● Improvement in brand image● Enhanced, sustainable profit margins

Expected Outcomes

● Research Methodology● Internal Analysis● External Analysis

Situational Analysis

● Used only secondary resources● Environmental scanning and monitoring

○ Adobe.com○ SEC Filing○ Google and Yahoo Finance, MarketWatch.com○ Scholarly/ Peer-Reviewed Articles

Research Methodology

● Leadership● Corporate Culture● Human Resource Management● Organizational Structure● Operations● Finance● Marketing

Internal Analysis

“The only business book that John and I ever read, and the only chapter that I remember from it was a chapter entitled “Market Gap Analysis.” The one idea I remember was that it is easier to build a

business if you find a new solution to an already perceived problem that no one has come out with before — because you

instantly are [at] 100% market share.”

Leadership Corporate CultureHuman

Resource Management

Organizational Structure

Operations FinanceLe

Prior Experience:● PhD, Computer Science● Xerox PARC

Adobe:● COO 1986 - 1994● Chairman since 1997● President 1989 - 2000

Charles Geschke, Co-Founder 1982

“In building a high-tech business, it has always been my basic instinct to out-invent and out-engineer the

competition. After all, customer satisfaction ultimately depends on the quality of the products.”

Resource Management

Prior Experience:● PhD, Electrical

Engineering● Xerox PARC, 1978 - 82

Adobe:● CEO 1982 - 2000● Chairman since 1984● President 1989 - 2000

John Warnock, Co-Founder 1982

“Donna Morris is exceptional in many ways, but one quality that sets her apart is her drive for innovation. During her time leading

People Resources at Adobe, she’s challenged the status quo for the benefit of the company and our employees. Donna applies her

business and organizational insights to ensure we have the right talent, strategy and alignment to accelerate our success”

- Shantanu Narayen

Resource Management

Prior Experience:● BA, Political Science● VP, Accelio 1998 - 2002

Adobe:● Senior VP of Global People

Resources, 2007

Donna Morris, 2002 - Present

“If you always do what's right for your customer, good things will happen in the end."

- Matt Thompson

Resource Management

Prior Experience:● BS, Business/Commerce● SVP, Borland 2003 - 2006

Adobe:● Executive VP, Worldwide

Field Operations, 2007

Matt Thompson, 2007 - Present

“I look forward to continuing Adobe’s Tradition of Technology, Leadership, and Innovation...”

Vision / Philosophy: “At the end of day, innovation leads to better business

because it leads to better customer solutions.”

Resource Management

Prior Experience:● BS EE, Osmania U.● Apple, Inc.

Adobe:● Current President and

appointed CEO since 2007

Shantanu Narayen, 1998 - Present

Resource Management

Operations Finance

Leadership Summary

“We believe in working hard and playing hard - and know the value of a good work-life balance.”

- Adobe.com

Resource Management

Operations FinanceC

● Four Core Valueso Genuineo Exceptionalo Innovativeo Involved

Resource Management

Operations FinanceC

● Fortune’s 83rd Best Places To Work For list● “Never stop learning”● Sabbaticals of 4 weeks after 5 years

○ 5 weeks after 10 years

“We look at their ability to learn, how fast they are, how quick they are. And their experience. What have they done with their life? What

concrete accomplishments have they made? Are they a finisher? When they start a project, can they finish the project, or do they start

20 projects and then have them all open-ended?”

- John Warnock

Resource Management

Operations FinanceR

● University Recruitingo Career fairso Campus Interviews

● Job Search Websiteso LinkedIn

Resource Management

Operations FinanceR

Resource Management

Operations FinanceH

Apply Online

Resource Management

Operations FinanceH

Resource Management

Operations FinanceT

● Managing Professional Growth (MPG)● Globe Smart● Element K Online Product Training

Check-in Process1. Expectations2. Feedback3. Growth and Development

Resource Management

Operations FinanceR

“At Adobe, Our True Asset

is Our People…”- Donna Morris,

Senior VP of People Resources

Resource Management

Operations FinanceT

Shantanu NarayenPresident and CEO

Michael DillonSenior VP, General Counsel and

Corporate Secretary

Mark GarrettExecutive VP and CFO

Dr. Naresh GuptaSenior VP, Print and Publishing, Managing Director, Adobe India

Ann LewnesSenior VP, Print and Chief

Marketing Officer

Donna MorrisSenior VP, People and Places

Matt ThompsonExecutive VP, Worldwide Field

Operations

Bryan LamkinSenior VP, Technology and

Corporate Development

Gerri Martin-FlickingerSenior VP, Chief Information

Officer

Brad RencherSenior VP, General Manager,

Digital Marketing

David WadhwaniSenior VP, General Manager,

Digital Media

Resource Management

Operations FinanceLo

Headquartered in San Jose, California

Resource Management

Operations FinanceLo

North America AsiaAustralia & New

Zealand

Europe, Middle East &

AfricaSouth America

11 9 3 24 1

1. From Physical to Cloud infrastructure.

2. From Installed software to software delivered “as-a-Service” (SaaS).

3. From PC computing to mobile computing.

4. Functional Expansion

Resource Management

Operations FinanceM

Resource Management

Operations FinanceR

Resource Management

Operations Finance

Finance Introduction

IPO: $0.17 Current Price: $76.06

Resource Management

Operations Finance

Stock Price (5 year)

Resource Management

Operations Finance

Financial Statements

Resource Management

Operations Finance

Financial Statements

Current RatioAn extremely conservative measures of short term solvency

Resource Management

Operations Finance

Short-Term Solvency

Current AssetsCurrent Liabilities

Cash RatioMeasure the ability to pay off debt obligation using cash on hand

Resource Management

Operations Finance

Short-Term Solvency

Cash and EquivalentsCurrent Liabilities

Total Debt RatioA conservative measure of long term solvency

Resource Management

Operations Finance

Long-Term Solvency

Total LiabilitiesTotal Assets

Debt to Equity RatioA measure of debt leverage

Resource Management

Operations Finance

Long-Term Solvency

Total LiabilitiesTotal Stockholder’s Equity

Total Asset TurnoverSales generated per dollar of assets

Resource Management

Operations Finance

Asset Utilization

SalesTotal Assets

Profit MarginShows what percentage of every dollar is kept in earnings.

Resource Management

Operations Finance

Profitability

Net IncomeSales

Return on AssetsEarnings that are generated from invested capital.

Resource Management

Operations Finance

Profitability

Net IncomeTotal assets

Price Earnings RatioHow much investors pay for one dollar of earnings

Resource Management

Operations Finance

Market Value

Market Value per ShareEarnings per Share

Finance Summary

“2014 was a pivotal year for Adobe as we completed our business model transition...in 2015 we expect revenue and

earnings to grow sequentially every quarter during the year.”- Mark Garrett, CFO

"The problem with this strategy [shift to subscription] is that it will take Adobe around four years to generate the same level of

revenues from a single subscriber that it would have earned through the sale of a single perpetual license"

- Rick Sherlund, Analyst, Nomura Holdings (2012)

Resource Management

Operations Finance

● Product● Price● Place● Promotion

o Advertisingo Public Relationso Sales Promotiono Personal Sellingo Direct Marketing

● Social Media

Marketing

MarketingDirect

CompetitionIndirect

CompetitionTechnology

IndustryCustomer

Macroeconomic Factors

MarketingDirect

CompetitionIndirect

IndustryCustomer

MarketingDirect

CompetitionIndirect

IndustryCustomer

MarketingDirect

CompetitionIndirect

IndustryCustomer

Demand

Variable Pricing Model

MarketingDirect

CompetitionIndirect

IndustryCustomer

Current Pricing Model for Creative Cloud

MarketingDirect

CompetitionIndirect

IndustryCustomer

● Advertising● Public Relations● Sales Promotion● Personal Selling● Direct Marketing

Marketing - Promotion

MarketingDirect

CompetitionIndirect

IndustryCustomer

MarketingDirect

CompetitionIndirect

IndustryCustomer

● Secondary blogs● Secondary tutorials and forums● Awards and recognitions

● Students● Teachers● Earlier CS Versions

MarketingDirect

CompetitionIndirect

IndustryCustomer

● Adobe Partner Connection Reseller Program

● Adobe Certified Instructors● Adobe Technology Partners● Adobe Community

Professionals

MarketingDirect

CompetitionIndirect

IndustryCustomer

● Self-help user forums.● Limited chat and phone

support. ● Links to extensive tutorial

videos. ● Poor customer service

reputation.

MarketingDirect

CompetitionIndirect

IndustryCustomer

● Adobe MAX. The Creativity Conference● Social Media ● Over 60 appearances at trade shows● Adobe Community Professionals

MarketingDirect

CompetitionIndirect

IndustryCustomer

MarketingDirect

CompetitionIndirect

IndustryCustomer

MarketingDirect

CompetitionIndirect

IndustryCustomer

MarketingDirect

CompetitionIndirect

IndustryCustomer

● De-emphasize on traditional advertising

● Highly targeted B2B relationships

● Fostering enthusiastic community

● Underleveraged awareness campaigns

● Competition o Directo Indirect

● Technology● Industry Customer● Macroeconomic Factors

External Analysis

MarketingDirect

CompetitionIndirect

IndustryCustomer

● Not Publically Traded● 500 - 1,000 employees● Specialty in software,

desktop publishing, and enterprise publishing

● Publically Traded● 7,500 employees● “To help people

imagine, design, and create a better world.”

MarketingDirect

CompetitionIndirect

IndustryCustomer

MarketingDirect

CompetitionIndirect

IndustryCustomer

3-D Printing

MarketingDirect

CompetitionIndirect

IndustryCustomer

Mobile/Tablet Devices

● Commercial Customers● Schools and Universities● Governments● Students and Teachers

MarketingDirect

CompetitionIndirect

IndustryCustomer

● Web Developers

● Photographers

● Videographers

● Software Piracy● Global currency instability● Economic downturn● Venture-backed competitors

MarketingDirect

CompetitionIndirect

IndustryCustomer

S.W.O.T. Analysis

STRENGTH WEAKNESS

OPPORTUNITY

THREAT

INTERNAL

EXTERNAL

NEGATIVEPOSITIVE

● Strong brand image● Value of intellectual capital as

greatest asset● Adobe ID database● Cross-application workflow builds

customer share● Corporate culture● Strong investor confidence

Strengths Weaknesses Opportunities ThreatsSustainable Competitive Advantage

Potential SCA

SourcesS

● Unleveraged database asset● Decline in profitability● Product complexity● Impersonal with their end-user

customers● Organizational structure● Customer service

Potential SCA

SourcesW

● Customer customization of Creative Cloud Apps

● Enhanced customer training services

● Leverage database asset to increase customer share● Growing mobile digital devices market● Growing technology demands in consumer markets● SaaS industry trend

Potential SCA

SourcesO

● Software piracy● Intense competition creates cost-plus pricing● Tech startups, open source/freeware developers● High R&D costs for rapidly developing tech industry● High reliance on distributors ● Overdependence upon windows and macintosh

Potential SCA

SourcesT

Potential SCA

Sources

Sustainable competitive advantage is created through the production of augmented products that meet customer needs for time, convenience, risk and fear reduction. These augmented products are difficult to imitate, and

create high differentiation which raises customer perceived value.

● Leveraging database asset to increase customer share● Highly personalized customer service/customer training● Further insulate brand image

Potential SCA

SourcesP

tial S

● Viable Alternatives● Minor Recommendations● Programmatic Recommendation● Financial Feasibility ● Expected Outcomes● Metrics● Areas of Future Study

Recommendations

● Integrated Marketing Communications Program● Develop 3D model design and production software suite● Grow B2B Enterprise Training program for Adobe

products● Online store for direct publishing for Adobe users.

ViableAlternatives

Minor Recommendations

Programmatic Recommendations

Financial FeasibilityExpected Outcomes

Future Study

● Increase specifics in user account data collection● Expand tiered variable pricing model ● Discontinue updates for CS6 ● Create new Chief Relationship Officer position

ViableAlternatives

Future StudyM

ViableAlternatives

Future StudyO

● Leading competitor in brand position● Differentiate customers by current and future value● Anticipate the future needs of most valuable and

growable customers● Strengthen customer relationships, profitability

and brand image

ViableAlternatives

Future Study

Programmatic Recommendation

MyAdobe

ViableAlternatives

Future Study

Interactive training embedded in software

Remote-desktop customer support with expert users

Two components to MyAdobe: Training & Customer Support

MyAdobe: Account

● What is your vocation?● What is your current proficiency

level?● What is your primary language?● Why did you choose Adobe

over competitors?

Survey for every MyAdobe account

MyAdobe: Learn

MyAdobe: Connect

MyAdobe: Rep. Recruitment Process

1. Must be Adobe Community Professional

2. Evaluation of software proficiency

3. Customer Service Training

4. Activation on MyAdobe connect network

MyAdobe: Representative Ranking Representative Ranking Program*:

Tier Time supporting/

Customer Satisfaction

Software certifications

Reward

“MyAdobe Associate”

10 support

sessions

90%+ 1-2 $ compensation

“MyAdobe Professional”

20 support

sessions

95%+ 3-5 $$ compensation

“MyAdobe Expert”

30 support

sessions

98%+ 6+ $$$compensation

*sample

MyAdobe: Rep. Matching Process

Customer Value Representative Value Software Help: Illustrator

Customer Skill: Beginner

Language French

Customer Value● Based on # of years

with Adobe● # of products● How often they use

our products

Software Skill: Illustrator

Rep. Skill Intermediate

Language: French/English

Rep. Value● Based on

customer review● Software skills● # of articles for pro

publications

Matching most valuable customers with most valuable representatives

MyAdobe: Connect Representative

The “Uber” of customer service

MyAdobe: Rollout

● Create awareness to most growable customers

● Invite for opt-in● Customer signs up● Survey ● 30 day free trial

○ Learn (5 free tutorials)○ Connect (2 free calls)

● Customer customizes their paid subscription plan

ViableAlternatives

MinorRecommendations

Future StudyT

Sample* MyAdobe Account PricingSelect Your Creative Cloud Softwares

Photoshop $XX.xx/mo

After Effects $XX.xx/mo

Illustrator $XX.xx/mo

Select Your MyAdobeLearn tutorials 10 tutorials $XX.xx/mo

Select Your MyAdobeConnect level 3 sessions a month $XX.xx/mo

Total Monthly MyAdobe price

$XX.xx/mo

*Final prices to be calculated after rollout evaluation

● Long-term investment to build customer share

● Customized value-based pricing improves customer relationships

● Strong investor confidence in subscription model

● 1.1 Billion free cash flow

ViableAlternatives

Future StudyF

● Distinct competency through MyAdobe features

● Increased customer satisfaction● Insulation from the competition● Increase in profit margins● Strengthening the brand image

Viable Alternatives

Future StudyE

MyAdobe: Metrics

● Satisfaction survey after customer service session

● Time spent using software● Frequency use of software features● MyAdobe Learn Tutorial Usage● Subscription increase/decrease rates

MyAdobe: Summary

Providing a complete experience for the creative professional.

● Online store giving users direct publishing channel● Expansion in 3D modeling● Expanding advertising campaigns● Expand mobile workflow

ViableAlternatives

Future Study

Ecclesiastes 4:9-10

“Two are better than one, because they have a good return for their labor: If either of them falls down, one can help the other up. But pity anyone who falls and has no one to help them up.”

Spiritual Implications

InvestIn

Would we invest in and work at Adobe

Systems?

InvestIn

Would we invest in and work at Adobe

Systems?

1. https://www.adobe.com/aboutadobe/history/2. http://www.investintech.com/resources/articles/adobehistory/3. http://www.adobe.com/leaders.html4. http://www.macworld.com/article/1150845/laserwriter.html5. https://www.adobe.com/aboutadobe/diversity/commitment.html6. http://online.barrons.com/articles/SB500014240527487047192045790230436213042887. http://www.investintech.com/resources/articles/adobehistory/8. http://www.prepressure.com/postscript/basics/history9. http://www.computerhistory.org/fellowawards/hall/bios/John,Warnock/10. http://www.bloomberg.com/research/stocks/people/person.asp?personId=168730&ticker=ADBE11. http://www.nndb.com/people/129/000026051/12. http://www.adobe.com/leaders/board-directors/charles-geschke.html13. http://www.computerhistory.org/fellowawards/hall/bios/Charles,Geschke/14. http://knowledge.wharton.upenn.edu/article/driving-adobe-co-founder-charles-geschke-on-

challenges-change-and-values/15. http://www.nndb.com/people/128/000026050/16. http://www.bloomberg.com/profiles/people/1408194-john-e-warnock17. http://www.adobe.com/leaders/board-directors/john-warnock.html18. http://knowledge.wharton.upenn.edu/article/adobe-co-founder-john-warnock-on-the-competitive-

advantages-of-aesthetics-and-the-right-technology/19. http://www.nndb.com/people/883/000141460/20. http://www.voyagercapital.com/team/index.php?category=Investment+Team&team-

member=Bruce+Chizen

Citations (Page 1)

1. http://www.adobe.com/leaders/donna-morris.html2. http://blogs.adobe.com/adobelife/2013/10/22/donna-morris-named-a-breakaway-hr-leader/3. http://www.nndb.com/people/305/000168798/4. http://online.barrons.com/articles/SB500014240527487047192045790230436213042885. http://blogs.adobe.com/adobelife/2014/01/16/fortune-names-adobe-among-100-best-companies-

to-work-for/6. http://brandcenterdl.adobe.com/Corpmktg/Brandmktg/Campaign_Assets/guidelines/corporate/

corporate_brand_guidelines.pdf7. http://www.adobe.com/careers/culture-values.html8. http://wwwimages.adobe.com/content/dam/Adobe/en/investor-relations/PDFs/

ADBE_10K_FY12_FINAL_CERTIFIED.pdf9. https://www.thetech.org/exhibits/online/revolution/warnock/i_c.html10. http://www.adobe.com/careers/university/calendar/usa.html11. http://www.adobe.com/careers/how-to-apply.html12. http://ryanestis.com/employee-engagement/adobe-interview/13. http://blogs.adobe.com/adobelife/2013/10/22/donna-morris-named-a-breakaway-hr-leader/14. http://www.adobe.com/content/dam/Adobe/en/security/pdfs/adobe-security-training-wp-web.pdf15. http://blogs.adobe.com/adobelife/2013/10/22/donna-morris-named-a-breakaway-hr-leader/16. http://www.theofficialboard.com/org-chart/adobe17. http://blogs.adobe.com/conversations/2015/02/no-garbage-cans-allowed-the-sustainable-tech-of-

adobe-hq.html18. http://officesnapshots.com/2013/07/10/inside-adobes-reinvented-global-headquarters/19. http://www.forbes.com/sites/greatspeculations/2015/03/05/why-adobe-is-worth-70-per-share/

Citations Continued (Page 2)

1. http://www.adobe.com/in/company/contact/offices.html2. http://www.softresources.com/resource-room/software-trends/3. http://www.forbes.com/sites/truebridge/2013/09/17/the-software-revolution-a-sector-trends-series/4. http://www.businessinsider.com/chart-of-the-day-adobe-revenue-2010-55. http://www.adobe.com/aboutadobe/invrelations/pdfs/ADBE_stocksplit.pdf6. http://www.bloomberg.com/bw/articles/2014-11-13/why-apple-takes-on-debt7. http://www.thestreet.com/story/13079215/1/adobe-erasing-valuation-fears-with-acquisitions-cloud-

services.html8. http://www.zdnet.com/article/adobes-uncreative-cloud-licensing-wall/9. http://www.webdesignerdepot.com/2013/05/no-more-creative-suite-what-does-it-mean/10. http://landing.adobe.com/en/na/products/marketing-cloud/59361-forrester-emss-wave.html?

s_osc=70114000002JI4UAAW&s_iid=70114000002JGu2AAG11. https://creative.adobe.com/plans12. http://www.gizmag.com/adobe-all-cloud-no-retail/27407/13. http://www.digitaltrends.com/photography/adobes-creative-suite-to-become-online-only-creative-

cloud-platform/14. http://photofocus.com/2013/03/14/adobe-has-not-discontinued-creative-suite-just-physical-boxes/15. http://brandcenterdl.adobe.com/Corpmktg/Brandmktg/Campaign_Assets/guidelines/corporate/

corporate_brand_guidelines.pdf16. http://www.nytimes.com/2012/10/23/business/media/adobe-marketing-campaign-works-with-

coarse-language.html?_r=117. http://www.adobe.com/marketing-cloud/why-adobe-saas.html18. http://www.adobe.com/corporate-responsibility/awards.html

1. http://www.adobe.com/products/discount-software-coupons.html2. https://www.adobe.com/cfusion/partnerportal/index.cfm?

event=aboutPartnerships&loc=en_us&showmytab=tab_channel3. https://www.adobe.com/cfusion/partnerportal/index.cfm?

event=aboutPartnerships&loc=en_us&showmytab=tab_trainers4. https://www.adobe.com/cfusion/partnerportal/index.cfm?

event=aboutPartnerships&loc=en_us&showmytab=tab_solutionpartners5. http://blogs.adobe.com/captivate/files/captivate/OpenLettertoAdobeCustomers.pdf6. https://www.adobe.com/sea/support/certification/7. https://www.adobe.com/communities/professionals/faq.html8. https://forums.adobe.com/people/Mylenium9. http://www.adobe.com/news-room/social-media.html10. http://blogs.adobe.com/digitalmarketing/social-media/a-social-shift-in-social-media-training-for-

employees/11. http://www.quark.com/About_Quark/Careers_At_Quark/Culture.aspx12. http://usa.autodesk.com/adsk/servlet/pc/index?siteID=123112&id=1422443313. https://helpx.adobe.com/photoshop/how-to/photoshop-print-3d.html14. http://www.dexigner.com/news/2728115. http://www.creativebloq.com/adobe/apple-watch-apps-4151477716. http://venturebeat.com/2013/09/23/adobe-revamps-photoshop-elements-for-the-new-consumer-

photographer/17. http://www.adobe.com/creativecloud/buy/students.html18. http://www.adobe.com/antipiracy.html

1. http://globalstudy.bsa.org/2013/2. http://www.huffingtonpost.com/2012/06/01/software-piracy-study-bsa_n_1563006.html3. http://www.forbes.com/sites/truebridge/2013/09/17/the-software-revolution-a-sector-trends-series/4. http://bestglobalbrands.com/2014/adobe/5. http://www.softwarepatch.com/articles/why-creative-cloud-is-so-unpopular/6. http://www.cnet.com/news/jobs-why-apple-banned-flash-from-the-iphone/7. http://www.wsj.com/articles/SB100014240527023048301045751728602199409908. https://www.biblegateway.com/passage/?search=Ecclesiastes%204:9-10

Adobe Systems

Questions?

EXTRA SLIDES

Extra Slides

Creative Cloud Subscriptions

Recent Acquisitions

$150,000,000 (2012)

$600,000,000 (2013)

Undisclosed (2014)

$800,000,000 (2014)

MyAdobeLearn: Tutorials

Full selection of software tutorials embedded in-software

Creative Cloud Reception

Adobe KickboxP

● Step-by-step strategy design● Inspire innovative ideas● Basic supplies to get an idea moving

○ $1000 credit card● Advance to the blue box

Described vision for Adobe to be,“One of the largest and most diversified software companies

in the world.”

Prior Experience:● BS, Brooklyn College● Microsoft, 1983 - 1987● Claris Corp., 1987 - 94

Adobe:● CEO 2000 - 2007

Bruce Chizen, 1994 - 2007

Bruce Chizen

Current RatioAn extremely conservative measures of short term solvency

Short-Term Solvency

Current AssetsCurrent Liabilities

Current Ratio

Quick RatioAbility to meet short-term obligations with most liquid assets.

Short-Term Solvency

(current assets - inventories)Current Liabilities

Quick Ratio

Cash RatioMeasure the ability to pay off debt obligation using cash on hand

Short-Term Solvency

Cash and EquivalentsCurrent Liabilities

Cash Ratio

Total Debt RatioA conservative measure of long term solvency

Long-Term Solvency

Total LiabilitiesTotal Assets

Total Debt Ratio

Debt to Equity RatioA measure of debt leverage

Long-Term Solvency

Total LiabilitiesTotal Stockholder’s Equity

Debt to Equity Ratio

Equity MultiplierPercentage of assets financed by shareholders

Long-Term Solvency

Total AssetsTotal Stockholder’s Equity

Equity Multiplier

Times Interest EarnedMeasure of ability to cover debt payments*Apple had no outstanding debt 2010-2012

Long-Term Solvency

EBITInterest

Times Interest Earned

Cash coverageMeasure of ability to pay interest expense*Apple had no outstanding debt 2010-2012

Long-Term Solvency

(EBIT + Depreciation)Interest

Cash Coverage

Inventory TurnoverHow many times inventory is turned over*Adobe balance sheets list all inventories as zero.

Asset Utilization

COGSInventory

Inventory Turnover

Days’ sale in inventoryMeasure of time necessary to turn over inventory*Adobe balance sheets list all inventories as zero.

Asset Utilization

365 DaysInventory Turnover

Days’ sale in inventory

Receivables TurnoverEffectiveness in collecting debts

Asset Utilization

SalesAccounts Receivable

Receivables Turnover

Days’ sales in receivablesAverage collection period for receivables

Asset Utilization

365 daysReceivables Turnover

Days’ sales in receivables

Total Asset TurnoverSales generated per dollar of assets

Asset Utilization

SalesTotal Assets

Total Asset Turnover

Capital IntensityAmount of capital needed per dollar of revenue

Asset Utilization

Total AssetsSales

Capital Intensity

Profit MarginShows what percentage of every dollar is kept in earnings.

Profitability

Net IncomeSales

Profit Margin

Return on AssetsEarnings that are generated from invested capital.

Profitability

Net IncomeTotal assets

Return on Assets

Return on EquityProfit generated with investments by shareholders.

Profitability

Net IncomeTotal Stockholder’s Equity

Return on Equity

Price Earnings RatioHow much investors pay for one dollar of earnings

Market Value

Market Value per ShareEarnings per Share

PE Ratio

Market to Book RatioIdentifies undervalued or overvalued securities.

Market Value

Book Value per shareMarket Value per share

Market to Book Ratio

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