Adobe 2012 Annual Report Download - page 121

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121
NOTE 19. SELECTED QUARTERLY FINANCIAL DATA (unaudited)
2012
(in thousands, except per share data) Quarter Ended
March 2 June 1 August 31 November 30
Revenue...................................................................................... $ 1,045,220 $ 1,124,449 $ 1,080,580 $ 1,153,428
Gross profit ................................................................................ $ 936,955 $ 993,531 $ 960,959 $ 1,028,450
Income before income taxes ...................................................... $ 270,377 $ 294,574 $ 263,212 $ 290,631
Net income................................................................................. $ 185,209 $ 223,876 $ 201,357 $ 222,333
Basic net income per share ........................................................ $ 0.37 $ 0.45 $ 0.41 $ 0.45
Diluted net income per share ..................................................... $ 0.37 $ 0.45 $ 0.40 $ 0.44
2011
(in thousands, except per share data) Quarter Ended
March 4 June 3 September 2 December 2
Revenue...................................................................................... $ 1,027,706 $ 1,023,179 $ 1,013,212 $ 1,152,161
Gross profit ................................................................................ $ 920,067 $ 913,978 $ 908,558 $ 1,035,782
Income before income taxes ...................................................... $ 286,087 $ 259,244 $ 256,719 $ 233,180
Net income................................................................................. $ 234,591 $ 229,436 $ 195,101 $ 173,719
Basic net income per share ........................................................ $ 0.47 $ 0.46 $ 0.39 $ 0.35
Diluted net income per share ..................................................... $ 0.46 $ 0.45 $ 0.39 $ 0.35
Our fiscal year is a 52- or 53-week year that ends on the Friday closest to November 30. Each of the fiscal quarters presented
were comprised of 13 weeks.
NOTE 20. SUBSEQUENT EVENTS
Subsequent to November 30, 2012, as part of our $2.0 billion stock repurchase program, we entered into a structured stock
repurchase agreement with a large financial institution whereupon we provided them with a prepayment of $100.0 million. This
amount will be classified as treasury stock on our Consolidated Balance Sheets. Upon completion of the $100.0 million stock
repurchase agreement, $1.8 billion remains under our current authority. See Note 13 for further discussion of our stock repurchase
program.
On December 20, 2012, we acquired privately held Behance, an online social media platform to showcase and discover
creative work, for approximately $130.0 million in merger consideration, including cash and the assumption of certain employee
equity awards. The initial purchase accounting for this transaction has not yet been completed given the short period of time
between the acquisition date and the issuance of these financial statements.
Behance will be integrated into our Digital Media reportable segment for financial reporting purposes beginning in the first
quarter of fiscal 2013. This acquisition will not have a material impact to our Consolidated Balance Sheets and results of operations.
Table of Contents
ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)