Adobe 2001 Annual Report Download - page 100

Download and view the complete annual report

Please find page 100 of the 2001 Adobe annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 105

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105

ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(In thousands, except share and per share data)
Note 16. Industry Segment and Geographic Information (Continued)
30% and 14%, respectively, of our total revenue, and in 1999 licenses of application products to Ingram
accounted for 27% of our total revenue.
Receivables from Ingram and Tech Data accounted for 31% and 21%, respectively, of our total
receivables at November 30, 2001. As of December 1, 2000, receivables from Ingram and Tech Data
accounted for 32% and 18%, respectively, of our total receivables, and in fiscal 1999 receivables from Tech
Data accounted for 11% of our total receivables.
Note 17. Subsequent Events (Unaudited)
During the first quarter of fiscal 2002, we acquired Santa Rosa, California-based Fotiva, Inc.
(‘‘Fotiva’’). Fotiva is a digital photography software company developing solutions to help consumers
manage, store, enrich, and share digital photographs. The acquisition was accounted for using the purchase
method of accounting. The cash purchase price of the acquisition was approximately $5.3 million.
Also during the first quarter of fiscal 2002, we announced a proposed agreement to acquire Ottawa,
Canada-based Accelio Corporation (‘‘Accelio’’). Accelio is a provider of Web-enabled solutions that help
customers manage business processes driven by electronic forms. Under the terms of the agreement,
Adobe’s common stock valued at $72.0 (US) million on closing will be exchanged for all Accelio equity
securities. The Accelio business will be integrated into our operations. We expect to record a
$12.0-$15.0 million accrual related to the acquisition, which will be added to the purchase price. The
proposed acquisition is subject to the execution of customary transaction documents and the satisfaction of
customary closing conditions, including the approval of Accelio’s shareholders and clearance of the
acquisition by U.S. and Canadian regulatory authorities. Initially the transaction was expected to close in
March 2002. However, due to certain regulatory and timing requirements, we are now targeting to close in
April 2002.
100