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Adobe Systems

Adobe was a pioneer among traditional software companies that are transitioning from selling upfront perpetual licenses to cloud-based subscriptions. Recurring revenue was 85% of total revenue in F1Q17, up from 81% in F1Q16. Adobe's Digital Media segment was 67% of LTM sales. The bulk of revenue from this segment is from Creative Cloud and products for creative professionals such as Photoshop, Photoshop Lightroom, Illustrator, and Dreamweaver. This segment also includes Document Services which was 12% of LTM sales; this includes Document Cloud and products such as Acrobat and eSign. Digital Marketing was 30% of LTM sales. The bulk of revenue from this segment is from Adobe Marketing Cloud and products for marketing professionals including Analytics, Target, Experience Manager, Media Optimizer, Primetime, Campaign, and Social. This segment also includes LiveCycle and Web Conferencing products which were just 2% of LTM sales. Adobe's Print & Publishing segment was 3% of LTM sales. (10 Apr 2017)

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VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

Adobe: FY19 Guidance at FAM Prior to Debt Issuance

Worth Watching: 15 Oct 2018, 10:18 PM ET - Adobe (A3/A) held a financial analyst meeting at its Adobe MAX Creativity Conference on October 15, 2018. Adobe reaffirmed its F4Q18 guidance and provided preliminary growth targets for FY 2019. The company increased its estimate for total addr ..

ADBE: Acquiring Marketo for $4.75 Bn (Debt Coming)

IG Note: 21 Sep 2018, 6:00 AM ET - Adobe is acquiring Marketo for $4.75 bn which will be funded with a combination of cash on hand and new borrowing, and we think Adobe could come to market soon.  

Adobe F3Q18: No Comment on M&A Rumor

Earnings Note: 14 Sep 2018, 5:51 AM ET - We discuss Adobe’s F3Q18 results and its rumored acquisition of Marketo.

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

Technology: Tariffs Recap

Sector Analysis: 06 Aug 2018, 11:26 PM ET - The tech sector has been largely unaffected by tariffs enacted to date, although could be caught in the crossfire as the US contemplates additional tariffs on imports from China. We include company commentaries from calendar 2Q18 calls. 

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

Tech Primer: Storage – HDDs vs SSDs

Technology Primer: 13 Jul 2018, 4:59 AM ET - In this tech primer, we do a deep dive on HDDs and SSDs and discuss investment implications for Seagate and Western Digital.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

Adobe F2Q18: Continued Strength

Earnings Note: 14 Jun 2018, 10:09 PM ET - Adobe’s solid operating trends continued in F2Q18 and the company expects this strength to continue in F2H18.

Adobe: $1.7 Bn Acquisition + $8 Bn Buyback

IG Note: 22 May 2018, 4:36 AM ET - Adobe announced a $1.7 bn acquisition of Magento for ~10x sales and announced a new $8 bn share buyback authorization through FY 2021. 

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 

EUR IG TMT RV: Reverse Yankee Value

Euro TMT RV: 17 Apr 2018, 10:42 PM ET - An overview of the EUR IG TMT sector, comprising recommendation overview, performance update and relative value ideas. In this report, we cover the continued value we see in Reverse Yankee EUR telecom bonds.

USD Relative Value: Euro Telecoms

Sector Analysis: 15 Apr 2018, 11:05 PM ET - European telecom issuers have underperformed the USD telecoms index over the last 3 months. With better value on offer, we update our relative value views.

Semiconductors: M&A and the Regulatory Landscape

Sector Analysis: 20 Mar 2018, 10:32 PM ET - We take a look at the state of the semiconductor industry in terms of market concentration and potential impediments to further M&A from a regulatory perspective.

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