| Specifications | Microsoft Word - 10Q Q1 FY05_final.doc djoseph |
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| Specifications | Microsoft Word - 10Q Q1 FY05_final.doc djoseph |
| Business section |
| Specifications | Microsoft Word - 10Q Q1 FY05_final.doc djoseph |
| Suggested Link Details/Purchase | |
| Content | 14 The following table sets forth the computation of basic and diluted net income per share for the three months ended March 4, 2005 and March 5, 2004: 2005 2004 Net income.$ 151,894 $ 123,035 Shares used to compute basic net income per share (weighted average shares outstanding during the period, excluding unvested restricted stock). 243,130 238,384 Dilutive common equivalent shares: Unvested restricted stock.16 17 Stock options.9,945 7,686 Shares used to compute diluted net income per share. 253,091 246,087 Basic net income per share.$ 0.62 $ 0.52 Diluted net income per share.$ 0.60 $ 0.50 For the quarters ended March 4, 2005 and March 5, 2004, options to purchase approximately 3.5 million and 12.8 million shares, respectively, of common stock with exercise prices greater than the average fair market value of our stock of $60.92 and $38.55, respectively, were not included in the calculation because the effect would have been antidilutive. Note 10. Commitments and Contingencies Lease Commitments We lease certain of our facilities and some of our equipment under noncancelable operating lease arrangements that expire at various dates through 2025. We also have one land lease that expires in 2091. We occupy three office buildings in San Jose, California where our corporate headquarters are located. We reference these office buildings as the “Almaden tower” and the “East and West towers.” In December 2003, upon completion of construction, we began a five year lease agreement for the Almaden tower. Under the agreement, we have the option to purchase the building at any time during the lease term for the lease balance, which is approximately $103.0 million. The maximum recourse amount (“residual value guarantee”) under this obligation is $90.8 million. In August 2004, we extended the lease agreement for our East and West towers for an additional five years with an option to extend for an additional five years solely at Adobe’s election. As part of the lease extension, we purchased a portion of the lease receivable of the lessor for $126.8 million, which is recorded as an investment in lease receivable on our consolidated balance sheet. This purchase may be credited against the residual value guarantee if we purchase the properties or repaid from the sale proceeds if the properties are sold to third parties. Under the agreement for the East and West towers, we have the option to purchase the buildings at any time during the lease term for the lease balance, which is approximately $143.2 million. The residual value guarantee under this obligation is $126.8 million. These two leases are both subject to standard covenants including liquidity, leverage and profitability ratios that are reported to the lessors quarterly. As of March 4, 2005, we were in compliance with all covenants. In the case of a default, the lessor may demand we purchase the buildings for an amount equal to the lease balance, or require that we remarket or relinquish the buildings. Both leases qualify for operating lease accounting treatment under Statement of Financial Accounting Standards No. 13, “Accounting for Leases,” and, as such, the buildings and the related obligations are not included on our consolidated balance sheet. We utilized this type of financing in order to access bank-provided funding at the most favorable rates and to provide the lowest total cost of occupancy for the headquarter buildings. At the end of the lease term, we can extend the lease for an additional five year term (for the East and West towers lease only), purchase the buildings for the lease balance, remarket or relinquish the buildings. If we choose to remarket or are required to do so upon relinquishing the buildings, we are bound to arrange the |
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| Following Datasheets | 10Q_Q1FY07_FINAL (50 pages) 10Q_Q1_FY09 (53 pages) 10Q_Q2FY05 (54 pages) 10Q_Q2_FY04 (52 pages) 10Q_Q2_FY07 (50 pages) 10Q_Q2_FY09 (56 pages) 10Q_Q3FY05_final (55 pages) 10Q_Q3_FY04 (51 pages) 10Q_Q3_FY08 (52 pages) 10Q_Q3_FY09 (59 pages) |
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