Adobe Systems Earnings Call Nuggets: Creative and Marketing Clouds
Brad Zelnick – Macquarie: Shantanu, in your prepared remarks, you talked about evaluating options to accommodate customers that are resisting the move to Creative Cloud. What types of solutions are you considering and does this in any way impact your confidence in achieving your sub-goals for the full-year?
Shantanu Narayen – President and CEO: So Brad, fundamentally, when we see the results that we’ve had, it’s clear to us that our strategy is spot on and actually our execution has been pretty outstanding. As you realize, with any major change like this, we’re looking for tweaks that would lead do a better customer and business outcome. We don’t have any that we’ve identified today, but we are pretty confident of all of the results and the metrics that we’ve identified at the beginning of the year. So, we continue to be very positive about the opportunity.
Brad Zelnick – Macquarie: If I could ask one to Mark. Mark, on Creative Cloud ARPU, you mentioned promotional pricing would pressure ARPU in the short-term, but drive value longer-term. What was ARPU in the quarter and where do you see it going?
Mark Garrett – EVP and CFO: So we gave you guys in ARPU number, Brad, back in Q3. It’s been kind of in that ballpark, frankly, ever since we gave you that number. We are very focused, as Shantanu said, on driving subscribers, and we’ve said I think consistently that ARPU is going to move around a bit as we have things like promotion and mix change depending on what products people buy. But in the end, we’re driving ARR and any of these moves we make we expect would be accretive to ARR.
Brad Zelnick – Macquarie: It’s fair to say it’s around 37, is there any lower limit that you would manage to or you’re just looking to maximize ARR?
Mark Garrett – EVP and CFO: Right now, we’re looking to maximize ARR. But it’s been in that ballpark like I said since the beginning.