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Adobe Inc. — Investor Presentation (company IR deck)
Adobe Inc. (ADBE) · 34 slides · Filed Oct 31, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All ADBE deck slides
Slide 1 — MAX Investor
October 2025 MAX Investor Q&A Session
Slide 2 — Welcome
Welcome Doug Clark
Slide 3 — Safe harbor statements and disclaimer
© 2025 Adobe. All Rights Reserved. Safe harbor statements and disclaimer In addition to historical information, this presentation and accompanying oral commentary (the “Materials”) contains “forward-looking statements” within the meaning of applicable securities law, including statements related to our product development plans and new or enhanced offerings; our business, strategy, artificial intelligence (“AI”) and innovation momentum; our market and AI opportunity and future growth; customer and AI strategy; financial and monetization strategy; market and AI trends; current macroeconomic conditions; fluctuations in foreign currency exchange rates; strategic investments; customer success and groups; our financial targets and assumptions related thereto, including revenue, operating margin, operating efficiencies, annualized recurring revenue, tax rate and earnings per share; our stock repurchases; share count; industry positioning; and customer acquisition and retention. In addition, when used in the Materials, the words “will,” “expects,” “could,” “would,” “may,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “targets,” “estimates,” “looks for,” “looks to,” “continues” and similar expressions, as well as statements regarding our focus for the future, are generally intended to identify forward-looking statements. Each of the forward-looking statements we make in the Materials involves risks, uncertainties and assumptions based on information available to us as of the date of this presentation. Such risks and uncertainties, many of which relate to matters beyond our control, could cause actual results to differ materially and adversely from these forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to: failure to innovate effectively and meet customer needs; issues relating to development and use of AI; failure to compete effectively; damage to our reputation or brands; failure to realize the anticipated benefits of investments or acquisitions; service interruptions or failures in information technology systems by us or third parties; security incidents; failure to effectively develop, manage and maintain critical third-party business relationships; risks associated with being a multinational corporation and adverse macroeconomic conditions; complex sales cycles; failure to recruit and retain key personnel; litigation, regulatory inquiries and intellectual property infringement claims; changes in, and compliance with, global laws and regulations, including those related to information security and privacy; failure to protect our intellectual property; changes in tax regulations; complex government procurement processes; risks related to fluctuations in or the timing of revenue recognition from our subscription offerings; fluctuations in foreign currency exchange rates; impairment charges; our existing and future debt obligations; catastrophic events; and fluctuations in our stock price. Further information on these and other risk factors are discussed in the section titled “Risk Factors” in Adobe’s most recently filed Annual Report on Form 10-K and Adobe’s most recently filed Quarterly Reports on Form 10-Q. The risks described in the Materials and in Adobe’s filings with the U.S. Securities and Exchange Commission should be carefully reviewed. Adobe assumes no obligation to, and does not currently intend to, update the forward-looking statements. The Materials contain non-GAAP financial measures. Reconciliations between GAAP and non-GAAP financial measures, and information regarding the use of non-GAAP financial measures, are available in the Appendix to these slides and on www.adobe.com/ADBE. The information in the Materials on new or future products, capabilities, offerings or functionality (the “Availability”) is intended to outline our general product direction and should not be relied upon in making a purchasing decision. The Availability is for informational purposes only and shall not be incorporated into any contract. The Availability is not a commitment, promise, or legal obligation to deliver any future products, capabilities, offerings or functionalities. The development, release, and timing of any of the Availability described in the Materials remain at our sole discretion and may differ from what is presented in the Materials. Additional fees may be charged for any products, capabilities, offerings and/or functionality. Numbers in the Materials may be rounded for presentation purposes.
Slide 4 — Agenda
Agenda Adobe Strategy Growth Initiatives Innovation Highlights Financial Strategy Q&A
Slide 5 — Adobe Strategy
Adobe Strategy Shantanu Narayen
Slide 6 — FY2025 Revenue momentum
© 2025 Adobe. All Rights Reserved. Notes: 1 See slide titled “Q4 and FY2025 Financial targets” for all financial targets reaffirmed on 10/28/2025 FY2025 Revenue momentum Reaffirming Q4 and FY2025 financial targets1 $5.71B $5.87B $5.99B $6.075B to $6.125B $5.4B $6.2B Q1FY25 Q2FY25 Q3FY25 Q4FY25 Target Total Adobe Revenue 1
Slide 7 — Adobe’s growth agenda across Creative Audiences
© 2025 Adobe. All Rights Reserved. Adobe’s growth agenda across Creative Audiences Business Professionals & Consumers Creators & Creative Professionals Marketing Professionals Desktop ∙ Web & Mobile ∙ AI & Agents Creative Outputs Entertainment Websites & Apps Gaming Business Communication eCommerce Product Design & Packaging Print & Publishing Advertising Business Pros & Consumers Marketing Pros Creators & Creative Pros Social & Email Individual Creativity Brand & Product Marketing
Slide 8 — Customer-focused strategy
© 2025 Adobe. All Rights Reserved. Customer-focused strategy Power & precision to bring creative visions to life across any media type and surface AI-powered, quick & easy apps to stand out through Creativity & Productivity Customer Experience Orchestration to create, deliver and optimize personalized digital experiences Adobe AI Platform Creators & Creative Professionals Marketing Professionals Business Professionals & Consumers
Slide 9 — Strategic product platform initiatives
© 2025 Adobe. All Rights Reserved. Strategic product platform initiatives Adobe AI Platform Acrobat + Express Firefly Creative Cloud AEP + Apps AEM + Agentic Web GenStudio Power & precision to bring creative visions to life across any media type and surface AI-powered, quick & easy apps to stand out through Creativity & Productivity Customer Experience Orchestration to create, deliver and optimize personalized digital experiences Creators & Creative Professionals Marketing Professionals Business Professionals & Consumers
Slide 10 — Adobe’s AI strategy
© 2025 Adobe. All Rights Reserved. Adobe’s AI strategy Models Data Agent Orchestration Apps & Interfaces Adobe AI Platform Agents and Conversational interfaces Adobe Firefly Generation and Editing models Partner models Creators & Creative Professionals Marketing Professionals Business Professionals & Consumers Acrobat Firefly GenStudio AEP & Apps Creative Cloud Express Partner Ecosystems Google OpenAI Runway Luma AI Black Forest Labs Topaz Labs ElevenLabs Pika Moonvalley Ideogram … Sound Effects Model Design Model Video Model Audio Model1 3D Model Vector Model AEM + Agentic Web Model Customization Image 5 Model1 Notes: 1 in public beta
Slide 11 — Strategic accomplishments
© 2025 Adobe. All Rights Reserved. Strategic accomplishments Notes: 1 in public beta; 2 Acrobat and Express plug in available in ChatGPT; Copilot (in development), TikTok, LinkedIn and Amazon Ads available through Express; 3 in private beta; 4 Firefly Custom Models for creators in the Firefly app is in private beta • Generative AI capabilities across CC including Photoshop, Premiere Pro, Lightroom, Illustrator • Photoshop AI Assistant3 • AEP Agent Orchestrator and AI agents • Data collaboration with Real-Time CDP • CJA Content Analytics • Ideation with Firefly Boards • Firefly Image and Video editor3 • Image Model 51 • LLM Optimizer • Site Optimizer • Brand Concierge • Image and video ad creation in GenStudio for Performance Marketing • Expanded Firefly Content Production workflows • Adobe Firefly Services APIs, Firefly Custom Models4, Firefly Foundry • GTM Partnership with YouTube • 24 partner models including Black Forest Labs, Google Nano Banana, Google Veo 3.1, OpenAI, Runway • PDF Spaces • Acrobat AI Assistant • Express AI Assistant1 • Acrobat Studio • Integrations2 with ChatGPT, Copilot, Amazon Ads, LinkedIn, TikTok Acrobat + Express Firefly Creative Cloud AEP + Apps AEM + Agentic Web GenStudio Creators & Creative Professionals Marketing Professionals Business Professionals & Consumers • Integrations with ad platforms including Amazon, Google, LinkedIn, Meta, Microsoft Advertising, Snap, and TikTok • Partnerships including Cloud: AWS, Google, Microsoft; Software: Databricks, ServiceNow, Snowflake; SIs: Accenture, Deloitte, IBM, Infosys, PwC, TCS; Agencies: Dentsu, IPG, Omnicom, Publicis, Stagwell
Slide 12 — Igniting creativity
© 2025 Adobe. All Rights Reserved. Adobe Content Authenticity Igniting creativity
Slide 13 — Innovation
Innovation Highlights David Wadhwani
Slide 14 — MAX Announcements
© 2025 Adobe. All Rights Reserved. MAX Announcements Strategic partnerships, AI Assistants and more models Firefly and Premiere mobile for Creators Creative Cloud supercharged with AI for Creative Pros GenStudio expands content production for Marketing Pros , the all-in-one creative AI studio, with new studio-quality audio1 and video tools2 bringing the power of Premiere mobile to millions of YouTubers worldwide to advance the future of creative AI in Express1, Photoshop2, Firefly3 and within partner ecosystems3 with Firefly Image Model 51, Firefly Custom Models4 and partner models AI innovations across our Harmonize and Gen Upscale in Media intelligence and AI Object Mask1 in Assisted culling1, dust and blemish removal in Turntable1 in New delivering bespoke generative AI models deeply tuned on IP offering Workflow building capabilities Expanded ad platform integrations including Amazon, Google5, LinkedIn, TikTok2 Notes: 1 in public beta; 2 in private beta; 3 in development; 4Firefly Custom Models for creators in the Firefly app is in private beta; 5 Expanded Google integration to activate video ads directly with Google Campaign Manager 360 is in development
Slide 15 — Delivering innovation across creativity
© 2025 Adobe. All Rights Reserved. Delivering innovation across creativity Transform the way business professionals and consumers consume, comprehend, remix and share information Deliver all-in-one creative AI studio that helps creators ideate, create, produce and deliver original content faster than ever before Supercharge power and precision in CC apps with AI Assistants1, AI innovation infused across tools, and empower ideation with Firefly and leading AI models Business Professionals & Consumers Acrobat + Express Creators Firefly Creative Professionals Creative Cloud GENERATIVE AI MODELS Provide rich set of Firefly models, partner models and customized models, deeply integrated into workflows AGENTS Deliver conversational experiences across Adobe and partner ecosystems powered by agentic AI2 capable of complex reasoning across models, muti-media and creative workflows Adobe AI Platform Notes: 1 AI Assistant in Photoshop is in private beta and AI Assistant in Firefly is in development; 2 in development
Slide 16 — Delivering innovation across creativity
© 2025 Adobe. All Rights Reserved. Delivering innovation across creativity • Ideation and collaboration with Firefly Boards • Leading AI models with Firefly models and partner models • Creation and production with Firefly Image and Video Editor2, Photoshop and Express • Ideation and creation with Firefly • Creation with power and precision in Creative Cloud apps including Photoshop, Premiere Pro, Illustrator, Lightroom, After Effects, InDesign • Automated production with Firefly Creative Production2 GENERATIVE AI MODELS § Commercially safe Firefly models for Image, Design, Video, Audio3, Vector and 3D § Partner models including Google (Imagen, Veo, Nano Banana), Luma AI, OpenAI (GPT-image, Sora4), Runway, Topaz § Customization with Firefly Custom Models5 and Firefly Foundry AGENTS • Conversational AI Assistants in Adobe Acrobat, Express3, Firefly4 and Photoshop2 • Adobe AI agents in ChatGPT4 and Copilot4 • Consumption and comprehension with AI Assistants1 • Content remix and creation with Express • Knowledge exchange with PDF Spaces Notes: 1 Express AI Assistant is in public beta; 2in private beta; 3 in public beta; 4 in development; 5 Firefly Custom Models for creators in the Firefly app is in private beta Adobe AI Platform Business Professionals & Consumers Acrobat + Express Creators Firefly Creative Professionals Creative Cloud
Slide 17 — Innovation
Innovation Highlights Anil Chakravarthy
Slide 18 — Delivering innovation for Creative & Marketing Professionals
© 2025 Adobe. All Rights Reserved. Delivering innovation for Creative & Marketing Professionals Business Professionals & Consumers AI-powered, quick & easy apps to stand out through Creativity & Productivity • Integrated AI-powered platform with best-in-class solutions for content supply chain, customer engagement, and brand visibility • Strategic partner ecosystem including leading AI/LLM providers, cloud platforms, ad networks, enterprise SaaS, system integrators, and agencies • Rapid pace of innovation enabling our 20,000+ enterprise customers to turn the promise of AI into true ROI End-to-end enterprise solutions to bring creative visions to life and orchestrate personalized customer experiences Creative & Marketing Professionals
Slide 19 — Delivering innovation for Creative & Marketing Professionals
© 2025 Adobe. All Rights Reserved. Delivering innovation for Creative & Marketing Professionals Creative & Marketing Professionals End-to-end enterprise solutions to bring creative visions to life and orchestrate personalized customer experiences Adobe AI Platform End-to-end content supply chain solution to optimize the process of planning, creating, managing, activating and measuring content Industry-leading platform and applications to orchestrate and deliver personalized customer experiences Industry-leading content management system and agentic apps to drive brand visibility and website performance GenStudio Content Supply Chain AEP + Apps Customer Engagement AEM + Agentic Web Brand Visibility
Slide 20 — Delivering innovation for Creative & Marketing Professionals
© 2025 Adobe. All Rights Reserved. Delivering innovation for Creative & Marketing Professionals • Agile Journey ideation via Experimentation Accelerator • Integrated 1:1 audience- and experience-based decisioning in Adobe Journey Optimizer • Delivering Brand-to-Brand, Brand-to-Publisher, and Retail Media Networks sharing in a privacy-friendly way on RT-CDP Collaboration • Transforming B2B marketing automation with CJA B2B Edition and AJO B2B Edition • Link content performance to broader experience analytics with CJA Content Analytics • Firefly Design Intelligence redefining on-brand content at scale • Workflow building capabilities via Firefly Creative Production for Enterprise and Firefly Services • Video ads, content production agent, and ad activation in GenStudio for Performance Marketing • Unified planning, execution, and review via Workfront • Delivered Agent Orchestrator • Extensive portfolio of agents, including Data Insights, Audience, Data Engineering, and Journey • Customization with Firefly Custom Models, Firefly Foundry and partner models • LLM Optimizer powering brand visibility within generative engines • AEM Sites Optimizer streamlining content and performance on websites through agentic services • Brand Concierge offering conversational experience for the agentic web GenStudio Content Supply Chain AEP + Apps Customer Engagement AEM + Agentic Web Brand Visibility Creative & Marketing Professionals End-to-end enterprise solutions to bring creative visions to life and orchestrate personalized customer experiences Adobe AI Platform
Slide 21 — Financial
Financial Strategy Dan Durn
Slide 22 — Q4 and FY2025 Financial targets
© 2025 Adobe. All Rights Reserved. Total Revenue $6.075 billion to $6.125 billion $23.65 billion to $23.70 billion Digital Media segment revenue $4.53 billion to $4.56 billion $17.56 billion to $17.59 billion Digital Media ending ARR growth n/a 11.3% Y/Y Digital Experience segment revenue $1.495 billion to $1.515 billion $5.84 billion to $5.86 billion Digital Experience subscription revenue $1.395 billion to $1.410 billion $5.39 billion to $5.41 billion Earnings per share GAAP: $4.27 to $4.32 Non-GAAP: $5.35 to $5.40 GAAP: $16.53 to $16.58 Non-GAAP: $20.80 to $20.85 The information on this slide contains forward looking statements that involve risk and uncertainty. Actual results may differ materially. Please review the “Safe harbor statements and disclaimer” slide, Adobe’s SEC filings and/or visit the Adobe Investor Relations website for additional information. Reconciliations between GAAP and non-GAAP targets are included in the Appendix. Notes: 1 Targets assume non-GAAP operating margin of ~45.5%, non-GAAP tax rate of ~18.5% and diluted share count of ~418 million for Q4 fiscal year 2025; 2 Targets assume non-GAAP operating margin of ~46%, non-GAAP tax rate of ~18.5% and diluted share count of ~427 million for fiscal year 2025 Q4 and FY2025 Financial targets Reaffirmed October 28, 2025 Q4 FY20251 FY20252
Slide 23 — FY2025 Adobe financial highlights
© 2025 Adobe. All Rights Reserved. Adobe AI Platform Business Professionals & Consumers AI-powered, quick & easy apps to stand out through Creativity & Productivity Creative & Marketing Professionals End-to-end professional Creative & Marketing solutions redefining the content lifecycle Acrobat + Express Firefly Creative Cloud AEP + Apps AEM + Agentic Web GenStudio FY2025 Adobe financial highlights FY2025 Highlights • >700M MAU across Acrobat and Express, growing 25% Y/Y1 • Firefly App MAU growing 30% Q/Q1 • Launch of Creative Cloud Pro • AEP + Apps subscription revenue growing >40% Y/Y1 • Key components of GenStudio – ARR surpassing $1B, growing >25% Y/Y1,2 • One Adobe deals growing 60% Y/Y1 • AI-influenced ARR surpassed $5B exiting Q3FY25, up from >$3.5B exiting FY24 Notes: 1 As of Q3FY25; 2 Key components of GenStudio – Workfront, Frame, AEM Assets, Firefly Services, and GenStudio for Performance Marketing
Slide 24 — Customer group growth metrics
© 2025 Adobe. All Rights Reserved. Customer group growth metrics Notes: 1 Total Adobe ARR is the annualized recurring revenue of the Customer Groups – Business Professionals & Consumers and Creative & Marketing Professionals Creative & Marketing Professionals End-to-end professional Creative & Marketing solutions redefining the content lifecycle Business Professionals & Consumers AI-powered, quick & easy apps to stand out through Creativity & Productivity
Slide 25 — Adobe FY2026 financial metrics
© 2025 Adobe. All Rights Reserved. Adobe FY2026 financial metrics Notes: 1 Total Adobe ARR is the annualized recurring revenue of the Customer Groups – Business Professionals & Consumers and Creative & Marketing Professionals • Total Revenue • EPS Corporate Targets Customer Groups Leading Growth Indicator Supplemental Financial Information • Business Professional & Consumer Subscription Revenue • Creative & Marketing Professional Subscription Revenue • Total Adobe ARR1 growth • Digital Media Subscription Revenue through FY2026 • Digital Experience Subscription Revenue through FY2026 • Historical Total Adobe ARR1
Slide 26 — FY2026 Financials aligned with customer-focused strategy
© 2025 Adobe. All Rights Reserved. FY2026 Financials aligned with customer-focused strategy Leading growth indicators • BP&C subscription revenue • C&MP subscription revenue • Total Adobe ARR2 growth Notes: 1 Reported quarterly and annually; 2 Total Adobe ARR is the annualized recurring revenue of the Customer Groups – Business Professionals & Consumers and Creative & Marketing Professionals Reported1 Guided Total Revenue ✔ Quarterly & Annually Business Professionals & Consumers (BP&C) subscription revenue ✔ Quarterly & Annually Creative & Marketing Professionals (C&MP) subscription revenue ✔ Quarterly & Annually Total Adobe ARR2 ✔ Ending Y/Y growth - Annually Earnings per share ✔ Quarterly & Annually Modeling assumptions include non-GAAP operating margin, non-GAAP tax rate, share count and FX Supplemental financial disclosures • Historical Total Adobe ARR2 • FY26 DMe & DX subscription revenues Digital Media (DMe) subscription revenue ✔ Digital Experience (DX) subscription revenue ✔ Supplemental Financial Information for FY2026 Supplemental data to bridge DMe and DX to BP&C and C&MP Reported1
Slide 27 — 46%
© 2025 Adobe. All Rights Reserved. Innovation fuels attractive financial profile Investing to drive subscription revenue growth Robust cash flow generation and capital returns 46% $9.8B 28M 12% Customer Group subscription revenue2 Y/Y growth non-GAAP operating margin3 operating cash flows shares repurchased Notes: 1 LTM (last twelve months) Q4FY24 to Q3FY25; 2 Customer Group Subscription Revenue is comprised of Business Professionals & Consumers and Creative & Marketing Professionals subscription revenue; 3 GAAP operating margin LTM of 36%. Reconciliations between GAAP and non-GAAP results are included in the Appendix (Last twelve months1)
Slide 28 — Q&A
Q&A
Slide 29 — APPENDIX
APPENDIX
Slide 30 — Use of Non-GAAP Financial Information
© 2025 Adobe. All Rights Reserved. Use of Non-GAAP Financial Information The Materials contain non-GAAP financial measures (including targets and assumptions), which are not prepared in accordance with generally accepted accounting principles (“GAAP”), including non-GAAP diluted earnings per share, non-GAAP operating margin, non-GAAP tax rate and constant currency revenue growth rates. These non-GAAP financial measures are not an alternative for measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Adobe believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company’s financial results as determined in accordance with GAAP and that these measures should only be used to evaluate the Company’s financial results in conjunction with the corresponding GAAP measures; therefore, the Company qualifies the use of non-GAAP financial information in a statement when non-GAAP information is presented. Non-GAAP measures may exclude items including (but not limited to): stock-based and deferred compensation expenses, amortization of intangibles, investment gains and losses, income tax adjustments and other items that are not considered part of the Company’s ongoing operations, and the income tax effect of the non- GAAP pre-tax adjustments from the provision for income taxes. Constant currency revenue growth rates are calculated by converting non-United States Dollar revenue using comparative period exchange rates and determining the change from prior period reported revenue, adjusted for any hedging effects. Adobe uses non-GAAP financial information to evaluate its ongoing operations and for internal planning and forecasting purposes. Adobe's management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Adobe presents such non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate Adobe's operating results. Adobe believes these non-GAAP financial measures are useful because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. This allows institutional investors, the analyst community and others to better understand and evaluate Adobe’s operating results and future prospects in the same manner as management. Adobe's management believes it is useful for itself and investors to review, as applicable, both GAAP and non-GAAP measures, as well as the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measure.
Slide 31 — GAAP to Non-GAAP reconciliations
© 2025 Adobe. All Rights Reserved. GAAP to Non-GAAP reconciliations Q4FY2025 Financial Targets Low High GAAP diluted net income per share1 $4.27 $4.32 Stock-based and deferred compensation expense 1.22 1.22 Amortization of intangibles 0.14 0.14 Income tax adjustments (0.28) (0.28) Non-GAAP diluted net income per share1 $5.35 $5.40 Q4FY2025 Notes: 1 Targets assume diluted share count of ~418 million for Q4 fiscal year 2025; 2 Represents Adobe’s fixed long-term non-GAAP tax rate based on projections and currently available information through fiscal year 2025 GAAP operating margin 36.0% Stock-based and deferred compensation expense 8.5 Amortization of intangibles 1.0 Non-GAAP operating margin 45.5% Q4FY2025 GAAP effective income tax rate 18.0% Stock-based and deferred compensation expense (2.2) Amortization of intangibles (0.3) Income tax adjustments 3.0 Non-GAAP effective income tax rate2 18.5% Q4FY2025
Slide 32 — GAAP to Non-GAAP reconciliations
© 2025 Adobe. All Rights Reserved. GAAP to Non-GAAP reconciliations FY2025 Financial Targets Low High GAAP diluted net income per share1 $16.53 $16.58 Stock-based and deferred compensation expense 4.55 4.55 Amortization of intangibles 0.72 0.72 Income tax adjustments (1.00) (1.00) Non-GAAP diluted net income per share1 $20.80 $20.85 FY2025 Notes: 1 Targets assume diluted share count of ~427 million for fiscal year 2025; 2 Represents Adobe’s fixed long-term non-GAAP tax rate based on projections and currently available information through fiscal year 2025 GAAP operating margin 36.0% Stock-based and deferred compensation expense 8.7 Amortization of intangibles 1.3 Non-GAAP operating margin 46.0% FY2025 GAAP effective income tax rate 18.4% Stock-based and deferred compensation expense (2.1) Amortization of intangibles (0.3) Income tax adjustments 2.5 Non-GAAP effective income tax rate2 18.5% FY2025
Slide 33 — GAAP to Non-GAAP reconciliations
© 2025 Adobe. All Rights Reserved. GAAP to Non-GAAP reconciliations LTM operating margins1 Notes: 1 LTM (last twelve months) Q4FY24 to Q3FY25; 2 Associated with the optimization of our leased facilities, and primarily includes impairment charges related to certain operating lease right-of-use assets and leasehold improvements GAAP operating margin 36.2% Stock-based and deferred compensation 8.3 Amortization of intangibles 1.4 Lease-related asset impairments and other charges2 0.5 Non-GAAP operating margin 46.4% LTM1