Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Adobe's recent earnings release reflects a period of consistent growth and innovation, demonstrating both strengths and challenges.</li><li>For the fiscal year 2024, Adobe achieved record revenue of $21.51 billion, marking an 11% year-over-year increase.</li><li>This growth was fueled by robust performance across its business segments, most notably within its Digital Media and Digital Experience divisions.</li></ul>

Adobe's recent earnings release reflects a period of consistent growth and innovation, demonstrating both strengths and challenges.For the fiscal year 2024, Adobe achieved record revenue of $21.51 billion, marking an 11% year-over-year increase.This growth was fueled by robust performance across its business segments, most notably within its Digital Media and Digital Experience divisions.

Adobe Inc.: Strategic Product Tiering & Monetization As A Pivotal Factor Driving Growth! - Major Drivers

<ul><li>Adobe's third-quarter fiscal year 2024 performance highlighted a strong trajectory, with substantial year-over-year revenue growth and positive developments across its major product lines.</li><li>Revenue stood at $5.41 billion, marking an 11% increase from the previous year.</li><li>This growth was fueled by the consistent strength in Creative Cloud, Document Cloud, and Experience Cloud.</li></ul>

Adobe's third-quarter fiscal year 2024 performance highlighted a strong trajectory, with substantial year-over-year revenue growth and positive developments across its major product lines.Revenue stood at $5.41 billion, marking an 11% increase from the previous year.This growth was fueled by the consistent strength in Creative Cloud, Document Cloud, and Experience Cloud.

Adobe’s Winning Formula for Double-Digit Growth: Creative Cloud, Document Cloud, and AI! (9/24)

<ul><li>Adobe reported a strong financial performance for the second quarter of fiscal year 2024, with a total revenue of $5.31 billion, representing an 11% year-over-year growth.</li><li>The earnings per share on a GAAP basis was $3.49, and on a non-GAAP basis, it was $4.48, reflecting a 15% year-over-year growth.</li><li>These results indicate Adobe's robust operational execution and the growing demand for its products across all customer segments.</li></ul>

Adobe reported a strong financial performance for the second quarter of fiscal year 2024, with a total revenue of $5.31 billion, representing an 11% year-over-year growth.The earnings per share on a GAAP basis was $3.49, and on a non-GAAP basis, it was $4.48, reflecting a 15% year-over-year growth.These results indicate Adobe's robust operational execution and the growing demand for its products across all customer segments.

Adobe Inc.: Sustainable AI Integration & Generative Tools Development - Major Drivers

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>Revenue: Digital Media net new ARR $470 Mn ($50 mn higher than guide).</li><li>Gross Margin: Digital Media gross margin remains steady at ~96%, but Digital Experience posted its highest ever gross margin of 67.3% in 2Q'23.</li><li>Cost Structure: 2Q'23 GAAP operating margin was 33.7%, down from 34.9% in 2Q'22.</li></ul>

Revenue: Digital Media net new ARR $470 Mn ($50 mn higher than guide).Gross Margin: Digital Media gross margin remains steady at ~96%, but Digital Experience posted its highest ever gross margin of 67.3% in 2Q'23.Cost Structure: 2Q'23 GAAP operating margin was 33.7%, down from 34.9% in 2Q'22.

<ul>
<li>Adobe Inc. delivered robust financial results for the first quarter of fiscal year 2024, with a revenue of $5.18 billion.</li>
<li>This represents a 12% year-over-year growth, demonstrating the significant role of Adobe products in powering the global digital economy.</li>
<li>Along with a strong revenue performance, Adobe had GAAP earnings per share for the quarter at $1.36 and non-GAAP earnings per share at $4.48, reflecting an 18% growth year-over-year.</li>
</ul>


Adobe Inc. delivered robust financial results for the first quarter of fiscal year 2024, with a revenue of $5.18 billion.
This represents a 12% year-over-year growth, demonstrating the significant role of Adobe products in powering the global digital economy.
Along with a strong revenue performance, Adobe had GAAP earnings per share for the quarter at $1.36 and non-GAAP earnings per share at $4.48, reflecting an 18% growth year-over-year.


Adobe Inc.: When Will Its Adoption Of Generative AI Reflect On Its Top-Line? - Major Drivers

United States

Adobe Systems Incorporated develops, markets, and supports computer software products and technologies.  The Company's products allow users to express and use information across all print and electronic media.  Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information.

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Adobe Systems (ADBE US)

Adobe Inc.: Strategic Product Tiering & Monetization As A Pivotal Factor Driving Growth! - Major Drivers

Adobe's recent earnings release reflects a period of consistent growth and innovation, demonstrating both strengths and challenges. For the fiscal...

Baptista Research

Adobe’s Winning Formula for Double-Digit Growth: Creative Cloud, Document Cloud, and AI! (9/24)

Adobe's third-quarter fiscal year 2024 performance highlighted a strong trajectory, with substantial year-over-year revenue growth and positive...

Baptista Research

Adobe Inc.: Sustainable AI Integration & Generative Tools Development - Major Drivers

Adobe reported a strong financial performance for the second quarter of fiscal year 2024, with a total revenue of $5.31 billion, representing an...

Baptista Research

Adobe 2Q'23 Update

Revenue: Digital Media net new ARR $470 Mn ($50 mn higher than guide). Gross Margin: Digital Media gross margin remains steady at ~96%, but Digital...

MBI Deep Dives

Adobe Inc.: When Will Its Adoption Of Generative AI Reflect On Its Top-Line? - Major Drivers

Adobe Inc. delivered robust financial results for the first quarter of fiscal year 2024, with a revenue of $5.18 billion. This represents a 12%...

Baptista Research

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