Good morning!

Jackson Showalter-Cavanaugh

Thanks, Matthew, I seem to have dropped a zero in my quick math. I was basing my number on assets, of which Adobe has about 10,000m and Mono has 350m

Scott-Martin Kosofsky

The posted transaction details on the Monotype site make it appear as if FontShop wasn't making much money, and was likely operating at a loss. If Monotype projects a net adjusted EBITDA (that's "Earnings Before Interest, Taxes, Depreciation, and Amortization") of $1.5 million, it would stand to reason that FontShop, on its own, was left with far less than that, considering that it had to assume the burden of its entire administrative and marketing costs, which will now be spread across a much larger company.

That said, $13 million isn't much to show for 25 years and 2500 fonts. I have a feeling their most successful offerings, such as Meta and Scala, have aged into the Long Tail. (I bet we'll soon see them appearing on all kinds of devices.) It does give one a better sense, though, about the value in the H&FJ case.

On another matter: Congratulations to David Berlow on his receiving the TDC Medal tonight! Sorry I couldn't be there.

Jackson Showalter-Cavanaugh

Monotype's Adjusted EBITDA for 2013 was $70,347,000.
http://ir.monotype.com/files/doc_financials/annual_reports/Monotype Imaging Holdings Inc AR 2013.PDF

Scott-Martin Kosofsky

I meant to say a net adjusted EBITDA of $1.5 million from the projected annualized FontShop earning.

André Simard

It seems that this transaction follow the actual trend.