*Stock Advisor returns as of September 24, 2020, Bill Demchak -- Chairman, President, and Chief Executive Officer.


But you should also assume that we'll be patient in looking at acquisitions through time. We are very excited, we're number one in this therapy around the globe. Please proceed.
And then maybe sort of just to cap off, can you share your thoughts on how an effective vaccine by, say, mid-2021 would impact your view of the ultimate loss content within CRE? Today's presentation contains forward-looking information. And it's now heading into the second quarter of next year, is there anything you can do to shift that money out of there to get a higher yield without taking too much interest rate risk? Thank you for participating. We generated free cash flow of $873 million, with improvements in net income offset by higher inventory levels as we work to rebuild supply for select products to ensure adequate product availability.

Bob, I'm going to pick up half of the answer here and I'm going to pass to Brik to get a little bit more color on the question on the shift. Your line is now open. We have an expectation built into our guidance that about half of what we have will be forgiven and that's built into our guidance in the fourth quarter and then the other half in the first quarter of 2021. So across the board we saw some really good strength in that business. Thank you. So he is doing an absolutely fantastic job and a great addition to what you know is already a very strong management team that I am blessed with at Adobe. I said that. And trying to force that outcome, so, right, we could just go out and buy $70 billion worth of 10 years at 70 basis points and make a lot of money for some short period of time. I’m proud and grateful. We’ll take our next question from Ken Wong with Guggenheim Securities. We're counting on Kaguya next year to be a driver in Japan because of the profitability, not as much of sales growth as much as the profitability. We believe that our reserves sufficiently reflect the life of loan losses in the current portfolio. Very strong margins in Q3, record margins on operating margin side. Thanks, Sean. I will now turn the call over to Shantanu. You’re clearly seeing a lot of great tailwinds in that business. That's a fair question. As you know over the last five to six years, we've actually signed up to three to five-year contracts, above 100,000 beds. That's where the big losses historically have come from. We don't see these products repeating the same performance all the time, because as the nature of the business being when we can produce, then people can't, people sometimes come back to the market. This is Stan Zlotsky sitting in for Keith. Good afternoon and thank you for joining us. I was wondering if you can help us understand contribution from PPP-related interest income this quarter versus last and, again, how that plays through in terms of the yields and the forgiveness in fees and all that. An archive of the webcast will be made available on Adobe’s Investor Relations website for approximately 45 days. That transformation of a company is difficult to achieve. Tax rate of approximately minus 90% on a GAAP basis and 10% on a non-GAAP basis. So that might account for what you are referring to. Thank you. Nonperforming loans increased $209 million or 11% compared to June 30. Now the other component of this is Nutrition, that was impacted from a -- the hurricane perspective. These repurchases were partially offset by option-related dilution in the quarter.

Akihiro Taguchi – Chief Operating Officer. And a lot of those guys have gotten by either through PPP or simply drawing on reserves and operating at an unsustainable level, and something's got to give. The GAAP tax rate is benefiting from planned changes to optimize our international structure in Q4 to better align ownership of certain intellectual property rights with how our business operates as we discussed during our Q1 call earlier this year. Read or listen to the conference call. It’s going to be a driver of the economy globally and between Creative, Document and Enterprise, we have three large markets that are growth markets where our innovation agenda is stronger. As you've seen, we've reported third-quarter net income of $1.5 billion or $3.39 per diluted common share. I mean, if you go all the way back, most real estate problems historically came from projects, so office buildings that were built that were never occupied. In your prepared remarks you talked about the variable marketing investments that enables Adobe to attract and engage new customers, which clearly worked well. To be certain, we are in a period of course correction in a few key areas which we often occurs -- which -- rather, which often occurs from time-to-time in a dynamic market like ours. The education, education had a good quarter.

We’ll take our next question from Derrick Wood with Cowen & Company. Thanks, Joe. Thanks, Candice. Your line is now open. And all else equal, I wish we were selling BlackRock today at $650 as opposed to when we sold them at the start of this thing. And then two other perhaps quick ones. I guess the question is, what are some of his objectives, particularly in the DX business that you’re most excited about for next year? Vijay, let me talk a little bit about Q4 and our expectations there, because to your point, while in the second half of the year, we were pleased to be able to confirm the overall guidance at the high-end of the range.

The question that we're going to tell you how much the growth is going to be is going to be a conversation in January. The final result will be presented at the annual meeting of the American College of Asthma, Allergy and Immunology in Boston early November. Correspondingly, our reserves on our total commercial real estate portfolio have increased to 2.17% from 1.33% in the second quarter. This concludes the call. Electronic workflows and signatures are the only way to efficiently complete business transactions. Actual results may differ materially from those set forth in these statements. Our board recently approved a quarterly cash dividend on common stock of $1.15 per share. And then in Acute Therapies, there were some new product launches recently. So we continue to think that there's going to be a lot of opportunities out there. Mini-Bag Plus just went back into the channel in September. Traditionally people, Keith used to talk about the business moving from perpetual to subscription. We expect other noninterest income to be between $275 million and $325 million, resulting in our expectation that total noninterest income will be down in the high single-digit range.

Turning to Slide 8. And customer demand has not fully resumed to prior levels, specifically with respect to small volumes -- rather with respect to small volume parenterals, which include our Mini-Bag and Mini-Bag Plus lines, we have seen impacts from protocol changes, such as moving to IV push for administration of drugs, as well as some moves to competitive products and supply constrained quotes. So we'll be in the market to a certain degree but not enough that it changes our focus on the opportunities that we see in expansion through acquisition. With that, let me start our prepared remarks by reminding everyone that this presentation, including comments regarding our financial outlook, new product development, business development and regulatory matters contain forward-looking statements that involve risks and uncertainties and of course, our actual results could differ materially from current expectations. Management is imperative and a priority for enterprise spend for a while, and I don’t think that changes. I think what’s been consistent in the business and areas that continue to show both growth as well as interest from customers is first and foremost, content and data. Nonperforming loans increased approximately $180 million, and downgrades continue to occur, primarily in retail and lodging. Yes, I said that the front-end deal, yes.


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