Adobe Reports Record Quarterly and Annual Revenue

The financial information set forth in this press release reflects estimates based on information available at this time. These amounts could differ from actual reported amounts stated in Adobe’s Annual Report on Form 10-K for our year ended Nov. 27, 2015, which Adobe expects to file in Jan. 2016.

Adobe assumes no obligation to, and does not currently intend to, update these forward-looking statements.

About Adobe Systems Incorporated

Adobe is changing the world through digital experiences. For more information, visit www.adobe.com.

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Condensed Consolidated Statements of Income

(In thousands, except per share data; unaudited)

 
Three Months Ended Year Ended
November 27,
2015
  November 28,
2014
November 27,
2015
  November 28,
2014
Revenue:
Subscription $ 907,434 $ 628,954 $ 3,223,904 $ 2,076,584
Product 284,496 327,951 1,125,146 1,627,803
Services and support 114,474   116,423   446,461   442,678  
Total revenue 1,306,404   1,073,328   4,795,511   4,147,065  
 
Cost of revenue:
Subscription 106,368 87,883 409,194 335,432
Product 24,320 21,930 90,035 97,099
Services and support 70,673   51,130   245,088   189,549  
Total cost of revenue 201,361   160,943   744,317   622,080  
 
Gross profit 1,105,043 912,385 4,051,194 3,524,985
 
Operating expenses:
Research and development 220,514 213,687 862,730 844,353
Sales and marketing 441,472 408,862 1,683,242 1,652,308
General and administrative 134,052 133,534 531,919 543,332
Restructuring and other charges 521 19,385 1,559 19,883
Amortization of purchased intangibles 18,050   12,412   68,649   52,424  
Total operating expenses 814,609   787,880   3,148,099   3,112,300  
 
Operating income 290,434 124,505 903,095 412,685
 
Non-operating income (expense):
Interest and other income (expense), net 22,399 105 33,909 7,267
Interest expense (16,515 ) (12,678 ) (64,184 ) (59,732 )
Investment gains (losses), net 622   343   961   1,156  
Total non-operating income (expense), net 6,506   (12,230 ) (29,314 ) (51,309 )
Income before income taxes 296,940 112,275 873,781 361,376
Provision for income taxes 74,235   24,139   244,230   92,981  
Net income $ 222,705   $ 88,136   $ 629,551   $ 268,395  
Basic net income per share $ 0.45   $ 0.18   $ 1.26   $ 0.54  
Shares used to compute basic net income per share 498,384   498,124   498,764   497,867  
Diluted net income per share $ 0.44   $ 0.17   $ 1.24   $ 0.53  
Shares used to compute diluted net income per share 506,012   507,451   507,164   508,480  
 
   

Condensed Consolidated Balance Sheets

(In thousands, except par value; unaudited)

 

November 27,
2015 ( * )

November 28,
2014
ASSETS
 
Current assets:
Cash and cash equivalents $ 876,560 $ 1,117,400
Short-term investments 3,111,524 2,622,091
Trade receivables, net of allowances for doubtful accounts of $7,293 and $7,867, respectively 672,006 591,800
Deferred income taxes 95,279
Prepaid expenses and other current assets 161,802   175,758  
Total current assets 4,821,892 4,602,328
 
Property and equipment, net 787,421 785,123
Goodwill 5,366,881 4,721,962
Purchased and other intangibles, net 510,007 469,662
Investment in lease receivable 80,439 80,439
Other assets 159,832   126,315  
Total assets $ 11,726,472   $ 10,785,829  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Trade payables $ 93,307 $ 68,377
Accrued expenses 678,364 683,866
Debt and capital lease obligations 603,229
Accrued restructuring 1,520 17,120
Income taxes payable 6,165 23,920
Deferred revenue 1,434,200   1,097,923  

Total current liabilities

2,213,556 2,494,435
 
Long-term liabilities:
Debt 1,907,231 911,086
Deferred revenue 51,094 57,401
Accrued restructuring 3,214 5,194
Income taxes payable 256,129 125,746
Deferred income taxes 208,209 342,315
Other liabilities 85,459   73,747  
Total liabilities 4,724,892 4,009,924
 
Stockholders' equity:
Preferred stock, $0.0001 par value; 2,000 shares authorized
Common stock, $0.0001 par value 61 61
Additional paid-in-capital 4,184,883 3,778,495
Retained earnings 7,253,431 6,924,294
Accumulated other comprehensive income (loss) (169,080 ) (8,094 )
Treasury stock, at cost (103,025 and 103,350 shares, respectively), net of reissuances (4,267,715 ) (3,918,851 )
Total stockholders' equity 7,001,580   6,775,905  
Total liabilities and stockholders' equity $ 11,726,472   $ 10,785,829  

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