$119.5 B

ADBE Mkt cap, 09-Nov-2018

$2.3 B

Adobe Revenue Q3, 2018
Adobe Gross profit (Q3, 2018)2 B
Adobe Gross profit margin (Q3, 2018), %87.1%
Adobe Net income (Q3, 2018)666.3 M
Adobe EBIT (Q3, 2018)718.6 M
Adobe Cash, 31-Aug-20181.7 B
Adobe EV119.6 B

Adobe Revenue

Adobe revenue was $7.30 b in FY, 2017 which is a 24.7% year over year increase from the previous period.

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Adobe Revenue Breakdown

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Adobe revenue breakdown by business segment: 68.6% from Digital Media, 29.0% from Digital Marketing and 2.3% from Other

Adobe revenue breakdown by geographic segment: 15.1% from APAC, 27.2% from EMEA and 57.7% from Americas

Adobe Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

4.1b4.8b5.9b7.3b

Revenue growth, %

2%16%22%25%

Cost of goods sold

97.1m744.3m819.9m1.0b

Gross profit

4.0b4.1b5.0b6.3b

Gross profit Margin, %

98%84%86%86%

Sales and marketing expense

1.7b1.7b1.9b2.2b

R&D expense

844.4m862.7m976.0m1.2b

General and administrative expense

543.3m531.9m577.7m624.7m

Operating expense total

3.0b3.1b3.5b4.1b

Depreciation and amortization

76.6m

EBIT

412.7m903.1m1.5b2.2b

EBIT margin, %

10%19%26%30%

Interest expense

59.7m64.2m70.4m74.4m

Interest income

7.3m33.9m13.5m36.4m

Pre tax profit

356.1m873.8m1.4b2.1b

Income tax expense

93.0m244.2m266.4m443.7m

Net Income

268.4m629.6m1.2b1.7b

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2017Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Revenue

1.0b1.1b1.0b1.1b1.2b1.2b1.4b1.4b1.5b1.7b1.8b1.8b2.1b2.2b2.3b

Cost of goods sold

148.5m154.9m157.7m166.8m185.2m191.0m198.6m202.1m202.7m237.3m239.4m262.9m258.9m281.3m295.5m

Gross profit

851.6m913.3m847.7m942.4m977.0m1.0b1.2b1.2b1.3b1.4b1.5b1.6b1.8b1.9b2.0b

Gross profit Margin, %

85%85%84%85%84%84%86%86%86%86%86%86%88%87%87%

Sales and marketing expense

410.1m426.8m406.5m392.7m427.0m422.0m474.9m462.8m477.5m520.3m553.1m550.1m581.0m646.2m670.1m

R&D expense

209.5m209.1m212.0m215.5m208.0m218.7m237.2m232.5m248.5m285.1m299.4m315.6m348.8m374.1m399.0m

General and administrative expense

139.0m129.1m141.7m145.1m130.2m122.6m146.9m138.6m143.7m150.8m156.9m147.4m170.4m178.0m184.1m

Operating expense total

772.9m778.0m773.5m769.4m783.4m780.8m877.0m852.4m891.9m975.3m1.0b1.0b1.1b1.2b1.3b

Depreciation and amortization

13.6m13.4m13.1m17.1m17.1m23.9m

EBIT

78.7m135.3m74.2m173.0m193.6m246.0m307.8m344.2m369.3m469.0m504.1m545.7m702.7m698.5m718.6m

EBIT margin, %

8%13%7%16%17%20%22%25%25%28%28%30%34%32%31%

Interest expense

16.6m17.1m13.4m14.5m16.6m16.5m18.5m17.2m17.3m18.1m18.3m18.8m19.9m20.4m21.1m

Interest income

3.1m2.6m1.5m3.3m3.7m4.4m4.2m6.1m2.7m7.2m5.2m13.5m16.7m11.6m1.6m

Pre tax profit

64.9m121.3m62.9m163.2m181.0m232.6m292.3m329.8m356.3m460.6m492.6m541.4m702.5m690.8m701.4m

Income tax expense

17.8m32.7m18.3m78.4m33.5m58.2m38.0m85.8m85.5m62.2m118.2m121.8m119.4m27.6m35.1m

Net Income

47.0m88.5m44.7m84.9m147.5m174.5m254.3m244.1m270.8m398.4m374.4m419.6m583.1m663.2m666.3m

Adobe Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Cash

1.1b876.6m1.0b2.3b

Accounts Receivable

591.8m672.0m833.0m1.2b

Prepaid Expenses

175.8m161.8m245.4m210.1m

Current Assets

4.6b4.8b5.8b7.2b

PP&E

785.1m787.4m816.3m937.0m

Goodwill

4.7b5.4b5.4b5.8b

Total Assets

10.8b11.7b12.7b14.5b

Accounts Payable

68.4m93.3m88.0m113.5m

Short-term debt

603.2m

Current Liabilities

2.5b2.2b2.8b3.5b

Long-term debt

911.1m1.9b1.9b1.9b

Total Debt

1.5b1.9b1.9b1.9b

Total Liabilities

4.0b4.7b5.3b6.1b

Common Stock

61.0k61.0k61.0k61.0k

Additional Paid-in Capital

3.8b4.2b4.6b5.1b

Retained Earnings

6.9b7.3b8.1b9.6b

Total Equity

6.8b7.0b7.4b8.5b

Debt to Equity Ratio

0.2 x0.3 x0.3 x0.2 x

Debt to Assets Ratio

0.1 x0.2 x0.1 x0.1 x

Financial Leverage

1.6 x1.7 x1.7 x1.7 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Cash

712.9m956.1m829.3m830.7m886.4m767.7m1.1b1.3b1.8b2.7b3.0b1.7b

Accounts Receivable

532.4m502.6m593.6m599.2m666.7m731.2m850.8m901.5m1.0b1.1b1.1b1.0b

Prepaid Expenses

202.4m191.3m181.2m238.3m253.4m241.1m257.1m219.2m206.4m270.2m332.5m311.9m

Current Assets

4.0b4.2b4.5b4.9b5.2b5.4b5.8b6.1b6.6b7.5b7.7b6.3b

PP&E

784.3m785.2m797.5m794.9m796.1m811.5m821.7m924.1m939.8m991.7m993.5m1.0b

Goodwill

5.4b5.4b5.4b5.4b5.4b5.4b5.8b5.8b5.8b5.8b5.8b7.1b

Total Assets

11.0b11.2b11.5b11.9b12.2b12.4b13.0b13.4b13.9b15.0b15.2b15.4b

Accounts Payable

71.7m56.5m69.8m71.7m75.6m83.4m191.5m77.9m90.3m131.1m117.2m145.6m

Short-term debt

64.0k

Current Liabilities

1.8b1.9b2.1b2.2b2.4b2.5b3.0b3.0b3.2b3.5b3.7b3.8b

Long-term debt

1.9b1.9b1.9b1.9b1.9b1.9b1.9b1.9b1.9b1.9b1.9b1.9b

Total Debt

1.9b1.9b1.9b1.9b1.9b1.9b1.9b1.9b1.9b1.9b1.9b1.9b

Total Liabilities

4.4b4.6b4.7b4.8b5.0b5.1b5.5b5.6b5.7b6.3b6.5b6.5b

Common Stock

61.0k61.0k61.0k61.0k61.0k61.0k61.0k61.0k61.0k61.0k61.0k61.0k

Additional Paid-in Capital

3.9b4.0b4.1b4.3b4.4b4.5b4.7b4.8b5.0b5.2b5.4b5.5b

Retained Earnings

6.8b6.9b7.0b7.2b7.4b7.7b8.3b8.7b9.1b9.8b10.5b11.1b

Total Equity

6.6b6.6b6.8b7.1b7.2b7.3b7.6b7.8b8.2b8.6b8.7b8.9b

Debt to Equity Ratio

0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x

Debt to Assets Ratio

0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.1 x0.1 x0.1 x0.1 x0.1 x0.1 x

Financial Leverage

1.7 x1.7 x1.7 x1.7 x1.7 x1.7 x1.7 x1.7 x1.7 x1.7 x1.7 x1.7 x

Adobe Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

268.4m629.6m1.2b1.7b

Depreciation and Amortization

313.6m339.5m331.5m326.0m

Accounts Receivable

7.9m(79.5m)(160.4m)(187.2m)

Accounts Payable

6.2m22.9m(6.3m)(45.2m)

Cash From Operating Activities

282.8m1.5b2.2b2.9b

Purchases of PP&E

(148.3m)(184.9m)(203.8m)(178.1m)

Cash From Investing Activities

(490.7m)(1.5b)(960.0m)(442.9m)

Long-term Borrowings

(14.7m)(602.2m)(108.0k)(2.0m)

Cash From Financing Activities

(507.3m)(200.7m)(1.1b)(1.2b)

Net Change in Cash

(240.8m)134.8m1.3b

Interest Paid

68.9m56.0m66.2m69.4m

Income Taxes Paid

20.1m203.0m249.9m396.7m

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2017Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Net Income

84.9m232.4m406.8m254.3m498.4m769.2m398.4m772.8m1.2b583.1m1.2b1.9b

Depreciation and Amortization

79.6m165.6m253.1m81.2m165.7m249.7m19.1m162.4m244.8m76.5m152.9m239.8m

Accounts Receivable

62.1m91.3m(104.0k)74.3m8.6m(57.0m)184.3m132.3m26.5m154.4m140.7m199.0m

Accounts Payable

1.4m(13.8m)(614.0k)(21.6m)(18.7m)(10.9m)32.8m(80.8m)(68.4m)17.6m3.7m25.4m

Cash From Operating Activities

183.0m654.5m1.0b497.5m986.2m1.5b730.4m1.4b2.1b989.6m2.0b2.9b

Purchases of PP&E

(35.5m)(71.3m)(120.3m)(46.2m)(100.0m)(155.2m)(30.9m)(86.2m)(140.4m)(95.1m)(140.5m)(204.0m)

Cash From Investing Activities

(698.4m)(737.3m)(1.2b)(258.8m)(510.3m)(816.9m)(338.9m)(426.4m)(463.2m)(93.8m)(26.1m)(1.5b)

Long-term Borrowings

(602.2m)(602.2m)(602.2m)(21.0k)(86.0k)(304.0k)(815.0k)(1.1m)

Cash From Financing Activities

119.3m(66.8m)(85.5m)(284.4m)(465.3m)(790.2m)(331.5m)(645.9m)(864.2m)(541.3m)(1.3b)(1.9b)

Net Change in Cash

(404.5m)(161.3m)(288.1m)(45.9m)9.8m(108.9m)57.6m305.6m763.2m360.9m681.9m(558.9m)

Interest Paid

16.9m23.8m48.9m26.1m33.9m58.2m24.9m34.0m59.8m26.4m37.5m61.8m

Income Taxes Paid

6.0m20.2m61.5m16.0m33.9m108.5m27.3m48.7m211.3m31.1m73.5m141.7m

Adobe Ratios

USDY, 2018

EV/EBIT

166.5 x

EV/CFO

41 x

Debt/Equity

0.2 x

Debt/Assets

0.1 x

Financial Leverage

1.7 x
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Adobe Operating Metrics

Q1, 2014Q2, 2014Q3, 2014FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017Oct, 2017FY, 2017Q1, 2018Q2, 2018

Annual Recurring Revenue

$1.15 b$1.38 b$1.62 b$1.95 b$2.09 b$2.35 b$2.65 b$2.99 b$3.13 b$3.41 b$3.70 b$4.01 b$4.25 b$4.56 b$4.87 b$5.23 b$5.07 b$6.06 m

Downloads

165 m500 m

Installations

500 m

Members (Creative Cloud)

10 m

Net Subscriber Additions

6.17 m

PDFs opened

50 b200 b

Transactions

90 t155 t

Unbilled Backlog

$2.19 b$2.89 b$3.42 b$3.94 b
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Adobe Employee Rating

4.23411 votes
Culture & Values
4.3
Work/Life Balance
4.2
Senior Management
3.7
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4.2
Career Opportunities
3.8
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