Adobe (ADBE) Financials

$119.9 B

Mkt cap, 25-May-2018

$2.1 B

Revenue Q1, 2018
Gross profit (Q1, 2018)1.8 B
Gross profit margin (Q1, 2018), %87.5%
Net income (Q1, 2018)583.1 M
EBIT (Q1, 2018)702.7 M
Cash, 02-Mar-20182.7 B

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

4.1 b4.1 b4.8 b5.9 b7.3 b

Revenue growth, %

(8%)2%16%22%

Cost of goods sold

138.2 m97.1 m744.3 m819.9 m1 b

Gross profit

3.9 b4 b4.1 b5 b6.3 b

Gross profit Margin, %

97%98%84%86%86%

Sales and marketing expense

1.6 b1.7 b1.7 b1.9 b2.2 b

R&D expense

826.6 m844.4 m862.7 m976 m1.2 b

General and administrative expense

520.1 m543.3 m531.9 m577.7 m624.7 m

Operating expense total

3 b3 b3.1 b3.5 b4.1 b

Depreciation and amortization

76.6 m

EBIT

422.7 m412.7 m903.1 m1.5 b2.2 b

EBIT margin, %

10%10%19%26%30%

Interest expense

67.5 m59.7 m64.2 m70.4 m74.4 m

Interest income

4.9 m7.3 m33.9 m13.5 m36.4 m

Pre tax profit

361.4 m356.1 m873.8 m1.4 b2.1 b

Income tax expense

66.2 m93 m244.2 m266.4 m443.7 m

Net Income

290 m268.4 m629.6 m1.2 b1.7 b

Quarterly

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

Revenue

1.1 b1.2 b1.2 b1.5 b1.4 b1.4 b1.8 b1.8 b1.7 b2.1 b

Cost of goods sold

166.8 m185.2 m191 m202.7 m202.1 m198.6 m262.9 m239.4 m237.3 m258.9 m

Gross profit

942.4 m977 m1 b1.3 b1.2 b1.2 b1.6 b1.5 b1.4 b1.8 b

Gross profit Margin, %

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

Sales and marketing expense

392.7 m427 m422 m477.5 m462.8 m474.9 m550.1 m553.1 m520.3 m581 m

R&D expense

215.5 m208 m218.7 m248.5 m232.5 m237.2 m315.6 m299.4 m285.1 m348.8 m

General and administrative expense

145.1 m130.2 m122.6 m143.7 m138.6 m146.9 m147.4 m156.9 m150.8 m170.4 m

Operating expense total

769.4 m783.4 m780.8 m891.9 m852.4 m877 m1 b1 b975.3 m1.1 b

Depreciation and amortization

17.1 m

EBIT

173 m193.6 m246 m369.3 m344.2 m307.8 m545.7 m504.1 m469 m702.7 m

EBIT margin, %

16%17%20%25%25%22%30%28%28%34%

Interest expense

14.5 m16.6 m16.5 m17.3 m17.2 m18.5 m18.8 m18.3 m18.1 m19.9 m

Interest income

3.3 m3.7 m4.4 m2.7 m6.1 m4.2 m13.5 m5.2 m7.2 m16.7 m

Pre tax profit

163.2 m181 m232.6 m356.3 m329.8 m292.3 m541.4 m492.6 m460.6 m702.5 m

Income tax expense

78.4 m33.5 m58.2 m85.5 m85.8 m38 m121.8 m118.2 m62.2 m119.4 m

Net Income

84.9 m147.5 m174.5 m270.8 m244.1 m254.3 m419.6 m374.4 m398.4 m583.1 m

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

834.6 m1.1 b876.6 m1 b2.3 b

Accounts Receivable

833 m

Inventories

170.1 m175.8 m161.8 m245.4 m

Current Assets

4 b4.6 b4.8 b5.8 b7.2 b

PP&E

659.8 m785.1 m787.4 m816.3 m937 m

Goodwill

4.8 b4.7 b5.4 b5.4 b5.8 b

Total Assets

10.4 b10.8 b11.7 b12.7 b14.5 b

Accounts Payable

62.1 m68.4 m93.3 m88 m113.5 m

Short-term debt

14.7 m603.2 m

Current Liabilities

1.5 b2.5 b2.2 b2.8 b3.5 b

Long-term debt

1.5 b911.1 m1.9 b1.9 b

Total Debt

1.5 b1.5 b1.9 b1.9 b

Total Liabilities

3.7 b4 b4.7 b5.3 b6.1 b

Common Stock

61 k

Preferred Stock

Additional Paid-in Capital

3.4 b3.8 b4.2 b4.6 b5.1 b

Retained Earnings

6.9 b6.9 b7.3 b8.1 b9.6 b

Total Equity

6.7 b6.8 b7 b7.4 b8.5 b

Debt to Equity Ratio

0.2 x0.2 x0.3 x0.3 x

Debt to Assets Ratio

0.1 x0.1 x0.2 x0.1 x

Financial Leverage

1.5 x1.6 x1.7 x1.7 x1.7 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q3, 2016Q2, 2016Q1, 2017Q3, 2017Q2, 2017Q1, 2017Q1, 2018

Cash

819.1 m733.9 m817 m903.3 m712.9 m956.1 m829.3 m767.7 m886.4 m830.7 m1.8 b1.3 b1.1 b2.7 b

Current Assets

3.9 b3.9 b4.1 b4.3 b4 b4.2 b4.5 b5.4 b5.2 b4.9 b6.6 b6.1 b5.8 b7.5 b

PP&E

659.7 m651.1 m642.5 m785.9 m784.3 m785.2 m797.5 m811.5 m796.1 m794.9 m939.8 m924.1 m821.7 m991.7 m

Goodwill

4.8 b4.8 b4.8 b4.7 b5.4 b5.4 b5.4 b5.4 b5.4 b5.4 b5.8 b5.8 b5.8 b5.8 b

Total Assets

10.2 b10.2 b10.4 b10.5 b11 b11.2 b11.5 b12.4 b12.2 b11.9 b13.9 b13.4 b13 b15 b

Accounts Payable

131.1 m

Current Liabilities

1.3 b2.1 b2.2 b2.2 b1.8 b1.9 b2.1 b2.5 b2.4 b2.2 b3.2 b3 b3 b3.5 b

Long-term debt

1.5 b613.3 m609.7 m606.4 m64 k

Total Debt

1.5 b613.3 m609.7 m606.4 m64 k

Total Liabilities

3.4 b3.6 b3.7 b3.8 b4.4 b4.6 b4.7 b5.1 b5 b4.8 b5.7 b5.6 b5.5 b6.3 b

Additional Paid-in Capital

3.3 b3.5 b3.6 b3.7 b3.9 b4 b4.1 b4.5 b4.4 b4.3 b5 b4.8 b4.7 b5.2 b

Retained Earnings

6.9 b6.7 b6.8 b6.9 b6.8 b6.9 b7 b7.7 b7.4 b7.2 b9.1 b8.7 b8.3 b9.8 b

Total Equity

6.8 b6.6 b6.6 b6.7 b6.6 b6.6 b6.8 b7.3 b7.2 b7.1 b8.2 b7.8 b7.6 b8.6 b

Financial Leverage

1.5 x1.5 x1.6 x1.6 x1.7 x1.7 x1.7 x1.7 x1.7 x1.7 x1.7 x1.7 x1.7 x1.7 x

Cash Flow

Annual

usdFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

290 m268.4 m629.6 m1.2 b1.7 b

Depreciation and Amortization

321.2 m313.6 m339.5 m331.5 m326 m

Accounts Receivable

33.6 m7.9 m(79.5 m)(160.4 m)(187.2 m)

Inventories

(55.5 m)(1.9 m)(7.7 m)(71 m)

Accounts Payable

7.1 m6.2 m22.9 m(6.3 m)(45.2 m)

Cash From Operating Activities

(590.5 m)282.8 m(240.8 m)2.2 b2.9 b

Purchases of PP&E

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

Cash From Investing Activities

(1.2 b)(490.7 m)(1.5 b)(960 m)(442.9 m)

Long-term Borrowings

(25.9 m)(14.7 m)(602.2 m)(108 k)(2 m)

Cash From Financing Activities

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

Interest Paid

64.8 m68.9 m56 m66.2 m69.4 m

Income Taxes Paid

129.7 m20.1 m203 m249.9 m396.7 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q3, 2016Q2, 2016Q1, 2017Q2, 2017Q1, 2017Q1, 2018

Net Income

83 m47 m88.5 m44.7 m84.9 m147.5 m174.5 m270.8 m244.1 m254.3 m374.4 m398.4 m583.1 m

Depreciation and Amortization

13.1 m14.3 m18.1 m18.2 m22.7 m19 m18.4 m19.3 m19.1 m76.5 m

Accounts Receivable

154.4 m

Accounts Payable

53.8 m71.7 m56.5 m69.8 m83.4 m75.6 m71.7 m77.9 m191.5 m17.6 m

Cash From Operating Activities

989.6 m

Purchases of PP&E

(95.1 m)

Cash From Investing Activities

(93.8 m)

Cash From Financing Activities

(541.3 m)

Interest Paid

26.4 m

Income Taxes Paid

31.1 m

Ratios

USDY, 2018

Revenue/Employee

115.7 k

Financial Leverage

1.7 x
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Operating Metrics

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

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

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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