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

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

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Revenue | 4.1b | 4.8b | 5.9b | 7.3b |

| 2% | 16% | 22% | 25% |

## Cost of goods sold | 97.1m | 744.3m | 819.9m | 1.0b |

## Gross profit | 4.0b | 4.1b | 5.0b | 6.3b |

| 98% | 84% | 86% | 86% |

## Sales and marketing expense | 1.7b | 1.7b | 1.9b | 2.2b |

## R&D expense | 844.4m | 862.7m | 976.0m | 1.2b |

## General and administrative expense | 543.3m | 531.9m | 577.7m | 624.7m |

## Operating expense total | 3.0b | 3.1b | 3.5b | 4.1b |

## Depreciation and amortization | 76.6m | |||

## EBIT | 412.7m | 903.1m | 1.5b | 2.2b |

| 10% | 19% | 26% | 30% |

## Interest expense | 59.7m | 64.2m | 70.4m | 74.4m |

## Interest income | 7.3m | 33.9m | 13.5m | 36.4m |

## Pre tax profit | 356.1m | 873.8m | 1.4b | 2.1b |

## Income tax expense | 93.0m | 244.2m | 266.4m | 443.7m |

## Net Income | 268.4m | 629.6m | 1.2b | 1.7b |

USD | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2017 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 1.0b | 1.1b | 1.0b | 1.1b | 1.2b | 1.2b | 1.4b | 1.4b | 1.5b | 1.7b | 1.8b | 1.8b | 2.1b | 2.2b | 2.3b |

## Cost of goods sold | 148.5m | 154.9m | 157.7m | 166.8m | 185.2m | 191.0m | 198.6m | 202.1m | 202.7m | 237.3m | 239.4m | 262.9m | 258.9m | 281.3m | 295.5m |

## Gross profit | 851.6m | 913.3m | 847.7m | 942.4m | 977.0m | 1.0b | 1.2b | 1.2b | 1.3b | 1.4b | 1.5b | 1.6b | 1.8b | 1.9b | 2.0b |

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

## Sales and marketing expense | 410.1m | 426.8m | 406.5m | 392.7m | 427.0m | 422.0m | 474.9m | 462.8m | 477.5m | 520.3m | 553.1m | 550.1m | 581.0m | 646.2m | 670.1m |

## R&D expense | 209.5m | 209.1m | 212.0m | 215.5m | 208.0m | 218.7m | 237.2m | 232.5m | 248.5m | 285.1m | 299.4m | 315.6m | 348.8m | 374.1m | 399.0m |

## General and administrative expense | 139.0m | 129.1m | 141.7m | 145.1m | 130.2m | 122.6m | 146.9m | 138.6m | 143.7m | 150.8m | 156.9m | 147.4m | 170.4m | 178.0m | 184.1m |

## Operating expense total | 772.9m | 778.0m | 773.5m | 769.4m | 783.4m | 780.8m | 877.0m | 852.4m | 891.9m | 975.3m | 1.0b | 1.0b | 1.1b | 1.2b | 1.3b |

## Depreciation and amortization | 13.6m | 13.4m | 13.1m | 17.1m | 17.1m | 23.9m | |||||||||

## EBIT | 78.7m | 135.3m | 74.2m | 173.0m | 193.6m | 246.0m | 307.8m | 344.2m | 369.3m | 469.0m | 504.1m | 545.7m | 702.7m | 698.5m | 718.6m |

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

## Interest expense | 16.6m | 17.1m | 13.4m | 14.5m | 16.6m | 16.5m | 18.5m | 17.2m | 17.3m | 18.1m | 18.3m | 18.8m | 19.9m | 20.4m | 21.1m |

## Interest income | 3.1m | 2.6m | 1.5m | 3.3m | 3.7m | 4.4m | 4.2m | 6.1m | 2.7m | 7.2m | 5.2m | 13.5m | 16.7m | 11.6m | 1.6m |

## Pre tax profit | 64.9m | 121.3m | 62.9m | 163.2m | 181.0m | 232.6m | 292.3m | 329.8m | 356.3m | 460.6m | 492.6m | 541.4m | 702.5m | 690.8m | 701.4m |

## Income tax expense | 17.8m | 32.7m | 18.3m | 78.4m | 33.5m | 58.2m | 38.0m | 85.8m | 85.5m | 62.2m | 118.2m | 121.8m | 119.4m | 27.6m | 35.1m |

## Net Income | 47.0m | 88.5m | 44.7m | 84.9m | 147.5m | 174.5m | 254.3m | 244.1m | 270.8m | 398.4m | 374.4m | 419.6m | 583.1m | 663.2m | 666.3m |

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Cash | 1.1b | 876.6m | 1.0b | 2.3b |

## Accounts Receivable | 591.8m | 672.0m | 833.0m | 1.2b |

## Prepaid Expenses | 175.8m | 161.8m | 245.4m | 210.1m |

## Current Assets | 4.6b | 4.8b | 5.8b | 7.2b |

## PP&E | 785.1m | 787.4m | 816.3m | 937.0m |

## Goodwill | 4.7b | 5.4b | 5.4b | 5.8b |

## Total Assets | 10.8b | 11.7b | 12.7b | 14.5b |

## Accounts Payable | 68.4m | 93.3m | 88.0m | 113.5m |

## Short-term debt | 603.2m | |||

## Current Liabilities | 2.5b | 2.2b | 2.8b | 3.5b |

## Long-term debt | 911.1m | 1.9b | 1.9b | 1.9b |

## Total Debt | 1.5b | 1.9b | 1.9b | 1.9b |

## Total Liabilities | 4.0b | 4.7b | 5.3b | 6.1b |

## Common Stock | 61.0k | 61.0k | 61.0k | 61.0k |

## Additional Paid-in Capital | 3.8b | 4.2b | 4.6b | 5.1b |

## Retained Earnings | 6.9b | 7.3b | 8.1b | 9.6b |

## Total Equity | 6.8b | 7.0b | 7.4b | 8.5b |

## Debt to Equity Ratio | 0.2 x | 0.3 x | 0.3 x | 0.2 x |

## Debt to Assets Ratio | 0.1 x | 0.2 x | 0.1 x | 0.1 x |

## Financial Leverage | 1.6 x | 1.7 x | 1.7 x | 1.7 x |

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 712.9m | 956.1m | 829.3m | 830.7m | 886.4m | 767.7m | 1.1b | 1.3b | 1.8b | 2.7b | 3.0b | 1.7b |

## Accounts Receivable | 532.4m | 502.6m | 593.6m | 599.2m | 666.7m | 731.2m | 850.8m | 901.5m | 1.0b | 1.1b | 1.1b | 1.0b |

## Prepaid Expenses | 202.4m | 191.3m | 181.2m | 238.3m | 253.4m | 241.1m | 257.1m | 219.2m | 206.4m | 270.2m | 332.5m | 311.9m |

## Current Assets | 4.0b | 4.2b | 4.5b | 4.9b | 5.2b | 5.4b | 5.8b | 6.1b | 6.6b | 7.5b | 7.7b | 6.3b |

## PP&E | 784.3m | 785.2m | 797.5m | 794.9m | 796.1m | 811.5m | 821.7m | 924.1m | 939.8m | 991.7m | 993.5m | 1.0b |

## Goodwill | 5.4b | 5.4b | 5.4b | 5.4b | 5.4b | 5.4b | 5.8b | 5.8b | 5.8b | 5.8b | 5.8b | 7.1b |

## Total Assets | 11.0b | 11.2b | 11.5b | 11.9b | 12.2b | 12.4b | 13.0b | 13.4b | 13.9b | 15.0b | 15.2b | 15.4b |

## Accounts Payable | 71.7m | 56.5m | 69.8m | 71.7m | 75.6m | 83.4m | 191.5m | 77.9m | 90.3m | 131.1m | 117.2m | 145.6m |

## Short-term debt | 64.0k | |||||||||||

## Current Liabilities | 1.8b | 1.9b | 2.1b | 2.2b | 2.4b | 2.5b | 3.0b | 3.0b | 3.2b | 3.5b | 3.7b | 3.8b |

## Long-term debt | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b |

## Total Debt | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b | 1.9b |

## Total Liabilities | 4.4b | 4.6b | 4.7b | 4.8b | 5.0b | 5.1b | 5.5b | 5.6b | 5.7b | 6.3b | 6.5b | 6.5b |

## Common Stock | 61.0k | 61.0k | 61.0k | 61.0k | 61.0k | 61.0k | 61.0k | 61.0k | 61.0k | 61.0k | 61.0k | 61.0k |

## Additional Paid-in Capital | 3.9b | 4.0b | 4.1b | 4.3b | 4.4b | 4.5b | 4.7b | 4.8b | 5.0b | 5.2b | 5.4b | 5.5b |

## Retained Earnings | 6.8b | 6.9b | 7.0b | 7.2b | 7.4b | 7.7b | 8.3b | 8.7b | 9.1b | 9.8b | 10.5b | 11.1b |

## Total Equity | 6.6b | 6.6b | 6.8b | 7.1b | 7.2b | 7.3b | 7.6b | 7.8b | 8.2b | 8.6b | 8.7b | 8.9b |

## Debt to Equity Ratio | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x |

## Debt to Assets Ratio | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | 0.1 x | 0.1 x | 0.1 x | 0.1 x | 0.1 x | 0.1 x |

## Financial Leverage | 1.7 x | 1.7 x | 1.7 x | 1.7 x | 1.7 x | 1.7 x | 1.7 x | 1.7 x | 1.7 x | 1.7 x | 1.7 x | 1.7 x |

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Net Income | 268.4m | 629.6m | 1.2b | 1.7b |

## Depreciation and Amortization | 313.6m | 339.5m | 331.5m | 326.0m |

## Accounts Receivable | 7.9m | (79.5m) | (160.4m) | (187.2m) |

## Accounts Payable | 6.2m | 22.9m | (6.3m) | (45.2m) |

## Cash From Operating Activities | 282.8m | 1.5b | 2.2b | 2.9b |

## 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) | 134.8m | 1.3b | |

## Interest Paid | 68.9m | 56.0m | 66.2m | 69.4m |

## Income Taxes Paid | 20.1m | 203.0m | 249.9m | 396.7m |

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2017 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 84.9m | 232.4m | 406.8m | 254.3m | 498.4m | 769.2m | 398.4m | 772.8m | 1.2b | 583.1m | 1.2b | 1.9b |

## Depreciation and Amortization | 79.6m | 165.6m | 253.1m | 81.2m | 165.7m | 249.7m | 19.1m | 162.4m | 244.8m | 76.5m | 152.9m | 239.8m |

## Accounts Receivable | 62.1m | 91.3m | (104.0k) | 74.3m | 8.6m | (57.0m) | 184.3m | 132.3m | 26.5m | 154.4m | 140.7m | 199.0m |

## Accounts Payable | 1.4m | (13.8m) | (614.0k) | (21.6m) | (18.7m) | (10.9m) | 32.8m | (80.8m) | (68.4m) | 17.6m | 3.7m | 25.4m |

## Cash From Operating Activities | 183.0m | 654.5m | 1.0b | 497.5m | 986.2m | 1.5b | 730.4m | 1.4b | 2.1b | 989.6m | 2.0b | 2.9b |

## 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) | 57.6m | 305.6m | 763.2m | 360.9m | 681.9m | (558.9m) |

## Interest Paid | 16.9m | 23.8m | 48.9m | 26.1m | 33.9m | 58.2m | 24.9m | 34.0m | 59.8m | 26.4m | 37.5m | 61.8m |

## Income Taxes Paid | 6.0m | 20.2m | 61.5m | 16.0m | 33.9m | 108.5m | 27.3m | 48.7m | 211.3m | 31.1m | 73.5m | 141.7m |

USD | Y, 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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Q1, 2014 | Q2, 2014 | Q3, 2014 | FY, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | FY, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | FY, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Oct, 2017 | FY, 2017 | Q1, 2018 | Q2, 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 m | 500 m | |||||||||||||||||

## Installations | 500 m | ||||||||||||||||||

## Members (Creative Cloud) | 10 m | ||||||||||||||||||

## Net Subscriber Additions | 6.17 m | ||||||||||||||||||

## PDFs opened | 50 b | 200 b | |||||||||||||||||

## Transactions | 90 t | 155 t | |||||||||||||||||

## Unbilled Backlog | $2.19 b | $2.89 b | $3.42 b | $3.94 b |

- Source: Adobe Fast Facts

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