We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Adobe Inc | NASDAQ:ADBE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
9.33 | 1.96% | 485.9023 | 486.20 | 489.98 | 487.49 | 477.565 | 482.39 | 2,833,206 | 01:00:00 |
Company Achieves 22 Percent Year-Over-Year Annual Revenue Growth in Fiscal 2016
Adobe (Nasdaq:ADBE) today reported financial results for its fourth quarter and fiscal year 2016 ended Dec. 2, 2016.
In its fourth quarter of fiscal year 2016, Adobe achieved record quarterly revenue of $1.61 billion, representing year-over-year growth of 23 percent. In fiscal year 2016, Adobe achieved record annual revenue of $5.85 billion, representing year-over-year growth of 22 percent. The company also achieved record quarterly net income, cash flow and deferred revenue during its fourth quarter.
“Adobe’s market-leading digital media and digital marketing solutions are revolutionizing how customers design and deliver exceptional digital experiences,” said Shantanu Narayen, president and chief executive officer of Adobe. “We enter 2017 with significant market momentum and strong technology tailwinds.”
“Across our business, Adobe had a strong 2016 as we met or exceeded all of our key financial targets for the year,” said Mark Garrett, Adobe executive vice president and chief financial officer. “We are uniquely positioned as a cloud provider to deliver both top line and bottom line growth.”
Fourth Quarter Financial Highlights
Fiscal Year 2016 Financial Highlights
A reconciliation between GAAP and non-GAAP results is provided at the end of this press release and on Adobe’s website.
Adobe to Webcast Earnings Conference Call
Adobe will webcast its fourth quarter and fiscal year 2016 earnings conference call today at 2:00 p.m. Pacific Time from its investor relations website: www.adobe.com/ADBE. Earnings documents, including Adobe management’s prepared conference call remarks with slides, financial targets and an investor datasheet are posted to Adobe’s investor relations website in advance of the conference call for reference. A reconciliation between GAAP and non-GAAP earnings results and financial targets is also provided on the website.
Forward-Looking Statements Disclosure
This press release contains forward-looking statements, including those related to product and technology innovation, business momentum, the impact of our products and services to our customers, revenue, annualized recurring revenue, bookings, earnings per share and operating cash flow, all of which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: failure to develop, market and offer products and services that meet customer requirements, introduction of new products, services and business models by competitors, failure to successfully manage transitions to new business models and markets, uncertainty in economic conditions and the financial markets, fluctuations in subscription renewal rates, complex and unpredictable sales cycles for some enterprise offerings, risks associated with cyber-attacks and information security, potential interruptions or delays in hosted services provided by us or third parties, changes in accounting principles, and failure to realize the anticipated benefits of past or future acquisitions. For a discussion of these and other risks and uncertainties, please refer to Adobe’s Annual Report on Form 10-K for our fiscal year 2015 ended Nov. 27, 2015, and Adobe's Quarterly Reports on Form 10-Q issued in fiscal year 2016.
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 Dec. 2, 2016, which Adobe expects to file in January 2017.
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.
© 2016 Adobe Systems Incorporated. All rights reserved. Adobe and the Adobe logo are either registered trademarks or trademarks of Adobe Systems Incorporated in the United States and/or other countries. All other trademarks are the property of their respective owners.
Condensed Consolidated Statements of Income
(In thousands, except per share data; unaudited)
Three Months Ended Year Ended December 2, November 27, December 2, November 27, 2016 2015 2016 2015 Revenue: Subscription $ 1,262,273 $ 907,434 $ 4,584,833 $ 3,223,904 Product 221,926 284,496 800,498 1,125,146 Services and support 124,220 114,474 469,099 446,461 Total revenue 1,608,419 1,306,404 5,854,430 4,795,511 Cost of revenue: Subscription 122,196 106,368 461,860 409,194 Product 17,427 24,320 68,917 90,035 Services and support 76,933 70,673 289,131 245,088Total cost of revenue
216,556 201,361 819,908 744,317 Gross profit 1,391,863 1,105,043 5,034,522 4,051,194 Operating expenses: Research and development 257,849 220,514 975,987 862,730 Sales and marketing 495,042 441,472 1,910,197 1,683,242 General and administrative 148,477 134,052 577,710 531,919 Restructuring and other charges (285 ) 521 (1,508 ) 1,559 Amortization of purchased intangibles 18,500 18,050 78,534 68,649 Total operating expenses 919,583 814,609 3,540,920 3,148,099 Operating income 472,280 290,434 1,493,602 903,095 Non-operating income (expense): Interest and other income (expense), net 553 22,399 13,548 33,909 Interest expense (17,518 ) (16,515 ) (70,442 ) (64,184 ) Investment gains (losses), net 1,385 622 (1,570 ) 961 Total non-operating income (expense), net (15,580 ) 6,506 (58,464 ) (29,314 ) Income before income taxes 456,700 296,940 1,435,138 873,781 Provision for income taxes 57,087 74,235 266,356 244,230 Net income $ 399,613 $ 222,705 $ 1,168,782 $ 629,551 Basic net income per share $ 0.81 $ 0.45 $ 2.35 $ 1.26 Shares used to compute basic net income per share 495,641 498,384 498,345 498,764 Diluted net income per share $ 0.80 $ 0.44 $ 2.32 $ 1.24 Shares used to compute diluted net income per share 501,176 506,012 504,299 507,164 Condensed Consolidated Balance Sheets(In thousands, except par value; unaudited)
December 2, 2016 November 27, 2015 ASSETS Current assets: Cash and cash equivalents $ 1,011,315 $ 876,560 Short-term investments 3,749,985 3,111,524 Trade receivables, net of allowances for doubtful accounts of $6,214 and $7,293, respectively 833,033 672,006 Prepaid expenses and other current assets 245,441 161,802 Total current assets 5,839,774 4,821,892 Property and equipment, net 816,264 787,421 Goodwill 5,406,474 5,366,881 Purchased and other intangibles, net 414,405 510,007 Investment in lease receivable 80,439 80,439 Other assets 149,758 159,832 Total assets $ 12,707,114 $ 11,726,472 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade payables $ 88,024 $ 93,307 Accrued expenses 739,630 679,884 Income taxes payable 38,362 6,165 Deferred revenue 1,945,619 1,434,200 Total current liabilities 2,811,635 2,213,556 Long-term liabilities: Debt 1,902,068 1,907,231 Deferred revenue 69,131 51,094 Income taxes payable 184,381 256,129 Deferred income taxes 217,660 208,209 Other liabilities 97,404 88,673 Total liabilities 5,282,279 4,724,892 Stockholders' equity: Preferred stock, $0.0001 par value; 2,000 shares authorized — — Common stock, $0.0001 par value 61 61 Additional paid-in-capital 4,616,331 4,184,883 Retained earnings 8,114,517 7,253,431 Accumulated other comprehensive income (loss) (173,602 ) (169,080 ) Treasury stock, at cost (106,580 and 103,025 shares, respectively), net of reissuances (5,132,472 ) (4,267,715 ) Total stockholders' equity 7,424,835 7,001,580 Total liabilities and stockholders' equity $ 12,707,114 $ 11,726,472 Condensed Consolidated Statements of Cash Flows(In thousands; unaudited)
Three Months Ended December 2, 2016 November 27, 2015 Cash flows from operating activities: Net income $ 399,613 $ 222,705 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and accretion 81,860 86,359 Stock-based compensation expense 87,530 81,022 Gain on sale of property — (21,415 ) Unrealized investment gains, net (771 ) (662 ) Changes in deferred revenue 216,765 179,265 Changes in other operating assets and liabilities (89,396 ) (92,759 ) Net cash provided by operating activities 695,601 454,515 Cash flows from investing activities: Purchases, sales and maturities of short-term investments, net (97,891 ) (277,566 ) Purchases of property and equipment (48,633 ) (64,676 ) Proceeds from the sale of property — 57,779 Purchases and sales of long-term investments, intangibles and other assets, net 3,426 (1,524 ) Net cash used for investing activities (143,098 ) (285,987 ) Cash flows from financing activities: Purchases of treasury stock (300,000 ) (125,000 ) Proceeds from (costs of) issuance of treasury stock, net (6,283 ) 42 Repayment of capital lease obligations (22 ) — Excess tax benefits from stock-based compensation 5,836 9,808Net cash used for financing activities
(300,469 ) (115,150 ) Effect of exchange rate changes on cash and cash equivalents (8,391 ) (6,110 ) Net increase in cash and cash equivalents 243,643 47,268 Cash and cash equivalents at beginning of period 767,672 829,292 Cash and cash equivalents at end of period $ 1,011,315 $ 876,560 Non-GAAP Results(In thousands, except per share data)
The following tables show Adobe's GAAP results reconciled to non-GAAP results included in this release.
Three Months Ended Year Ended December 2, 2016 November 27, 2015 September 2, 2016 December 2, 2016 November 27, 2015 Operating income: GAAP operating income $ 472,280 $ 290,434 $ 369,325 $ 1,493,602 $ 903,095 Stock-based and deferred compensation expense 86,584 81,705 86,070 351,553 338,047 Restructuring and other charges (285 ) 521 (338 ) (1,508 ) 1,559 Amortization of purchased intangibles 31,143 37,678 36,082 136,056 152,590 Loss contingency reversal — — — — (10,000 ) Non-GAAP operating income $ 589,722 $ 410,338 $ 491,139 $ 1,979,703 $ 1,385,291 Net income: GAAP net income $ 399,613 $ 222,705 $ 270,788 $ 1,168,782 $ 629,551 Stock-based and deferred compensation expense 86,584 81,705 86,070 351,553 338,047 Restructuring and other charges (285 ) 521 (338 ) (1,508 ) 1,559 Amortization of purchased intangibles 31,143 37,678 36,082 136,056 152,590 Investment (gains) losses, net (1,385 ) (622 ) (1,532 ) 1,570 (961 ) Gain on sale of property assets — (21,415 ) — — (21,415 ) Loss contingency reversal — — — — (10,000 ) Income tax adjustments (63,118 ) (8,674 ) (14,569 ) (137,350 ) (35,826 ) Non-GAAP net income $ 452,552 $ 311,898 $ 376,501 $ 1,519,103 $ 1,053,545 Diluted net income per share: GAAP diluted net income per share $ 0.80 $ 0.44 $ 0.54 $ 2.32 $ 1.24 Stock-based and deferred compensation expense 0.17 0.16 0.17 0.70 0.67 Amortization of purchased intangibles 0.06 0.07 0.07 0.27 0.30 Gain on sale of property assets — (0.04 ) — — (0.04 ) Loss contingency reversal — — — — (0.02 ) Income tax adjustments (0.13 ) (0.01 ) (0.03 ) (0.28 ) (0.07 ) Non-GAAP diluted net income per share $ 0.90 $ 0.62 $ 0.75 $ 3.01 $ 2.08 Shares used in computing diluted net income per share 501,176 506,012 503,669 504,299 507,164 Three MonthsEnded December 2, 2016 Effective income tax rate: GAAP effective income tax rate 12.5 % Resolution of income tax examinations 10.5 Stock-based and deferred compensation expense (1.5 ) Amortization of purchased intangibles (0.5 ) Non-GAAP effective income tax rate 21.0 %Use of Non-GAAP Financial Information
Adobe continues to provide all information required in accordance with GAAP, but believes evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures. Adobe uses non-GAAP financial information to evaluate its ongoing operations and for internal planning and forecasting purposes. Adobe's management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Adobe presents such non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate Adobe's operating results. Adobe believes these non-GAAP financial measures are useful because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. This allows institutional investors, the analyst community and others to better understand and evaluate our operating results and future prospects in the same manner as management.
Adobe's management believes it is useful for itself and investors to review, as applicable, both GAAP information as well as non-GAAP measures, which may exclude items such as stock-based and deferred compensation expenses, restructuring and other charges, amortization of purchased intangibles and certain activity in connection with technology license arrangements, investment gains and losses, the related tax impact of all of these items, income tax adjustments, and the income tax effect of the non-GAAP pre-tax adjustments from the provision for income taxes. Adobe uses these non-GAAP measures in order to assess the performance of Adobe's business and for planning and forecasting in subsequent periods. Whenever such a non-GAAP measure is used, Adobe provides a reconciliation of the non-GAAP financial measure to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed above.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161215006277/en/
Investor Relations ContactAdobeMike Saviage, 408-536-4416ir@adobe.comorPublic Relations ContactAdobeDan Berthiaume, 408-536-2584dberthia@adobe.com
1 Year Adobe Chart |
1 Month Adobe Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions