10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ADOBE INC. | |||
Ticker: ADBE Fiscal Year: 2019 | |||
Consolidated Statements of Income | |||
Period Ending Nov 29, 2019 10-K (Filed: Jan 21, 2020) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Nov 29, 2019 | Nov 30, 2018 | Dec 1, 2017 | |
| Revenue: | |||
| Subscription | $ 9,994,463 | 7,922,152 | 6,133,869 |
| Product | 647,788 | 622,153 | 706,767 |
| Services and support | 529,046 | 485,703 | 460,869 |
| Total revenue | 11,171,297 | 9,030,008 | 7,301,505 |
| Cost of revenue: | |||
| Subscription | 1,222,520 | 807,221 | 623,048 |
| Product | 39,625 | 46,009 | 57,082 |
| Services and support | 410,575 | 341,769 | 330,361 |
| Total cost of revenue | 1,672,720 | 1,194,999 | 1,010,491 |
| Gross profit | 9,498,577 | 7,835,009 | 6,291,014 |
| Operating expenses: | |||
| Research and development | 1,930,228 | 1,537,812 | 1,224,059 |
| Sales and marketing | 3,244,347 | 2,620,829 | 2,197,592 |
| General and administrative | 880,637 | 744,898 | 624,706 |
| Amortization of intangibles | 175,244 | 91,101 | 76,562 |
| Total operating expenses | 6,230,456 | 4,994,640 | 4,122,919 |
| Operating income | 3,268,121 | 2,840,369 | 2,168,095 |
| Non-operating income (expense): | |||
| Interest and other income (expense), net | 42,255 | 39,536 | 36,395 |
| Interest expense | (157,214) | (89,242) | (74,402) |
| Investment gains (losses), net | 51,579 | 3,213 | 7,553 |
| Total non-operating income (expense), net | (63,380) | (46,493) | (30,454) |
| Income before income taxes | 3,204,741 | 2,793,876 | 2,137,641 |
| Provision for income taxes | 253,283 | 203,102 | 443,687 |
| Net income | 2,951,458 | 2,590,774 | 1,693,954 |
| Basic net income per share | 6.07 | 5.28 | 3.43 |
| Shares used to compute basic net income per share | 486,291 | 490,564 | 493,632 |
| Diluted net income per share | 6.00 | 5.20 | 3.38 |
| Shares used to compute diluted net income per share | 491,572 | 497,843 | 501,123 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ADOBE INC. | |||
Ticker: ADBE Fiscal Year: 2019 | |||
Consolidated Statements of Comprehensive Income Statement | |||
Period Ending Nov 29, 2019 10-K (Filed: Jan 21, 2020) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Nov 29, 2019 | Nov 30, 2018 | Dec 1, 2017 | |
| Net income | $ 2,951,458 | 2,590,774 | 1,693,954 |
| Other comprehensive income (loss), net of taxes: | |||
| Available-for-sale Securities: | |||
| Unrealized gains / losses on available-for-sale securities | 29,409 | (24,464) | (2,503) |
| Reclassification adjustment for gains / losses on available-for-sale securities recognized | 124 | 10,650 | (947) |
| Net increase (decrease) from available-for-sale securities | 29,533 | (13,814) | (3,450) |
| Derivatives designated as hedging instruments: | |||
| Unrealized gains / losses on derivative instruments | 294 | 74,080 | 6,917 |
| Reclassification adjustment for gains / losses on derivative instruments recognized | (44,334) [1] | (48,981) | (31,973) |
| Net increase (decrease) from derivatives desinated as hedging instruments | (44,040) | 25,099 | (25,056) |
| Foreign currency translation adjustments | (25,397) | (47,594) | 90,287 |
| Other comprehensive income (loss), net of taxes | (39,904) | (36,309) | 61,781 |
| Total comprehensive income, net of taxes | 2,911,554 | 2,554,465 | 1,755,735 |
| [1] Reclassification adjustments for gains / losses on foreign currency hedges are classified in revenue and reclassification adjustments for gains / losses on Treasury lock hedges are classified in interest expense. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ADOBE INC. | |||
Ticker: ADBE Fiscal Year: 2019 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Nov 29, 2019 10-K (Filed: Jan 21, 2020) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Nov 29, 2019 | Nov 30, 2018 | Dec 1, 2017 | |
| Cash flows from operating activities: | |||
| Net income | $ 2,951,458 | 2,590,774 | 1,693,954 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and accretion | 736,669 | 346,492 | 325,997 |
| Stock-based compensation | 787,705 | 609,562 | 454,472 |
| Deferred income taxes | (2,707) | 468,936 | (51,605) |
| Unrealized losses (gains) on investments, net | (47,626) | 793 | (5,494) |
| Other non-cash items | 13,835 | 7,193 | 4,625 |
| Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: | |||
| Trade receivables, net | (187,826) | (1,983) | (187,173) |
| Prepaid expenses and other assets | (531,054) | (77,225) | 28,040 |
| Trade payables | (23,129) | (54,920) | 45,186 |
| Accrued expenses | 171,705 | 43,837 | 151,104 |
| Income taxes payable | 4,152 | 479,184 | (34,493) |
| Deferred revenue | 496,959 | 444,693 | 475,402 |
| Net cash provided by operating activities | 4,421,813 | 4,029,304 | 2,912,853 |
| Cash flows from investing activities: | |||
| Purchases of short-term investments | (699,893) | (566,084) | (1,931,011) |
| Maturities of short-term investments | 699,540 | 765,860 | 759,737 |
| Proceeds from sales of short-term investments | 86,137 | 1,709,480 | 1,393,929 |
| Acquisitions, net of cash acquired | (100,704) | (6,314,382) | (459,626) |
| Purchases of property and equipment | (394,479) | (266,579) | (178,122) |
| Purchases of long-term investments, intangibles and other assets | (48,735) | (18,513) | (29,918) |
| Proceeds from sale of long-term investments and other assets | 2,550 | 4,923 | 2,134 |
| Net cash used for investing activities | (455,584) | (4,685,295) | (442,877) |
| Cash flows from financing activities: | |||
| Purchases of treasury stock | (2,750,000) | (2,050,000) | (1,100,000) |
| Proceeds from re-issuance of treasury stock | 232,932 | 190,990 | 158,351 |
| Taxes paid related to net share settlement of equity awards | (439,984) | (393,193) | (240,126) |
| Proceeds from debt issuance, net of costs | 0 | 2,248,342 | 0 |
| Other financing activities, net | 11,008 | (1,707) | (1,960) |
| Net cash used for financing activities | (2,946,044) | (5,568) | (1,183,735) |
| Effect of foreign currency exchange rates on cash and cash equivalents | (12,739) | (1,738) | 8,516 |
| Net increase (decrease) in cash and cash equivalents | 1,007,446 | (663,297) | 1,294,757 |
| Cash and cash equivalents at beginning of year | 1,642,775 | 2,306,072 | |
| Cash and cash equivalents at end of year | 2,650,221 | 1,642,775 | 2,306,072 |
| Supplemental disclosures: | |||
| Cash paid for income taxes, net of refunds | 352,478 | 210,369 | 396,668 |
| Cash paid for interest | 152,075 | 81,258 | 69,430 |
| Non-cash investing activities: | |||
| Investment in lease receivable applied to building purchase | 0 | 0 | 80,439 |
| Issuance of common stock and stock awards assumed in business acquisitions | 0 | 2,784 | 10,348 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
ADOBE INC. | ||
Ticker: ADBE Fiscal Year: 2019 | ||
Consolidated Balance Sheets | ||
Period Ending Nov 29, 2019 10-K (Filed: Jan 21, 2020) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Nov 29, 2019 | Nov 30, 2018 | |
| Assets: | ||
| Current assets: | ||
| Cash and cash equivalents | $ 2,650,221 | 1,642,775 |
| Short-term investments | 1,526,755 | 1,586,187 |
| Trade receivables, net of allowances for doubtful accounts of $9,650 and $14,981, respectively | 1,534,809 | 1,315,578 |
| Prepaid expenses and other current assets | 783,140 | 312,499 |
| Total current assets | 6,494,925 | 4,857,039 |
| Property and equipment, net | 1,293,015 | 1,075,072 |
| Goodwill | 10,691,199 | 10,581,048 |
| Other intangibles, net | 1,720,565 | 2,069,001 |
| Other assets | 562,696 | 186,522 |
| Total assets | 20,762,400 | 18,768,682 |
| Liabilities and Stockholders' Equity | ||
| Current liabilities: | ||
| Trade payables | 209,499 | 186,258 |
| Accrued expenses | 1,398,548 | 1,163,185 |
| Debt | 3,149,343 | 0 |
| Deferred revenue | 3,377,986 | 2,915,974 |
| Income taxes payable | 55,562 | 35,709 |
| Total current liabilities | 8,190,938 | 4,301,126 |
| Long-term liabilities: | ||
| Debt | 988,924 | 4,124,800 |
| Deferred revenue | 122,727 | 137,630 |
| Income taxes payable | 616,102 | 644,101 |
| Deferred income taxes | 140,498 | 46,702 |
| Other liabilities | 173,056 | 152,209 |
| Total liabilities | 10,232,245 | 9,406,568 |
| Commitments and contingencies | ||
| Stockholders' equity: | ||
| Preferred stock, $0.0001 par value; 2,000 shares authorized; none issued | 0 | 0 |
| Common stock, $0.0001 par value; 900,000 shares authorized; 600,834 shares issued; 482,339 and 487,663 shares outstanding, respectively | 61 | 61 |
| Additional paid-in-capital | 6,504,800 | 5,685,337 |
| Retained earnings | 14,828,562 | 11,815,597 |
| Accumulated other comprehensive income (loss) | (188,034) | (148,130) |
| Treasury stock, at cost (118,495 and 113,171 shares, respectively), net of re-issuances | (10,615,234) | (7,990,751) |
| Total stockholders' equity | 10,530,155 | 9,362,114 |
| Total liabilities and stockholders' equity | 20,762,400 | 18,768,682 |
| External Links | |
| ADOBE INC. (ADBE) Fiscal Year 2019 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |