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: 2020 | |||
Consolidated Statements of Income | |||
Period Ending Nov 27, 2020 10-K (Filed: Jan 15, 2021) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Nov 27, 2020 | Nov 29, 2019 | Nov 30, 2018 | |
| Revenue: | |||
| Subscription | $ 11,626 | 9,634 | 7,604 |
| Product | 507 | 648 | 622 |
| Services and other | 735 | 889 | 804 |
| Total revenue | 12,868 | 11,171 | 9,030 |
| Cost of revenue: | |||
| Subscription | 1,108 | 926 | 574 |
| Product | 36 | 40 | 46 |
| Services and other | 578 | 707 | 575 |
| Total cost of revenue | 1,722 | 1,673 | 1,195 |
| Gross profit | 11,146 | 9,498 | 7,835 |
| Operating expenses: | |||
| Research and development | 2,188 | 1,930 | 1,538 |
| Sales and marketing | 3,591 | 3,244 | 2,621 |
| General and administrative | 968 | 881 | 745 |
| Amortization of intangibles | 162 | 175 | 91 |
| Total operating expenses | 6,909 | 6,230 | 4,995 |
| Operating income | 4,237 | 3,268 | 2,840 |
| Non-operating income (expense): | |||
| Interest expense | (116) | (157) | (89) |
| Investment gains (losses), net | 13 | 52 | 3 |
| Other income (expense), net | 42 | 42 | 40 |
| Total non-operating income (expense), net | (61) | (63) | (46) |
| Income before income taxes | 4,176 | 3,205 | 2,794 |
| Provision for (benefit from) income taxes | (1,084) | 254 | 203 |
| Net income | 5,260 | 2,951 | 2,591 |
| Basic net income per share | 10.94 | 6.07 | 5.28 |
| Shares used to compute basic net income per share | 480,900 | 486,300 | 490,600 |
| Diluted net income per share | 10.83 | 6.00 | 5.20 |
| Shares used to compute diluted net income per share | 485,500 | 491,600 | 497,800 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ADOBE INC. | |||
Ticker: ADBE Fiscal Year: 2020 | |||
Consolidated Statements of Comprehensive Income Statement | |||
Period Ending Nov 27, 2020 10-K (Filed: Jan 15, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Nov 27, 2020 | Nov 29, 2019 | Nov 30, 2018 | |
| Net income | $ 5,260 | 2,951 | 2,591 |
| Other comprehensive income (loss), net of taxes: | |||
| Available-for-sale Securities: | |||
| Unrealized gains / losses on available-for-sale securities | 3 | 29 | (24) |
| Reclassification adjustment for gains / losses on available-for-sale securities | (1) | 0 | 11 |
| Net increase (decrease) from available-for-sale securities | 2 | 29 | (13) |
| Derivatives designated as hedging instruments: | |||
| Unrealized gains / losses on derivative instruments | (44) | 0 | 74 |
| Net unrealized gains / losses on derivative instruments designated as hedging instruments, reclassification adjustments | 6 [1] | (44) | (49) |
| Net increase (decrease) from derivatives desinated as hedging instruments | (38) | (44) | 25 |
| Foreign currency translation adjustments | 66 | (25) | (48) |
| Other comprehensive income (loss), net of taxes | 30 | (40) | (36) |
| Total comprehensive income, net of taxes | 5,290 | 2,911 | 2,555 |
| [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: 2020 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Nov 27, 2020 10-K (Filed: Jan 15, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Nov 27, 2020 | Nov 29, 2019 | Nov 30, 2018 | |
| Cash flows from operating activities: | |||
| Net income | $ 5,260 | 2,951 | 2,591 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and accretion | 757 | 757 | 346 |
| Stock-based compensation | 909 | 788 | 610 |
| Reduction of operating lease right-of-use assets | 87 | 0 | 0 |
| Deferred income taxes | (1,501) | 3 | (469) |
| Unrealized losses (gains) on investments, net | (11) | (48) | 1 |
| Other non-cash items | 40 | 14 | 7 |
| Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: | |||
| Trade receivables, net | 106 | (188) | (2) |
| Prepaid expenses and other assets | (288) | (551) | (77) |
| Trade payables | 96 | 23 | 55 |
| Accrued expenses and other liabilities | 86 | 172 | 44 |
| Income taxes payable | (72) | 4 | 479 |
| Deferred revenue | 258 | 497 | 444 |
| Net cash provided by operating activities | 5,727 | 4,422 | 4,029 |
| Cash flows from investing activities: | |||
| Purchases of short-term investments | (1,071) | (700) | (566) |
| Maturities of short-term investments | 915 | 700 | 766 |
| Proceeds from sales of short-term investments | 167 | 86 | 1,709 |
| Acquisitions, net of cash acquired | 0 | (101) | (6,314) |
| Purchases of property and equipment | (419) | (395) | (267) |
| Purchases of long-term investments, intangibles and other assets | (15) | (49) | (18) |
| Proceeds from sale of long-term investments and other assets | 9 | 3 | 5 |
| Net cash used for investing activities | (414) | (456) | (4,685) |
| Cash flows from financing activities: | |||
| Purchases of treasury stock | (3,050) | (2,750) | (2,050) |
| Proceeds from re-issuance of treasury stock | 270 | 233 | 191 |
| Taxes paid related to net share settlement of equity awards | (681) | (440) | (393) |
| Proceeds from issuance of debt | 3,144 | 0 | 2,248 |
| Repayment of debt | (3,150) | 0 | 0 |
| Other financing activities, net | (21) | 11 | (1) |
| Net cash used for financing activities | (3,488) | (2,946) | (5) |
| Effect of foreign currency exchange rates on cash and cash equivalents | 3 | (13) | (2) |
| Net increase (decrease) in cash and cash equivalents | 1,828 | 1,007 | (663) |
| Cash and cash equivalents at beginning of year | 2,650 | 1,643 | |
| Cash and cash equivalents at end of year | 4,478 | 2,650 | 1,643 |
| Supplemental disclosures: | |||
| Cash paid for income taxes, net of refunds | 469 | 352 | 210 |
| Cash paid for interest | 88 | 152 | 81 |
| Non-cash investing activities: | |||
| Issuance of common stock and stock awards assumed in business acquisitions | 0 | 0 | 3 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
ADOBE INC. | ||
Ticker: ADBE Fiscal Year: 2020 | ||
Consolidated Balance Sheets | ||
Period Ending Nov 27, 2020 10-K (Filed: Jan 15, 2021) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Nov 27, 2020 | Nov 29, 2019 | |
| Assets: | ||
| Current assets: | ||
| Cash and cash equivalents | $ 4,478 | 2,650 |
| Short-term investments | 1,514 | 1,527 |
| Trade receivables, net of allowances for doubtful accounts of $21 and $10, respectively | 1,398 | 1,535 |
| Prepaid expenses and other current assets | 756 | 783 |
| Total current assets | 8,146 | 6,495 |
| Property, Plant and Equipment, Net | 1,517 | 1,293 |
| Operating Lease, Right-of-Use Asset, net | 487 | 519 |
| Goodwill | 10,742 | 10,691 |
| Other intangibles, net | 1,359 | 1,721 |
| Deferred income taxes | 1,370 | 0 |
| Other assets | 663 | 562 |
| Total assets | 24,284 | 20,762 |
| Liabilities and Stockholders' Equity | ||
| Current liabilities: | ||
| Trade payables | 306 | 209 |
| Accrued expenses | 1,422 | 1,399 |
| Debt, Current | 0 | 3,149 |
| Deferred revenue | 3,629 | 3,378 |
| Income taxes payable | 63 | 56 |
| Operating Lease, Liability, Current | 92 | 0 |
| Total current liabilities | 5,512 | 8,191 |
| Long-term liabilities: | ||
| Debt | 4,117 | 989 |
| Deferred revenue | 130 | 123 |
| Income taxes payable | 529 | 616 |
| Deferred income taxes | 10 | 140 |
| Operating Lease, Liability, Noncurrent | 499 | 0 |
| Other liabilities | 223 | 173 |
| Total liabilities | 11,020 | 10,232 |
| Commitments and contingencies | ||
| Stockholders' equity: | ||
| Preferred stock, $0.0001 par value; 2 shares authorized; none issued | 0 | 0 |
| Common stock, $0.0001 par value; 900 shares authorized; 601 shares issued; 479 and 483 shares outstanding, respectively | 0 | 0 |
| Additional paid-in-capital | 7,357 | 6,504 |
| Retained earnings | 19,611 | 14,829 |
| Accumulated other comprehensive income (loss) | (158) | (188) |
| Treasury stock, at cost (122 and 118 shares, respectively) | (13,546) | (10,615) |
| Total stockholders' equity | 13,264 | 10,530 |
| Total liabilities and stockholders' equity | 24,284 | 20,762 |
| External Links | |
| ADOBE INC. (ADBE) Fiscal Year 2020 | |
| 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 |