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: 2021 | |||
Consolidated Statements of Income | |||
Period Ending Dec 3, 2021 10-K (Filed: Jan 21, 2022) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 3, 2021 | Nov 27, 2020 | Nov 29, 2019 | |
| Revenue: | |||
| Subscription | $ 14,573 | 11,626 | 9,634 |
| Product | 555 | 507 | 648 |
| Services and other | 657 | 735 | 889 |
| Total revenue | 15,785 | 12,868 | 11,171 |
| Cost of revenue: | |||
| Subscription | 1,374 | 1,108 | 926 |
| Product | 41 | 36 | 40 |
| Services and other | 450 | 578 | 707 |
| Total cost of revenue | 1,865 | 1,722 | 1,673 |
| Gross profit | 13,920 | 11,146 | 9,498 |
| Operating expenses: | |||
| Research and development | 2,540 | 2,188 | 1,930 |
| Sales and marketing | 4,321 | 3,591 | 3,244 |
| General and administrative | 1,085 | 968 | 881 |
| Amortization of intangibles | 172 | 162 | 175 |
| Total operating expenses | 8,118 | 6,909 | 6,230 |
| Operating income | 5,802 | 4,237 | 3,268 |
| Non-operating income (expense): | |||
| Interest expense | (113) | (116) | (157) |
| Investment gains (losses), net | 16 | 13 | 52 |
| Other income (expense), net | 0 | 42 | 42 |
| Total non-operating income (expense), net | (97) | (61) | (63) |
| Income before income taxes | 5,705 | 4,176 | 3,205 |
| Provision for (benefit from) income taxes | 883 | (1,084) | 254 |
| Net income | 4,822 | 5,260 | 2,951 |
| Basic net income per share | 10.10 | 10.94 | 6.07 |
| Shares used to compute basic net income per share | 477,300 | 480,900 | 486,300 |
| Diluted net income per share | 10.02 | 10.83 | 6.00 |
| Shares used to compute diluted net income per share | 481,000 | 485,500 | 491,600 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ADOBE INC. | |||
Ticker: ADBE Fiscal Year: 2021 | |||
Consolidated Statements of Comprehensive Income Statement | |||
Period Ending Dec 3, 2021 10-K (Filed: Jan 21, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 3, 2021 | Nov 27, 2020 | Nov 29, 2019 | |
| Net income | $ 4,822 | 5,260 | 2,951 |
| Other comprehensive income (loss), net of taxes: | |||
| Available-for-sale Securities: | |||
| Unrealized gains / losses on available-for-sale securities | (8) | 3 | 29 |
| Reclassification adjustment for gains / losses on available-for-sale securities | 0 | (1) | 0 |
| Net increase (decrease) from available-for-sale securities | (8) | 2 | 29 |
| Derivatives designated as hedging instruments: | |||
| Unrealized gains / losses on derivative instruments | 69 | (44) | 0 |
| Reclassification adjustment for realized gains / losses on derivative instruments | 20 [1] | 6 | (44) |
| Net increase (decrease) from derivatives desinated as hedging instruments | 89 | (38) | (44) |
| Foreign currency translation adjustments | (60) | 66 | (25) |
| Other comprehensive income (loss), net of taxes | 21 | 30 | (40) |
| Total comprehensive income, net of taxes | 4,843 | 5,290 | 2,911 |
| [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: 2021 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 3, 2021 10-K (Filed: Jan 21, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 3, 2021 | Nov 27, 2020 | Nov 29, 2019 | |
| Cash flows from operating activities: | |||
| Net income | $ 4,822 | 5,260 | 2,951 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and accretion | 788 | 757 | 757 |
| Stock-based compensation | 1,069 | 909 | 788 |
| Reduction of operating lease right-of-use assets | 73 | 87 | 0 |
| Deferred income taxes | 183 | (1,501) | 3 |
| Unrealized losses (gains) on investments, net | (4) | (11) | (48) |
| Other non-cash items | 7 | 40 | 14 |
| Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: | |||
| Trade receivables, net | (430) | 106 | (188) |
| Prepaid expenses and other assets | (475) | (288) | (551) |
| Trade payables | (20) | 96 | 23 |
| Accrued expenses and other liabilities | 162 | 86 | 172 |
| Income taxes payable | 2 | (72) | 4 |
| Deferred revenue | 1,053 | 258 | 497 |
| Net cash provided by operating activities | 7,230 | 5,727 | 4,422 |
| Cash flows from investing activities: | |||
| Purchases of short-term investments | (1,533) | (1,071) | (700) |
| Maturities of short-term investments | 877 | 915 | 700 |
| Proceeds from sales of short-term investments | 191 | 167 | 86 |
| Acquisitions, net of cash acquired | (2,682) | 0 | (101) |
| Purchases of property and equipment | (348) | (419) | (395) |
| Purchases of long-term investments, intangibles and other assets | (42) | (15) | (49) |
| Proceeds from sale of long-term investments and other assets | 0 | 9 | 3 |
| Net cash used for investing activities | (3,537) | (414) | (456) |
| Cash flows from financing activities: | |||
| Repurchases of common stock | (3,950) | (3,050) | (2,750) |
| Proceeds from re-issuance of treasury stock | 291 | 270 | 233 |
| Taxes paid related to net share settlement of equity awards | (719) | (681) | (440) |
| Proceeds from issuance of debt | 0 | 3,144 | 0 |
| Repayment of debt | 0 | (3,150) | 0 |
| Other financing activities, net | 77 | (21) | 11 |
| Net cash used for financing activities | (4,301) | (3,488) | (2,946) |
| Effect of foreign currency exchange rates on cash and cash equivalents | (26) | 3 | (13) |
| Net increase (decrease) in cash and cash equivalents | (634) | 1,828 | 1,007 |
| Cash and cash equivalents at beginning of year | 4,478 | 2,650 | |
| Cash and cash equivalents at end of year | 3,844 | 4,478 | 2,650 |
| Supplemental disclosures: | |||
| Cash paid for income taxes, net of refunds | 843 | 469 | 352 |
| Cash paid for interest | 100 | 88 | 152 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
ADOBE INC. | ||
Ticker: ADBE Fiscal Year: 2021 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 3, 2021 10-K (Filed: Jan 21, 2022) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 3, 2021 | Nov 27, 2020 | |
| Assets: | ||
| Current assets: | ||
| Cash and cash equivalents | $ 3,844 | 4,478 |
| Short-term investments | 1,954 | 1,514 |
| Trade receivables, net of allowances for doubtful accounts of $16 and $21, respectively | 1,878 | 1,398 |
| Prepaid expenses and other current assets | 993 | 756 |
| Total current assets | 8,669 | 8,146 |
| Property, Plant and Equipment, Net | 1,673 | 1,517 |
| Operating Lease, Right-of-Use Asset, net | 443 | 487 |
| Goodwill | 12,668 | 10,742 |
| Other intangibles, net | 1,820 | 1,359 |
| Deferred income taxes | 1,085 | 1,370 |
| Other assets | 883 | 663 |
| Total assets | 27,241 | 24,284 |
| Liabilities and Stockholders' Equity | ||
| Current liabilities: | ||
| Trade payables | 312 | 306 |
| Accrued expenses | 1,736 | 1,422 |
| Deferred revenue | 4,733 | 3,629 |
| Income taxes payable | 54 | 63 |
| Operating Lease, Liability, Current | 97 | 92 |
| Total current liabilities | 6,932 | 5,512 |
| Long-term liabilities: | ||
| Debt | 4,123 | 4,117 |
| Deferred revenue | 145 | 130 |
| Income taxes payable | 534 | 529 |
| Deferred income taxes | 5 | 10 |
| Operating Lease, Liability, Noncurrent | 453 | 499 |
| Other liabilities | 252 | 223 |
| Total liabilities | 12,444 | 11,020 |
| 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; 475 and 479 shares outstanding, respectively | 0 | 0 |
| Additional paid-in-capital | 8,428 | 7,357 |
| Retained earnings | 23,905 | 19,611 |
| Accumulated other comprehensive income (loss) | (137) | (158) |
| Treasury stock, at cost (126 and 122 shares, respectively) | (17,399) | (13,546) |
| Total stockholders' equity | 14,797 | 13,264 |
| Total liabilities and stockholders' equity | 27,241 | 24,284 |
| External Links | |
| ADOBE INC. (ADBE) Fiscal Year 2021 | |
| 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 |