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: 2022 | |||
Consolidated Statements of Income | |||
Period Ending Dec 2, 2022 10-K (Filed: Jan 17, 2023) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | |
| Revenue: | |||
| Subscription | $ 16,388 | 14,573 | 11,626 |
| Product | 532 | 555 | 507 |
| Services and other | 686 | 657 | 735 |
| Total revenue | 17,606 | 15,785 | 12,868 |
| Cost of revenue: | |||
| Subscription | 1,646 | 1,374 | 1,108 |
| Product | 35 | 41 | 36 |
| Services and other | 484 | 450 | 578 |
| Total cost of revenue | 2,165 | 1,865 | 1,722 |
| Gross profit | 15,441 | 13,920 | 11,146 |
| Operating expenses: | |||
| Research and development | 2,987 | 2,540 | 2,188 |
| Sales and marketing | 4,968 | 4,321 | 3,591 |
| General and administrative | 1,219 | 1,085 | 968 |
| Amortization of intangibles | 169 | 172 | 162 |
| Total operating expenses | 9,343 | 8,118 | 6,909 |
| Operating income | 6,098 | 5,802 | 4,237 |
| Non-operating income (expense): | |||
| Interest expense | (112) | (113) | (116) |
| Investment gains (losses), net | (19) | 16 | 13 |
| Other income (expense), net | 41 | 0 | 42 |
| Total non-operating income (expense), net | (90) | (97) | (61) |
| Income before income taxes | 6,008 | 5,705 | 4,176 |
| Provision for (benefit from) income taxes | 1,252 | 883 | (1,084) |
| Net income | 4,756 | 4,822 | 5,260 |
| Basic net income per share | 10.13 | 10.10 | 10.94 |
| Shares used to compute basic net income per share | 469,500 | 477,300 | 480,900 |
| Diluted net income per share | 10.10 | 10.02 | 10.83 |
| Shares used to compute diluted net income per share | 470,900 | 481,000 | 485,500 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ADOBE INC. | |||
Ticker: ADBE Fiscal Year: 2022 | |||
Consolidated Statements of Comprehensive Income Statement | |||
Period Ending Dec 2, 2022 10-K (Filed: Jan 17, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | |
| Net income | $ 4,756 | 4,822 | 5,260 |
| Other comprehensive income (loss), net of taxes: | |||
| Available-for-sale securities: | |||
| Unrealized gains / losses on available-for-sale securities | (39) | (8) | 3 |
| Reclassification adjustment for recognized gains / losses on available-for-sale securities | 0 | 0 | (1) |
| Net increase (decrease) from available-for-sale securities | (39) | (8) | 2 |
| Derivatives designated as hedging instruments: | |||
| Unrealized gains / losses on derivative instruments | 139 | 69 | (44) |
| Reclassification adjustment for realized gains / losses on derivative instruments | (151) [1] | 20 | 6 |
| Net increase (decrease) from derivatives desinated as hedging instruments | (12) | 89 | (38) |
| Foreign currency translation adjustments | (105) | (60) | 66 |
| Other comprehensive income (loss), net of taxes | (156) | 21 | 30 |
| Total comprehensive income, net of taxes | 4,600 | 4,843 | 5,290 |
| [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: 2022 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 2, 2022 10-K (Filed: Jan 17, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | |
| Cash flows from operating activities: | |||
| Net income | $ 4,756 | 4,822 | 5,260 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and accretion | 856 | 788 | 757 |
| Stock-based compensation | 1,440 | 1,069 | 909 |
| Reduction of operating lease right-of-use assets | 83 | 73 | 87 |
| Deferred income taxes | 328 | 183 | (1,501) |
| Unrealized losses (gains) on investments, net | 29 | (4) | (11) |
| Other non-cash items | 10 | 7 | 40 |
| Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: | |||
| Trade receivables, net | (198) | (430) | 106 |
| Prepaid expenses and other assets | (94) | (475) | (288) |
| Trade payables | 66 | (20) | 96 |
| Accrued expenses and other liabilities | 7 | 162 | 86 |
| Income taxes payable | 19 | 2 | (72) |
| Deferred revenue | 536 | 1,053 | 258 |
| Net cash provided by operating activities | 7,838 | 7,230 | 5,727 |
| Cash flows from investing activities: | |||
| Purchases of short-term investments | (909) | (1,533) | (1,071) |
| Maturities of short-term investments | 683 | 877 | 915 |
| Proceeds from sales of short-term investments | 270 | 191 | 167 |
| Acquisitions, net of cash acquired | (126) | (2,682) | 0 |
| Purchases of property and equipment | (442) | (348) | (419) |
| Purchases of long-term investments, intangibles and other assets | (46) | (42) | (15) |
| Proceeds from sale of long-term investments and other assets | 0 | 0 | 9 |
| Net cash used for investing activities | (570) | (3,537) | (414) |
| Cash flows from financing activities: | |||
| Repurchases of common stock | (6,550) | (3,950) | (3,050) |
| Proceeds from re-issuance of treasury stock | 278 | 291 | 270 |
| Taxes paid related to net share settlement of equity awards | (518) | (719) | (681) |
| Proceeds from issuance of debt | 0 | 0 | 3,144 |
| Repayment of debt | 0 | 0 | (3,150) |
| Other financing activities, net | (35) | 77 | (21) |
| Net cash used for financing activities | (6,825) | (4,301) | (3,488) |
| Effect of foreign currency exchange rates on cash and cash equivalents | (51) | (26) | 3 |
| Net change in cash and cash equivalents | 392 | (634) | 1,828 |
| Cash and cash equivalents at beginning of year | 3,844 | 4,478 | |
| Cash and cash equivalents at end of year | 4,236 | 3,844 | 4,478 |
| Supplemental disclosures: | |||
| Cash paid for income taxes, net of refunds | 778 | 843 | 469 |
| Cash paid for interest | 103 | 100 | 88 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
ADOBE INC. | ||
Ticker: ADBE Fiscal Year: 2022 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 2, 2022 10-K (Filed: Jan 17, 2023) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 2, 2022 | Dec 3, 2021 | |
| Assets: | ||
| Current assets: | ||
| Cash and cash equivalents | $ 4,236 | 3,844 |
| Short-term investments | 1,860 | 1,954 |
| Trade receivables, net of allowances for doubtful accounts of $23 and $16, respectively | 2,065 | 1,878 |
| Prepaid expenses and other current assets | 835 | 993 |
| Total current assets | 8,996 | 8,669 |
| Property and equipment, net | 1,908 | 1,673 |
| Operating lease right-of-use assets, net | 407 | 443 |
| Goodwill | 12,787 | 12,668 |
| Other intangibles, net | 1,449 | 1,820 |
| Deferred income taxes | 777 | 1,085 |
| Other assets | 841 | 883 |
| Total assets | 27,165 | 27,241 |
| Liabilities and Stockholders' Equity | ||
| Current liabilities: | ||
| Trade payables | 379 | 312 |
| Accrued expenses | 1,790 | 1,736 |
| Debt | 500 | 0 |
| Deferred revenue | 5,297 | 4,733 |
| Income taxes payable | 75 | 54 |
| Operating lease liabilities | 87 | 97 |
| Total current liabilities | 8,128 | 6,932 |
| Long-term liabilities: | ||
| Debt | 3,629 | 4,123 |
| Deferred revenue | 117 | 145 |
| Income taxes payable | 530 | 534 |
| Operating lease liabilities | 417 | 453 |
| Other liabilities | 293 | 257 |
| Total liabilities | 13,114 | 12,444 |
| 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; 462 and 475 shares outstanding, respectively | 0 | 0 |
| Additional paid-in-capital | 9,868 | 8,428 |
| Retained earnings | 28,319 | 23,905 |
| Accumulated other comprehensive income (loss) | (293) | (137) |
| Treasury stock, at cost (139 and 126 shares, respectively) | (23,843) | (17,399) |
| Total stockholders' equity | 14,051 | 14,797 |
| Total liabilities and stockholders' equity | 27,165 | 27,241 |
| External Links | |
| ADOBE INC. (ADBE) Fiscal Year 2022 | |
| 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 |