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Adobe Reports Record Revenue in Q3 Fiscal 2022

Adobe (Nasdaq:ADBE) today reported financial results for its third quarter fiscal year 2022 ended Sept. 2, 2022.

“Fueled by our groundbreaking technology, track record of creating and leading categories and consistent execution, Adobe delivered another record quarter,” said Shantanu Narayen, chairman and CEO, Adobe. “With the announcement of our intent to acquire Figma, we believe we have a unique opportunity to usher in a new era of collaborative creativity.”

“Adobe achieved record revenue and strong profitability in the quarter, demonstrating that our products are mission-critical to individuals, small businesses and the world’s largest enterprises,” said Dan Durn, executive vice president and CFO, Adobe. “Our operational rigor combined with our strong engine of innovation are driving growth across our platforms and will fuel future growth as the digital economy continues to expand.”

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Third Quarter Fiscal Year 2022 Financial Highlights

  • Adobe achieved record revenue of $4.43 billion in its third quarter of fiscal year 2022, which represents 13 percent year-over-year growth or 15 percent in constant currency. Diluted earnings per share was $2.42 on a GAAP basis and $3.40 on a non-GAAP basis.
  • GAAP operating income in the third quarter was $1.48 billion, and non-GAAP operating income was $1.96 billion. GAAP net income was $1.14 billion, and non-GAAP net income was $1.60 billion.
  • Cash flows from operations were $1.70 billion.
  • Remaining Performance Obligations (“RPO”) exiting the quarter were $14.11 billion.
  • Adobe repurchased approximately 5.1 million shares during the quarter.

Third Quarter Fiscal Year 2022 Business Segment Highlights

  • Digital Media segment revenue was $3.23 billion, which represents 13 percent year-over-year growth or 16 percent in constant currency. Creative revenue grew to $2.63 billion, representing 11 percent year-over-year growth or 14 percent in constant currency. Document Cloud revenue was $607 million, representing 23 percent year-over-year growth or 25 percent in constant currency.
  • Net New Digital Media Annualized Recurring Revenue (“ARR”) was $449 million, exiting the quarter with Digital Media ARR of $13.40 billion. Creative ARR grew to $11.15 billion and Document Cloud ARR grew to $2.25 billion.
  • Digital Experience segment revenue was $1.12 billion, representing 14 percent year-over-year growth or 15 percent in constant currency. Digital Experience subscription revenue was $981 million, representing 14 percent year-over-year growth or 15 percent in constant currency.

Financial Targets

Adobe is providing fourth quarter targets that factor in the following:

  • The overall macroeconomic environment;
  • FX headwinds, as the U.S. Dollar has continued to strengthen against foreign currencies; and
  • Typical year-end seasonal strength in demand for our offerings.

The following table summarizes Adobe’s fourth quarter fiscal year 2022 targets:

Total revenue

~$4.52 billion

Digital Media annualized recurring revenue (ARR)

~$550 million of net new ARR

Digital Media segment revenue (Y/Y growth)

~10%

~14% (constant currency)

Digital Experience segment revenue (Y/Y growth)

~13%

~15% (constant currency)

Digital Experience subscription revenue (Y/Y growth)

~13%

~15% (constant currency)

Tax rate

GAAP: ~23.0%

Non-GAAP: ~17.5%

Earnings per share1

GAAP: ~$2.44

Non-GAAP: ~$3.50

1 Targets assume share count of ~467 million for the fourth quarter fiscal year 2022.

Adobe to Host Conference Call

Adobe will host its third quarter fiscal year 2022 earnings conference call today at 7:00 a.m. Pacific Time. Earnings documents, including Adobe management’s prepared conference call remarks with slides and an investor datasheet are posted to Adobe’s investor relations website in advance of the conference call for reference. To access the earnings conference call, log on to the investor relations website www.adobe.com/ADBE or call 1 (800) 289-0720; Conference ID 2608470.

Forward-Looking Statements, Non-GAAP and Other Disclosures

This press release contains forward-looking statements, including those related to business momentum, the effects of the COVID-19 pandemic on our business and results of operations, our market opportunity, market trends, current macroeconomic conditions, fluctuations in foreign currency exchange rates, strategic investments, customer success, revenue, operating margin, seasonality, annualized recurring revenue, tax rate on a GAAP and non-GAAP basis, earnings per share on a GAAP and non-GAAP basis, and share count, 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 compete effectively, failure to develop, acquire, market and offer products and services that meet customer requirements; introduction of new technology, information security and privacy; potential interruptions or delays in hosted services provided by us or third parties; geopolitical and macroeconomic conditions; the Russia-Ukraine war; the economic impact of the COVID-19 pandemic; risks associated with cyber-attacks; complex sales cycles; risks related to the timing of revenue recognition from our subscription offerings; fluctuations in subscription renewal rates; failure to realize the anticipated benefits of past or future acquisitions; failure to effectively manage critical strategic third-party business relationships; changes in accounting principles and tax regulations; uncertainty in the financial markets and economic conditions in the countries where we operate; and other various risks associated with being a multinational corporation. 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 2021 ended Dec. 3, 2021, and Adobe's Quarterly Reports on Form 10-Q issued in fiscal year 2022.

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 Quarterly Report on Form 10-Q for our fiscal quarter ended Sept. 2, 2022, which Adobe expects to file in Sept. 2022. Adobe assumes no obligation to, and does not currently intend to, update these forward-looking statements.

A reconciliation between GAAP and non-GAAP earnings results and financial targets is provided at the end of this press release and on Adobe’s investor relations website.

About Adobe

Adobe is changing the world through digital experiences. For more information, visit www.adobe.com.

2022 Adobe. All rights reserved. Adobe, Creative Cloud, Document Cloud and the Adobe logo are either registered trademarks or trademarks of Adobe (or one of its subsidiaries) in the United States and/or other countries. All other trademarks are the property of their respective owners.

Condensed Consolidated Statements of Income

(In millions, except per share data; unaudited)

 

Three Months Ended

 

Nine Months Ended

 

September 2, 2022

 

September 3, 2021

 

September 2, 2022

 

September 3, 2021

Revenue:

 

 

 

 

Subscription

$

4,128

 

$

3,657

 

$

12,156

 

$

10,761

 

Product

 

126

 

 

119

 

 

417

 

 

427

 

Services and other

 

179

 

 

159

 

 

508

 

 

487

 

Total revenue

 

4,433

 

 

3,935

 

 

13,081

 

 

11,675

 

 

 

 

 

 

Cost of revenue:

 

 

 

 

Subscription

 

413

 

 

344

 

 

1,216

 

 

996

 

Product

 

8

 

 

10

 

 

27

 

 

29

 

Services and other

 

125

 

 

113

 

 

354

 

 

333

 

Total cost of revenue

 

546

 

 

467

 

 

1,597

 

 

1,358

 

 

 

 

 

 

Gross profit

 

3,887

 

 

3,468

 

 

11,484

 

 

10,317

 

 

 

 

 

 

Operating expenses:

 

 

 

 

Research and development

 

775

 

 

651

 

 

2,214

 

 

1,883

 

Sales and marketing

 

1,266

 

 

1,068

 

 

3,671

 

 

3,190

 

General and administrative

 

319

 

 

265

 

 

879

 

 

811

 

Amortization of intangibles

 

43

 

 

43

 

 

127

 

 

132

 

Total operating expenses

 

2,403

 

 

2,027

 

 

6,891

 

 

6,016

 

 

 

 

 

 

Operating income

 

1,484

 

 

1,441

 

 

4,593

 

 

4,301

 

 

 

 

 

 

Non-operating income (expense):

 

 

 

 

Interest expense

 

(28

)

 

(27

)

 

(84

)

 

(85

)

Investment gains (losses), net

 

(6

)

 

7

 

 

(23

)

 

20

 

Other income (expense), net

 

6

 

 

(3

)

 

5

 

 

1

 

Total non-operating income (expense), net

 

(28

)

 

(23

)

 

(102

)

 

(64

)

Income before income taxes

 

1,456

 

 

1,418

 

 

4,491

 

 

4,237

 

Provision for income taxes

 

320

 

 

206

 

 

911

 

 

648

 

Net income

$

1,136

 

$

1,212

 

$

3,580

 

$

3,589

 

Basic net income per share

$

2.42

 

$

2.54

 

$

7.60

 

$

7.51

 

Shares used to compute basic net income per share

 

469

 

 

477

 

 

471

 

 

478

 

Diluted net income per share

$

2.42

 

$

2.52

 

$

7.57

 

$

7.45

 

Shares used to compute diluted net income per share

469

481

 

 

473

 

481

Condensed Consolidated Balance Sheets

(In millions; unaudited)

September 2, 2022

December 3, 2021

ASSETS

Current assets:

Cash and cash equivalents

$

3,870

$

3,844

 

Short-term investments

 

1,894

 

1,954

 

Trade receivables, net of allowances for doubtful accounts of $24 and $16, respectively

 

1,723

 

1,878

 

Prepaid expenses and other current assets

 

1,002

 

993

 

Total current assets

 

8,489

 

8,669

 

 

 

 

Property and equipment, net

 

1,858

 

1,673

 

Operating lease right-of-use assets, net

 

414

 

443

 

Goodwill

 

12,756

 

12,668

 

Other intangibles, net

 

1,548

 

1,820

 

Deferred income taxes

 

799

 

1,085

 

Other assets

 

880

 

883

 

Total assets

$

26,744

$

27,241

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

Current liabilities:

Trade payables

$

316

 

$

312

 

Accrued expenses

1,629

 

 

1,736

 

Debt

 

500

 

 

 

Deferred revenue

 

4,829

 

 

4,733

 

Income taxes payable

 

76

 

 

54

 

Operating lease liabilities

 

88

 

 

97

 

Total current liabilities

 

7,438

 

 

6,932

 

 

 

 

Long-term liabilities:

 

 

Debt

 

3,627

 

 

4,123

 

Deferred revenue

 

114

 

 

145

 

Income taxes payable

 

510

 

 

534

 

Deferred income taxes

 

3

 

5

 

Operating lease liabilities

 

426

 

 

453

 

Other liabilities

 

253

 

 

252

 

Total liabilities

 

12,371

 

 

12,444

 

 

Stockholders’ equity:

Preferred stock

 

 

 

Common stock

 

 

 

Additional paid-in-capital

 

9,548

 

 

8,428

 

Retained earnings

 

27,158

 

 

23,905

 

Accumulated other comprehensive income (loss)

 

(224

)

 

(137

)

Treasury stock, at cost

 

(22,109

)

 

(17,399

)

Total stockholders’ equity

 

14,373

 

 

14,797

 

Total liabilities and stockholders’ equity

$

26,744

 

$

27,241

 

Condensed Consolidated Statements of Cash Flows

(In millions; unaudited)

Three Months Ended

 

September 2, 2022

September 3, 2021

Cash flows from operating activities:

 

 

Net income

$

1,136

 

$

1,212

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Depreciation, amortization and accretion

 

216

 

 

193

 

Stock-based compensation

 

378

 

 

280

 

Unrealized investment (gains) losses, net

 

6

 

 

(4

)

Other non-cash adjustments

 

112

 

 

(72

)

Changes in deferred revenue

 

67

 

 

102

 

Changes in other operating assets and liabilities

 

(211

)

 

(296

)

Net cash provided by operating activities

 

1,704

 

 

1,415

 

 

Cash flows from investing activities:

Purchases, sales and maturities of short-term investments, net

 

31

 

 

(28

)

Purchases of property and equipment

 

(125

)

 

(95

)

Purchases and sales of long-term investments, intangibles and other assets, net

 

(9

)

 

(10

)

Net cash used for investing activities

 

(103

)

 

(133

)

 

Cash flows from financing activities:

Repurchases of common stock

 

(1,200

)

 

(1,000

)

Proceeds from treasury stock re-issuances, net of taxes paid related to net share settlement of equity awards

103

 

81

Other financing activities, net

 

37

 

 

20

 

Net cash used for financing activities

 

(1,060

)

 

(899

)

Effect of exchange rate changes on cash and cash equivalents

 

(36

)

 

(10

)

Net change in cash and cash equivalents

 

505

 

 

373

 

Cash and cash equivalents at beginning of period

 

3,365

 

 

4,250

 

Cash and cash equivalents at end of period

$

3,870

 

$

4,623

 

Non-GAAP Results

The following table shows Adobe’s third quarter fiscal year 2022 GAAP revenue growth rates reconciled to adjusted revenue growth rates included in this release.

Third Quarter Fiscal 2022

Total
revenue

 

Digital Media
segment revenue

 

Creative Cloud
revenue

 

Document Cloud
revenue

 

Digital Experience
segment revenue

 

Digital Experience
subscription revenue

 

(Y/Y growth)

 

(Y/Y growth)

 

(Y/Y growth)

 

(Y/Y growth)

 

(Y/Y growth)

 

(Y/Y growth)

GAAP revenue growth rates

13

%

13

%

11

%

23

%

14

%

14

%

Constant currency impact

2

 

3

 

3

 

2

 

1

 

1

 

Adjusted revenue growth rates

15

%

16

%

14

%

25

%

15

%

15

%

The following table shows Adobe’s GAAP results reconciled to non-GAAP results included in this release.

(In millions, except per share data)

Three Months Ended

 

September 2,
2022

 

 

September 3,
2021

 

June 3,

2022

Operating income:

 
GAAP operating income

$

1,484

 

$

1,441

 

$

1,529

 

Stock-based and deferred compensation expense

 

371

 

 

287

 

 

345

 

Amortization of intangibles

 

100

 

 

83

 

 

100

 

Non-GAAP operating income

$

1,955

$

1,811

 

$

1,974

 

 

Net income:
 
GAAP net income

$

1,136

 

$

1,212

 

$

1,178

 

Stock-based and deferred compensation expense

 

371

 

 

287

 

 

345

 

Amortization of intangibles

 

100

 

 

83

 

 

100

 

Investment (gains) losses, net

 

6

 

 

(7

)

 

8

 

Income tax adjustments

 

(18

)

 

(79

)

 

(46

)

Non-GAAP net income

$

1,595

 

$

1,496

 

$

1,585

 

 

Diluted net income per share:

 

 

GAAP diluted net income per share

$

2.42

 

$

2.52

 

$

2.49

 

Stock-based and deferred compensation expense

 

0.79

 

 

0.6

 

 

0.73

 

Amortization of intangibles

 

0.21

 

 

0.17

 

 

0.21

 

Investment (gains) losses, net

 

0.01

 

 

(0.01

)

 

0.02

 

Income tax adjustments

 

(0.03

)

 

(0.17

)

 

(0.1

)

Non-GAAP diluted net income per share

$

3.40

 

$

3.11

 

$

3.35

 

 

Shares used to compute diluted net income per share

 

469

 

 

481

 

 

473

 

Reconciliation of GAAP to Non-GAAP Financial Targets

The following tables show Adobe's fourth quarter fiscal year 2022 financial targets reconciled to non-GAAP financial targets included in this release.

Fourth Quarter Fiscal 2022

Digital Media
segment revenue

 

Digital Experience
segment revenue

 

Digital Experience
subscription revenue

(Y/Y growth)

 

(Y/Y growth)

 

(Y/Y growth)

GAAP target revenue growth rates

10

%

13

%

13

%

Constant currency impact

4

 

2

 

2

 

Constant currency target revenue growth rates

14

%

15

%

15

%

(Shares in millions)

Fourth Quarter
Fiscal 2022

Diluted net income per share:

GAAP diluted net income per share

$

2.44

 

Stock-based and deferred compensation expense

 

0.86

 

Amortization of intangibles

 

0.21

 

Income tax adjustments

 

(0.01

)

Non-GAAP diluted net income per share

$

3.50

 

 
Shares used to compute diluted net income per share

 

467

 

Fourth Quarter
Fiscal 2022

Effective income tax rate:

GAAP effective income tax rate

23.0

%

Stock-based and deferred compensation expense

(1.4

)

Amortization of intangibles

(0.1

)

Income tax adjustments

(4.0

)

Non-GAAP effective income tax rate

17.50

%

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, amortization of intangibles, 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.


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Disclaimer

Adobe Reports Record Revenue in Q3 Fiscal 2022 Adobe (Nasdaq:ADBE) today reported financial results for its third quarter fiscal year 2022 ended Sept. 2, 2022. “Fueled by our groundbreaking technology, track record of creating and leading categories and consistent execution, Adobe delivered …

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