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    Adobe Reports Record Revenue in Q2 Fiscal 2024

    6/13/24 4:05:00 PM ET
    $ADBE
    Computer Software: Prepackaged Software
    Technology
    Get the next $ADBE alert in real time by email

    Company raises annual targets for Digital Media net new ARR, Digital Experience subscription revenue and EPS

    Adobe (NASDAQ:ADBE) today reported financial results for its second quarter fiscal year 2024 ended May 31, 2024.

    "Adobe achieved record revenue of $5.31 billion driven by strong growth across Creative Cloud, Document Cloud and Experience Cloud," said Shantanu Narayen, chair and CEO, Adobe. "Our highly differentiated approach to AI and innovative product delivery are attracting an expanding universe of customers and providing more value to existing users."

    "Adobe delivered outstanding Q2 results, positioning us to raise our annual targets," said Dan Durn, executive vice president and CFO, Adobe. "Our market-leading products, strong execution and world-class financial discipline position us well for the second half of 2024 and beyond."

    Second Quarter Fiscal Year 2024 Financial Highlights

    • Adobe achieved revenue of $5.31 billion in its second quarter of fiscal year 2024, which represents 10 percent year-over-year growth or 11 percent in constant currency. Diluted earnings per share was $3.49 on a GAAP basis and $4.48 on a non-GAAP basis.
    • GAAP operating income in the second quarter was $1.89 billion and non-GAAP operating income was $2.44 billion. GAAP net income was $1.57 billion and non-GAAP net income was $2.02 billion.
    • Cash flows from operations were $1.94 billion.
    • Remaining Performance Obligations ("RPO") exiting the quarter were $17.86 billion.
    • Adobe repurchased approximately 4.6 million shares during the quarter.

    Second Quarter Fiscal Year 2024 Business Segment Highlights

    • Digital Media segment revenue was $3.91 billion, which represents 11 percent year-over-year growth or 12 percent in constant currency. Creative revenue grew to $3.13 billion, representing 10 percent year-over-year growth or 11 percent in constant currency. Document Cloud revenue was $782 million, representing 19 percent year-over-year growth as reported and in constant currency.
    • Net new Digital Media Annualized Recurring Revenue ("ARR") was $487 million, exiting the quarter with Digital Media ARR of $16.25 billion. Creative ARR grew to $13.11 billion and Document Cloud ARR grew to $3.15 billion.
    • Digital Experience segment revenue was $1.33 billion, representing 9 percent year-over-year growth as reported and in constant currency. Digital Experience subscription revenue was $1.20 billion, representing 13 percent year-over-year growth as reported and in constant currency.

    Financial Targets

    Adobe is providing third quarter targets and updated fiscal year 2024 targets. These targets factor in current expectations for the macroeconomic environment and FX outlook.

    The following table summarizes Adobe's third quarter fiscal year 2024 targets:

    Total revenue

    $5.33 billion to $5.38 billion

    Digital Media net new ARR

    ~$460 million

    Digital Media segment revenue

    $3.95 billion to $3.98 billion

    Digital Experience segment revenue

    $1.325 billion to $1.345 billion

    Digital Experience subscription revenue

    $1.20 billion to $1.22 billion

    Tax rate

    GAAP: ~18.0%

    Non-GAAP: ~18.5%

    Earnings per share1

    GAAP: $3.45 to $3.50

    Non-GAAP: $4.50 to $4.55

    The following table summarizes Adobe's updated fiscal year 2024 targets:

    Total revenue

    $21.40 billion to $21.50 billion

    Digital Media net new ARR

    ~$1.95 billion

    Digital Media segment revenue

    $15.80 billion to $15.85 billion

    Digital Experience segment revenue

    $5.325 billion to $5.375 billion

    Digital Experience subscription revenue

    $4.775 billion to $4.825 billion

    Tax rate

    GAAP: ~20.5%

    Non-GAAP: ~18.5%

    Earnings per share1

    GAAP: $11.80 to $12.00

    Non-GAAP: $18.00 to $18.20

     

    1 Targets assume diluted share count of ~447 million for third quarter and ~449 million for fiscal year 2024.

    Adobe to Host Conference Call

    Adobe will webcast its second quarter fiscal year 2024 earnings conference call today at 2:00 p.m. Pacific Time from its investor relations website: http://www.adobe.com/ADBE. 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.

    Forward-Looking Statements, Non-GAAP and Other Disclosures

    In addition to historical information, this press release contains "forward-looking statements" within the meaning of applicable securities laws, including statements related to our business, strategy, artificial intelligence and innovation momentum; our market opportunity and future growth; market trends; current macroeconomic conditions; fluctuations in foreign currency exchange rates; strategic investments; customer success; revenue; operating margin; and 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. Each of the forward-looking statements we make in this press release involves risks, uncertainties and assumptions based on information available to us as of the date of this press release. Such risks and uncertainties, many of which relate to matters beyond our control, could cause actual results to differ materially from these forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to: failure to innovate effectively and meet customer needs; issues relating to development and use of AI; failure to realize the anticipated benefits of investments or acquisitions; failure to compete effectively; damage to our reputation or brands; service interruptions or failures in information technology systems by us or third parties; security incidents; failure to effectively develop, manage and maintain critical third-party business relationships; risks associated with being a multinational corporation and adverse macroeconomic conditions; failure to recruit and retain key personnel; complex sales cycles; changes in, and compliance with, global laws and regulations, including those related to information security and privacy; failure to protect our intellectual property; litigation, regulatory inquiries and intellectual property infringement claims; changes in tax regulations; complex government procurement processes; risks related to fluctuations in or the timing of revenue recognition from our subscription offerings; fluctuations in foreign currency exchange rates; impairment charges; our existing and future debt obligations; catastrophic events; and fluctuations in our stock price. Further information on these and other factors are discussed in the section titled "Risk Factors" in Adobe's most recently filed Annual Report on Form 10-K and Adobe's most recently filed Quarterly Reports on Form 10-Q. The risks described in this press release and in Adobe's filings with the U.S. Securities and Exchange Commission should be carefully reviewed.

    Undue reliance should not be placed on the financial information set forth in this press release, which 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 May 31, 2024, which Adobe expects to file in June 2024. 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 and a statement regarding use of non-GAAP financial information are provided at the end of this press release and on Adobe's investor relations website.

    About Adobe

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

    ©2024 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

     

    Six Months Ended

     

    May 31, 2024

     

    June 2, 2023

     

    May 31, 2024

     

    June 2, 2023

    Revenue:

     

     

     

     

     

     

     

    Subscription

    $

    5,060

     

     

    $

    4,517

     

     

    $

    9,976

     

     

    $

    8,890

     

    Product

     

    104

     

     

     

    130

     

     

     

    223

     

     

     

    250

     

    Services and other

     

    145

     

     

     

    169

     

     

     

    292

     

     

     

    331

     

    Total revenue

     

    5,309

     

     

     

    4,816

     

     

     

    10,491

     

     

     

    9,471

     

     

     

     

     

     

     

     

     

    Cost of revenue:

     

     

     

     

     

     

     

    Subscription

     

    456

     

     

     

    436

     

     

     

    911

     

     

     

    870

     

    Product

     

    8

     

     

     

    8

     

     

     

    13

     

     

     

    16

     

    Services and other

     

    134

     

     

     

    128

     

     

     

    264

     

     

     

    254

     

    Total cost of revenue

     

    598

     

     

     

    572

     

     

     

    1,188

     

     

     

    1,140

     

     

     

     

     

     

     

     

     

    Gross profit

     

    4,711

     

     

     

    4,244

     

     

     

    9,303

     

     

     

    8,331

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

    Research and development

     

    984

     

     

     

    876

     

     

     

    1,923

     

     

     

    1,703

     

    Sales and marketing

     

    1,445

     

     

     

    1,345

     

     

     

    2,797

     

     

     

    2,646

     

    General and administrative

     

    355

     

     

     

    357

     

     

     

    707

     

     

     

    688

     

    Acquisition termination fee

     

    —

     

     

     

    —

     

     

     

    1,000

     

     

     

    —

     

    Amortization of intangibles

     

    42

     

     

     

    42

     

     

     

    84

     

     

     

    84

     

    Total operating expenses

     

    2,826

     

     

     

    2,620

     

     

     

    6,511

     

     

     

    5,121

     

     

     

     

     

     

     

     

     

    Operating income

     

    1,885

     

     

     

    1,624

     

     

     

    2,792

     

     

     

    3,210

     

     

     

     

     

     

     

     

     

    Non-operating income (expense):

     

     

     

     

     

     

     

    Interest expense

     

    (41

    )

     

     

    (26

    )

     

     

    (68

    )

     

     

    (58

    )

    Investment gains (losses), net

     

    4

     

     

     

    5

     

     

     

    22

     

     

     

    6

     

    Other income (expense), net

     

    82

     

     

     

    47

     

     

     

    152

     

     

     

    90

     

    Total non-operating income (expense), net

     

    45

     

     

     

    26

     

     

     

    106

     

     

     

    38

     

    Income before income taxes

     

    1,930

     

     

     

    1,650

     

     

     

    2,898

     

     

     

    3,248

     

    Provision for income taxes

     

    357

     

     

     

    355

     

     

     

    705

     

     

     

    706

     

    Net income

    $

    1,573

     

     

    $

    1,295

     

     

    $

    2,193

     

     

    $

    2,542

     

    Basic net income per share

    $

    3.50

     

     

    $

    2.83

     

     

    $

    4.86

     

     

    $

    5.55

     

    Shares used to compute basic net income per share

     

    449

     

     

     

    458

     

     

     

    451

     

     

     

    458

     

    Diluted net income per share

    $

    3.49

     

     

    $

    2.82

     

     

    $

    4.83

     

     

    $

    5.54

     

    Shares used to compute diluted net income per share

     

    451

     

     

     

    459

     

     

     

    454

     

     

     

    459

     

     

    Condensed Consolidated Balance Sheets

    (In millions; unaudited)

     

     

    May 31, 2024

     

    December 1, 2023

    ASSETS

     

     

     

     

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    7,660

     

     

    $

    7,141

     

    Short-term investments

     

    405

     

     

     

    701

     

    Trade receivables, net of allowances for doubtful accounts of $19 and $16, respectively

     

    1,612

     

     

     

    2,224

     

    Prepaid expenses and other current assets

     

    1,346

     

     

     

    1,018

     

    Total current assets

     

    11,023

     

     

     

    11,084

     

     

     

     

     

    Property and equipment, net

     

    1,969

     

     

     

    2,030

     

    Operating lease right-of-use assets, net

     

    381

     

     

     

    358

     

    Goodwill

     

    12,803

     

     

     

    12,805

     

    Other intangibles, net

     

    933

     

     

     

    1,088

     

    Deferred income taxes

     

    1,436

     

     

     

    1,191

     

    Other assets

     

    1,462

     

     

     

    1,223

     

    Total assets

    $

    30,007

     

     

    $

    29,779

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

     

    Current liabilities:

     

     

     

    Trade payables

    $

    357

     

     

    $

    314

     

    Accrued expenses

     

    1,899

     

     

     

    1,942

     

    Debt

     

    1,498

     

     

     

    —

     

    Deferred revenue

     

    5,558

     

     

     

    5,837

     

    Income taxes payable

     

    95

     

     

     

    85

     

    Operating lease liabilities

     

    67

     

     

     

    73

     

    Total current liabilities

     

    9,474

     

     

     

    8,251

     

     

     

     

     

    Long-term liabilities:

     

     

     

    Debt

     

    4,127

     

     

     

    3,634

     

    Deferred revenue

     

    128

     

     

     

    113

     

    Income taxes payable

     

    591

     

     

     

    514

     

    Operating lease liabilities

     

    398

     

     

     

    373

     

    Other liabilities

     

    446

     

     

     

    376

     

    Total liabilities

     

    15,164

     

     

     

    13,261

     

     

     

     

     

    Stockholders' equity:

     

     

     

    Preferred stock

     

    —

     

     

     

    —

     

    Common stock

     

    —

     

     

     

    —

     

    Additional paid-in capital

     

    12,504

     

     

     

    11,586

     

    Retained earnings

     

    35,227

     

     

     

    33,346

     

    Accumulated other comprehensive income (loss)

     

    (276

    )

     

     

    (285

    )

    Treasury stock, at cost

     

    (32,612

    )

     

     

    (28,129

    )

    Total stockholders' equity

     

    14,843

     

     

     

    16,518

     

    Total liabilities and stockholders' equity

    $

    30,007

     

     

    $

    29,779

     

     

    Condensed Consolidated Statements of Cash Flows

    (In millions; unaudited)

     

     

    Three Months Ended

     

    May 31, 2024

     

    June 2, 2023

    Cash flows from operating activities:

     

     

     

    Net income

    $

    1,573

     

     

    $

    1,295

     

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

     

     

     

    Depreciation, amortization and accretion

     

    214

     

     

     

    220

     

    Stock-based compensation

     

    467

     

     

     

    433

     

    Unrealized investment (gains) losses, net

     

    (1

    )

     

     

    (5

    )

    Other non-cash adjustments

     

    (98

    )

     

     

    (102

    )

    Changes in deferred revenue

     

    (424

    )

     

     

    (96

    )

    Changes in other operating assets and liabilities

     

    209

     

     

     

    394

     

    Net cash provided by operating activities

     

    1,940

     

     

     

    2,139

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

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

     

    163

     

     

     

    446

     

    Purchases of property and equipment

     

    (41

    )

     

     

    (121

    )

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

     

    (11

    )

     

     

    (3

    )

    Net cash provided by investing activities

     

    111

     

     

     

    322

     

     

     

     

     

    Cash flows from financing activities:

     

     

     

    Repurchases of common stock

     

    (2,500

    )

     

     

    (1,000

    )

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

     

    (135

    )

     

     

    (102

    )

    Proceeds from issuance of debt

     

    1,997

     

     

     

    —

     

    Other financing activities, net

     

    (4

    )

     

     

    22

     

    Net cash used for financing activities

     

    (642

    )

     

     

    (1,080

    )

    Effect of exchange rate changes on cash and cash equivalents

     

    (3

    )

     

     

    3

     

    Net change in cash and cash equivalents

     

    1,406

     

     

     

    1,384

     

    Cash and cash equivalents at beginning of period

     

    6,254

     

     

     

    4,072

     

    Cash and cash equivalents at end of period

    $

    7,660

     

     

    $

    5,456

     

     

    Non-GAAP Results

     

    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

     

    May 31,

    2024

     

    June 2,

    2023

     

    March 1,

    2024

    Operating income:

     

     

     

     

     

     

     

     

     

     

     

    GAAP operating income

    $

    1,885

     

     

    $

    1,624

     

     

    $

    907

     

    Stock-based and deferred compensation expense

     

    472

     

     

     

    439

     

     

     

    469

     

    Amortization of intangibles

     

    84

     

     

     

    95

     

     

     

    83

     

    Acquisition-related expenses (*)

     

    —

     

     

     

    22

     

     

     

    1,007

     

    Loss contingency (**)

     

    —

     

     

     

    —

     

     

     

    1

     

    Non-GAAP operating income

    $

    2,441

     

     

    $

    2,180

     

     

    $

    2,467

     

     

     

     

     

     

     

    Net income:

     

     

     

     

     

     

     

     

     

     

     

    GAAP net income

    $

    1,573

     

     

    $

    1,295

     

     

    $

    620

     

    Stock-based and deferred compensation expense

     

    472

     

     

     

    439

     

     

     

    469

     

    Amortization of intangibles

     

    84

     

     

     

    95

     

     

     

    83

     

    Acquisition-related expenses (*)

     

    —

     

     

     

    22

     

     

     

    1,007

     

    Loss contingency (**)

     

    —

     

     

     

    —

     

     

     

    1

     

    Investment (gains) losses, net

     

    (4

    )

     

     

    (5

    )

     

     

    (18

    )

    Income tax adjustments

     

    (102

    )

     

     

    (52

    )

     

     

    (116

    )

    Non-GAAP net income

    $

    2,023

     

     

    $

    1,794

     

     

    $

    2,046

     

     

     

     

     

     

     

    Diluted net income per share:

     

     

     

     

     

     

     

     

     

     

     

    GAAP diluted net income per share

    $

    3.49

     

     

    $

    2.82

     

     

    $

    1.36

     

    Stock-based and deferred compensation expense

     

    1.04

     

     

     

    0.96

     

     

     

    1.03

     

    Amortization of intangibles

     

    0.19

     

     

     

    0.21

     

     

     

    0.18

     

    Acquisition-related expenses (*)

     

    —

     

     

     

    0.05

     

     

     

    2.21

     

    Investment (gains) losses, net

     

    (0.01

    )

     

     

    (0.01

    )

     

     

    (0.04

    )

    Income tax adjustments

     

    (0.23

    )

     

     

    (0.12

    )

     

     

    (0.26

    )

    Non-GAAP diluted net income per share

    $

    4.48

     

     

    $

    3.91

     

     

    $

    4.48

     

     

     

     

     

     

     

    Shares used to compute diluted net income per share

     

    451

     

     

     

    459

     

     

     

    456

     

    (*) Associated with the Figma transaction, and includes deal costs, certain professional fees and the termination fee

    (**) Associated with an IP litigation matter

    Reconciliation of GAAP to Non-GAAP Financial Targets

     

    The following tables show Adobe's third quarter fiscal year 2024 financial targets reconciled to non-GAAP financial targets included in this release.

     

    (Shares in millions)

    Third Quarter Fiscal 2024

     

    Low

     

    High

    Diluted net income per share:

     

     

     

     

     

     

     

    GAAP diluted net income per share

    $

    3.45

     

     

    $

    3.50

     

    Stock-based and deferred compensation expense

     

    1.12

     

     

     

    1.12

     

    Amortization of intangibles

     

    0.19

     

     

     

    0.19

     

    Income tax adjustments

     

    (0.26

    )

     

     

    (0.26

    )

    Non-GAAP diluted net income per share

    $

    4.50

     

     

    $

    4.55

     

     

     

     

     

    Shares used to compute diluted net income per share

    447

     

     

    447

     

     

     

    Third Quarter

    Fiscal 2024

    Effective income tax rate:

     

     

     

    GAAP effective income tax rate

     

    18.0

    %

    Stock-based and deferred compensation expense

     

    (1.3

    )

    Amortization of intangibles

     

    (0.2

    )

    Income tax adjustments

     

    2.0

     

    Non-GAAP effective income tax rate (***)

     

    18.5

    %

    (***) Represents Adobe's fixed long-term non-GAAP tax rate based on projections and currently available information through fiscal 2025

    Reconciliation of GAAP to Non-GAAP Financial Targets (continued)

     

    The following tables show Adobe's updated annual fiscal year 2024 financial targets reconciled to non-GAAP financial targets included in this release.

     
     

    (Shares in millions)

    Fiscal Year 2024

     

    Low

     

    High

    Diluted net income per share:

     

     

     

     

     

     

     

    GAAP diluted net income per share

    $

    11.80

     

     

    $

    12.00

     

    Stock-based and deferred compensation expense

     

    4.25

     

     

     

    4.25

     

    Amortization of intangibles

     

    0.74

     

     

     

    0.74

     

    Acquisition-related expenses (*)

     

    2.24

     

     

     

    2.24

     

    Loss contingency (**)

     

    0.01

     

     

     

    0.01

     

    Income tax adjustments

     

    (1.04

    )

     

     

    (1.04

    )

    Non-GAAP diluted net income per share

    $

    18.00

     

     

    $

    18.20

     

     

     

     

     

    Shares used to compute diluted net income per share

    449

     

     

    449

     

     

     

    Fiscal Year 2024

    Effective income tax rate:

     

     

     

    GAAP effective income tax rate

     

    20.5

    %

    Stock-based and deferred compensation expense

     

    (1.3

    )

    Amortization of intangibles

     

    (0.2

    )

    Acquisition-related expenses (*)

     

    (2.5

    )

    Income tax adjustments

     

    2.0

     

    Non-GAAP effective income tax rate (***)

     

    18.5

    %

    (*) Associated with the Figma transaction, and includes deal costs, certain professional fees and the termination fee

    (**) Associated with an IP litigation matter

    (***) Represents Adobe's fixed long-term non-GAAP tax rate based on projections and currently available information through fiscal 2025

    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, 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.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240613805724/en/

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