– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Document Cloud ARR Surpasses $2 Billion Exiting the Quarter
SAN JOSE, Calif.--(BUSINESS WIRE)--Adobe (Nasdaq:ADBE) today reported financial results for its first quarter fiscal year 2022 ended March 4, 2022.
“Adobe achieved record Q1 revenue as Creative Cloud, Document Cloud and Experience Cloud continue to be pivotal in driving the digital economy,” said Shantanu Narayen, chairman and CEO, Adobe. “Adobe is committed to empowering individuals, transforming businesses and connecting communities.”
“Adobe’s Q1 results reflect the company’s strong execution and resilience through unprecedented circumstances,” said Dan Durn, executive vice president and CFO, Adobe. “Our momentum, product innovation and immense market opportunity position us for success in 2022 and beyond.”
First Quarter Fiscal Year 2022 Financial Highlights
Impact of War in Ukraine
On March 4, 2022, Adobe announced a halt of all new sales of Adobe products and services in Russia and Belarus. In addition, today Adobe is reducing its Digital Media ARR balance by $75 million, which represents all ARR for existing business in Russia and Belarus. While Adobe will continue to provide Digital Media services in Ukraine, the company reduced ARR by an additional $12 million, which represents its entire Digital Media business in Ukraine. This results in a total ARR reduction of $87 million and an expected revenue impact of $75 million for fiscal year 2022.
Second Quarter 2022 Financial Targets
Adobe’s second quarter fiscal year 2022 targets factor in current macroeconomic and geopolitical conditions. The following table summarizes Adobe’s second quarter fiscal year 2022 targets:
Total revenue |
~$4.34 billion |
|
Digital Media annualized recurring revenue (ARR) |
~$440 million of net new ARR |
|
Digital Media segment revenue (Y/Y growth) |
~13% |
~14% (constant currency2) |
Digital Experience segment revenue (Y/Y growth) |
~15% |
~16% (constant currency2) |
Digital Experience subscription revenue (Y/Y growth) |
~17% |
~18% (constant currency2) |
Tax rate |
GAAP: ~20% |
Non-GAAP: ~18.5% |
Earnings per share3 |
GAAP: ~$2.44 |
Non-GAAP: ~$3.30 |
Adobe to Webcast Earnings Conference Call
Adobe will webcast its first quarter fiscal year 2022 earnings conference call today at 2:00 p.m. Pacific Time from its investor relations website: 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
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, 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 and 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 March 4, 2022, which Adobe expects to file in late March or early April 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.
1 |
|
Adjusted to account for the extra week in first quarter fiscal year 2021 and to show growth rates in constant currency. |
2 |
|
Adjusted to show growth rates in constant currency. |
3 |
|
Targets assume share count of ~474 million for second quarter fiscal year 2022. |
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 |
||||||
|
March 4, 2022 |
March 5, 2021 |
||||
Revenue: |
|
|
||||
Subscription |
$ |
3,958 |
|
$ |
3,584 |
|
Product |
|
145 |
|
|
155 |
|
Services and other |
|
159 |
|
|
166 |
|
Total revenue |
|
4,262 |
|
|
3,905 |
|
|
|
|
||||
Cost of revenue: |
|
|
||||
Subscription |
|
393 |
|
|
324 |
|
Product |
|
10 |
|
|
10 |
|
Services and other |
|
109 |
|
|
113 |
|
Total cost of revenue |
|
512 |
|
|
447 |
|
|
|
|
||||
Gross profit |
|
3,750 |
|
|
3,458 |
|
|
|
|
||||
Operating expenses: |
|
|
||||
Research and development |
|
701 |
|
|
620 |
|
Sales and marketing |
|
1,158 |
|
|
1,049 |
|
General and administrative |
|
269 |
|
|
290 |
|
Amortization of intangibles |
|
42 |
|
|
45 |
|
Total operating expenses |
|
2,170 |
|
|
2,004 |
|
|
|
|
||||
Operating income |
|
1,580 |
|
|
1,454 |
|
|
|
|
||||
Non-operating income (expense): |
|
|
||||
Interest expense |
|
(28 |
) |
|
(30 |
) |
Investment gains (losses), net |
|
(9 |
) |
|
5 |
|
Other income (expense), net |
|
— |
|
|
4 |
|
Total non-operating income (expense), net |
|
(37 |
) |
|
(21 |
) |
Income before income taxes |
|
1,543 |
|
|
1,433 |
|
Provision for income taxes |
|
277 |
|
|
172 |
|
Net income |
$ |
1,266 |
|
$ |
1,261 |
|
Basic net income per share |
$ |
2.68 |
|
$ |
2.63 |
|
Shares used to compute basic net income per share |
|
473 |
|
|
479 |
|
Diluted net income per share |
$ |
2.66 |
|
$ |
2.61 |
|
Shares used to compute diluted net income per share |
|
475 |
|
|
483 |
|
Condensed Consolidated Balance Sheets (In millions; unaudited) |
||||||
March 4, 2022 |
December 3, 2021 |
|||||
ASSETS |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ |
2,739 |
$ |
3,844 |
||
Short-term investments |
|
1,962 |
|
|
1,954 |
|
Trade receivables, net of allowances for doubtful accounts of $18 and $16, respectively |
|
1,685 |
|
|
1,878 |
|
Prepaid expenses and other current assets |
|
1,090 |
|
|
993 |
|
Total current assets |
|
7,476 |
|
|
8,669 |
|
|
|
|
||||
Property and equipment, net |
|
1,703 |
|
|
1,673 |
|
Operating lease right-of-use assets, net |
|
435 |
|
|
443 |
|
Goodwill |
|
12,795 |
|
|
12,668 |
|
Other intangibles, net |
|
1,743 |
|
|
1,820 |
|
Deferred income taxes |
|
950 |
|
|
1,085 |
|
Other assets |
|
874 |
|
|
883 |
|
Total assets |
$ |
25,976 |
|
$ |
27,241 |
|
LIABILITIES |
||||||
| Current liabilities: | ||||||
Trade payables |
$ |
295 |
$ |
312 |
||
Accrued expenses |
|
1,333 |
|
|
1,736 |
|
Debt |
|
499 |
|
|
— |
|
Deferred revenue |
|
4,894 |
|
|
4,733 |
|
Income taxes payable |
|
83 |
|
|
54 |
|
Operating lease liabilities |
|
93 |
|
|
97 |
|
Total current liabilities |
|
7,197 |
|
|
6,932 |
|
|
|
|
||||
Long-term liabilities: |
|
|
||||
Debt |
|
3,626 |
|
|
4,123 |
|
Deferred revenue |
|
125 |
|
|
145 |
|
Income taxes payable |
|
540 |
|
|
534 |
|
Deferred income taxes |
|
4 |
|
|
5 |
|
Operating lease liabilities |
|
447 |
|
|
453 |
|
Other liabilities |
|
262 |
|
|
252 |
|
Total liabilities |
|
12,201 |
|
|
12,444 |
|
Stockholders’ equity: |
||||||
Preferred stock |
|
— |
|
|
— |
|
Common stock |
|
— |
|
|
— |
|
Additional paid-in-capital |
|
8,750 |
|
|
8,428 |
|
Retained earnings |
|
24,961 |
|
|
23,905 |
|
Accumulated other comprehensive income (loss) |
|
(177 |
) |
|
(137 |
) |
Treasury stock, at cost |
|
(19,759 |
) |
|
(17,399 |
) |
Total stockholders’ equity |
|
13,775 |
|
|
14,797 |
|
Total liabilities and stockholders’ equity |
$ |
25,976 |
|
$ |
27,241 |
|
Condensed Consolidated Statements of Cash Flows (In millions; unaudited) |
||||||
|
||||||
|
Three Months Ended |
|||||
|
March 4, 2022 |
March 5, 2021 |
||||
Cash flows from operating activities: |
|
|
||||
Net income |
$ |
1,266 |
|
$ |
1,261 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
||||
Depreciation, amortization and accretion |
|
213 |
|
|
196 |
|
Stock-based compensation |
|
322 |
|
|
260 |
|
Unrealized investment (gains) losses, net |
|
17 |
|
|
— |
|
Other non-cash adjustments |
|
153 |
|
|
138 |
|
Changes in deferred revenue |
|
141 |
|
|
471 |
|
Changes in other operating assets and liabilities |
|
(343 |
) |
|
(554 |
) |
Net cash provided by operating activities |
|
1,769 |
|
|
1,772 |
|
Cash flows from investing activities: |
||||||
Purchases, sales and maturities of short-term investments, net |
(26 |
) |
(4 |
) |
||
Purchases of property and equipment |
|
(100 |
) |
|
(59 |
) |
Purchases and sales of long-term investments, intangibles and other assets, net |
|
(28 |
) |
|
(25 |
) |
Acquisitions, net of cash acquired . |
|
(106 |
) |
|
(1,470 |
) |
Net cash used for investing activities |
|
(260 |
) |
|
(1,558 |
) |
|
|
|
||||
Cash flows from financing activities: |
||||||
| Repurchases of common stock |
|
(2,400 |
) |
|
(950 |
) |
Taxes paid related to net share settlement of equity awards, net of proceeds from treasury stock re-issuances |
|
(175 |
) |
|
(304 |
) |
Other financing activities, net |
|
(29 |
) |
|
10 |
|
Net cash used for financing activities |
|
(2,604 |
) |
|
(1,244 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(10 |
) |
|
4 |
|
Net change in cash and cash equivalents |
|
(1,105 |
) |
|
(1,026 |
) |
Cash and cash equivalents at beginning of period |
|
3,844 |
|
|
4,478 |
|
Cash and cash equivalents at end of period |
$ |
2,739 |
|
$ |
3,452 |
|
Non-GAAP Results
The following table shows Adobe’s first quarter fiscal year 2022 GAAP revenue growth rates reconciled to adjusted revenue growth rates included in this release.
First 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 |
9 |
% |
9 |
% |
7 |
% |
17 |
% |
13 |
% |
15 |
% |
Impact of extra week in fiscal year 2021 |
8 |
|
8 |
|
8 |
|
9 |
|
7 |
|
7 |
|
Constant currency impact |
0 |
|
0 |
|
1 |
|
0 |
|
0 |
|
0 |
|
Adjusted revenue growth rates |
17 |
% |
17 |
% |
16 |
% |
26 |
% |
20 |
% |
22 |
% |
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 |
||||||||||
|
March 4, 2022 |
|
March 5, 2021 |
|
December 3, 2021 |
||||||
Operating income: |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
GAAP operating income |
$ |
1,580 |
|
|
$ |
1,454 |
|
|
$ |
1,501 |
|
Stock-based and deferred compensation expense |
|
312 |
|
|
|
286 |
|
|
|
265 |
|
Amortization of intangibles |
|
101 |
|
|
|
89 |
|
|
|
91 |
|
Non-GAAP operating income |
$ |
1,993 |
|
|
$ |
1,829 |
|
|
$ |
1,857 |
|
|
|
|
|
|
|
||||||
Net income: |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
GAAP net income |
$ |
1,266 |
|
|
$ |
1,261 |
|
|
$ |
1,233 |
|
Stock-based and deferred compensation expense |
|
312 |
|
|
|
286 |
|
|
|
265 |
|
Amortization of intangibles |
|
101 |
|
|
|
89 |
|
|
|
91 |
|
Investment (gains) losses, net |
|
9 |
|
|
|
(5 |
) |
|
|
4 |
|
Income tax adjustments |
|
(86 |
) |
|
|
(116 |
) |
|
|
(57 |
) |
Non-GAAP net income |
$ |
1,602 |
|
|
$ |
1,515 |
|
|
$ |
1,536 |
|
|
|
|
|
|
|
||||||
Diluted net income per share: |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
GAAP diluted net income per share |
$ |
2.66 |
|
|
$ |
2.61 |
|
|
$ |
2.57 |
|
Stock-based and deferred compensation expense |
|
0.66 |
|
|
|
0.59 |
|
|
|
0.55 |
|
Amortization of intangibles |
|
0.21 |
|
|
|
0.19 |
|
|
|
0.19 |
|
Investment (gains) losses, net |
|
0.02 |
|
|
|
(0.01 |
) |
|
|
0.01 |
|
Income tax adjustments |
|
(0.18 |
) |
|
|
(0.24 |
) |
|
|
(0.12 |
) |
Non-GAAP diluted net income per share |
$ |
3.37 |
|
|
$ |
3.14 |
|
|
$ |
3.20 |
|
|
|
|
|
|
|
||||||
Shares used in computing diluted net income per share |
|
475 |
|
|
|
483 |
|
|
|
480 |
|
Non-GAAP Results (continued)
The following table shows Adobe’s first quarter fiscal year 2022 GAAP tax rate reconciled to the non-GAAP tax rate included in this release
|
First Quarter Fiscal 2022 |
||
Effective income tax rate: |
|
||
|
|
||
GAAP effective income tax rate |
|
18.0 |
% |
Income tax adjustments |
|
2.0 |
|
Stock-based and deferred compensation expense |
|
(1.1 |
) |
Amortization of intangibles |
|
(0.4 |
) |
Non-GAAP effective income tax rate |
|
18.5 |
% |
Reconciliation of GAAP to Non-GAAP Financial Targets
The following tables show Adobe's second quarter fiscal year 2022 financial targets reconciled to non-GAAP financial targets included in this release.
Second 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 |
|
13 |
% |
|
15 |
% |
|
17 |
% |
Constant currency impact |
|
1 |
|
|
1 |
|
|
1 |
|
Constant currency target revenue growth rates |
|
14 |
% |
|
16 |
% |
|
18 |
% |
(Shares in millions) |
Second Quarter Fiscal 2022 |
||
Diluted net income per share: |
|
||
|
|
||
GAAP diluted net income per share |
$ |
2.44 |
|
Stock-based and deferred compensation expense |
|
0.79 |
|
Amortization of intangibles |
|
0.21 |
|
Income tax adjustments |
|
(0.14 |
) |
Non-GAAP diluted net income per share |
$ |
3.30 |
|
|
|
||
Shares used to compute diluted net income per share |
474 |
|
|
|
Second Quarter Fiscal 2022 |
||
Effective income tax rate: |
|
||
|
|
||
GAAP effective income tax rate |
|
20.0 |
% |
Stock-based and deferred compensation expense |
|
(1.4 |
) |
Amortization of intangibles |
|
(0.1 |
) |
Non-GAAP effective income tax rate |
|
18.5 |
% |
Reconciliation of GAAP to Non-GAAP Financial Targets (continued)
The following table shows Adobe's updated annual fiscal year 2022 GAAP target tax rate reconciled to the non-GAAP target tax rate.
|
Fiscal Year 2022 |
||
Effective income tax rate: |
|
||
|
|
||
GAAP effective income tax rate |
|
19.5 |
% |
Stock-based and deferred compensation expense |
|
(1.4 |
) |
Amortization of intangibles |
|
(0.1 |
) |
Income tax adjustments |
|
0.5 |
|
Non-GAAP effective income tax rate |
|
18.5 |
% |
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.
Объем ARR Облака Документов Превысил 2 Миллиарда Долларов По итогам Квартала
САН-ХОСЕ, Калифорния.--(BUSINESS WIRE)--Adobe (Nasdaq:ADBE) сегодня сообщила о финансовых результатах за первый квартал 2022 финансового года, закончившийся 4 марта 2022 года.
“Adobe добился рекордного дохода в 1 квартале, поскольку Creative Cloud, Document Cloud и Experience Cloud продолжают играть ключевую роль в развитии цифровой экономики”, - сказал Шантану Нарайен, председатель и генеральный директор Adobe. "Adobe стремится расширять возможности отдельных людей, преобразовывать бизнес и объединять сообщества”.
“Результаты Adobe за 1 квартал отражают высокую эффективность и устойчивость компании в беспрецедентных обстоятельствах”, - сказал Дэн Дерн, исполнительный вице-президент и финансовый директор Adobe. “Наш импульс, инновации в продуктах и огромные рыночные возможности позволяют нам добиться успеха в 2022 году и в последующий период”.
Основные финансовые показатели Первого квартала 2022 Финансового года
Последствия войны в Украине
4 марта 2022 года Adobe объявил о прекращении всех новых продаж продуктов и услуг Adobe в России и Беларуси. Кроме того, сегодня Adobe сокращает свой баланс ARR в цифровых медиа на 75 миллионов долларов, что составляет весь ARR для существующего бизнеса в России и Беларуси. В то время как Adobe продолжит предоставлять цифровые медиа-услуги в Украине, компания сократила ARR еще на 12 миллионов долларов, что представляет весь ее бизнес в области цифровых медиа в Украине. Это приводит к общему сокращению ARR на 87 миллионов долларов и ожидаемому влиянию на выручку в размере 75 миллионов долларов в 2022 финансовом году.
Финансовые цели на Второй квартал 2022 года
Цели Adobe на второй квартал 2022 финансового года учитывают текущие макроэкономические и геополитические условия. В следующей таблице приведены целевые показатели Adobe на второй квартал 2022 финансового года:
Total revenue |
~$4.34 billion |
|
Digital Media annualized recurring revenue (ARR) |
~$440 million of net new ARR |
|
Digital Media segment revenue (Y/Y growth) |
~13% |
~14% (constant currency2) |
Digital Experience segment revenue (Y/Y growth) |
~15% |
~16% (constant currency2) |
Digital Experience subscription revenue (Y/Y growth) |
~17% |
~18% (constant currency2) |
Tax rate |
GAAP: ~20% |
Non-GAAP: ~18.5% |
Earnings per share3 |
GAAP: ~$2.44 |
Non-GAAP: ~$3.30 |
Adobe для веб-трансляции и конференц-связи
Adobe проведет онлайн-трансляцию телефонной конференции по доходам за первый квартал 2022 финансового года сегодня в 14:00 по тихоокеанскому времени со своего веб-сайта по связям с инвесторами: www.Adobe.com/ADBE . Документы о доходах, в том числе подготовленные руководством Adobe замечания по конференц-связи со слайдами и таблицей данных инвесторов, размещаются на веб-сайте Adobe по связям с инвесторами до начала телефонной конференции для ознакомления.
Прогнозные заявления, Не относящиеся к GAAP и другие раскрытия информации
В этом пресс-релизе содержатся заявления о перспективах, в том числе касающиеся динамики бизнеса, влияния пандемии COVID-19 на наш бизнес и результаты деятельности, наших рыночных возможностей, тенденций рынка, текущих макроэкономических условий, успеха клиентов, выручки, операционной прибыли, сезонности, годовой регулярной выручки, ставки налога на на основе GAAP и не на основе GAAP, прибыль на акцию на основе GAAP и не на основе GAAP и количество акций, все это сопряжено с рисками и неопределенностями, которые могут привести к существенным различиям фактических результатов. Факторы, которые могут вызвать или способствовать таким различиям, включают, но не ограничиваются ими: неспособность эффективно конкурировать, неспособность разрабатывать, приобретать, продавать и предлагать продукты и услуги, соответствующие требованиям клиентов, внедрение новых технологий, информационная безопасность и конфиденциальность, потенциальные перебои или задержки в размещенных услугах, предоставляемых нами или третьи стороны, геополитические и макроэкономические условия и экономические последствия пандемии COVID-19, риски, связанные с кибератаками, сложные циклы продаж, риски, связанные со сроками признания выручки от наших предложений по подписке, колебания ставок продления подписки, неспособность реализовать ожидаемые выгоды от прошлых или будущих приобретений, неспособность для эффективного управления критически важными стратегическими деловыми отношениями с третьими сторонами, изменениями в принципах бухгалтерского учета и налоговом регулировании, неопределенностью на финансовых рынках и экономическими условиями в странах, где мы работаем, и другими различными рисками, связанными с тем, чтобы быть многонациональной корпорацией. Для обсуждения этих и других рисков и неопределенностей, пожалуйста, обратитесь к Годовому отчету Adobe по форме 10-K за наш 2021 финансовый год, закончившийся 3 декабря 2021 года, и Квартальным отчетам Adobe по форме 10-Q, выпущенным в 2022 финансовом году.
Финансовая информация, изложенная в настоящем пресс-релизе, отражает оценки, основанные на имеющейся на данный момент информации. Эти суммы могут отличаться от фактических отчетных сумм, указанных в Ежеквартальном отчете Adobe по форме 10-Q за наш финансовый квартал, закончившийся 4 марта 2022 года, который Adobe планирует подать в конце марта или начале апреля 2022 года. Adobe не берет на себя никаких обязательств и в настоящее время не собирается обновлять эти заявления о перспективах.
Сверка между результатами прибыли по GAAP и не по GAAP и финансовыми целями приведена в конце этого пресс-релиза и на веб-сайте Adobe по связям с инвесторами.
1 |
|
Adjusted to account for the extra week in first quarter fiscal year 2021 and to show growth rates in constant currency. |
2 |
|
Adjusted to show growth rates in constant currency. |
3 |
|
Targets assume share count of ~474 million for second quarter fiscal year 2022. |
Adobe меняет мир с помощью цифровых технологий. Для получения дополнительной информации посетите веб-сайт www.Adobe.com .
©2022 Adobe. Все права защищены. Adobe, Creative Cloud, Document Cloud и логотип Adobe являются зарегистрированными товарными знаками или товарными знаками Adobe (или одной из ее дочерних компаний) в Соединенных Штатах и/или других странах. Все остальные товарные знаки являются собственностью их соответствующих владельцев.
Condensed Consolidated Statements of Income (In millions, except per share data; unaudited) |
||||||
Three Months Ended |
||||||
|
March 4, 2022 |
March 5, 2021 |
||||
Revenue: |
|
|
||||
Subscription |
$ |
3,958 |
|
$ |
3,584 |
|
Product |
|
145 |
|
|
155 |
|
Services and other |
|
159 |
|
|
166 |
|
Total revenue |
|
4,262 |
|
|
3,905 |
|
|
|
|
||||
Cost of revenue: |
|
|
||||
Subscription |
|
393 |
|
|
324 |
|
Product |
|
10 |
|
|
10 |
|
Services and other |
|
109 |
|
|
113 |
|
Total cost of revenue |
|
512 |
|
|
447 |
|
|
|
|
||||
Gross profit |
|
3,750 |
|
|
3,458 |
|
|
|
|
||||
Operating expenses: |
|
|
||||
Research and development |
|
701 |
|
|
620 |
|
Sales and marketing |
|
1,158 |
|
|
1,049 |
|
General and administrative |
|
269 |
|
|
290 |
|
Amortization of intangibles |
|
42 |
|
|
45 |
|
Total operating expenses |
|
2,170 |
|
|
2,004 |
|
|
|
|
||||
Operating income |
|
1,580 |
|
|
1,454 |
|
|
|
|
||||
Non-operating income (expense): |
|
|
||||
Interest expense |
|
(28 |
) |
|
(30 |
) |
Investment gains (losses), net |
|
(9 |
) |
|
5 |
|
Other income (expense), net |
|
— |
|
|
4 |
|
Total non-operating income (expense), net |
|
(37 |
) |
|
(21 |
) |
Income before income taxes |
|
1,543 |
|
|
1,433 |
|
Provision for income taxes |
|
277 |
|
|
172 |
|
Net income |
$ |
1,266 |
|
$ |
1,261 |
|
Basic net income per share |
$ |
2.68 |
|
$ |
2.63 |
|
Shares used to compute basic net income per share |
|
473 |
|
|
479 |
|
Diluted net income per share |
$ |
2.66 |
|
$ |
2.61 |
|
Shares used to compute diluted net income per share |
|
475 |
|
|
483 |
|
Condensed Consolidated Balance Sheets (In millions; unaudited) |
||||||
March 4, 2022 |
December 3, 2021 |
|||||
ASSETS |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ |
2,739 |
$ |
3,844 |
||
Short-term investments |
|
1,962 |
|
|
1,954 |
|
Trade receivables, net of allowances for doubtful accounts of $18 and $16, respectively |
|
1,685 |
|
|
1,878 |
|
Prepaid expenses and other current assets |
|
1,090 |
|
|
993 |
|
Total current assets |
|
7,476 |
|
|
8,669 |
|
|
|
|
||||
Property and equipment, net |
|
1,703 |
|
|
1,673 |
|
Operating lease right-of-use assets, net |
|
435 |
|
|
443 |
|
Goodwill |
|
12,795 |
|
|
12,668 |
|
Other intangibles, net |
|
1,743 |
|
|
1,820 |
|
Deferred income taxes |
|
950 |
|
|
1,085 |
|
Other assets |
|
874 |
|
|
883 |
|
Total assets |
$ |
25,976 |
|
$ |
27,241 |
|
LIABILITIES |
||||||
| Current liabilities: | ||||||
Trade payables |
$ |
295 |
$ |
312 |
||
Accrued expenses |
|
1,333 |
|
|
1,736 |
|
Debt |
|
499 |
|
|
— |
|
Deferred revenue |
|
4,894 |
|
|
4,733 |
|
Income taxes payable |
|
83 |
|
|
54 |
|
Operating lease liabilities |
|
93 |
|
|
97 |
|
Total current liabilities |
|
7,197 |
|
|
6,932 |
|
|
|
|
||||
Long-term liabilities: |
|
|
||||
Debt |
|
3,626 |
|
|
4,123 |
|
Deferred revenue |
|
125 |
|
|
145 |
|
Income taxes payable |
|
540 |
|
|
534 |
|
Deferred income taxes |
|
4 |
|
|
5 |
|
Operating lease liabilities |
|
447 |
|
|
453 |
|
Other liabilities |
|
262 |
|
|
252 |
|
Total liabilities |
|
12,201 |
|
|
12,444 |
|
Stockholders’ equity: |
||||||
Preferred stock |
|
— |
|
|
— |
|
Common stock |
|
— |
|
|
— |
|
Additional paid-in-capital |
|
8,750 |
|
|
8,428 |
|
Retained earnings |
|
24,961 |
|
|
23,905 |
|
Accumulated other comprehensive income (loss) |
|
(177 |
) |
|
(137 |
) |
Treasury stock, at cost |
|
(19,759 |
) |
|
(17,399 |
) |
Total stockholders’ equity |
|
13,775 |
|
|
14,797 |
|
Total liabilities and stockholders’ equity |
$ |
25,976 |
|
$ |
27,241 |
|
Condensed Consolidated Statements of Cash Flows (In millions; unaudited) |
||||||
|
||||||
|
Three Months Ended |
|||||
|
March 4, 2022 |
March 5, 2021 |
||||
Cash flows from operating activities: |
|
|
||||
Net income |
$ |
1,266 |
|
$ |
1,261 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
||||
Depreciation, amortization and accretion |
|
213 |
|
|
196 |
|
Stock-based compensation |
|
322 |
|
|
260 |
|
Unrealized investment (gains) losses, net |
|
17 |
|
|
— |
|
Other non-cash adjustments |
|
153 |
|
|
138 |
|
Changes in deferred revenue |
|
141 |
|
|
471 |
|
Changes in other operating assets and liabilities |
|
(343 |
) |
|
(554 |
) |
Net cash provided by operating activities |
|
1,769 |
|
|
1,772 |
|
Cash flows from investing activities: |
||||||
Purchases, sales and maturities of short-term investments, net |
(26 |
) |
(4 |
) |
||
Purchases of property and equipment |
|
(100 |
) |
|
(59 |
) |
Purchases and sales of long-term investments, intangibles and other assets, net |
|
(28 |
) |
|
(25 |
) |
Acquisitions, net of cash acquired . |
|
(106 |
) |
|
(1,470 |
) |
Net cash used for investing activities |
|
(260 |
) |
|
(1,558 |
) |
|
|
|
||||
Cash flows from financing activities: |
||||||
| Repurchases of common stock |
|
(2,400 |
) |
|
(950 |
) |
Taxes paid related to net share settlement of equity awards, net of proceeds from treasury stock re-issuances |
|
(175 |
) |
|
(304 |
) |
Other financing activities, net |
|
(29 |
) |
|
10 |
|
Net cash used for financing activities |
|
(2,604 |
) |
|
(1,244 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(10 |
) |
|
4 |
|
Net change in cash and cash equivalents |
|
(1,105 |
) |
|
(1,026 |
) |
Cash and cash equivalents at beginning of period |
|
3,844 |
|
|
4,478 |
|
Cash and cash equivalents at end of period |
$ |
2,739 |
|
$ |
3,452 |
|
Результаты, не относящиеся к GAAP
В следующей таблице показаны темпы роста выручки Adobe за первый квартал 2022 финансового года по GAAP, сверенные с скорректированными темпами роста выручки, включенными в этот выпуск.
First 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 |
9 |
% |
9 |
% |
7 |
% |
17 |
% |
13 |
% |
15 |
% |
Impact of extra week in fiscal year 2021 |
8 |
|
8 |
|
8 |
|
9 |
|
7 |
|
7 |
|
Constant currency impact |
0 |
|
0 |
|
1 |
|
0 |
|
0 |
|
0 |
|
Adjusted revenue growth rates |
17 |
% |
17 |
% |
16 |
% |
26 |
% |
20 |
% |
22 |
% |
В следующей таблице показаны результаты GAAP Adobe, сверенные с результатами, не относящимися к GAAP, включенными в этот выпуск.
(In millions, except per share data) |
Three Months Ended |
||||||||||
|
March 4, 2022 |
|
March 5, 2021 |
|
December 3, 2021 |
||||||
Operating income: |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
GAAP operating income |
$ |
1,580 |
|
|
$ |
1,454 |
|
|
$ |
1,501 |
|
Stock-based and deferred compensation expense |
|
312 |
|
|
|
286 |
|
|
|
265 |
|
Amortization of intangibles |
|
101 |
|
|
|
89 |
|
|
|
91 |
|
Non-GAAP operating income |
$ |
1,993 |
|
|
$ |
1,829 |
|
|
$ |
1,857 |
|
|
|
|
|
|
|
||||||
Net income: |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
GAAP net income |
$ |
1,266 |
|
|
$ |
1,261 |
|
|
$ |
1,233 |
|
Stock-based and deferred compensation expense |
|
312 |
|
|
|
286 |
|
|
|
265 |
|
Amortization of intangibles |
|
101 |
|
|
|
89 |
|
|
|
91 |
|
Investment (gains) losses, net |
|
9 |
|
|
|
(5 |
) |
|
|
4 |
|
Income tax adjustments |
|
(86 |
) |
|
|
(116 |
) |
|
|
(57 |
) |
Non-GAAP net income |
$ |
1,602 |
|
|
$ |
1,515 |
|
|
$ |
1,536 |
|
|
|
|
|
|
|
||||||
Diluted net income per share: |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
GAAP diluted net income per share |
$ |
2.66 |
|
|
$ |
2.61 |
|
|
$ |
2.57 |
|
Stock-based and deferred compensation expense |
|
0.66 |
|
|
|
0.59 |
|
|
|
0.55 |
|
Amortization of intangibles |
|
0.21 |
|
|
|
0.19 |
|
|
|
0.19 |
|
Investment (gains) losses, net |
|
0.02 |
|
|
|
(0.01 |
) |
|
|
0.01 |
|
Income tax adjustments |
|
(0.18 |
) |
|
|
(0.24 |
) |
|
|
(0.12 |
) |
Non-GAAP diluted net income per share |
$ |
3.37 |
|
|
$ |
3.14 |
|
|
$ |
3.20 |
|
|
|
|
|
|
|
||||||
Shares used in computing diluted net income per share |
|
475 |
|
|
|
483 |
|
|
|
480 |
|
Результаты, не относящиеся к GAAP (продолжение)
В следующей таблице показана налоговая ставка Adobe за первый квартал 2022 финансового года по GAAP, сверенная с налоговой ставкой, не относящейся к GAAP, включенной в этот выпуск
|
First Quarter Fiscal 2022 |
||
Effective income tax rate: |
|
||
|
|
||
GAAP effective income tax rate |
|
18.0 |
% |
Income tax adjustments |
|
2.0 |
|
Stock-based and deferred compensation expense |
|
(1.1 |
) |
Amortization of intangibles |
|
(0.4 |
) |
Non-GAAP effective income tax rate |
|
18.5 |
% |
Сверка ОПБУ с финансовыми целями, не относящимися к ОПБУ
В следующих таблицах показаны финансовые цели Adobe за второй квартал 2022 финансового года, сверенные с финансовыми целями, не относящимися к GAAP, включенными в этот выпуск.
Second 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 |
|
13 |
% |
|
15 |
% |
|
17 |
% |
Constant currency impact |
|
1 |
|
|
1 |
|
|
1 |
|
Constant currency target revenue growth rates |
|
14 |
% |
|
16 |
% |
|
18 |
% |
(Shares in millions) |
Second Quarter Fiscal 2022 |
||
Diluted net income per share: |
|
||
|
|
||
GAAP diluted net income per share |
$ |
2.44 |
|
Stock-based and deferred compensation expense |
|
0.79 |
|
Amortization of intangibles |
|
0.21 |
|
Income tax adjustments |
|
(0.14 |
) |
Non-GAAP diluted net income per share |
$ |
3.30 |
|
|
|
||
Shares used to compute diluted net income per share |
474 |
|
|
|
Second Quarter Fiscal 2022 |
||
Effective income tax rate: |
|
||
|
|
||
GAAP effective income tax rate |
|
20.0 |
% |
Stock-based and deferred compensation expense |
|
(1.4 |
) |
Amortization of intangibles |
|
(0.1 |
) |
Non-GAAP effective income tax rate |
|
18.5 |
% |
Сверка ОПБУ с финансовыми целями, не относящимися к ОПБУ (продолжение)
В следующей таблице показана обновленная годовая налоговая ставка Adobe на 2022 финансовый год по GAAP, согласованная с целевой налоговой ставкой, не относящейся к GAAP.
|
Fiscal Year 2022 |
||
Effective income tax rate: |
|
||
|
|
||
GAAP effective income tax rate |
|
19.5 |
% |
Stock-based and deferred compensation expense |
|
(1.4 |
) |
Amortization of intangibles |
|
(0.1 |
) |
Income tax adjustments |
|
0.5 |
|
Non-GAAP effective income tax rate |
|
18.5 |
% |
Использование финансовой информации, не относящейся к ОПБУ
Adobe продолжает предоставлять всю информацию, необходимую в соответствии с GAAP, но считает, что оценка его текущих операционных результатов может быть не столь полезной, если инвестор ограничивается рассмотрением только финансовых показателей GAAP. Adobe использует финансовую информацию, не относящуюся к GAAP, для оценки своей текущей деятельности, а также для целей внутреннего планирования и прогнозирования. Руководство Adobe само по себе не предполагает и не предполагает, что инвесторы должны рассматривать такие финансовые показатели, не относящиеся к GAAP, отдельно или в качестве замены финансовой информации, подготовленной в соответствии с GAAP. Adobe представляет такие финансовые показатели, не относящиеся к GAAP, в отчете о своих финансовых результатах, чтобы предоставить инвесторам дополнительный инструмент для оценки операционных результатов Adobe. Adobe считает, что эти финансовые показатели, не относящиеся к GAAP, полезны, поскольку они обеспечивают большую прозрачность в отношении ключевых показателей, используемых руководством при принятии финансовых и операционных решений. Это позволяет институциональным инвесторам, сообществу аналитиков и другим лицам лучше понимать и оценивать наши операционные результаты и перспективы на будущее так же, как и руководство.
Руководство Adobe считает полезным для себя и инвесторов проанализировать, в соответствующих случаях, как информацию по GAAP, так и показатели, не относящиеся к GAAP, которые могут исключать такие статьи, как расходы на компенсацию на основе акций и отложенные компенсационные расходы, амортизация нематериальных активов, инвестиционные прибыли и убытки, связанные с налоговым воздействием всех этих статей, корректировки по налогу на прибыль и влияние на налог на прибыль корректировок до налогообложения, не относящихся к GAAP, из резерва по налогу на прибыль. Adobe использует эти показатели, не относящиеся к GAAP, для оценки эффективности бизнеса Adobe, а также для планирования и прогнозирования в последующие периоды. Всякий раз, когда используется такой показатель, не относящийся к GAAP, Adobe обеспечивает сверку финансового показателя, не относящегося к GAAP, с наиболее подходящим финансовым показателем GAAP. Инвесторам рекомендуется ознакомиться с соответствующими финансовыми показателями GAAP и сверкой этих финансовых показателей, не относящихся к GAAP, с их наиболее непосредственно сопоставимыми финансовыми показателями GAAP, как подробно описано выше.
Показать большеПоказать меньше
