2022 Q2 Form 10-Q Financial Statement

#000079634322000157 Filed on June 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $4.386B $4.262B $4.110B
YoY Change 14.37% 9.14% 20.04%
Cost Of Revenue $539.0M $512.0M $507.0M
YoY Change 21.4% 14.54% 18.46%
Gross Profit $3.847B $3.750B $3.603B
YoY Change 13.45% 8.44% 20.26%
Gross Profit Margin 87.71% 87.99% 87.66%
Selling, General & Admin $1.538B $1.427B $1.405B
YoY Change 15.73% 6.57% 18.67%
% of Gross Profit 39.98% 38.05% 39.0%
Research & Development $738.0M $701.0M $657.0M
YoY Change 20.59% 13.06% 17.74%
% of Gross Profit 19.18% 18.69% 18.23%
Depreciation & Amortization $212.0M $213.0M $205.0M
YoY Change 9.28% 8.67% 7.89%
% of Gross Profit 5.51% 5.68% 5.69%
Operating Expenses $2.318B $2.170B $2.102B
YoY Change 16.78% 8.28% 18.02%
Operating Profit $1.529B $1.580B $1.501B
YoY Change 8.75% 8.67% 23.54%
Interest Expense $28.00M $28.00M -$32.00M
YoY Change 0.0% -212.0% 88.24%
% of Operating Profit 1.83% 1.77% -2.13%
Other Income/Expense, Net -$37.00M -$37.00M -$1.000M
YoY Change 85.0% -1025.0% 0.0%
Pretax Income $1.492B $1.543B $1.468B
YoY Change 7.65% 7.68% 22.64%
Income Tax $314.0M $277.0M $235.0M
% Of Pretax Income 21.05% 17.95% 16.01%
Net Earnings $1.178B $1.266B $1.233B
YoY Change 5.56% 0.4% -45.2%
Net Earnings / Revenue 26.86% 29.7% 30.0%
Basic Earnings Per Share $2.50 $2.68
Diluted Earnings Per Share $2.49 $2.66 $2.563M
COMMON SHARES
Basic Shares Outstanding 472.1M shares 472.6M shares
Diluted Shares Outstanding 473.3M shares 475.4M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.299B $4.701B $5.798B
YoY Change -8.13% -5.28% -3.24%
Cash & Equivalents $3.365B $2.739B $3.844B
Short-Term Investments $1.934B $1.962B $1.954B
Other Short-Term Assets $1.021B $1.090B $993.0M
YoY Change 22.57% 20.98% 47.11%
Inventory
Prepaid Expenses
Receivables $1.590B $1.690B $1.880B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.908B $7.476B $8.669B
YoY Change -2.1% 1.25% 6.42%
LONG-TERM ASSETS
Property, Plant & Equipment $1.790B $1.703B $1.673B
YoY Change 13.8% 11.31% 10.28%
Goodwill $12.80B $12.80B $12.67B
YoY Change 7.93% 8.02% 17.95%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $865.0M $874.0M $883.0M
YoY Change 7.45% 15.3% 33.18%
Total Long-Term Assets $18.42B $18.50B $18.57B
YoY Change 5.22% 5.11% 15.08%
TOTAL ASSETS
Total Short-Term Assets $7.908B $7.476B $8.669B
Total Long-Term Assets $18.42B $18.50B $18.57B
Total Assets $26.33B $25.98B $27.24B
YoY Change 2.91% 3.97% 12.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $366.0M $295.0M $312.0M
YoY Change 17.31% 16.14% 1.96%
Accrued Expenses $1.615B $1.333B $1.736B
YoY Change 5.01% 7.24% 22.08%
Deferred Revenue $4.753B $4.894B $4.733B
YoY Change 14.7% 18.38% 30.42%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $499.0M $499.0M
YoY Change
Total Short-Term Liabilities $7.385B $7.197B $6.932B
YoY Change 20.18% 23.96% 25.76%
LONG-TERM LIABILITIES
Long-Term Debt $3.627B $3.626B $4.123B
YoY Change -11.97% -11.97% 0.15%
Other Long-Term Liabilities $257.0M $262.0M $252.0M
YoY Change -0.77% 5.65% 13.0%
Total Long-Term Liabilities $257.0M $262.0M $252.0M
YoY Change -0.77% 5.65% 13.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.385B $7.197B $6.932B
Total Long-Term Liabilities $257.0M $262.0M $252.0M
Total Liabilities $12.34B $12.20B $12.44B
YoY Change 5.21% 6.66% 12.92%
SHAREHOLDERS EQUITY
Retained Earnings $26.02B $24.96B $23.91B
YoY Change 20.82% 21.64% 21.9%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.94B $19.76B $17.40B
YoY Change 35.63% 36.73% 28.44%
Treasury Stock Shares 126.0M shares
Shareholders Equity $13.99B $13.78B $14.80B
YoY Change
Total Liabilities & Shareholders Equity $26.33B $25.98B $27.24B
YoY Change 2.91% 3.97% 12.18%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $1.178B $1.266B $1.233B
YoY Change 5.56% 0.4% -45.2%
Depreciation, Depletion And Amortization $212.0M $213.0M $205.0M
YoY Change 9.28% 8.67% 7.89%
Cash From Operating Activities $2.040B $1.769B $2.066B
YoY Change 2.62% -0.17% 15.94%
INVESTING ACTIVITIES
Capital Expenditures -$126.0M $100.0M -$99.00M
YoY Change 32.63% -269.49% -3.88%
Acquisitions $106.0M
YoY Change
Other Investing Activities -$12.00M -$160.0M -$1.640B
YoY Change 0.0% -89.33% 5757.14%
Cash From Investing Activities -$138.0M -$260.0M -$1.739B
YoY Change 28.97% -83.31% 1227.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.400B
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -1.250B -$2.604B -1.078B
YoY Change 15.74% 109.32% 14.68%
NET CHANGE
Cash From Operating Activities 2.040B $1.769B 2.066B
Cash From Investing Activities -138.0M -$260.0M -1.739B
Cash From Financing Activities -1.250B -$2.604B -1.078B
Net Change In Cash 652.0M -$1.105B -751.0M
YoY Change -18.6% 7.28% -205.63%
FREE CASH FLOW
Cash From Operating Activities $2.040B $1.769B $2.066B
Capital Expenditures -$126.0M $100.0M -$99.00M
Free Cash Flow $2.166B $1.669B $2.165B
YoY Change 3.98% -8.85% 14.85%

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us-gaap Net Income Loss
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<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing the condensed consolidated financial statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, we must make estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ materially from these estimates.</span></div>
us-gaap Fiscal Period
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<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fiscal Year</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our fiscal year is a 52- or 53-week year that ends on the Friday closest to November 30. Our financial results for the six months ended June 4, 2021 benefited from an extra week in the first quarter of fiscal 2021 due to our 52/53 week financial calendar whereby fiscal 2022 is a 52-week year compared with fiscal 2021 which was a 53-week year.</span></div>
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1820000000 USD
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
101000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
202000000 USD
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
88000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
178000000 USD
CY2022Q2 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
59000000 USD
us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
118000000 USD
CY2021Q2 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
44000000 USD
us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
89000000 USD
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
613000000 USD
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
490000000 USD
CY2022Q2 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
257000000 USD
CY2021Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
455000000 USD
CY2022Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
104000000 USD
CY2021Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
96000000 USD
CY2022Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
106000000 USD
CY2021Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
119000000 USD
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
535000000 USD
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
576000000 USD
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1615000000 USD
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1736000000 USD
CY2022Q2 us-gaap Share Price
SharePrice
429.76
CY2022Q2 us-gaap Share Price
SharePrice
429.76
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2940000000 USD
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M24D
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
352000000 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
260000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
674000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
541000000 USD
CY2021Q4 adbe Unrealized Gainson Availablefor Sale Securities Netof Tax
UnrealizedGainsonAvailableforSaleSecuritiesNetofTax
2000000 USD
adbe Grossunrealizedgainsonavailableforsalesecuritiesincreasedecrease Netof Tax
GrossunrealizedgainsonavailableforsalesecuritiesincreasedecreaseNetofTax
-2000000 USD
adbe Grossunrealizedgainsonavailableforsalesecuritiesreclassificationadjustments Netof Tax
GrossunrealizedgainsonavailableforsalesecuritiesreclassificationadjustmentsNetofTax
0 USD
CY2022Q2 adbe Unrealized Gainson Availablefor Sale Securities Netof Tax
UnrealizedGainsonAvailableforSaleSecuritiesNetofTax
0 USD
CY2021Q4 adbe Unrealized Losseson Availablefor Sale Securities Netof Tax
UnrealizedLossesonAvailableforSaleSecuritiesNetofTax
-4000000 USD
adbe Grossunrealizedlossesonavailableforsalesecuritiesincreaseordecrease Netof Tax
GrossunrealizedlossesonavailableforsalesecuritiesincreaseordecreaseNetofTax
-27000000 USD
adbe Grossunrealizedlossesonavailableforsalesecuritiesreclassificationadjustments Netof Tax
GrossunrealizedlossesonavailableforsalesecuritiesreclassificationadjustmentsNetofTax
0 USD
CY2022Q2 adbe Unrealized Losseson Availablefor Sale Securities Netof Tax
UnrealizedLossesonAvailableforSaleSecuritiesNetofTax
-31000000 USD
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-2000000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-29000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
0 USD
CY2022Q2 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-31000000 USD
CY2021Q4 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
29000000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
86000000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
43000000 USD
CY2022Q2 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
72000000 USD
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-164000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-72000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
0 USD
CY2022Q2 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-236000000 USD
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-137000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-15000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
43000000 USD
CY2022Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-195000000 USD
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
1178000000 USD
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
1116000000 USD
CY2020Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
15000000000 USD
us-gaap Treasury Stock Shares Acquired
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5600000 shares
us-gaap Net Income Loss
NetIncomeLoss
2444000000 USD
us-gaap Net Income Loss
NetIncomeLoss
2377000000 USD
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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472100000 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
477800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
472300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
478300000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1200000 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3000000.0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2000000.0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3600000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
473300000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
480800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
474300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
481900000 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.50
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.34
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.17
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.97
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.49
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.32
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.93
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4700000 shares
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2500000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000 shares
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4150000000 USD
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4150000000 USD
CY2022Q2 adbe Longtermdebtgrosscurrent
Longtermdebtgrosscurrent
500000000 USD
CY2021Q4 adbe Longtermdebtgrosscurrent
Longtermdebtgrosscurrent
0 USD
CY2022Q2 adbe Debtinstrumentunamortizeddiscountandissuancecostsnoncurrent
Debtinstrumentunamortizeddiscountandissuancecostsnoncurrent
23000000 USD
CY2021Q4 adbe Debtinstrumentunamortizeddiscountandissuancecostsnoncurrent
Debtinstrumentunamortizeddiscountandissuancecostsnoncurrent
27000000 USD
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
3627000000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
4123000000 USD
CY2022Q2 adbe Longtermdebtgrosscurrent
Longtermdebtgrosscurrent
500000000 USD
CY2021Q4 adbe Longtermdebtgrosscurrent
Longtermdebtgrosscurrent
0 USD
CY2022Q2 adbe Debtinstrumentunamortizeddiscountandissuancecostscurrent
Debtinstrumentunamortizeddiscountandissuancecostscurrent
1000000 USD
CY2021Q4 adbe Debtinstrumentunamortizeddiscountandissuancecostscurrent
Debtinstrumentunamortizeddiscountandissuancecostscurrent
0 USD
CY2022Q2 us-gaap Debt Current
DebtCurrent
499000000 USD
CY2021Q4 us-gaap Debt Current
DebtCurrent
0 USD
CY2022Q2 us-gaap Debt Current
DebtCurrent
499000000 USD

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