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Adobe Reports Record Revenue in Q1 Fiscal 2022

Document Cloud ARR Surpasses $2 Billion Exiting the Quarter

SAN JOSE, Calif., March 22, 2022--(Business concern WIRE)--Adobe (Nasdaq:ADBE) today reported fiscal results for its first quarter financial twelvemonth 2022 ended March iv, 2022.

"Adobe achieved tape Q1 revenue as Creative Cloud, Document Cloud and Experience Cloud continue to be pivotal in driving the digital economic system," said Shantanu Narayen, chairman and CEO, Adobe. "Adobe is committed to empowering individuals, transforming businesses and connecting communities."

"Adobe's Q1 results reverberate 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 marketplace opportunity position us for success in 2022 and beyond."

First Quarter Fiscal Twelvemonth 2022 Financial Highlights

• Adobe achieved record revenue of $4.26 billion in its commencement quarter of fiscal year 2022, which represents 9 percent twelvemonth-over-year growth or 17 percent adjusted year-over-year growth^one. Diluted earnings per share was $two.66 on a GAAP ground and $iii.37 on a non-GAAP basis.
  

• Digital Media segment revenue was $three.11 billion, which represents 9 pct twelvemonth-over-twelvemonth growth or 17 percent adjusted yr-over-year growth¹. Creative acquirement grew to $2.55 billion, representing vii percent twelvemonth-over-twelvemonth growth or 16 per centum adjusted year-over-year growth¹. Certificate Deject revenue was $562 meg, representing 17 percent year-over-twelvemonth growth or 26 per centum adjusted year-over-year growth¹.
  

• Digital Media Annualized Recurring Revenue ("ARR") increased $418 1000000 quarter over quarter to $12.57 billion exiting the quarter. Artistic ARR grew to $ten.54 billion and Document Cloud ARR grew to $ii.03 billion.
  

• Digital Experience segment revenue was $one.06 billion, representing thirteen percent year-over-year growth or 20 percent adjusted year-over-year growth¹. Digital Experience subscription revenue was $932 meg, representing 15 percent year-over-year growth or 22 percentage adapted year-over-year growth¹.
  

• GAAP operating income in the first quarter was $1.58 billion, and non-GAAP operating income was $1.99 billion. GAAP net income was $1.27 billion, and non-GAAP internet income was $1.lx billion.
  

• Cash flows from operations were $1.77 billion.
  

• Remaining Performance Obligations ("RPO") exiting the quarter were $xiii.83 billion, representing 19 percent yr-over-year growth.
  

• Adobe repurchased approximately 3.8 million shares during the quarter.

Impact of State of war in Ukraine

On March iv, 2022, Adobe announced a halt of all new sales of Adobe products and services in Russia and Belarus. In improver, today Adobe is reducing its Digital Media ARR rest past $75 million, which represents all ARR for existing business organization in Russia and Republic of belarus. While Adobe will keep to provide Digital Media services in Ukraine, the company reduced ARR past an additional $12 1000000, which represents its unabridged Digital Media business organization in Ukraine. This results in a full ARR reduction of $87 million and an expected acquirement impact of $75 million for fiscal year 2022.

Second Quarter 2022 Fiscal Targets

Adobe'south second quarter fiscal yr 2022 targets gene in current macroeconomic and geopolitical conditions. The following table summarizes Adobe'due south 2d quarter financial year 2022 targets:

Full revenue	~$4.34 billion
Digital Media annualized recurring revenue (ARR)	~$440 meg of net new ARR
Digital Media segment revenue (Y/Y growth)	~13%	~14% (constant currencytwo)
Digital Feel segment acquirement (Y/Y growth)	~15%	~16% (constant currencyii)
Digital Experience subscription revenue (Y/Y growth)	~17%	~18% (abiding currencyii)
Tax rate	GAAP: ~twenty%	Non-GAAP: ~eighteen.5%
Earnings per share3	GAAP: ~$2.44	Non-GAAP: ~$3.30

Adobe to Webcast Earnings Briefing 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'due south prepared conference call remarks with slides and an investor datasheet are posted to Adobe's investor relations website in advance of the conference telephone call for reference.

Frontward-Looking Statements, Non-GAAP and Other Disclosures

This press release contains forrard-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 footing, earnings per share on a GAAP and non-GAAP ground, and share count, all of which involve risks and uncertainties that could crusade 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 engineering science, information security and privacy, potential interruptions or delays in hosted services provided by united states of america 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 predictable benefits of past or future acquisitions, failure to effectively manage disquisitional strategic third-party business relationships, changes in accounting principles and tax regulations, uncertainty in the financial markets and economical conditions in the countries where we operate, and other various risks associated with being a multinational corporation. For a give-and-take of these and other risks and uncertainties, please refer to Adobe's Annual Study on Class 10-Yard for our fiscal year 2021 concluded Dec. 3, 2021, and Adobe's Quarterly Reports on Course 10-Q issued in financial 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 concluded March 4, 2022, which Adobe expects to file in tardily March or early Apr 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 fiscal targets is provided at the finish of this press release and on Adobe'southward investor relations website.

ane		Adjusted to account for the extra week in commencement quarter financial year 2021 and to show growth rates in constant currency.
2		Adjusted to evidence growth rates in constant currency.
3		Targets assume share count of ~474 meg for 2nd quarter fiscal year 2022.

Well-nigh Adobe

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

©2022 Adobe. All rights reserved. Adobe, Artistic Cloud, Document Cloud and the Adobe logo are either registered trademarks or trademarks of Adobe (or one of its subsidiaries) in the United states of america 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 iv, 2022			March 5, 2021
Revenue:
Subscription	$	3,958		$	3,584
Product		145			155
Services and other		159			166
Total revenue		iv,262			iii,905
Cost of acquirement:
Subscription		393			324
Product		10			x
Services and other		109			113
Total price of revenue		512			447
Gross profit		3,750			3,458
Operating expenses:
Enquiry and development		701			620
Sales and marketing		ane,158			1,049
General and administrative		269			290
Amortization of intangibles		42			45
Total operating expenses		2,170			2,004
Operating income		i,580			one,454
Not-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		ane,543			1,433
Provision for income taxes		277			172
Net income	$	1,266		$	1,261
Basic internet income per share	$	ii.68		$	two.63
Shares used to compute bones cyberspace income per share		473			479
Diluted net income per share	$	two.66		$	ii.61
Shares used to compute diluted internet income per share		475			483

Condensed Consolidated Rest Sheets (In millions; unaudited)
	March 4, 2022			December three, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	ii,739		$	iii,844
Brusk-term investments		i,962			ane,954
Trade receivables, net of allowances for doubtful accounts of $xviii and $16, respectively		1,685			1,878
Prepaid expenses and other current assets		1,090			993
Total current assets		vii,476			8,669
Belongings and equipment, net		1,703			one,673
Operating lease right-of-use assets, net		435			443
Goodwill		12,795			12,668
Other intangibles, cyberspace		i,743			1,820
Deferred income taxes		950			i,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 acquirement		four,894			4,733
Income taxes payable		83			54
Operating lease liabilities		93			97
Full current liabilities		7,197			vi,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		—			—
Boosted paid-in-capital		viii,750			8,428
Retained earnings		24,961			23,905
Accumulated other comprehensive income (loss)		(177	)		(137	)
Treasury stock, at toll		(19,759	)		(17,399	)
Full stockholders' equity		13,775			fourteen,797
Total liabilities and stockholders' equity	$	25,976		$	27,241

Condensed Consolidated Statements of Greenbacks Flows (In millions; unaudited)
	Three Months Ended
	March 4, 2022			March 5, 2021
Cash flows from operating activities:
Net income	$	i,266		$	1,261
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion		213			196
Stock-based bounty		322			260
Unrealized investment (gains) losses, cyberspace		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

Greenbacks flows from investing activities:
Purchases, sales and maturities of short-term investments, net		(26	)		(four	)
Purchases of property and equipment		(100	)		(59	)
Purchases and sales of long-term investments, intangibles and other assets, net		(28	)		(25	)
Acquisitions, internet of cash acquired .		(106	)		(one,470	)
Net cash used for investing activities		(260	)		(1,558	)

Cash flows from financing activities:
Repurchases of common stock		(ii,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
Cyberspace cash used for financing activities		(2,604	)		(i,244	)
Effect of exchange rate changes on cash and greenbacks equivalents		(ten	)		4
Net change in cash and greenbacks equivalents		(1,105	)		(ane,026	)
Cash and cash equivalents at offset of period		three,844			4,478
Cash and cash equivalents at end of period	$	2,739		$	three,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	Full revenue		Digital Media segment revenue		Creative Cloud revenue		Document Deject revenue		Digital Experience segment revenue		Digital Experience subscription acquirement
	(Y/Y growth)		(Y/Y growth)		(Y/Y growth)		(Y/Y growth)		(Y/Y growth)		(Y/Y growth)
GAAP revenue growth rates	9	%	ix	%	7	%	17	%	13	%	15	%
Impact of extra week in fiscal year 2021	8		8		8		ix		vii		7
Constant currency impact	0		0		one		0		0		0
Adapted acquirement growth rates	17	%	17	%	16	%	26	%	20	%	22	%

The following table shows Adobe's GAAP results reconciled to not-GAAP results included in this release.

(In millions, except per share information)	3 Months Ended
	March 4, 2022				March 5, 2021				December 3, 2021
Operating income:
GAAP operating income	$	1,580			$	i,454			$	1,501
Stock-based and deferred bounty expense		312				286				265
Amortization of intangibles		101				89				91
Non-GAAP operating income	$	1,993			$	1,829			$	ane,857
Net income:
GAAP cyberspace income	$	ane,266			$	one,261			$	ane,233
Stock-based and deferred compensation expense		312				286				265
Amortization of intangibles		101				89				91
Investment (gains) losses, net		ix				(five	)			4
Income taxation adjustments		(86	)			(116	)			(57	)
Non-GAAP cyberspace income	$	ane,602			$	i,515			$	1,536
Diluted internet income per share:
GAAP diluted internet 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.xix				0.nineteen
Investment (gains) losses, net		0.02				(0.01	)			0.01
Income taxation adjustments		(0.18	)			(0.24	)			(0.12	)
Not-GAAP diluted internet income per share	$	3.37			$	3.fourteen			$	3.20
Shares used in calculating diluted cyberspace income per share		475				483				480

Non-GAAP Results (continued)

The post-obit table shows Adobe's first quarter financial twelvemonth 2022 GAAP tax rate reconciled to the non-GAAP revenue enhancement charge per unit included in this release

	First Quarter Fiscal 2022
Effective income tax charge per unit:
GAAP constructive income taxation charge per unit		18.0	%
Income tax adjustments		ii.0
Stock-based and deferred compensation expense		(1.1	)
Acquittal of intangibles		(0.4	)
Non-GAAP effective income tax rate		eighteen.5	%

Reconciliation of GAAP to Not-GAAP Financial Targets

The following tables show Adobe'due south second quarter financial yr 2022 financial targets reconciled to non-GAAP fiscal targets included in this release.

Second Quarter Fiscal 2022		Digital Media segment revenue			Digital Experience segment revenue			Digital Feel subscription revenue
		(Y/Y growth)			(Y/Y growth)			(Y/Y growth)
GAAP target revenue growth rates		13	%		15	%		17	%
Constant currency impact		1			ane			1
Constant currency target acquirement growth rates		14	%		16	%		18	%

(Shares in millions)	Second Quarter Fiscal 2022
Diluted net income per share:
GAAP diluted net income per share	$	ii.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	$	three.xxx
Shares used to compute diluted net income per share	474

	Second Quarter F iscal 2022
Effective income tax rate:
GAAP effective income tax rate		xx.0	%
Stock-based and deferred compensation expense		(i.4	)
Amortization of intangibles		(0.1	)
Non-GAAP effective income tax rate		eighteen.5	%

Reconciliation of GAAP to Non-GAAP Fiscal Targets (connected)

The following tabular array shows Adobe's updated annual fiscal twelvemonth 2022 GAAP target taxation charge per unit reconciled to the not-GAAP target taxation rate.

	Fiscal Year 2022
Constructive income taxation rate:
GAAP effective income tax charge per unit		19.5	%
Stock-based and deferred compensation expense		(1.4	)
Amortization of intangibles		(0.ane	)
Income tax adjustments		0.5
Non-GAAP effective income taxation rate		xviii.five	%

Apply of Non-GAAP Financial Information

Adobe continues to provide all information required in accordance with GAAP, just believes evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP fiscal measures. Adobe uses not-GAAP financial data to evaluate its ongoing operations and for internal planning and forecasting purposes. Adobe's direction 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 data 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'due south operating results. Adobe believes these non-GAAP financial measures are useful because they permit for greater transparency with respect to fundamental metrics used by management in its financial and operational decision-making. This allows institutional investors, the analyst community and others to ameliorate empathise and evaluate our operating results and future prospects in the same manner as direction.

Adobe's management believes it is useful for itself and investors to review, as applicable, both GAAP information as well equally non-GAAP measures, which may exclude items such as stock-based and deferred compensation expenses, acquittal of intangibles, investment gains and losses, the related revenue enhancement impact of all of these items, income tax adjustments, and the income taxation consequence of the not-GAAP pre-tax adjustments from the provision for income taxes. Adobe uses these non-GAAP measures in lodge to assess the operation 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 mensurate to the near closely applicative GAAP financial measure out. 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 fiscal measure as detailed above.

View source version on businesswire.com: https://www.businesswire.com/news/abode/20220322005477/en/

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Source: https://finance.yahoo.com/news/adobe-reports-record-revenue-q1-200500135.html

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