Financial News

Adobe Reports Record Q4 and Fiscal 2022 Revenue

Record Q4 Digital Media net new ARR and strong Adobe Experience Platform bookings drive business momentum

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

“Adobe drove record revenue and operating income in fiscal 2022,” said Shantanu Narayen, chairman and CEO, Adobe. “Our market opportunity, unparalleled innovation, operational rigor and exceptional talent position us well to drive our next decade of growth.”

“Adobe’s outstanding financial performance in fiscal 2022 drove record operating cash flows of $7.84 billion,” said Dan Durn, executive vice president and CFO, Adobe. “Strong demand for our offerings, industry-leading innovation and track record of top- and bottom-line growth set us up to capture the massive opportunities in 2023 and beyond.”

Fourth Quarter Fiscal Year 2022 Financial Highlights

  • Adobe achieved revenue of $4.53 billion in its fourth quarter of fiscal year 2022, which represents 10 percent year-over-year growth or 14 percent in constant currency. Diluted earnings per share was $2.53 on a GAAP basis and $3.60 on a non-GAAP basis.
  • GAAP operating income in the fourth quarter was $1.51 billion and non-GAAP operating income was $2.02 billion. GAAP net income was $1.18 billion and non-GAAP net income was $1.68 billion.
  • Record cash flows from operations were $2.33 billion.
  • Remaining Performance Obligations (“RPO”) exiting the quarter were $15.19 billion.
  • Adobe repurchased approximately 5.0 million shares during the quarter.

Fourth Quarter Fiscal Year 2022 Business Segment Highlights

  • Digital Media segment revenue was $3.30 billion, which represents 10 percent year-over-year growth or 14 percent in constant currency. Creative revenue grew to $2.68 billion, representing 8 percent year-over-year growth or 13 percent in constant currency. Document Cloud revenue was $619 million, representing 16 percent year-over-year growth or 19 percent in constant currency.
  • Net new Digital Media Annualized Recurring Revenue (“ARR”) was $576 million, exiting the quarter with Digital Media ARR of $13.97 billion. Creative ARR grew to $11.60 billion and Document Cloud ARR grew to $2.37 billion.
  • Digital Experience segment revenue was $1.15 billion, representing 14 percent year-over-year growth or 16 percent in constant currency. Digital Experience subscription revenue was $1.01 billion, representing 14 percent year-over-year growth or 16 percent in constant currency.

Fiscal Year 2022 Financial Highlights

  • Adobe achieved revenue of $17.61 billion in fiscal year 2022, which represents 12 percent year-over-year growth or 15 percent adjusted year-over-year growth1. Diluted earnings per share was $10.10 on a GAAP basis and $13.71 on a non-GAAP basis.
  • GAAP operating income was $6.10 billion and non-GAAP operating income was $7.95 billion. GAAP net income was $4.76 billion and non-GAAP net income was $6.46 billion.
  • Adobe generated a record $7.84 billion in operating cash flows during the year.
  • Adobe repurchased approximately 15.7 million shares during the year.

Fiscal Year 2022 Business Segment Highlights

  • Digital Media segment revenue was $12.84 billion, which represents 11 percent year-over-year growth or 16 percent adjusted year-over-year growth1. Net new Digital Media ARR was $1.91 billion during the fiscal year.
  • Creative revenue grew to $10.46 billion, representing 10 percent year-over-year growth or 14 percent adjusted year-over-year growth1.
  • Document Cloud revenue was $2.38 billion, representing 21 percent year-over-year growth or 24 percent adjusted year-over-year growth1.
  • Digital Experience segment revenue was $4.42 billion, representing 14 percent year-over-year growth or 17 percent adjusted year-over-year growth1. Digital Experience subscription revenue was $3.88 billion, representing 15 percent year-over-year growth or 18 percent adjusted year-over-year growth1.

Financial Targets

Adobe is providing fiscal year 2023 targets, as well as Q1 targets, which do not reflect the planned acquisition of Figma that is expected to close during 2023. These targets factor in current expectations for the macroeconomic and foreign exchange environments.

Changes to foreign exchange rates:

  • Have resulted in a $712 million downward revaluation to Adobe’s total Digital Media ARR balance. As a reminder, ARR is forecasted annually at December currency rates, and currency rates are held constant through that fiscal year for measurement purposes; end-of-year actual ARR balances are revalued at new December rates for the next fiscal year; and
  • Are expected to result in an approximately four percent headwind to total revenue year-over-year growth rates in fiscal year 2023.

The following table summarizes Adobe’s fiscal year 2023 targets:

Total revenue

$19.1 billion to $19.3 billion

Digital Media net new ARR

~$1.65 billion

Digital Media segment revenue

$13.9 billion to $14.0 billion

Digital Experience segment revenue

$4.925 billion to $5.025 billion

Digital Experience subscription revenue

$4.375 billion to $4.425 billion

Tax rate

GAAP: ~22.0%

Non-GAAP: ~18.5%

Earnings per share2

GAAP: $10.75 to $11.05

Non-GAAP: $15.15 to $15.45

The following table summarizes Adobe’s fiscal year 2023 growth targets at the midpoint:

 

Y/Y Growth

(Midpoint)

Constant Currency Y/Y Growth

(Midpoint)

Total revenue

~9%

~13%

Digital Media segment revenue

~9%

~13%

Digital Experience segment revenue

~13%

~15%

Digital Experience subscription revenue

~13%

~16%

The following table summarizes Adobe’s first quarter fiscal year 2023 targets:

Total revenue

$4.60 billion to $4.64 billion

Digital Media net new ARR

~$375 million

Digital Media segment revenue

$3.350 billion to $3.375 billion

Digital Experience segment revenue

$1.16 billion to $1.18 billion

Digital Experience subscription revenue

$1.025 billion to $1.045 billion

Tax rate

GAAP: ~22.0%

Non-GAAP: ~18.5%

Earnings per share2

GAAP: $2.60 to $2.65

Non-GAAP: $3.65 to $3.70

Adobe to Host Conference Call

Adobe will webcast its fourth quarter and 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, our market opportunity, market trends, current macroeconomic conditions, fluctuations in foreign currency exchange rates, strategic investments, customer success, revenue, operating margin, seasonality, annualized recurring revenue, tax rate on a GAAP and non-GAAP basis, earnings per share on a GAAP and non-GAAP basis, and share count, all of which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: failure to compete effectively, failure to develop, acquire, market and offer products and services that meet customer requirements; introduction of new technology, information security and privacy; potential interruptions or delays in hosted services provided by us or third parties; geopolitical and macroeconomic conditions; the Russia-Ukraine war; the 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 Annual Report on Form 10-K for our fiscal year ended Dec. 2, 2022, which Adobe expects to file in Jan. 2023. 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 Targets assume share count of ~461 million for first quarter fiscal year 2023 and ~456 million for fiscal year 2023.

About Adobe

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

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

Condensed Consolidated Statements of Income

(In millions, except per share data; unaudited)

 

 

Three Months Ended

 

Year Ended

 

December 2, 2022

 

December 3, 2021

 

December 2, 2022

 

December 3, 2021

Revenue:

 

 

 

 

 

 

 

Subscription

$

4,232

 

 

$

3,812

 

 

$

16,388

 

 

$

14,573

 

Product

 

115

 

 

 

128

 

 

 

532

 

 

 

555

 

Services and other

 

178

 

 

 

170

 

 

 

686

 

 

 

657

 

Total revenue

 

4,525

 

 

 

4,110

 

 

 

17,606

 

 

 

15,785

 

 

 

 

 

 

 

 

 

Cost of revenue:

 

 

 

 

 

 

 

Subscription

 

430

 

 

 

378

 

 

 

1,646

 

 

 

1,374

 

Product

 

8

 

 

 

12

 

 

 

35

 

 

 

41

 

Services and other

 

130

 

 

 

117

 

 

 

484

 

 

 

450

 

Total cost of revenue

 

568

 

 

 

507

 

 

 

2,165

 

 

 

1,865

 

 

 

 

 

 

 

 

 

Gross profit

 

3,957

 

 

 

3,603

 

 

 

15,441

 

 

 

13,920

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

773

 

 

 

657

 

 

 

2,987

 

 

 

2,540

 

Sales and marketing

 

1,297

 

 

 

1,131

 

 

 

4,968

 

 

 

4,321

 

General and administrative

 

340

 

 

 

274

 

 

 

1,219

 

 

 

1,085

 

Amortization of intangibles

 

42

 

 

 

40

 

 

 

169

 

 

 

172

 

Total operating expenses

 

2,452

 

 

 

2,102

 

 

 

9,343

 

 

 

8,118

 

 

 

 

 

 

 

 

 

Operating income

 

1,505

 

 

 

1,501

 

 

 

6,098

 

 

 

5,802

 

 

 

 

 

 

 

 

 

Non-operating income (expense):

 

 

 

 

 

 

 

Interest expense

 

(28

)

 

 

(28

)

 

 

(112

)

 

 

(113

)

Investment gains (losses), net

 

4

 

 

 

(4

)

 

 

(19

)

 

 

16

 

Other income (expense), net

 

36

 

 

 

(1

)

 

 

41

 

 

 

 

Total non-operating income (expense), net

 

12

 

 

 

(33

)

 

 

(90

)

 

 

(97

)

Income before income taxes

 

1,517

 

 

 

1,468

 

 

 

6,008

 

 

 

5,705

 

Provision for income taxes

 

341

 

 

 

235

 

 

 

1,252

 

 

 

883

 

Net income

$

1,176

 

 

$

1,233

 

 

$

4,756

 

 

$

4,822

 

Basic net income per share

$

2.53

 

 

$

2.59

 

 

$

10.13

 

 

$

10.10

 

Shares used to compute basic net income per share

 

465

 

 

 

476

 

 

 

470

 

 

 

477

 

Diluted net income per share

$

2.53

 

 

$

2.57

 

 

$

10.10

 

 

$

10.02

 

Shares used to compute diluted net income per share

 

466

 

 

 

480

 

 

 

471

 

 

 

481

 

Condensed Consolidated Balance Sheets

(In millions; unaudited)

 

 

December 2, 2022

 

December 3, 2021

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

4,236

 

 

$

3,844

 

Short-term investments

 

1,860

 

 

 

1,954

 

Trade receivables, net of allowances for doubtful accounts of $23 and $16, respectively

 

2,065

 

 

 

1,878

 

Prepaid expenses and other current assets

 

835

 

 

 

993

 

Total current assets

 

8,996

 

 

 

8,669

 

 

 

 

 

Property and equipment, net

 

1,908

 

 

 

1,673

 

Operating lease right-of-use assets, net

 

407

 

 

 

443

 

Goodwill

 

12,787

 

 

 

12,668

 

Other intangibles, net

 

1,449

 

 

 

1,820

 

Deferred income taxes

 

777

 

 

 

1,085

 

Other assets

 

841

 

 

 

883

 

Total assets

$

27,165

 

 

$

27,241

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

Trade payables

$

379

 

 

$

312

 

Accrued expenses

 

1,790

 

 

 

1,736

 

Debt

 

500

 

 

 

 

Deferred revenue

 

5,297

 

 

 

4,733

 

Income taxes payable

 

75

 

 

 

54

 

Operating lease liabilities

 

87

 

 

 

97

 

Total current liabilities

 

8,128

 

 

 

6,932

 

 

 

 

 

Long-term liabilities:

 

 

 

Debt

 

3,629

 

 

 

4,123

 

Deferred revenue

 

117

 

 

 

145

 

Income taxes payable

 

530

 

 

 

534

 

Deferred income taxes

 

28

 

 

 

5

 

Operating lease liabilities

 

417

 

 

 

453

 

Other liabilities

 

265

 

 

 

252

 

Total liabilities

 

13,114

 

 

 

12,444

 

 

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

 

 

 

 

Additional paid-in-capital

 

9,868

 

 

 

8,428

 

Retained earnings

 

28,319

 

 

 

23,905

 

Accumulated other comprehensive income (loss)

 

(293

)

 

 

(137

)

Treasury stock, at cost

 

(23,843

)

 

 

(17,399

)

Total stockholders’ equity

 

14,051

 

 

 

14,797

 

Total liabilities and stockholders’ equity

$

27,165

 

 

$

27,241

 

Condensed Consolidated Statements of Cash Flows

(In millions; unaudited)

 

 

Three Months Ended

 

December 2, 2022

 

December 3, 2021

Cash flows from operating activities:

 

 

 

Net income

$

1,176

 

 

$

1,233

 

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

 

 

 

Depreciation, amortization and accretion

 

215

 

 

 

205

 

Stock-based compensation

 

388

 

 

 

269

 

Unrealized investment (gains) losses, net

 

(4

)

 

 

7

 

Other non-cash adjustments

 

68

 

 

 

87

 

Changes in deferred revenue

 

471

 

 

 

482

 

Changes in other operating assets and liabilities

 

11

 

 

 

(235

)

Net cash provided by operating activities

 

2,325

 

 

 

2,048

 

 

 

 

 

Cash flows from investing activities:

 

 

 

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

 

29

 

 

 

(423

)

Purchases of property and equipment

 

(91

)

 

 

(81

)

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

 

(7

)

 

 

(5

)

Acquisitions, net of cash acquired

 

 

 

 

(1,212

)

Net cash used for investing activities

 

(69

)

 

 

(1,721

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Repurchases of common stock

 

(1,750

)

 

 

(1,000

)

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

 

(67

)

 

 

(116

)

Other financing activities, net

 

(94

)

 

 

38

 

Net cash used for financing activities

 

(1,911

)

 

 

(1,078

)

Effect of exchange rate changes on cash and cash equivalents

 

21

 

 

 

(28

)

Net change in cash and cash equivalents

 

366

 

 

 

(779

)

Cash and cash equivalents at beginning of period

 

3,870

 

 

 

4,623

 

Cash and cash equivalents at end of period

$

4,236

 

 

$

3,844

 

Non-GAAP Results

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

Fiscal Year 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

12

%

 

11

%

 

10

%

 

21

%

 

14

%

 

15

%

Impact of extra week in fiscal year 2021

2

 

 

2

 

 

2

 

 

2

 

 

2

 

 

2

 

Constant currency impact

1

 

 

3

 

 

2

 

 

1

 

 

1

 

 

1

 

Adjusted revenue growth rates

15

%

 

16

%

 

14

%

 

24

%

 

17

%

 

18

%

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

 

Year Ended

 

December 2,

2022

 

December 3,

2021

 

September 2,

2022

 

December 2,

2022

 

December 3,

2021

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income

$

1,505

 

 

$

1,501

 

 

$

1,484

 

 

$

6,098

 

 

$

5,802

 

Stock-based and deferred compensation expense

 

392

 

 

 

265

 

 

 

371

 

 

 

1,420

 

 

 

1,107

 

Amortization of intangibles

 

100

 

 

 

91

 

 

 

100

 

 

 

401

 

 

 

350

 

Acquisition-related expenses (*)

 

26

 

 

 

 

 

 

 

 

 

26

 

 

 

 

Non-GAAP operating income

$

2,023

 

 

$

1,857

 

 

$

1,955

 

 

$

7,945

 

 

$

7,259

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income

$

1,176

 

 

$

1,233

 

 

$

1,136

 

 

$

4,756

 

 

$

4,822

 

Stock-based and deferred compensation expense

 

392

 

 

 

265

 

 

 

371

 

 

 

1,420

 

 

 

1,107

 

Amortization of intangibles

 

100

 

 

 

91

 

 

 

100

 

 

 

401

 

 

 

350

 

Acquisition-related expenses (*)

 

26

 

 

 

 

 

 

 

 

 

26

 

 

 

 

Investment (gains) losses, net

 

(4

)

 

 

4

 

 

 

6

 

 

 

19

 

 

 

(16

)

Income tax adjustments

 

(15

)

 

 

(57

)

 

 

(18

)

 

 

(165

)

 

 

(260

)

Non-GAAP net income

$

1,675

 

 

$

1,536

 

 

$

1,595

 

 

$

6,457

 

 

$

6,003

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted net income per share

$

2.53

 

 

$

2.57

 

 

$

2.42

 

 

$

10.10

 

 

$

10.02

 

Stock-based and deferred compensation expense

 

0.84

 

 

 

0.55

 

 

 

0.79

 

 

 

3.02

 

 

 

2.30

 

Amortization of intangibles

 

0.21

 

 

 

0.19

 

 

 

0.21

 

 

 

0.85

 

 

 

0.73

 

Acquisition-related expenses (*)

 

0.06

 

 

 

 

 

 

 

 

 

0.05

 

 

 

 

Investment (gains) losses, net

 

(0.01

)

 

 

0.01

 

 

 

0.01

 

 

 

0.04

 

 

 

(0.03

)

Income tax adjustments

 

(0.03

)

 

 

(0.12

)

 

 

(0.03

)

 

 

(0.35

)

 

 

(0.54

)

Non-GAAP diluted net income per share

$

3.60

 

 

$

3.20

 

 

$

3.40

 

 

$

13.71

 

 

$

12.48

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing diluted net income per share

 

466

 

 

 

480

 

 

 

469

 

 

 

471

 

 

 

481

 

Non-GAAP Results (continued)

The following table shows Adobe’s fourth quarter fiscal year 2022 GAAP tax rate reconciled to the non-GAAP tax rate included in this release.

 

Fourth Quarter

Fiscal 2022

Effective income tax rate:

 

 

 

GAAP effective income tax rate

 

22.5

%

Income tax adjustments

 

(3.0

)

Stock-based and deferred compensation expense

 

(1.5

)

Amortization of intangibles

 

(0.4

)

Acquisition-related expenses (*)

 

(0.1

)

Non-GAAP effective income tax rate

 

17.5

%

(*) Includes deal costs and certain professional fees associated with the planned acquisition of Figma

Reconciliation of GAAP to Non-GAAP Financial Targets

The following tables show Adobe's annual fiscal year 2023 financial targets reconciled to non-GAAP financial targets included in this release.

(Shares in millions)

Fiscal Year 2023

 

Low

 

High

Diluted net income per share:

 

 

 

 

 

 

 

GAAP diluted net income per share

$

10.75

 

 

$

11.05

 

Stock-based and deferred compensation expense

 

3.99

 

 

 

3.97

 

Amortization of intangibles

 

0.82

 

 

 

0.82

 

Income tax adjustments

 

(0.41

)

 

 

(0.39

)

Non-GAAP diluted net income per share

$

15.15

 

 

$

15.45

 

 

 

 

 

Shares used to compute diluted net income per share

456

 

 

456

 

 

Fiscal Year 2023

Effective income tax rate:

 

 

 

GAAP effective income tax rate

 

22.0

%

Stock-based and deferred compensation expense

 

(1.4

)

Amortization of intangibles

 

(0.1

)

Income tax adjustments

 

(2.0

)

Non-GAAP effective income tax rate

 

18.5

%

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

The following tables show Adobe's first quarter fiscal year 2023 financial targets reconciled to non-GAAP financial targets included in this release.

(Shares in millions)

First Quarter Fiscal 2023

 

Low

 

High

Diluted net income per share:

 

 

 

 

 

 

 

GAAP diluted net income per share

$

2.60

 

 

$

2.65

 

Stock-based and deferred compensation expense

 

0.93

 

 

 

0.93

 

Amortization of intangibles

 

0.21

 

 

 

0.21

 

Income tax adjustments

 

(0.09

)

 

 

(0.09

)

Non-GAAP diluted net income per share

$

3.65

 

 

$

3.70

 

 

 

 

 

Shares used to compute diluted net income per share

461

 

 

461

 

 

First Quarter

Fiscal 2023

Effective income tax rate:

 

 

 

GAAP effective income tax rate

 

22.0

%

Stock-based and deferred compensation expense

 

(1.4

)

Amortization of intangibles

 

(0.1

)

Income tax adjustments

 

(2.0

)

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.

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