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Adobe Reports Record Revenue

Q3 FY2015 Results Driven by Record Adobe Marketing Cloud Revenue and Strong Creative Cloud Adoption

 

Quarterly Financial Highlights

  • Adobe achieved record quarterly revenue of $1.22 billion, representing year-over-year growth of 21 percent.
  • Digital Media Annualized Recurring Revenue (“ARR”) grew to $2.65 billion exiting the quarter, driven by strong sequential growth in Creative ARR of $262 million.
  • Adobe Marketing Cloud achieved record revenue of $368 million, representing year-over-year growth of 27 percent.
  • Diluted earnings per share were $0.34 on a GAAP-basis, and $0.54 on a non-GAAP basis.
  • Year-over-year, operating income grew 232 percent and net income grew 290 percent on a GAAP-basis; operating income grew 90 percent and net income grew 96 percent on a non-GAAP basis.
  • Cash flow from operations was $360 million, and deferred revenue grew to a record $1.31 billion.
  • The company repurchased approximately 1.6 million shares during the quarter, returning $132 million of cash to stockholders.

A reconciliation between GAAP and non-GAAP results is provided at the end of this press release and on Adobe’s website.

Executive Quotes

"Our execution and momentum continued in Q3, resulting in record quarterly revenue with outstanding profit and earnings growth," said Shantanu Narayen, Adobe president and chief executive officer.  "Content and data are the currency of business today.  Adobe's industry-leading Creative Cloud, Adobe Document Cloud and Adobe Marketing Cloud solutions let customers deliver more valuable, personalized experiences that drive greater business impact.”

“Our record Q3 financial results set us up for a strong fiscal 2015,” said Mark Garrett, Adobe executive vice president and chief financial officer. “Our recurring revenue has reached 73 percent of total revenue, providing a strong foundation for long-term growth.”

Adobe to Webcast Earnings Conference Call

Adobe will webcast its third quarter fiscal year 2015 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, financial targets and an investor datasheet are posted to Adobe’s investor relations website in advance of the conference call for reference.  A reconciliation between GAAP and non-GAAP earnings results and financial targets is also provided on the website.

Forward-Looking Statements Disclosure

This press release contains forward-looking statements, including those related to business momentum, product adoption and innovation, recurring revenue and revenue, 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 develop, market and distribute products and services that meet customer requirements, introduction of new products and business models by competitors, failure to successfully manage transitions to new business models and markets, fluctuations in subscription renewal rates, risks associated with cyber-attacks and information security, potential interruptions or delays in hosted services provided by us or third parties, uncertainty in economic conditions and the financial markets, and failure to realize the anticipated benefits of past or future acquisitions.

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 2014 ended Nov. 28, 2014, and Adobe's Quarterly Reports on Form 10-Q issued in fiscal year 2015.

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 quarter ended Aug. 28, 2015, which Adobe expects to file in Sept. 2015.

Adobe assumes no obligation to, and does not currently intend to, update these forward-looking statements.

About Adobe Systems Incorporated

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

 

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