Summary
Adobe Inc.'s 2021 10-K filing highlights a year of robust growth, driven by strong performance in its Digital Media and Digital Experience segments. The company experienced a significant increase in revenue, largely fueled by subscription-based offerings like Creative Cloud and Document Cloud, alongside continued expansion in its Digital Experience suite. Strategic acquisitions, including Frame.io and Workfront, bolstered its product portfolio and market position. Despite a challenging global economic environment influenced by the COVID-19 pandemic, Adobe demonstrated resilience. The company's financial health remains strong, supported by significant operating cash flows and a substantial stock repurchase program. Adobe continues to invest in product development and innovation, focusing on expanding its customer base and enhancing its cloud-based solutions to capitalize on the ongoing digital transformation trend. Investors can look forward to continued subscription revenue growth and strategic investments aimed at long-term shareholder value.
Financial Highlights
56 data points| Revenue | $15.79B |
| Cost of Revenue | $1.86B |
| Gross Profit | $13.92B |
| Operating Expenses | $8.12B |
| Operating Income | $5.80B |
| Interest Expense | $113.00M |
| Net Income | $4.82B |
| EPS (Basic) | $10.10 |
| EPS (Diluted) | $10.02 |
| Shares Outstanding (Basic) | 477.30M |
| Shares Outstanding (Diluted) | 481.00M |
Key Highlights
- 1Total revenue grew to $15.785 billion in fiscal 2021, a 23% increase year-over-year.
- 2Digital Media segment revenue increased by 25% to $11.52 billion, driven by strong Creative Cloud and Document Cloud subscription growth.
- 3Digital Experience segment revenue rose by 24% to $3.87 billion, benefiting from subscription revenue growth and the Workfront acquisition.
- 4Annualized Recurring Revenue (ARR) for Digital Media reached $12.24 billion, up 19% year-over-year.
- 5The company completed two significant acquisitions in fiscal 2021: Frame.io for approximately $1.18 billion and Workfront for approximately $1.52 billion.
- 6Net income was $4.82 billion, a decrease of 8% from fiscal 2020, primarily due to a non-recurring tax benefit in the prior year.
- 7Net cash provided by operating activities increased by 26% to $7.23 billion, reflecting strong operational performance.