Adobe (Nasdaq:ADBE) today reported financial results for its fourth quarter and fiscal year 2015 ended Nov. 27, 2015.
Fourth Quarter Financial Highlights
- Adobe achieved record quarterly revenue of $1.31 billion, representing year-over-year growth of 22 percent.
- Diluted earnings per share were $0.44 on a GAAP-basis, and $0.62 on a non-GAAP basis.
- Digital Media Annualized Recurring Revenue ("ARR") grew to $2.99 billion exiting the quarter, an increase of $350 million. Creative ARR grew to $2.60 billion, an increase of $310 million driven by enterprise adoption and the addition of 833 thousand net new individual and team Creative Cloud subscriptions.
- Adobe Marketing Cloud achieved revenue of $352 million with strong bookings growth and a stronger-than-expected shift in customer adoption to SaaS-based solutions.
- Year-over-year operating income grew 133 percent and net income grew 153 percent on a GAAP-basis; operating income grew 58 percent and net income grew 59 percent on a non-GAAP basis.
- Cash flow from operations was $455 million, and deferred revenue grew to a record $1.49 billion.
- The company repurchased approximately 1.4 million shares during the quarter, returning $122 million of cash to stockholders.
Fiscal Year 2015 Financial Highlights
- Adobe achieved record revenue of $4.80 billion in fiscal year 2015, representing year-over-year growth of 16 percent.
- The company reported annual GAAP diluted earnings per share of $1.24 and non-GAAP diluted earnings per share of $2.08.
- Adobe grew Digital Media ARR by approximately $1.12 billion during the year and exited the year with $2.99 billion. Net new Creative Cloud individual and team subscriptions grew by more than 2.71 million during fiscal year 2015 to 6.17 million.
- Adobe Marketing Cloud achieved a record $1.36 billion in annual revenue and its goal of approximately 30 percent annual bookings growth.
- Adobe generated $1.47 billion in operating cash flow during the year.
- The company repurchased 8.1 million shares during the year, returning approximately $627 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.
"Adobe is driving digital experiences that are fundamental to the transformation of every global brand, government and educational institution," said Shantanu Narayen, president and chief executive officer, Adobe. "Our record revenue and strong momentum are a reflection of our industry-leading content and data solutions in Digital Media and Digital Marketing."
"Strong growth across key financial metrics reflect the amazing performance we've achieved in fiscal 2015," said Mark Garrett, executive vice president and chief financial officer, Adobe. "Our long-term financial targets, including a 20% revenue CAGR through fiscal 2018, show that the benefits of our move to the cloud are just beginning."
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