Adobe Inc. Files 10-Q for Q2 2024

TL;DR

Adobe's Q2 2024 10-Q is in, check the numbers for subscription and product revenue.

AI Summary

Adobe Inc. filed its 10-Q for the period ending May 31, 2024. The filing covers the second quarter of fiscal year 2024. Key financial data points and revenue breakdowns are included, with specific dates for reporting periods such as March 2, 2024, to May 31, 2024, and comparative periods in 2023.

Why It Matters

This filing provides investors with the latest financial performance details for Adobe Inc., crucial for understanding the company's revenue streams and operational health.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024-05-31 — Period End Date (Current reporting period)
• 2024-03-02 — Quarter Start Date (Second quarter of fiscal year 2024)
• 2023-03-04 — Prior Year Quarter Start Date (Comparative period in fiscal year 2023)

Key Players & Entities

• ADOBE INC. (company) — Filer
• 0000796343-24-000150 (filing_id) — Accession Number
• 20240531 (date) — Period of Report
• 345 PARK AVE (address) — Business Address
• SAN JOSE (city) — Business Address City
• CA (state) — Business Address State
• 95110-2704 (zip_code) — Business Address Zip
• 4085366000 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value per share ADBE NASDAQ _____

Filing Documents

• adbe-20240531.htm (10-Q) — 1716KB
• adbe10qq224unofficialpdf.pdf (10-Q) — 369KB
• adbeex102q224.htm (EX-10.2) — 115KB
• adbeex311q224.htm (EX-31.1) — 11KB
• adbeex312q224.htm (EX-31.2) — 11KB
• adbeex321q224.htm (EX-32.1) — 7KB
• adbeex322q224.htm (EX-32.2) — 7KB
• 0000796343-24-000150.txt ( ) — 9014KB
• adbe-20240531.xsd (EX-101.SCH) — 48KB
• adbe-20240531_cal.xml (EX-101.CAL) — 68KB
• adbe-20240531_def.xml (EX-101.DEF) — 262KB
• adbe-20240531_lab.xml (EX-101.LAB) — 656KB
• adbe-20240531_pre.xml (EX-101.PRE) — 480KB
• adbe-20240531_htm.xml (XML) — 1327KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements: 3 Condensed Consolidated Balance Sheets Ma y 3 1, 2024 and December 1, 2023 3 Condensed Consolidated Statements of Income Three and Six Months Ended Ma y 3 1, 2024 and June 2 , 2023 4 Condensed Consolidated Statements of Comprehensive Income Three and Six Months Ended Ma y 3 1, 2024 and June 2 , 2023 5 Condensed Consolidated Statements of Stockholders' Equity Three and Six Months Ended Ma y 3 1, 2024 and June 2 , 2023 6 Condensed Consolidated Statements of Cash Flows Six Months Ended Ma y 3 1, 2024 and June 2 , 2023 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 5. Other Information 51 Item 6. Exhibits 52 Signature 53 Summary of Trademarks 54 2 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ADOBE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value) May 31, 2024 December 1, 2023 (Unaudited) (*) ASSETS Current assets: Cash and cash equivalents $ 7,660 $ 7,141 Short-term investments 405 701 Trade receivables, net of allowances for doubtful accounts of $ 19 and $ 16 , respectively 1,612 2,224 Prepaid expenses and other current assets 1,346 1,018 Total current assets 11,023 11,084 Property and equipment, net 1,969 2,030 Operating lease right-of-use assets, net 381 358 Goodwill 12,803 12,805 Other intangibles, net 933 1,088 Deferred income taxes 1,436 1,191 Other assets 1,462 1,223 Total assets $ 30,007 $ 29,779 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade payables $ 357 $ 314 Accrued expenses 1,899 1,942 Debt 1,498 — Deferred revenue 5,558 5,837 Income taxes payable 95 85 Operating lease liabilities 67 73 Total current liabilities 9,474 8,251 Long-term liabilities: Debt 4,127 3,634 Deferred revenue 128 113 Income taxes payable 591 514 Operating lease liabilities 398 373 Other liabilities 446 376 Total liabilities 15,164 13,261 Stockholders' equity: Preferred stock, $ 0.0001 par value; 2 shares authorized; none issued — — Common stock, $ 0.0001 par value; 900 shares authorized; 601 shares issued; 449 and 455 shares outstanding, respectively — — Additional paid-in capital 12,504 11,586 Retained earnings 35,227 33,346 Accumulated other comprehensive income (loss) ( 276 ) ( 285 ) Treasury stock, at cost ( 152 and 146 shares, respectively) ( 32,612 ) ( 28,129 ) Total stockholders' equity 14,843 16,518 Total liabilities and stockholders' equity $ 30,007 $ 29,779 _________________________________________ ( * ) The condensed consolidated balance sheet as of December 1, 2023 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required

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View this 10-Q filing on SEC EDGAR