Adobe Inc. Files 10-Q for Period Ending March 1, 2024

TL;DR

<b>Adobe Inc. filed its Q1 2024 10-Q report, detailing financial performance across its key segments and geographic regions.</b>

AI Summary

ADOBE INC. (ADBE) filed a Quarterly Report (10-Q) with the SEC on March 27, 2024. Adobe Inc. reported financial results for the period ending March 1, 2024. The filing covers the first quarter of fiscal year 2024. Key segments include Digital Media, Digital Experience, and Publishing and Advertising. Geographic segments reported are Americas, EMEA, and Asia. The company's fiscal year ends on November 29th.

Why It Matters

For investors and stakeholders tracking ADOBE INC., this filing contains several important signals. This filing provides investors with the latest financial data for Adobe, crucial for understanding the company's performance and strategic direction. The detailed segment and geographic breakdowns offer insights into which areas are driving growth and where challenges may lie.

Risk Assessment

Risk Level: low — ADOBE INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical reporting.

Analyst Insight

Monitor Adobe's upcoming earnings calls for management's commentary on the financial results and outlook presented in this 10-Q.

Revenue Breakdown

Key Numbers

• 2024-03-01 — Period End Date (Quarterly report period)
• 2024-03-27 — Filing Date (Date the report was filed)
• 1129 — Fiscal Year End (Adobe's fiscal year end date)

Key Players & Entities

• ADOBE INC. (company) — Filer name
• ADBE (company) — Ticker symbol
• 10-Q (filing) — Form type
• 2024-03-01 (date) — Period of report
• 2024-03-27 (date) — Filing date
• 345 PARK AVE (address) — Business address
• SAN JOSE (location) — Business address city
• DE (location) — State of incorporation

FAQ

Industry Context

Adobe operates in the software industry, providing creative and digital experience solutions.

Regulatory Implications

This filing is made in accordance with the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements, including revenue breakdowns by segment.
2. Analyze the Management's Discussion and Analysis (MD&A) section for insights into performance drivers and risks.
3. Compare the reported figures with previous quarters and analyst expectations.

Key Dates

• 2024-03-01: Quarter End — End of the reporting period for the 10-Q.
• 2024-03-27: Filing Date — Date Adobe submitted its 10-Q to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of fiscal year 2024, following the 10-K annual report filed previously.

Key Financial Figures

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

Filing Documents

• adbe-20240301.htm (10-Q) — 1389KB
• adbe10qq124unofficialpdf.pdf (10-Q) — 354KB
• adbeex106q124.htm (EX-10.6) — 91KB
• adbeex107q124.htm (EX-10.7) — 176KB
• adbeex311q124.htm (EX-31.1) — 11KB
• adbeex312q124.htm (EX-31.2) — 11KB
• adbeex321q124.htm (EX-32.1) — 7KB
• adbeex322q124.htm (EX-32.2) — 7KB
• 0000796343-24-000065.txt (&nbsp;) — 8145KB
• adbe-20240301.xsd (EX-101.SCH) — 47KB
• adbe-20240301_cal.xml (EX-101.CAL) — 69KB
• adbe-20240301_def.xml (EX-101.DEF) — 234KB
• adbe-20240301_lab.xml (EX-101.LAB) — 629KB
• adbe-20240301_pre.xml (EX-101.PRE) — 455KB
• adbe-20240301_htm.xml (XML) — 1100KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements: 3 Condensed Consolidated Balance Sheets March 1, 202 4 and December 1 , 202 3 3 Condensed Consolidated Statements of Income Three Months Ended March 1, 202 4 and March 3 , 202 3 4 Condensed Consolidated Statements of Comprehensive Income Three Months Ended March 1, 202 4 and March 3 , 202 3 5 Condensed Consolidated Statements of Stockholders' Equity Three Months Ended March 1, 202 4 and March 3 , 202 3 6 Condensed Consolidated Statements of Cash Flows Three Months Ended March 1, 202 4 and March 3 , 202 3 7 Notes to Condensed Consolidated Financial Statements 8 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 24 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 5. Other Information 49 Item 6. Exhibits 50 Signature 51 Summary of Trademarks 52 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) March 1, 2024 December 1, 2023 (Unaudited) (*) ASSETS Current assets: Cash and cash equivalents $ 6,254 $ 7,141 Short-term investments 566 701 Trade receivables, net of allowances for doubtful accounts of $ 16 for both periods 2,057 2,224 Prepaid expenses and other current assets 1,131 1,018 Total current assets 10,008 11,084 Property and equipment, net 1,988 2,030 Operating lease right-of-use assets, net 366 358 Goodwill 12,803 12,805 Other intangibles, net 1,011 1,088 Deferred income taxes 1,310 1,191 Other assets 1,265 1,223 Total assets $ 28,751 $ 29,779 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade payables $ 300 $ 314 Accrued expenses 1,569 1,942 Debt 1,497 — Deferred revenue 5,975 5,837 Income taxes payable 123 85 Operating lease liabilities 73 73 Total current liabilities 9,537 8,251 Long-term liabilities: Debt 2,138 3,634 Deferred revenue 135 113 Income taxes payable 668 514 Operating lease liabilities 378 373 Other liabilities 435 376 Total liabilities 13,291 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; 453 and 455 shares outstanding, respectively — — Additional paid-in capital 12,037 11,586 Retained earnings 33,809 33,346 Accumulated other comprehensive income (loss) ( 277 ) ( 285 ) Treasury stock, at cost ( 148 and 146 shares, respectively) ( 30,109 ) ( 28,129 ) Total stockholders' equity 15,460 16,518 Total liabilities and stockholders' equity $ 28,751 $ 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 by