Adobe Reports Record Revenue

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The FINANCIAL — Adobe on September 17 reported financial results for its third quarter fiscal year 2015 ended Aug. 28, 2015.

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.”

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