Adobe (ADBE) FY2013 results: revenue $4.1 billion, down 7.9% on the year
Adobe Inc. (ADBE) reported revenue of $4.1 billion for fiscal 2013, the year ended 29 November 2013, down 7.9% on the year before. Net income was $290 million, down 65.2%, and diluted earnings per share $0.56. The figures are the company's own, from the 10-K it filed with the SEC on 21 January 2014.
Revenue
$4.1 billion
-7.9% on the year
FY2007FY2013
Operating margin
10.4%
26.8% a year earlier
FY2007FY2013
Net income
$290 million
-65.2% on the year
FY2007FY2013
Diluted EPS
$0.56
-66.3% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
4,055
4,404
4,216
-7.9%
Cost of revenue
587
484
438
+21.2%
Gross profit
3,469
3,920
3,778
-11.5%
Gross margin
85.5%
89.0%
89.6%
Operating income
423
1,180
1,099
-64.2%
Operating margin
10.4%
26.8%
26.1%
Interest expense
67.5
67.5
67.0
+0.0%
Pre-tax income
356
1,119
1,035
-68.2%
Income tax
66.2
286
202
-76.9%
Effective tax rate
18.6%
25.6%
19.5%
Net income
290
833
833
-65.2%
Net margin
7.2%
18.9%
19.8%
Diluted EPS
$0.56
$1.66
$1.65
-66.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,152
1,500
1,543
-23.2%
Capital expenditure
188
271
210
-30.5%
Free cash flow
963
1,229
1,333
-21.6%
Free cash flow margin
23.8%
27.9%
31.6%
Cash from investing
-1,178
-835
-757
Cash from financing
-559
-235
-550
Depreciation and amortisation
321
300
270
+7.2%
Share-based compensation
329
299
286
+10.2%
Buybacks
1,100
405
695
+171.6%
Diluted shares, weighted
513m
503m
504m
+2.1%
Shares outstanding at period end
496m
494m
492m
+0.4%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
6,725
6,665
5,783
+0.9%
Debt
1,514
1,497
1,505
+1.1%
Other liabilities
2,142
1,878
1,703
+14.0%
Total liabilities and equity
10,380
10,040
8,991
+3.4%
Fixed assets
660
664
528
-0.7%
Goodwill
4,772
4,133
3,849
+15.5%
Intangible assets
605
545
546
+11.0%
Investments
2,339
2,113
1,922
+10.7%
Cash and equivalents
835
1,425
990
-41.4%
Receivables
600
617
634
-2.8%
Other assets
570
542
523
+5.1%
Total assets
10,380
10,040
8,991
+3.4%
10-K for the year ended 29 November 2013, filed 21 January 2014: the filing.