Adobe (ADBE) FY2014 results: revenue $4.1 billion, up 2.3% on the year
Adobe Inc. (ADBE) reported revenue of $4.1 billion for fiscal 2014, the year ended 28 November 2014, up 2.3% on the year before. Net income was $268 million, down 7.4%, and diluted earnings per share $0.53. The figures are the company's own, from the 10-K it filed with the SEC on 20 January 2015.
Revenue
$4.1 billion
+2.3% on the year
FY2007FY2014
Operating margin
10.0%
10.4% a year earlier
FY2007FY2014
Net income
$268 million
-7.4% on the year
FY2007FY2014
Diluted EPS
$0.53
-5.4% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
4,147
4,055
4,404
+2.3%
Cost of revenue
622
587
484
+6.1%
Gross profit
3,525
3,469
3,920
+1.6%
Gross margin
85.0%
85.5%
89.0%
Operating income
413
423
1,180
-2.4%
Operating margin
10.0%
10.4%
26.8%
Interest expense
59.7
67.5
67.5
-11.5%
Pre-tax income
361
356
1,119
+1.5%
Income tax
93.0
66.2
286
+40.5%
Effective tax rate
25.7%
18.6%
25.6%
Net income
268
290
833
-7.4%
Net margin
6.5%
7.2%
18.9%
Diluted EPS
$0.53
$0.56
$1.66
-5.4%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,287
1,152
1,500
+11.8%
Capital expenditure
148
188
271
-21.2%
Free cash flow
1,139
963
1,229
+18.3%
Free cash flow margin
27.5%
23.8%
27.9%
Cash from investing
-491
-1,178
-835
Cash from financing
-507
-559
-235
Depreciation and amortisation
314
321
300
-2.4%
Share-based compensation
334
329
299
+1.4%
Buybacks
600
1,100
405
-45.5%
Diluted shares, weighted
508m
513m
503m
-1.0%
Shares outstanding at period end
497m
496m
494m
+0.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,776
6,725
6,665
+0.8%
Debt
1,514
1,514
1,497
+0.0%
Other liabilities
2,496
2,142
1,878
+16.5%
Total liabilities and equity
10,786
10,380
10,040
+3.9%
Fixed assets
785
660
664
+19.0%
Goodwill
4,722
4,772
4,133
-1.0%
Intangible assets
470
605
545
-22.4%
Investments
2,622
2,339
2,113
+12.1%
Cash and equivalents
1,117
835
1,425
+33.9%
Receivables
592
600
617
-1.3%
Other assets
478
570
542
-16.1%
Total assets
10,786
10,380
10,040
+3.9%
10-K for the year ended 28 November 2014, filed 20 January 2015: the filing.