📋 Tender Overview
Adob reported financial results for its fourth quarter and fiscal year 2022 ended Dec. 2 2022.Adobe drove record revenue and operating income in fiscal 2022 said Shantanu Narayen chairman and CEO Adobe. Our market opportunity unparalleled innovation operational rigor and exceptional talent position us well to drive our next decade of growth.Adobes outstanding financial performance in fiscal 2022 drove record operating cash flows of 7.84 billion said Dan Durn executive vice president and CFO Adobe. Strong demand for our offerings industry-leading innovation and track record of top- and bottom-line growth set us up to capture the massive opportunities in 2023 and beyond.Fourth Quarter Fiscal Year 2022 Financial HighlightsAdobe achieved revenue of 4.53 billion in its fourth quarter of fiscal year 2022 which represents 10 percent year-over-year growth or 14 percent in constant currency. Diluted earnings per share was 2.53 on a GAAP basis and 3.60 on a non-GAAP basis.GAAP operating income in the fourth quarter was 1.51 billion and non-GAAP operating income was 2.02 billion. GAAP net income was 1.18 billion and non-GAAP net income was 1.68 billion.Record cash flows from operations were 2.33 billion.Remaining Performance Obligations RPO exiting the quarter were 15.19 billion.Adobe repurchased approximately 5.0 million shares during the quarter.Fourth Quarter Fiscal Year 2022 Business Segment HighlightsDigital Media segment revenue was 3.30 billion which represents 10 percent year-over-year growth or 14 percent in constant currency. Creative revenue grew to 2.68 billion representing 8 percent year-over-year growth or 13 percent in constant currency. Document Cloud revenue was 619 million representing 16 percent year-over-year growth or 19 percent in constant currency.Net new Digital Media Annualized Recurring Revenue ARR was 576 million exiting the quarter with Digital Media ARR of 13.97 billion. Creative ARR grew to 11.60 billion and Document Cloud ARR grew to 2.37 billion.Digital Experience segment revenue was 1.15 billion representing 14 percent year-over-year growth or 16 percent in constant currency. Digital Experience subscription revenue was 1.01 billion representing 14 percent year-over-year growth or 16 percent in constant currency.Fiscal Year 2022 Financial HighlightsAdobe achieved revenue of 17.61 billion in fiscal year 2022 which represents 12 percent year-over-year growth or 15 percent adjusted year-over-year growth1. Diluted earnings per share was 10.10 on a GAAP basis and 13.71 on a non-GAAP basis.GAAP operating income was 6.10 billion and non-GAAP operating income was 7.95 billion. GAAP net income was 4.76 billion and non-GAAP net income was 6.46 billion.Adobe generated a record 7.84 billion in operating cash flows during the year.Adobe repurchased approximately 15.7 million shares during the year.Fiscal Year 2022 Business Segment HighlightsDigital Media segment revenue was 12.84 billion which represents 11 percent year-over-year growth or 16 percent adjusted year-over-year growth1. Net new Digital Media ARR was 1.91 billion during the fiscal year.Creative revenue grew to 10.46 billion representing 10 percent year-over-year growth or 14 percent adjusted year-over-year growth1.Document Cloud revenue was 2.38 billion representing 21 percent year-over-year growth or 24 percent adjusted year-over-year growth1.Digital Experience segment revenue was 4.42 billion representing 14 percent year-over-year growth or 17 percent adjusted year-over-year growth1. Digital Experience subscription revenue was 3.88 billion representing 15 percent year-over-year growth or 18 percent adjusted year-over-year growth1.Financial TargetsAdobe is providing fiscal year 2023 targets as well as Q1 targets which do not reflect the planned acquisition of Figma that is expected to close during 2023. These targets factor in current expectations for the macroeconomic and foreign exchange environments.Changes to foreign exchange ratesHave resulted in a 712 million downward revaluation to Adobes total Digital Media ARR balance. As a reminder ARR is forecasted annually at December currency rates and currency rates are held constant through that fiscal year for measurement purposes end-of-year actual ARR balances are revalued at new December rates for the next fiscal year andAre expected to result in an approximately four percent headwind to total revenue year-over-year growth rates in fiscal year 2023.
