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These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
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We will provide you with advance notice of any change in fees.
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
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scrape data from Alphaminr.
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The service is provided “As is”. The materials and information accessible through the Service are solely for informational purposes. While we strive to provide good information and data, we make no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR (2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
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This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal information when we provide our service (“Service”). This Privacy Policy explains how information is collected about you either directly or indirectly. By using our service, you acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy Policy, please do not use our Service. You should contact us if you have questions about it. We may modify this Privacy Policy periodically.
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We use Google Analytics and we use Stripe for payment processing. We will not share the information we collect with third parties for promotional purposes. We may share personal information with law enforcement as required or permitted by law.
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x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
(State or other jurisdiction of
incorporation or organization)
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77-0019522
(I.R.S. Employer
Identification No.)
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Title of Each Class
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Name of Each Exchange on Which Registered
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Common Stock, $0.0001 par value per share
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The NASDAQ Stock Market LLC
(NASDAQ Global Select Market)
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Emerging growth company
o
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Page No.
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PART I
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 5.
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Item 6
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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PART III
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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PART IV
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Item 15.
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•
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Adobe Marketing Cloud—provides an integrated set of solutions to help marketers differentiate their brands and engage their customers, helping businesses manage, personalize, and orchestrate campaigns and customer journeys; includes Adobe Experience Manager (“AEM”), Adobe Campaign, Adobe Target and Adobe Primetime.
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•
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Adobe Analytics Cloud—enables businesses to move from insights to actions in real time by uniquely integrating audiences as the core system of intelligence for the enterprise; makes data available across all Adobe clouds through the capture, aggregation, rationalization and understanding of vast amounts of disparate data and then translating that data into singular customer profiles; includes Adobe Analytics and Adobe Audience Manager.
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•
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Adobe Advertising Cloud—delivers an end-to-end platform for managing advertising across traditional TV and digital formats, and simplifies the delivery of video, display and search advertising across channels and screens; combines capabilities from Adobe Media Optimizer (“AMO”) and Adobe’s acquisition of TubeMogul during the first quarter of fiscal 2017.
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•
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technical support on the products they have purchased from Adobe;
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•
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“how to” help in using our products; and
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•
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product upgrades and enhancements during the term of the maintenance and support or subscription period, which is typically one to three years.
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Name
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Age
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Positions
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Shantanu Narayen
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54
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President, Chief Executive Officer, and Chairman of the Board
Mr. Narayen currently serves as our President, Chief Executive Officer, and Chairman of the Board. He joined Adobe in January 1998 as Vice President and General Manager of our engineering technology group. In January 1999, he was promoted to Senior Vice President, Worldwide Products, and in March 2001 he was promoted to Executive Vice President, Worldwide Product Marketing and Development. In January 2005, Mr. Narayen was promoted to President and Chief Operating Officer, and effective December 2007, he was appointed our Chief Executive Officer and joined our Board of Directors. In January 2017, Mr. Narayen was selected by our Board of Directors as Chairman of the Board. Mr. Narayen serves on the board of directors of Pfizer Inc., a multinational pharmaceutical corporation. He previously served as a director of Dell Inc. from September 2009 to October 2013. Mr. Narayen holds a B.S. in Electronics Engineering from Osmania University in India, a M.S. in Computer Science from Bowling Green State University and an M.B.A. from the Haas School of Business, University of California, Berkeley.
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Name
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Age
|
|
Positions
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Mark Garrett
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60
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Executive Vice President, Chief Financial Officer
Mr. Garrett joined Adobe in February 2007 as Executive Vice President and Chief Financial Officer. Mr. Garrett served as Senior Vice President and Chief Financial Officer of the Software Group of EMC Corporation, a products, services and solutions provider for information management and storage, from June 2004 to January 2007, his most recent position since EMC's acquisition of Documentum, Inc., an enterprise content management company, in December 2003. Mr. Garrett first joined Documentum as Executive Vice President and Chief Financial Officer in 1997, holding that position through October 1999 and then re-joining Documentum as Executive Vice President and Chief Financial Officer in 2002. Mr. Garrett is also a director of Pure Storage, Inc., the Adobe Foundation, and the Children's Discovery Museum of San Jose.
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Matthew Thompson
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59
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Executive Vice President, Worldwide Field Operations
Mr. Thompson currently serves as Executive Vice President, Worldwide Field Operations. Mr. Thompson joined Adobe in January 2007 as Senior Vice President, Worldwide Field Operations. In January 2013, he was promoted to Executive Vice President, Worldwide Field Operations. Prior to joining Adobe, Mr. Thompson served as Senior Vice President of Worldwide Sales at Borland Software Corporation, a software delivery optimization solutions provider, from October 2003 to December 2006. Prior to joining Borland, Mr. Thompson was Vice President of Worldwide Sales and Field Operations for Marimba, Inc., a provider of products and services for software change and configuration management, from February 2001 to January 2003. From July 2000 to January 2001, Mr. Thompson was Vice President of Worldwide Sales for Calico Commerce, Inc., a provider of eBusiness applications. Prior to joining Calico, Mr. Thompson spent six years at Cadence Design Systems, Inc., a provider of electronic design technologies. While at Cadence, from January 1998 to June 2000, Mr. Thompson served as Senior Vice President, Worldwide Sales and Field Operations and from April 1994 to January 1998 as Vice President, Worldwide Professional Services. Mr. Thompson is a board member of NCR Corporation.
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Michael Dillon
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59
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Executive Vice President, General Counsel and Corporate Secretary
Mr. Dillon joined Adobe in August 2012 as Senior Vice President, General Counsel and Corporate Secretary. Prior to joining Adobe, Mr. Dillon served as General Counsel and Corporate Secretary of Silver Spring Networks, a networking solutions provider, from November 2010 to August 2012. Before joining Silver Spring Networks, Mr. Dillon served in various capacities at Sun Microsystems, a diversified computer networking company, prior to its acquisition by Oracle Corporation. While at Sun Microsystems, from April 2006 to January 2010, Mr. Dillon served as Executive Vice President, General Counsel and Secretary, from April 2004 to April 2006, as Senior Vice President, General Counsel and Corporate Secretary, and from July 2002 to March 2004 as Vice President, Products Law Group. From October 1999 until June 2002, Mr. Dillon served as Vice President, General Counsel and Corporate Secretary of ONI Systems Corp, an optical networking company. Mr. Dillon is a board member of the Adventure Cycling Association, Business Software Alliance, and the Adobe Foundation.
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Bryan Lamkin
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57
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Executive Vice President and General Manager, Digital Media
Mr. Lamkin currently serves as Executive Vice President and General Manager, Digital Media. He rejoined Adobe in February 2013 as Senior Vice President, Technology and Corporate Development. From June 2011 to May 2012, Mr. Lamkin served as President and Chief Executive Officer of Clover, a mobile payments platform. Prior to Clover, Mr. Lamkin co-founded and served as the Chief Executive Officer of Bagcheck, a sharing and discovery platform, from June 2010 to May 2011. From April 2009 to June 2010, Mr. Lamkin served as Senior Vice President of Consumer Products and Applications at Yahoo!, a global technology company providing online search, content and communication tools. From May 2008 to April 2009, Mr. Lamkin served as Executive in Residence at Sutter Hill Ventures. Mr. Lamkin previously was with Adobe from 1992 to 2006 and held various senior management positions including Senior Vice President, Creative Solutions Business Unit. |
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Ann Lewnes
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56
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Executive Vice President and Chief Marketing Officer
Ms. Lewnes joined Adobe in November 2006 and currently serves as Executive Vice President and Chief Marketing Officer. Prior to joining Adobe, Ms. Lewnes spent 20 years at Intel Corporation, where she was Vice President of Sales and Marketing. Ms. Lewnes is a board member of Mattel, The Ad Council, and the Adobe Foundation.
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Name
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Age
|
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Positions
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Donna Morris
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50
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Executive Vice President, Customer and Employee Experience
Ms. Morris currently serves as Executive Vice President of Adobe's Global Customer and Employee Experience organization. Ms. Morris joined Adobe as Senior Director of Global Talent Management in April 2002 through the acquisition of Accelio Corporation, a Canadian software company, where she served as Vice President of Human Resources and Learning. In December 2005, Ms. Morris was promoted to Vice President, Global Human Resources Operations and subsequently to Senior Vice President, Human Resources in March 2007. Ms. Morris is a director of the Society for Human Resource Management and the Adobe Foundation.
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Abhay Parasnis
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43
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Executive Vice President and Chief Technology Officer
Mr. Parasnis joined Adobe in July 2015 as Senior Vice President of Adobe's Cloud Technology & Services organization and Chief Technology Officer. Prior to joining Adobe, he served as President and Chief Operating Officer at Kony, Inc. from March 2013 to March 2015. From January 2012 to November 2013, Mr. Parasnis was a Senior Vice President and later Strategic Advisor for the Oracle Public Cloud at Oracle. Prior to joining Oracle, he was General Manager of Microsoft Azure AppFabric at Microsoft from April 2009 to December 2011.
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Bradley Rencher
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44
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Executive Vice President and General Manager, Digital Experience
Mr. Rencher serves as Executive Vice President and General Manager of Adobe's Digital Experience business unit. Mr. Rencher joined Omniture, Inc. in January 2008 as Vice President of Corporate Development and was promoted to Senior Vice President of Business Operations prior to Adobe's acquisition of Omniture in 2009. Following the acquisition he joined Adobe as Vice President of Business Operations. Mr. Rencher was promoted to Vice President and General Manager, Omniture business unit in 2010 and subsequently to Senior Vice President in 2011. Prior to joining Omniture, Mr. Rencher was a member of the technology investment banking team at Morgan Stanley from 2005 to 2008 and a member of the investment banking team at RBC Capital Markets from 1998 to 2004. Mr. Rencher is a director of Pluralsight and the Utah Symphony.
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Scott Belsky
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37
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Chief Product Officer and Executive Vice President, Creative Cloud
Mr. Belsky joined Adobe in December 2017 as Executive Vice President and Chief Product Officer, Creative Cloud. Prior to joining Adobe in December 2017, Belsky was a venture investor at Benchmark in San Francisco from February 2016 to December 2017. Prior to Benchmark, Belsky led Adobe's mobile strategy for Creative Cloud from December 2012 to January 2016, having joined the company through the acquisition of Behance. Belsky co-founded Behance in 2006 and served as its CEO for over 6 years. He is an early advisor and investor to Pinterest, Uber, and Warby Parker among other early-stage companies, and co-founded and serves on the Board of Prefer, a referrals platform that empowers the careers of independent professionals. Mr. Belsky serves on the advisory board of Cornell University's Entrepreneurship Program and is President of the Smithsonian Cooper-Hewitt National Design Museum board of trustees.
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John Murphy
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|
49
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Senior Vice President, Chief Accounting Officer and Corporate Controller
Mr. Murphy joined Adobe in March 2017 as our Senior Vice President, Chief Accounting Officer and Corporate Controller. Prior to joining Adobe, Mr. Murphy served as Senior Vice President, Chief Accounting Officer and Corporate Controller of Qualcomm Incorporated from September 2014 to March 2017. He previously served as Senior Vice President, Controller and Chief Accounting Officer of DIRECTV Inc. from November 2007 until August 2014, and Vice President and General Auditor of DIRECTV from October 2004 to November 2007. Prior to joining DIRECTV he worked at several global companies, including Experian, Nestle, and Atlantic Richfield (ARCO), in a variety of finance and accounting roles. He served as Director of DirecTV Holdings LLC from November 2007 until August 2014. Mr. Murphy serves on the Corporate Advisory Board of the Marshall School of Business at the University of Southern California. He holds an MBA from the Marshall School of Business at the University of Southern California, a B.S. in Accounting from Fordham University and is a Certified Public Accountant.
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•
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the need for our sales representatives to educate customers about the use and benefit of large-scale deployments of our products and services, including technical capabilities, security features, potential cost savings and return on investment;
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•
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the desire of organizations to undertake significant evaluation processes to determine their technology requirements prior to making information technology expenditures;
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•
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the need for our representatives to spend a significant amount of time assisting potential customers in their testing and evaluation of our products and services;
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•
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intensifying competition within the industry;
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•
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the negotiation of large, complex, enterprise-wide contracts;
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•
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the need for our customers to obtain requisition approvals from various decision makers within their organizations due to the complexity of our solutions touching multiple departments within customers’ organizations; and
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•
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customer budget constraints, economic conditions and unplanned administrative delays.
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•
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inability to achieve the financial and strategic goals for the acquired and combined businesses;
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•
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difficulty in, and the cost of, effectively integrating the operations, technologies, products or services, and personnel of the acquired business;
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•
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entry into markets in which we have minimal prior experience and where competitors in such markets have stronger market positions;
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•
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disruption of our ongoing business and distraction of our management and other employees from other opportunities and challenges;
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•
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inability to retain personnel of the acquired business;
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•
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inability to retain key customers, distributors, vendors and other business partners of the acquired business;
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•
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inability to take advantage of anticipated tax benefits;
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•
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incurring acquisition-related costs or amortization costs for acquired intangible assets that could impact our operating results;
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•
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elevated delinquency or bad debt write-offs related to receivables of the acquired business we assume;
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•
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increased accounts receivables collection times and working capital requirements associated with acquired business models;
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•
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additional costs of bringing acquired companies into compliance with laws and regulations applicable to a multinational corporation;
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•
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difficulty in maintaining controls, procedures and policies during the transition and integration;
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•
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impairment of our relationships with employees, customers, partners, distributors or third-party providers of our technologies, products or services;
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•
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failure of our due diligence processes to identify significant problems, liabilities or other challenges of an acquired company or technology;
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•
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exposure to litigation or other claims in connection with, or inheritance of claims or litigation risk as a result of, an acquisition, such as claims from terminated employees, customers, former stockholders or other third parties;
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•
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incurring significant exit charges if products or services acquired in business combinations are unsuccessful;
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•
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inability to conclude that our internal controls over financial reporting are effective;
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•
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inability to obtain, or obtain in a timely manner, approvals from governmental authorities, which could delay or prevent such acquisitions;
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•
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the failure of strategic investments to perform as expected or to meet financial projections;
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•
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delay in customer and distributor purchasing decisions due to uncertainty about the direction of our product and service offerings; and
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•
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incompatibility of business cultures.
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•
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foreign currency fluctuations and controls;
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•
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international and regional economic, political and labor conditions, including any instability or security concerns abroad;
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•
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tax laws (including U.S. taxes on foreign subsidiaries);
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•
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increased financial accounting and reporting burdens and complexities;
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•
|
changes in, or impositions of, legislative or regulatory requirements;
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•
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changes in laws governing the free flow of data across international borders;
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•
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failure of laws to protect our intellectual property rights adequately;
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•
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inadequate local infrastructure and difficulties in managing and staffing international operations;
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•
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delays resulting from difficulty in obtaining export licenses for certain technology, tariffs, quotas and other trade barriers;
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•
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the imposition of governmental economic sanctions on countries in which we do business or where we plan to expand our business;
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•
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costs and delays associated with developing products in multiple languages;
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•
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operating in locations with a higher incidence of corruption and fraudulent business practices; and
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•
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other factors beyond our control, such as terrorism, war, natural disasters and pandemics.
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•
|
shortfalls in, or changes in expectations about our revenue, margins, earnings, Annualized Recurring Revenue (“ARR”), sales of our Adobe Experience Cloud offerings, or other key performance metrics;
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•
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changes in estimates or recommendations by securities analysts;
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•
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whether our results meet analysts’ expectations;
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•
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compression or expansion of multiples used by investors and analysts to value high technology SaaS companies;
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•
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the announcement of new products or services, product enhancements, service introductions, strategic alliances or significant agreements by us or our competitors;
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•
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the loss of large customers or our inability to increase sales to existing customers, retain customers or attract new customers;
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•
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recruitment or departure of key personnel;
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•
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variations in our or our competitors’ results of operations, changes in the competitive landscape generally and developments in our industry;
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•
|
general socio-economic, political or market conditions; and
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•
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unusual events such as significant acquisitions by us or our competitors, divestitures, litigation, regulatory actions and other factors, including factors unrelated to our operating performance.
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•
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increasing our vulnerability to adverse changes in general economic and industry conditions;
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•
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requiring the dedication of a portion of our expected cash flow from operations to service our indebtedness, thereby reducing the amount of expected cash flow available for other purposes, including capital expenditures and acquisitions; and
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•
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limiting our flexibility in planning for, or reacting to, changes in our business and our industry.
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Location
|
|
Approximate
Square Footage |
|
Use
|
|
|
North America:
|
|
|
|
|
|
|
West Tower, 345 Park Avenue
San Jose, CA 95110, USA |
|
391,000
|
|
|
Research, product development, sales, marketing and administration
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East Tower, 321 Park Avenue
San Jose, CA 95110, USA |
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325,000
|
|
|
Research, product development, sales, marketing and administration
|
|
Almaden Tower, 151 Almaden Boulevard
San Jose, CA 95110, USA |
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273,000
|
|
|
Research, product development, sales, marketing and administration
|
|
601 and 625 Townsend Street
San Francisco, CA 94103, USA |
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346,000
|
|
|
Research, product development, sales, marketing and administration
|
|
410 Townsend Street
San Francisco, CA 94107, USA
|
|
47,000
|
|
|
Research, product development, sales, marketing and administration
|
|
3900 Adobe Way
Lehi, UT 84043, USA |
|
257,000
|
|
|
Research, product development, sales, marketing and administration
|
|
801 N. 34th Street-Waterfront
Seattle, WA 98103, USA |
|
161,000
|
|
|
Product development, sales, marketing and administration
|
|
1540 Broadway
New York, NY 10036, USA |
|
55,000
|
|
|
Sales, marketing and administration
|
|
343 Preston Street
Ottawa, Ontario K1S 5N4, Canada |
|
122,000
|
|
(1)
|
Research, product development, sales, marketing and administration
|
|
25100 NW Evergreen Rd
Hillsboro, OR 97124, USA
|
|
85,000
|
|
|
Data center
|
|
India:
|
|
|
|
|
|
|
Adobe Towers, 1-1A, Sector 25A
Noida, U.P. |
|
191,000
|
|
|
Product development and administration
|
|
Plot No. 05, Block A, Sector 132
Noida, U.P.
|
|
363,000
|
|
|
Product development and administration
|
|
Prestige Platina Technology Park
Building 1, Block A
Bangalore
|
|
250,000
|
|
|
Research, product development, sales and administration
|
|
Prestige Trinity Centre
Bhoganahalli Village, Varthur Hobli
Bangalore
|
|
149,000
|
|
|
Research, product development, sales and administration
|
|
Japan:
|
|
|
|
|
|
|
Gate City Osaki East Tower
1-11 Osaki Shinagawa-ku, Tokyo |
|
56,000
|
|
|
Product development, sales, marketing and administration
|
|
Romania:
|
|
|
|
|
|
|
26 Z Timisoara Blvd, Anchor Plaza
Lujerului, Sector 6 Bucharest |
|
71,000
|
|
|
Research and product development
|
|
UK:
|
|
|
|
|
|
|
Market House
Providence Place
Maidenhead, Berkshire, SL6 8AD
|
|
49,000
|
|
|
Product development, sales, marketing and administration
|
|
(1)
|
The total square footage is
122,000
, of which we occupy
59,000
square feet, or approximately
48%
of this facility;
6,000
square feet is unoccupied. The remaining square footage is subleased.
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|
|
|
Price Range
|
||||||
|
|
|
High
|
|
Low
|
||||
|
Fiscal 2017:
|
|
|
|
|
||||
|
First Quarter
|
|
$
|
120.35
|
|
|
$
|
101.55
|
|
|
Second Quarter
|
|
$
|
143.48
|
|
|
$
|
119.60
|
|
|
Third Quarter
|
|
$
|
155.16
|
|
|
$
|
137.25
|
|
|
Fourth Quarter
|
|
$
|
185.40
|
|
|
$
|
144.57
|
|
|
Fiscal Year
|
|
$
|
185.40
|
|
|
$
|
101.55
|
|
|
Fiscal 2016:
|
|
|
|
|
|
|
||
|
First Quarter
|
|
$
|
95.56
|
|
|
$
|
73.85
|
|
|
Second Quarter
|
|
$
|
100.17
|
|
|
$
|
84.35
|
|
|
Third Quarter
|
|
$
|
103.57
|
|
|
$
|
90.85
|
|
|
Fourth Quarter
|
|
$
|
110.81
|
|
|
$
|
98.77
|
|
|
Fiscal Year
|
|
$
|
110.81
|
|
|
$
|
73.85
|
|
|
Period
|
|
Total Number of Shares
Repurchased
|
|
Average
Price
Per
Share
|
|
Total
Number of
Shares
Purchased
as Part of
Publicly
Announced
Plans
|
|
Approximate
Dollar Value
that May
Yet be
Purchased
Under the
Plan
(1)
|
|
||||||
|
|
(in thousands, except average price per share)
|
|
|||||||||||||
|
Beginning repurchase authority
|
|
|
|
|
|
|
$
|
2,298,777
|
|
|
|||||
|
September 2 — September 29, 2017
|
|
|
|
|
|
|
|
|
|||||||
|
Shares repurchased
|
642
|
|
|
$
|
154.03
|
|
|
642
|
|
|
$
|
(98,777
|
)
|
|
|
|
September 30 — October 27, 2017
|
|
|
|
|
|
|
|
|
|||||||
|
Shares repurchased
|
662
|
|
|
$
|
151.04
|
|
|
662
|
|
|
$
|
(100,000
|
)
|
(2)
|
|
|
October 28 — December 1, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Shares repurchased
|
552
|
|
|
$
|
178.36
|
|
|
552
|
|
|
$
|
(98,500
|
)
|
(2)
|
|
|
Total
|
1,856
|
|
|
|
|
|
1,856
|
|
|
$
|
2,001,500
|
|
|
||
|
(1)
|
In January 2017, the Board of Directors granted authority to repurchase up to
$2.5 billion
in common stock through the end of fiscal 2019.
|
|
(2)
|
In September 2017, we entered into a structured stock repurchase agreement with a large financial institution whereupon we provided them with a prepayment of
$300 million
. As of
December 1, 2017
, approximately
$101.5 million
of the prepayment remained under this agreement.
|
|
|
Fiscal Years
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
Operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Revenue
|
$
|
7,301,505
|
|
|
$
|
5,854,430
|
|
|
$
|
4,795,511
|
|
|
$
|
4,147,065
|
|
|
$
|
4,055,240
|
|
|
Gross profit
|
$
|
6,291,014
|
|
|
$
|
5,034,522
|
|
|
$
|
4,051,194
|
|
|
$
|
3,524,985
|
|
|
$
|
3,468,683
|
|
|
Income before income taxes
|
$
|
2,137,641
|
|
|
$
|
1,435,138
|
|
|
$
|
873,781
|
|
|
$
|
361,376
|
|
|
$
|
356,141
|
|
|
Net income
|
$
|
1,693,954
|
|
|
$
|
1,168,782
|
|
|
$
|
629,551
|
|
|
$
|
268,395
|
|
|
$
|
289,985
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Basic
|
$
|
3.43
|
|
|
$
|
2.35
|
|
|
$
|
1.26
|
|
|
$
|
0.54
|
|
|
$
|
0.58
|
|
|
Diluted
|
$
|
3.38
|
|
|
$
|
2.32
|
|
|
$
|
1.24
|
|
|
$
|
0.53
|
|
|
$
|
0.56
|
|
|
Shares used to compute basic net income per share
|
493,632
|
|
|
498,345
|
|
|
498,764
|
|
|
497,867
|
|
|
501,372
|
|
|||||
|
Shares used to compute diluted net income per share
|
501,123
|
|
|
504,299
|
|
|
507,164
|
|
|
508,480
|
|
|
513,476
|
|
|||||
|
Cash dividends declared per common share
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Financial position:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Cash, cash equivalents and short-term investments
|
$
|
5,819,774
|
|
|
$
|
4,761,300
|
|
|
$
|
3,988,084
|
|
|
$
|
3,739,491
|
|
|
$
|
3,173,752
|
|
|
Working capital
(2)
|
$
|
3,720,356
|
|
|
$
|
3,028,139
|
|
|
$
|
2,608,336
|
|
|
$
|
2,107,893
|
|
|
$
|
2,520,281
|
|
|
Total assets
|
$
|
14,535,556
|
|
|
$
|
12,697,246
|
|
|
$
|
11,714,500
|
|
|
$
|
10,781,991
|
|
|
$
|
10,374,940
|
|
|
Debt and capital lease obligations, non-current
|
$
|
1,881,421
|
|
|
$
|
1,892,200
|
|
|
$
|
1,895,259
|
|
|
$
|
907,248
|
|
|
$
|
1,493,939
|
|
|
Stockholders’ equity
|
$
|
8,459,869
|
|
|
$
|
7,424,835
|
|
|
$
|
7,001,580
|
|
|
$
|
6,775,905
|
|
|
$
|
6,724,634
|
|
|
Additional data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Worldwide employees
|
17,973
|
|
|
15,706
|
|
|
13,893
|
|
|
12,499
|
|
|
11,847
|
|
|||||
|
(1)
|
Information associated with our financial position is as of the Friday closest to November 30 for the five fiscal periods through
2017
.
|
|
(2)
|
For fiscal 2014 and prior, our working capital did not include the effects of the adoption of ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, which required all deferred tax assets and liabilities and any related valuation allowance to be classified as non-current on our Consolidated Balance Sheets. The new standard was adopted prospectively starting fiscal 2015.
|
|
Creative ARR
|
Annual Value of Creative Cloud Subscriptions and Services
+
Annual Digital Publishing Suite Contract Value
+
Annual Creative ETLA Contract Value
|
|
|
Document Cloud ARR
|
Annual Value of Document Cloud Subscriptions and Services
+
Annual Document Cloud ETLA Contract Value
|
|
|
Digital Media ARR
|
Creative ARR
+
Document Cloud ARR
|
|
|
•
|
Adobe Marketing Cloud—provides an integrated set of solutions to help marketers differentiate their brands and engage their customers, helping businesses manage, personalize, and orchestrate campaigns and customer journeys; includes Adobe Experience Manager (“AEM”), Adobe Campaign, Adobe Target, Adobe Social and Adobe Primetime.
|
|
•
|
Adobe Analytics Cloud—enables businesses to move from insights to actions in real time by uniquely integrating audiences as the core system of intelligence for the enterprise; makes data available across all Adobe clouds through the capture, aggregation, rationalization and understanding of vast amounts of disparate data and then translating that data into singular customer profiles; includes Adobe Analytics and Adobe Audience Manager.
|
|
•
|
Adobe Advertising Cloud—delivers an end-to-end platform for managing advertising across traditional TV and digital formats, and simplifies the delivery of video, display and search advertising across channels and screens; combines capabilities from Adobe Media Optimizer (“AMO”) and Adobe’s acquisition of TubeMogul during the first quarter of fiscal 2017.
|
|
•
|
Total Digital Media ARR of approximately
$5.23 billion
as of
December 1, 2017
increased
by
$1.24 billion
, or
31%
, from
$3.99 billion
as of
December 2, 2016
. The change in our Digital Media ARR was primarily due to strong adoption of our Creative Cloud and Adobe Document Cloud offerings.
|
|
•
|
Creative revenue of
$4.17 billion
increased by
$997.8 million
, or
31%
, during fiscal
2017
, from
$3.18 billion
in fiscal
2016
. The increase was primarily due to the increase in subscription revenue associated with our Creative Cloud offerings.
|
|
•
|
Adobe Experience Cloud revenue of
$2.03 billion
increased
by
$398.9 million
, or
24%
, during fiscal
2017
, from
$1.63 billion
in fiscal
2016
. The increase was primarily due to increases in revenue associated with our Advertising Cloud offerings, including TubeMogul which we acquired in the first quarter of fiscal 2017, and increases in subscription revenue associated with our Adobe Marketing Cloud offerings, including AEM and Adobe Campaign.
|
|
•
|
Our total deferred revenue of
$2.49 billion
as of
December 1, 2017
increased
by
$479.8 million
, or
24%
, from
$2.01 billion
as of
December 2, 2016
. The increase was primarily due to increases in Creative Cloud team and individual subscriptions, and new contracts and the timing of renewals for our Adobe Experience Cloud services.
|
|
•
|
Cost of revenue of
$1.01 billion
increased
by
$190.6 million
, or
23%
, during fiscal
2017
, from
$819.9 million
in fiscal
2016
. The increase was primarily due to increases in media costs associated with our Advertising Cloud offerings, data center and hosting costs and increased headcount.
|
|
•
|
Operating expenses of
$4.12 billion
increased
by
$582.0 million
, or
16%
, during fiscal
2017
, from
$3.54 billion
in fiscal
2016
. The increase was primarily due to increased headcount and stock based compensation expense.
|
|
•
|
Net income of
$1.69 billion
increased
by
$525.2 million
, or
45%
, during fiscal
2017
from
$1.17 billion
in fiscal
2016
primarily due to increases in subscription revenue.
|
|
•
|
Net cash flow from operations of
$2.91 billion
during fiscal
2017
increased
by
$713.1 million
, or
32%
, from
$2.20 billion
during fiscal
2016
primarily due to higher net income.
|
|
|
|
Fiscal
2017 |
|
Fiscal
2016 |
|
Fiscal
2015 |
|
% Change
2017-2016 |
|
% Change
2016-2015 |
||||||||
|
Subscription
|
|
$
|
6,133.9
|
|
|
$
|
4,584.8
|
|
|
$
|
3,223.9
|
|
|
34
|
%
|
|
42
|
%
|
|
Percentage of total revenue
|
|
84
|
%
|
|
78
|
%
|
|
67
|
%
|
|
|
|
|
|||||
|
Product
|
|
706.7
|
|
|
800.5
|
|
|
1,125.1
|
|
|
(12
|
)%
|
|
(29
|
)%
|
|||
|
Percentage of total revenue
|
|
10
|
%
|
|
14
|
%
|
|
24
|
%
|
|
|
|
|
|||||
|
Services and support
|
|
460.9
|
|
|
469.1
|
|
|
446.5
|
|
|
(2
|
)%
|
|
5
|
%
|
|||
|
Percentage of total revenue
|
|
6
|
%
|
|
8
|
%
|
|
9
|
%
|
|
|
|
|
|||||
|
Total revenue
|
|
$
|
7,301.5
|
|
|
$
|
5,854.4
|
|
|
$
|
4,795.5
|
|
|
25
|
%
|
|
22
|
%
|
|
|
|
Fiscal
2017 |
|
Fiscal
2016 |
|
Fiscal
2015 |
|
% Change
2017-2016 |
|
% Change
2016-2015 |
||||||||
|
Digital Media
|
|
$
|
4,480.8
|
|
|
$
|
3,370.8
|
|
|
$
|
2,264.7
|
|
|
33
|
%
|
|
49
|
%
|
|
Digital Marketing
|
|
1,609.5
|
|
|
1,180.4
|
|
|
937.0
|
|
|
36
|
%
|
|
26
|
%
|
|||
|
Print and Publishing
|
|
43.6
|
|
|
33.6
|
|
|
22.2
|
|
|
30
|
%
|
|
51
|
%
|
|||
|
Total subscription revenue
|
|
$
|
6,133.9
|
|
|
$
|
4,584.8
|
|
|
$
|
3,223.9
|
|
|
34
|
%
|
|
42
|
%
|
|
•
|
Digital Media
—Our Digital Media segment provides tools and solutions that enable individuals, small and medium businesses and enterprises to create, publish, promote and monetize their digital content anywhere. Our customers include traditional content creators, web application developers and digital media professionals, as well as their management in marketing departments and agencies, companies and publishers. Our customers also include knowledge workers who create, collaborate and distribute documents.
|
|
•
|
Digital Marketing
—Our Digital Marketing segment provides solutions and services for how digital advertising and marketing are created, managed, executed, measured and optimized. Our customers include digital marketers, advertisers, publishers, merchandisers, web analysts, chief marketing officers, chief information officers and chief revenue officers.
|
|
•
|
Print and Publishing
—Our Print and Publishing segment addresses market opportunities ranging from the diverse authoring and publishing needs of technical and business publishing to our legacy type and OEM printing businesses.
|
|
|
|
Fiscal
2017 |
|
Fiscal
2016 |
|
Fiscal
2015 |
|
% Change
2017-2016 |
|
% Change
2016-2015 |
||||||||
|
Digital Media
|
|
$
|
5,010.6
|
|
|
$
|
3,941.0
|
|
|
$
|
3,095.2
|
|
|
27
|
%
|
|
27
|
%
|
|
Percentage of total revenue
|
|
69
|
%
|
|
67
|
%
|
|
65
|
%
|
|
|
|
|
|||||
|
Digital Marketing
|
|
2,120.0
|
|
|
1,736.6
|
|
|
1,508.9
|
|
|
22
|
%
|
|
15
|
%
|
|||
|
Percentage of total revenue
|
|
29
|
%
|
|
30
|
%
|
|
31
|
%
|
|
|
|
|
|||||
|
Print and Publishing
|
|
170.9
|
|
|
176.8
|
|
|
191.4
|
|
|
(3
|
)%
|
|
(8
|
)%
|
|||
|
Percentage of total revenue
|
|
2
|
%
|
|
3
|
%
|
|
4
|
%
|
|
|
|
|
|||||
|
Total revenue
|
|
$
|
7,301.5
|
|
|
$
|
5,854.4
|
|
|
$
|
4,795.5
|
|
|
25
|
%
|
|
22
|
%
|
|
|
|
Fiscal
2017 |
|
Fiscal
2016 |
|
Fiscal
2015 |
|
% Change
2017-2016 |
|
% Change
2016-2015 |
||||||||
|
Americas
|
|
$
|
4,216.5
|
|
|
$
|
3,400.1
|
|
|
$
|
2,788.1
|
|
|
24
|
%
|
|
22
|
%
|
|
Percentage of total revenue
|
|
58
|
%
|
|
58
|
%
|
|
58
|
%
|
|
|
|
|
|||||
|
EMEA
|
|
1,985.1
|
|
|
1,619.2
|
|
|
1,336.4
|
|
|
23
|
%
|
|
21
|
%
|
|||
|
Percentage of total revenue
|
|
27
|
%
|
|
28
|
%
|
|
28
|
%
|
|
|
|
|
|||||
|
APAC
|
|
1,099.9
|
|
|
835.1
|
|
|
671.0
|
|
|
32
|
%
|
|
24
|
%
|
|||
|
Percentage of total revenue
|
|
15
|
%
|
|
14
|
%
|
|
14
|
%
|
|
|
|
|
|||||
|
Total revenue
|
|
$
|
7,301.5
|
|
|
$
|
5,854.4
|
|
|
$
|
4,795.5
|
|
|
25
|
%
|
|
22
|
%
|
|
(in millions)
|
Fiscal
2017 |
|
Fiscal
2016 |
||||
|
Revenue impact:
|
Increase/(Decrease)
|
||||||
|
Euro
|
$
|
(2.3
|
)
|
|
$
|
(50.2
|
)
|
|
British Pound
|
(46.1
|
)
|
|
(36.2
|
)
|
||
|
Japanese Yen
|
4.0
|
|
|
15.0
|
|
||
|
Other currencies
|
6.1
|
|
|
(21.7
|
)
|
||
|
Total revenue impact
|
(38.3
|
)
|
|
(93.1
|
)
|
||
|
Hedging impact:
|
|
|
|
||||
|
Euro
|
13.7
|
|
|
4.2
|
|
||
|
British Pound
|
7.1
|
|
|
14.5
|
|
||
|
Japanese Yen
|
12.1
|
|
|
0.1
|
|
||
|
Total hedging impact
|
32.9
|
|
|
18.8
|
|
||
|
Total impact
|
$
|
(5.4
|
)
|
|
$
|
(74.3
|
)
|
|
|
|
Fiscal
2017 |
|
Fiscal
2016 |
|
Fiscal
2015 |
|
% Change
2017-2016 |
|
% Change
2016-2015 |
||||||||
|
Subscription
|
|
$
|
623.0
|
|
|
$
|
461.9
|
|
|
$
|
409.2
|
|
|
35
|
%
|
|
13
|
%
|
|
Percentage of total revenue
|
|
9
|
%
|
|
8
|
%
|
|
9
|
%
|
|
|
|
|
|||||
|
Product
|
|
57.1
|
|
|
68.9
|
|
|
90.0
|
|
|
(17
|
)%
|
|
(23
|
)%
|
|||
|
Percentage of total revenue
|
|
1
|
%
|
|
1
|
%
|
|
2
|
%
|
|
|
|
|
|||||
|
Services and support
|
|
330.4
|
|
|
289.1
|
|
|
245.1
|
|
|
14
|
%
|
|
18
|
%
|
|||
|
Percentage of total revenue
|
|
5
|
%
|
|
5
|
%
|
|
5
|
%
|
|
|
|
|
|||||
|
Total cost of revenue
|
|
$
|
1,010.5
|
|
|
$
|
819.9
|
|
|
$
|
744.3
|
|
|
23
|
%
|
|
10
|
%
|
|
|
% Change
2017-2016 |
|
% Change
2016-2015 |
||
|
Media costs
|
9
|
|
|
—
|
|
|
Hosting services and data center costs
|
7
|
|
|
9
|
|
|
Royalty costs
|
6
|
|
|
2
|
|
|
Base compensation and related benefits associated with headcount
|
6
|
|
|
2
|
|
|
Incentive compensation, cash and stock based
|
5
|
|
|
—
|
|
|
Amortization of purchased intangibles
|
2
|
|
|
(4
|
)
|
|
Depreciation expense
|
(1
|
)
|
|
2
|
|
|
Various individually insignificant items
|
1
|
|
|
2
|
|
|
Total change
|
35
|
%
|
|
13
|
%
|
|
|
% Change
2017-2016 |
|
% Change
2016-2015 |
||
|
Amortization of purchased intangibles
|
(7
|
)%
|
|
(16
|
)%
|
|
Localization costs
|
—
|
%
|
|
(10
|
)%
|
|
Royalty costs
|
(8
|
)%
|
|
10
|
%
|
|
Cost of sales
|
(2
|
)%
|
|
(2
|
)%
|
|
Excess and obsolete inventory
|
—
|
|
|
(3
|
)
|
|
Various individually insignificant items
|
—
|
|
|
(2
|
)
|
|
Total change
|
(17
|
)%
|
|
(23
|
)%
|
|
|
% Change
2017-2016 |
|
% Change
2016-2015 |
||
|
Base compensation and related benefits associated with headcount
|
13
|
%
|
|
9
|
%
|
|
Incentive compensation, cash and stock based
|
1
|
|
|
6
|
|
|
Professional and consulting fees
|
(3
|
)
|
|
3
|
|
|
Various individually insignificant items
|
3
|
|
|
—
|
|
|
Total change
|
14
|
%
|
|
18
|
%
|
|
|
|
Fiscal
2017 |
|
Fiscal
2016 |
|
Fiscal
2015 |
|
% Change
2017-2016 |
|
% Change
2016-2015 |
||||||||
|
Research and development
|
|
$
|
1,224.1
|
|
|
$
|
976.0
|
|
|
$
|
862.7
|
|
|
25
|
%
|
|
13
|
%
|
|
Percentage of total revenue
|
|
17
|
%
|
|
17
|
%
|
|
18
|
%
|
|
|
|
|
|||||
|
Sales and marketing
|
|
2,197.6
|
|
|
1,910.2
|
|
|
1,683.2
|
|
|
15
|
%
|
|
13
|
%
|
|||
|
Percentage of total revenue
|
|
30
|
%
|
|
33
|
%
|
|
35
|
%
|
|
|
|
|
|||||
|
General and administrative
|
|
624.7
|
|
|
576.2
|
|
|
533.5
|
|
|
8
|
%
|
|
8
|
%
|
|||
|
Percentage of total revenue
|
|
9
|
%
|
|
10
|
%
|
|
11
|
%
|
|
|
|
|
|||||
|
Amortization of purchased intangibles
|
|
76.5
|
|
|
78.5
|
|
|
68.7
|
|
|
(3
|
)%
|
|
14
|
%
|
|||
|
Percentage of total revenue
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
|
|
|
|||||
|
Total operating expenses
|
|
$
|
4,122.9
|
|
|
$
|
3,540.9
|
|
|
$
|
3,148.1
|
|
|
16
|
%
|
|
12
|
%
|
|
|
% Change
2017-2016 |
|
% Change
2016-2015 |
||
|
Base compensation and related benefits associated with headcount
|
11
|
%
|
|
6
|
%
|
|
Incentive compensation, cash and stock based
|
9
|
|
|
4
|
|
|
Professional and consulting fees
|
4
|
|
|
4
|
|
|
Various individually insignificant items
|
1
|
|
|
(1
|
)
|
|
Total change
|
25
|
%
|
|
13
|
%
|
|
|
% Change
2017-2016 |
|
% Change
2016-2015 |
||
|
Base compensation and related benefits associated with headcount
|
5
|
%
|
|
5
|
%
|
|
Incentive compensation, cash and stock based
|
2
|
|
|
2
|
|
|
Professional and consulting fees
|
2
|
|
|
1
|
|
|
Marketing spending related to product launches and overall marketing efforts
|
4
|
|
|
4
|
|
|
Various individually insignificant items
|
2
|
|
|
1
|
|
|
Total change
|
15
|
%
|
|
13
|
%
|
|
|
% Change
2017-2016 |
|
% Change
2016-2015 |
||
|
Base compensation and related benefits associated with headcount
|
2
|
%
|
|
3
|
%
|
|
Incentive compensation, cash and stock based
|
3
|
|
|
3
|
|
|
Professional and consulting fees
|
1
|
|
|
1
|
|
|
Facilities and telecom
|
2
|
|
|
1
|
|
|
Total change
|
8
|
%
|
|
8
|
%
|
|
|
|
Fiscal
2017 |
|
Fiscal
2016 |
|
Fiscal
2015 |
|
% Change
2017-2016
|
|
% Change
2016-2015
|
||||||||
|
Interest and other income (expense), net
|
|
$
|
36.4
|
|
|
$
|
13.5
|
|
|
$
|
33.9
|
|
|
170
|
%
|
|
(60
|
)%
|
|
Percentage of total revenue
|
|
**
|
|
|
**
|
|
|
**
|
|
|
|
|
|
|||||
|
Interest expense
|
|
(74.4
|
)
|
|
(70.4
|
)
|
|
(64.2
|
)
|
|
6
|
%
|
|
10
|
%
|
|||
|
Percentage of total revenue
|
|
(1
|
)%
|
|
(1
|
)%
|
|
(1
|
)%
|
|
|
|
|
|||||
|
Investment gains (losses), net
|
|
7.5
|
|
|
(1.6
|
)
|
|
1.0
|
|
|
*
|
|
|
*
|
|
|||
|
Percentage of total revenue
|
|
**
|
|
|
**
|
|
|
**
|
|
|
|
|
|
|||||
|
Total non-operating income (expense), net
|
|
$
|
(30.5
|
)
|
|
$
|
(58.5
|
)
|
|
$
|
(29.3
|
)
|
|
(48
|
)%
|
|
100
|
%
|
|
|
|
Fiscal
2017 |
|
Fiscal
2016 |
|
Fiscal
2015 |
|
% Change
2017-2016 |
|
% Change
2016-2015 |
||||||||
|
Provision
|
|
$
|
443.7
|
|
|
$
|
266.4
|
|
|
$
|
244.2
|
|
|
67
|
%
|
|
9
|
%
|
|
Percentage of total revenue
|
|
6
|
%
|
|
5
|
%
|
|
5
|
%
|
|
|
|
|
|||||
|
Effective tax rate
|
|
21
|
%
|
|
19
|
%
|
|
28
|
%
|
|
|
|
|
|||||
|
|
As of
|
||||||
|
(in millions)
|
December 1, 2017
|
|
December 2, 2016
|
||||
|
Cash and cash equivalents
|
$
|
2,306.1
|
|
|
$
|
1,011.3
|
|
|
Short-term investments
|
$
|
3,513.7
|
|
|
$
|
3,750.0
|
|
|
Working capital
|
$
|
3,720.4
|
|
|
$
|
3,028.1
|
|
|
Stockholders’ equity
|
$
|
8,459.9
|
|
|
$
|
7,424.8
|
|
|
(in millions)
|
Fiscal
2017 |
|
Fiscal
2016 |
|
Fiscal
2015 |
||||||
|
Net cash provided by operating activities
|
$
|
2,912.9
|
|
|
$
|
2,199.7
|
|
|
$
|
1,469.5
|
|
|
Net cash used for investing activities
|
(442.9
|
)
|
|
(960.0
|
)
|
|
(1,488.4
|
)
|
|||
|
Net cash used for financing activities
|
(1,183.7
|
)
|
|
(1,090.7
|
)
|
|
(200.7
|
)
|
|||
|
Effect of foreign currency exchange rates on cash and cash equivalents
|
8.5
|
|
|
(14.2
|
)
|
|
(21.2
|
)
|
|||
|
Net increase (decrease) in cash and cash equivalents
|
$
|
1,294.8
|
|
|
$
|
134.8
|
|
|
$
|
(240.8
|
)
|
|
Board Approval
Date
|
|
Repurchases
Under the Plan
(1)
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
|
|
Shares
|
|
Average
|
|
Shares
|
|
Average
|
|
Shares
|
|
Average
|
|||||||||||
|
April 2012
|
|
Structured repurchases
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
3,255
|
|
|
$
|
73.83
|
|
|
January 2015
|
|
Structured repurchases
|
|
4,263
|
|
|
$
|
118.00
|
|
|
10,428
|
|
|
$
|
97.16
|
|
|
4,849
|
|
|
$
|
79.76
|
|
|
January 2017
|
|
Structured repurchases
|
|
3,923
|
|
|
$
|
151.80
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
Total shares
|
|
8,186
|
|
|
$
|
134.20
|
|
|
10,428
|
|
|
$
|
97.16
|
|
|
8,104
|
|
|
$
|
77.38
|
|
||
|
Total cost
|
|
$1,098,595
|
|
$1,013,131
|
|
$627,082
|
|||||||||||||||||
|
(1)
|
Stock repurchase agreements executed with large financial institutions.
See Stock Repurchase Program above.
|
|
|
|
Payment Due by Period
|
||||||||||||||||||
|
|
|
Total
|
|
Less than
1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than
5 years
|
||||||||||
|
Notes, including interest
|
|
$
|
2,250.6
|
|
|
$
|
75.3
|
|
|
$
|
1,061.6
|
|
|
$
|
65.0
|
|
|
$
|
1,048.7
|
|
|
Operating lease obligations
|
|
525.1
|
|
|
57.5
|
|
|
120.5
|
|
|
95.6
|
|
|
251.5
|
|
|||||
|
Purchase obligations
|
|
695.3
|
|
|
449.8
|
|
|
245.5
|
|
|
—
|
|
|
—
|
|
|||||
|
Total
|
|
$
|
3,471.0
|
|
|
$
|
582.6
|
|
|
$
|
1,427.6
|
|
|
$
|
160.6
|
|
|
$
|
1,300.2
|
|
|
|
Fiscal
2017 |
|
Fiscal
2016 |
|
Fiscal
2015 |
||||||
|
Euro
|
€
|
1,044.7
|
|
|
€
|
825.6
|
|
|
€
|
589.6
|
|
|
Japanese Yen (in billions)
|
¥
|
51.0
|
|
|
¥
|
38.7
|
|
|
¥
|
29.7
|
|
|
British Pounds
|
£
|
338.4
|
|
|
£
|
263.5
|
|
|
£
|
192
|
|
|
Due within one year
|
$
|
1,023.7
|
|
|
Due between one and two years
|
1,289.3
|
|
|
|
Due between two and three years
|
812.8
|
|
|
|
Due after three years
|
387.9
|
|
|
|
Total
|
$
|
3,513.7
|
|
|
-150 BPS
|
|
-100 BPS
|
|
-50 BPS
|
|
Fair Value 12/1/17
|
|
+50 BPS
|
|
+100 BPS
|
|
+150 BPS
|
||||||||||||||
|
$
|
3,595.2
|
|
|
$
|
3,568.1
|
|
|
$
|
3,540.9
|
|
|
$
|
3,513.7
|
|
|
$
|
3,486.5
|
|
|
$
|
3,459.3
|
|
|
$
|
3,432.1
|
|
|
-150 BPS
|
|
-100 BPS
|
|
-50 BPS
|
|
Fair Value 12/2/16
|
|
+50 BPS
|
|
+100 BPS
|
|
+150 BPS
|
||||||||||||||
|
$
|
3,828.5
|
|
|
$
|
3,805.9
|
|
|
$
|
3,778.4
|
|
|
$
|
3,750.0
|
|
|
$
|
3,721.6
|
|
|
$
|
3,693.2
|
|
|
$
|
3,664.8
|
|
|
|
Page No.
|
|
|
December 1,
2017 |
|
December 2,
2016 |
||||
|
ASSETS
|
|
|
|
||||
|
Current assets:
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
2,306,072
|
|
|
$
|
1,011,315
|
|
|
Short-term investments
|
3,513,702
|
|
|
3,749,985
|
|
||
|
Trade receivables, net of allowances for doubtful accounts of $9,151 and $6,214, respectively
|
1,217,968
|
|
|
833,033
|
|
||
|
Prepaid expenses and other current assets
|
210,071
|
|
|
245,441
|
|
||
|
Total current assets
|
7,247,813
|
|
|
5,839,774
|
|
||
|
Property and equipment, net
|
936,976
|
|
|
816,264
|
|
||
|
Goodwill
|
5,821,561
|
|
|
5,406,474
|
|
||
|
Purchased and other intangibles, net
|
385,658
|
|
|
414,405
|
|
||
|
Investment in lease receivable
|
—
|
|
|
80,439
|
|
||
|
Other assets
|
143,548
|
|
|
139,890
|
|
||
|
Total assets
|
$
|
14,535,556
|
|
|
$
|
12,697,246
|
|
|
|
|
|
|
||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
|
Current liabilities:
|
|
|
|
|
|
||
|
Trade payables
|
$
|
113,538
|
|
|
$
|
88,024
|
|
|
Accrued expenses
|
993,773
|
|
|
739,630
|
|
||
|
Income taxes payable
|
14,196
|
|
|
38,362
|
|
||
|
Deferred revenue
|
2,405,950
|
|
|
1,945,619
|
|
||
|
Total current liabilities
|
3,527,457
|
|
|
2,811,635
|
|
||
|
Long-term liabilities:
|
|
|
|
||||
|
Debt and capital lease obligations
|
1,881,421
|
|
|
1,892,200
|
|
||
|
Deferred revenue
|
88,592
|
|
|
69,131
|
|
||
|
Income taxes payable
|
173,088
|
|
|
184,381
|
|
||
|
Deferred income taxes
|
279,941
|
|
|
217,660
|
|
||
|
Other liabilities
|
125,188
|
|
|
97,404
|
|
||
|
Total liabilities
|
6,075,687
|
|
|
5,272,411
|
|
||
|
|
|
|
|
||||
|
Commitments and contingencies
|
|
|
|
|
|
||
|
|
|
|
|
||||
|
Stockholders’ equity:
|
|
|
|
|
|
||
|
Preferred stock, $0.0001 par value; 2,000 shares authorized; none issued
|
—
|
|
|
—
|
|
||
|
Common stock, $0.0001 par value; 900,000 shares authorized; 600,834 shares issued;
491,262 and 494,254 shares outstanding, respectively |
61
|
|
|
61
|
|
||
|
Additional paid-in-capital
|
5,082,195
|
|
|
4,616,331
|
|
||
|
Retained earnings
|
9,573,870
|
|
|
8,114,517
|
|
||
|
Accumulated other comprehensive income (loss)
|
(111,821
|
)
|
|
(173,602
|
)
|
||
|
Treasury stock, at cost (109,572 and 106,580 shares, respectively), net of reissuances
|
(6,084,436
|
)
|
|
(5,132,472
|
)
|
||
|
Total stockholders’ equity
|
8,459,869
|
|
|
7,424,835
|
|
||
|
Total liabilities and stockholders’ equity
|
$
|
14,535,556
|
|
|
$
|
12,697,246
|
|
|
|
Years Ended
|
||||||||||
|
|
December 1,
2017 |
|
December 2,
2016 |
|
November 27,
2015 |
||||||
|
Revenue:
|
|
|
|
|
|
||||||
|
Subscription
|
$
|
6,133,869
|
|
|
$
|
4,584,833
|
|
|
$
|
3,223,904
|
|
|
Product
|
706,767
|
|
|
800,498
|
|
|
1,125,146
|
|
|||
|
Services and support
|
460,869
|
|
|
469,099
|
|
|
446,461
|
|
|||
|
Total revenue
|
7,301,505
|
|
|
5,854,430
|
|
|
4,795,511
|
|
|||
|
Cost of revenue:
|
|
|
|
|
|
||||||
|
Subscription
|
623,048
|
|
|
461,860
|
|
|
409,194
|
|
|||
|
Product
|
57,082
|
|
|
68,917
|
|
|
90,035
|
|
|||
|
Services and support
|
330,361
|
|
|
289,131
|
|
|
245,088
|
|
|||
|
Total cost of revenue
|
1,010,491
|
|
|
819,908
|
|
|
744,317
|
|
|||
|
Gross profit
|
6,291,014
|
|
|
5,034,522
|
|
|
4,051,194
|
|
|||
|
Operating expenses:
|
|
|
|
|
|
||||||
|
Research and development
|
1,224,059
|
|
|
975,987
|
|
|
862,730
|
|
|||
|
Sales and marketing
|
2,197,592
|
|
|
1,910,197
|
|
|
1,683,242
|
|
|||
|
General and administrative
|
624,706
|
|
|
576,202
|
|
|
533,478
|
|
|||
|
Amortization of purchased intangibles
|
76,562
|
|
|
78,534
|
|
|
68,649
|
|
|||
|
Total operating expenses
|
4,122,919
|
|
|
3,540,920
|
|
|
3,148,099
|
|
|||
|
Operating income
|
2,168,095
|
|
|
1,493,602
|
|
|
903,095
|
|
|||
|
Non-operating income (expense):
|
|
|
|
|
|
||||||
|
Interest and other income (expense), net
|
36,395
|
|
|
13,548
|
|
|
33,909
|
|
|||
|
Interest expense
|
(74,402
|
)
|
|
(70,442
|
)
|
|
(64,184
|
)
|
|||
|
Investment gains (losses), net
|
7,553
|
|
|
(1,570
|
)
|
|
961
|
|
|||
|
Total non-operating income (expense), net
|
(30,454
|
)
|
|
(58,464
|
)
|
|
(29,314
|
)
|
|||
|
Income before income taxes
|
2,137,641
|
|
|
1,435,138
|
|
|
873,781
|
|
|||
|
Provision for income taxes
|
443,687
|
|
|
266,356
|
|
|
244,230
|
|
|||
|
Net income
|
$
|
1,693,954
|
|
|
$
|
1,168,782
|
|
|
$
|
629,551
|
|
|
Basic net income per share
|
$
|
3.43
|
|
|
$
|
2.35
|
|
|
$
|
1.26
|
|
|
Shares used to compute basic net income per share
|
493,632
|
|
|
498,345
|
|
|
498,764
|
|
|||
|
Diluted net income per share
|
$
|
3.38
|
|
|
$
|
2.32
|
|
|
$
|
1.24
|
|
|
Shares used to compute diluted net income per share
|
501,123
|
|
|
504,299
|
|
|
507,164
|
|
|||
|
|
Years Ended
|
||||||||||
|
|
December 1,
2017 |
|
December 2,
2016 |
|
November 27,
2015 |
||||||
|
|
Increase/(Decrease)
|
||||||||||
|
Net income
|
$
|
1,693,954
|
|
|
$
|
1,168,782
|
|
|
$
|
629,551
|
|
|
Other comprehensive income (loss), net of taxes:
|
|
|
|
|
|
||||||
|
Available-for-sale securities:
|
|
|
|
|
|
||||||
|
Unrealized gains / losses on available-for-sale securities
|
(2,503
|
)
|
|
(1,618
|
)
|
|
(9,226
|
)
|
|||
|
Reclassification adjustment for recognized gains / losses on available-for-sale securities
|
(947
|
)
|
|
(1,895
|
)
|
|
(2,955
|
)
|
|||
|
Net increase (decrease) from available-for-sale securities
|
(3,450
|
)
|
|
(3,513
|
)
|
|
(12,181
|
)
|
|||
|
Derivatives designated as hedging instruments:
|
|
|
|
|
|
||||||
|
Unrealized gains / losses on derivative instruments
|
6,917
|
|
|
35,199
|
|
|
29,795
|
|
|||
|
Reclassification adjustment for recognized gains / losses on derivative instruments
|
(31,973
|
)
|
|
(16,425
|
)
|
|
(55,535
|
)
|
|||
|
Net increase (decrease) from derivatives designated as hedging instruments
|
(25,056
|
)
|
|
18,774
|
|
|
(25,740
|
)
|
|||
|
Foreign currency translation adjustments
|
90,287
|
|
|
(19,783
|
)
|
|
(123,065
|
)
|
|||
|
Other comprehensive income (loss), net of taxes
|
61,781
|
|
|
(4,522
|
)
|
|
(160,986
|
)
|
|||
|
Total comprehensive income, net of taxes
|
$
|
1,755,735
|
|
|
$
|
1,164,260
|
|
|
$
|
468,565
|
|
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Treasury Stock
|
|
|
||||||||||||||||||
|
|
|
Shares
|
|
Amount
|
|
|
|
|
Shares
|
|
Amount
|
|
Total
|
|||||||||||||||||
|
Balances at November 28, 2014
|
|
600,834
|
|
|
$
|
61
|
|
|
$
|
3,778,495
|
|
|
$
|
6,924,294
|
|
|
$
|
(8,094
|
)
|
|
(103,350
|
)
|
|
$
|
(3,918,851
|
)
|
|
$
|
6,775,905
|
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
629,551
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
629,551
|
|
||||||
|
Other comprehensive income (losses), net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(160,986
|
)
|
|
—
|
|
|
—
|
|
|
(160,986
|
)
|
||||||
|
Re-issuance of treasury stock under
stock compensation plans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(300,414
|
)
|
|
—
|
|
|
8,429
|
|
|
278,311
|
|
|
(22,103
|
)
|
||||||
|
Tax benefit from
employee stock plans
|
|
—
|
|
|
—
|
|
|
68,133
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68,133
|
|
||||||
|
Purchase of treasury stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,104
|
)
|
|
(625,000
|
)
|
|
(625,000
|
)
|
||||||
|
Equity awards assumed for
acquisition
|
|
—
|
|
|
—
|
|
|
677
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
677
|
|
||||||
|
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
337,578
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
337,578
|
|
||||||
|
Value of shares in deferred
compensation plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,175
|
)
|
|
(2,175
|
)
|
||||||
|
Balances at November 27, 2015
|
|
600,834
|
|
|
$
|
61
|
|
|
$
|
4,184,883
|
|
|
$
|
7,253,431
|
|
|
$
|
(169,080
|
)
|
|
(103,025
|
)
|
|
$
|
(4,267,715
|
)
|
|
$
|
7,001,580
|
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,168,782
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,168,782
|
|
||||||
|
Other comprehensive income (losses), net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,522
|
)
|
|
—
|
|
|
—
|
|
|
(4,522
|
)
|
||||||
|
Re-issuance of treasury stock under
stock compensation plans
|
|
—
|
|
|
—
|
|
|
7,365
|
|
|
(307,696
|
)
|
|
—
|
|
|
6,872
|
|
|
209,628
|
|
|
(90,703
|
)
|
||||||
|
Tax benefit from employee stock
plans
|
|
—
|
|
|
—
|
|
|
75,102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,102
|
|
||||||
|
Purchase of treasury stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,427
|
)
|
|
(1,075,000
|
)
|
|
(1,075,000
|
)
|
||||||
|
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
348,981
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
348,981
|
|
||||||
|
Value of shares in deferred
compensation plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
615
|
|
|
615
|
|
||||||
|
Balances at December 2, 2016
|
|
600,834
|
|
|
$
|
61
|
|
|
$
|
4,616,331
|
|
|
$
|
8,114,517
|
|
|
$
|
(173,602
|
)
|
|
(106,580
|
)
|
|
$
|
(5,132,472
|
)
|
|
$
|
7,424,835
|
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,693,954
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,693,954
|
|
||||||
|
Other comprehensive income (losses), net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61,781
|
|
|
—
|
|
|
—
|
|
|
61,781
|
|
||||||
|
Re-issuance of treasury stock under
stock compensation plans
|
|
—
|
|
|
—
|
|
|
1,768
|
|
|
(234,601
|
)
|
|
—
|
|
|
5,194
|
|
|
151,058
|
|
|
(81,775
|
)
|
||||||
|
Purchase of treasury stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,186
|
)
|
|
(1,100,000
|
)
|
|
(1,100,000
|
)
|
||||||
|
Equity awards assumed for
acquisition
|
|
—
|
|
|
—
|
|
|
10,348
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,348
|
|
||||||
|
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
453,748
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
453,748
|
|
||||||
|
Value of shares in deferred
compensation plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,022
|
)
|
|
(3,022
|
)
|
||||||
|
Balances at December 1, 2017
|
|
600,834
|
|
|
$
|
61
|
|
|
$
|
5,082,195
|
|
|
$
|
9,573,870
|
|
|
$
|
(111,821
|
)
|
|
(109,572
|
)
|
|
$
|
(6,084,436
|
)
|
|
$
|
8,459,869
|
|
|
|
Years Ended
|
||||||||||
|
|
December 1,
2017 |
|
December 2,
2016 |
|
November 27,
2015 |
||||||
|
Cash flows from operating activities:
|
|
|
|
|
|
||||||
|
Net income
|
$
|
1,693,954
|
|
|
$
|
1,168,782
|
|
|
$
|
629,551
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
|
Depreciation, amortization and accretion
|
325,997
|
|
|
331,535
|
|
|
339,473
|
|
|||
|
Stock-based compensation
|
451,451
|
|
|
349,912
|
|
|
335,859
|
|
|||
|
Deferred income taxes
|
51,605
|
|
|
24,222
|
|
|
(69,657
|
)
|
|||
|
Gain on the sale of property
|
—
|
|
|
—
|
|
|
(21,415
|
)
|
|||
|
Unrealized (gains) losses on investments
|
(5,494
|
)
|
|
3,145
|
|
|
(9,210
|
)
|
|||
|
Excess tax benefits from stock-based compensation
|
—
|
|
|
(75,105
|
)
|
|
(68,153
|
)
|
|||
|
Other non-cash items
|
4,625
|
|
|
2,022
|
|
|
1,216
|
|
|||
|
Changes in operating assets and liabilities, net of acquired assets and
assumed liabilities: |
|
|
|
|
|
||||||
|
Trade receivables, net
|
(187,173
|
)
|
|
(160,416
|
)
|
|
(79,502
|
)
|
|||
|
Prepaid expenses and other current assets
|
28,040
|
|
|
(71,021
|
)
|
|
(7,701
|
)
|
|||
|
Trade payables
|
(45,186
|
)
|
|
(6,281
|
)
|
|
22,870
|
|
|||
|
Accrued expenses
|
154,125
|
|
|
64,978
|
|
|
(22,564
|
)
|
|||
|
Income taxes payable
|
(34,493
|
)
|
|
43,115
|
|
|
97,934
|
|
|||
|
Deferred revenue
|
475,402
|
|
|
524,840
|
|
|
320,801
|
|
|||
|
Net cash provided by operating activities
|
2,912,853
|
|
|
2,199,728
|
|
|
1,469,502
|
|
|||
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||
|
Purchases of short-term investments
|
(1,931,011
|
)
|
|
(2,285,222
|
)
|
|
(2,064,833
|
)
|
|||
|
Maturities of short-term investments
|
759,737
|
|
|
769,228
|
|
|
371,790
|
|
|||
|
Proceeds from sales of short-term investments
|
1,393,929
|
|
|
860,849
|
|
|
1,176,476
|
|
|||
|
Acquisitions, net of cash acquired
|
(459,626
|
)
|
|
(48,427
|
)
|
|
(826,004
|
)
|
|||
|
Purchases of property and equipment
|
(178,122
|
)
|
|
(203,805
|
)
|
|
(184,936
|
)
|
|||
|
Proceeds from sale of property
|
—
|
|
|
—
|
|
|
57,779
|
|
|||
|
Purchases of long-term investments, intangibles and other assets
|
(29,918
|
)
|
|
(58,433
|
)
|
|
(22,779
|
)
|
|||
|
Proceeds from sale of long-term investments
|
2,134
|
|
|
5,777
|
|
|
4,149
|
|
|||
|
Net cash used for investing activities
|
(442,877
|
)
|
|
(960,033
|
)
|
|
(1,488,358
|
)
|
|||
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||
|
Purchases of treasury stock
|
(1,100,000
|
)
|
|
(1,075,000
|
)
|
|
(625,000
|
)
|
|||
|
Proceeds from issuance of treasury stock
|
158,351
|
|
|
145,697
|
|
|
164,270
|
|
|||
|
Taxes paid related to net share settlement of equity awards
|
(240,126
|
)
|
|
(236,400
|
)
|
|
(186,373
|
)
|
|||
|
Excess tax benefits from stock-based compensation
|
—
|
|
|
75,105
|
|
|
68,153
|
|
|||
|
Proceeds from debt issuance
|
—
|
|
|
—
|
|
|
989,280
|
|
|||
|
Repayment of debt and capital lease obligations
|
(1,960
|
)
|
|
(108
|
)
|
|
(602,189
|
)
|
|||
|
Debt issuance costs
|
—
|
|
|
—
|
|
|
(8,828
|
)
|
|||
|
Net cash used for financing activities
|
(1,183,735
|
)
|
|
(1,090,706
|
)
|
|
(200,687
|
)
|
|||
|
Effect of foreign currency exchange rates on cash and cash equivalents
|
8,516
|
|
|
(14,234
|
)
|
|
(21,297
|
)
|
|||
|
Net increase (decrease) in cash and cash equivalents
|
1,294,757
|
|
|
134,755
|
|
|
(240,840
|
)
|
|||
|
Cash and cash equivalents at beginning of year
|
1,011,315
|
|
|
876,560
|
|
|
1,117,400
|
|
|||
|
Cash and cash equivalents at end of year
|
$
|
2,306,072
|
|
|
$
|
1,011,315
|
|
|
$
|
876,560
|
|
|
Supplemental disclosures:
|
|
|
|
|
|
|
|||||
|
Cash paid for income taxes, net of refunds
|
$
|
396,668
|
|
|
$
|
249,884
|
|
|
$
|
203,010
|
|
|
Cash paid for interest
|
$
|
69,430
|
|
|
$
|
66,193
|
|
|
$
|
56,014
|
|
|
Non-cash investing activities:
|
|
|
|
|
|
||||||
|
Investment in lease receivable applied to building purchase
|
$
|
80,439
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Issuance of common stock and stock awards assumed in business acquisitions
|
$
|
10,348
|
|
|
$
|
—
|
|
|
$
|
677
|
|
|
•
|
Distributors are allowed limited rights of return of products purchased during the previous quarter. In addition, distributors are allowed to return products that have reached the end of their lives, as defined by us, and products that are being replaced by new versions.
|
|
•
|
We offer rebates to our distributors, resellers and/or end user customers. The amount of revenue that is reduced for distributor and reseller rebates is based on actual performance against objectives set forth by us for a particular reporting period (volume, timely reporting, etc.). If mail-in or other promotional rebates are offered, the amount of revenue reduced is based on the dollar amount of the rebate, taking into consideration an estimated redemption rate calculated using historical trends.
|
|
•
|
From time to time, we may offer price protection to our distributors that allow for the right to a credit if we permanently reduce the price of a software product. The amount of revenue that is reduced for price protection is calculated as the difference between the old and new price of a software product on inventory held by the distributor immediately prior to the effective date of the decrease.
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
Beginning balance
|
|
$
|
23,096
|
|
|
$
|
19,446
|
|
|
$
|
17,402
|
|
|
Amount charged to revenue
|
|
61,031
|
|
|
55,739
|
|
|
45,676
|
|
|||
|
Actual returns
|
|
(62,121
|
)
|
|
(52,089
|
)
|
|
(43,632
|
)
|
|||
|
Ending balance
|
|
$
|
22,006
|
|
|
$
|
23,096
|
|
|
$
|
19,446
|
|
|
(in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
Beginning balance
|
|
$
|
6,214
|
|
|
$
|
7,293
|
|
|
$
|
7,867
|
|
|
Increase due to acquisition
|
|
2,391
|
|
|
77
|
|
|
326
|
|
|||
|
Charged to operating expenses
|
|
4,411
|
|
|
1,337
|
|
|
1,472
|
|
|||
|
Deductions
(1)
|
|
(3,865
|
)
|
|
(2,493
|
)
|
|
(2,372
|
)
|
|||
|
Ending balance
|
|
$
|
9,151
|
|
|
$
|
6,214
|
|
|
$
|
7,293
|
|
|
(1)
|
Deductions related to the allowance for doubtful accounts represent amounts written off against the allowance, less recoveries.
|
|
|
Weighted Average
Useful Life (years
)
|
|
Purchased technology
|
5
|
|
Customer contracts and relationships
|
9
|
|
Trademarks
|
8
|
|
Acquired rights to use technology
|
9
|
|
Localization
|
1
|
|
Other intangibles
|
5
|
|
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
|
Current assets:
|
|
|
|
|
|
|
|
||||||||
|
Cash
|
$
|
280,488
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
280,488
|
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
|
Money market mutual funds
|
2,006,741
|
|
|
—
|
|
|
—
|
|
|
2,006,741
|
|
||||
|
Time deposits
|
18,843
|
|
|
—
|
|
|
—
|
|
|
18,843
|
|
||||
|
Total cash equivalents
|
2,025,584
|
|
|
—
|
|
|
—
|
|
|
2,025,584
|
|
||||
|
Total cash and cash equivalents
|
2,306,072
|
|
|
—
|
|
|
—
|
|
|
2,306,072
|
|
||||
|
Short-term fixed income securities:
|
|
|
|
|
|
|
|
||||||||
|
Asset-backed securities
|
98,403
|
|
|
1
|
|
|
(403
|
)
|
|
98,001
|
|
||||
|
Corporate bonds and commercial paper
|
2,461,691
|
|
|
2,694
|
|
|
(10,125
|
)
|
|
2,454,260
|
|
||||
|
Foreign government securities
|
2,396
|
|
|
—
|
|
|
(8
|
)
|
|
2,388
|
|
||||
|
Municipal securities
|
21,189
|
|
|
8
|
|
|
(132
|
)
|
|
21,065
|
|
||||
|
U.S. Treasury securities
|
941,538
|
|
|
2
|
|
|
(3,552
|
)
|
|
937,988
|
|
||||
|
Total short-term investments
|
3,525,217
|
|
|
2,705
|
|
|
(14,220
|
)
|
|
3,513,702
|
|
||||
|
Total cash, cash equivalents and short-term investments
|
$
|
5,831,289
|
|
|
$
|
2,705
|
|
|
$
|
(14,220
|
)
|
|
$
|
5,819,774
|
|
|
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
|
Current assets:
|
|
|
|
|
|
|
|
||||||||
|
Cash
|
$
|
208,635
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
208,635
|
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
||||||
|
Corporate bonds and commercial paper
|
1,249
|
|
|
—
|
|
|
—
|
|
|
1,249
|
|
||||
|
Money market mutual funds
|
782,210
|
|
|
—
|
|
|
—
|
|
|
782,210
|
|
||||
|
Municipal securities
|
1,301
|
|
|
—
|
|
|
—
|
|
|
1,301
|
|
||||
|
Time deposits
|
17,920
|
|
|
—
|
|
|
—
|
|
|
17,920
|
|
||||
|
Total cash equivalents
|
802,680
|
|
|
—
|
|
|
—
|
|
|
802,680
|
|
||||
|
Total cash and cash equivalents
|
1,011,315
|
|
|
—
|
|
|
—
|
|
|
1,011,315
|
|
||||
|
Short-term fixed income securities:
|
|
|
|
|
|
|
|
|
|||||||
|
Asset backed securities
|
111,009
|
|
|
95
|
|
|
(190
|
)
|
|
110,914
|
|
||||
|
Corporate bonds and commercial paper
|
2,464,769
|
|
|
3,135
|
|
|
(9,554
|
)
|
|
2,458,350
|
|
||||
|
Municipal securities
|
134,710
|
|
|
37
|
|
|
(525
|
)
|
|
134,222
|
|
||||
|
U.S. agency securities
|
39,538
|
|
|
42
|
|
|
—
|
|
|
39,580
|
|
||||
|
U.S. Treasury securities
|
1,008,195
|
|
|
194
|
|
|
(1,470
|
)
|
|
1,006,919
|
|
||||
|
Total short-term investments
|
3,758,221
|
|
|
3,503
|
|
|
(11,739
|
)
|
|
3,749,985
|
|
||||
|
Total cash, cash equivalents and short-term investments
|
$
|
4,769,536
|
|
|
$
|
3,503
|
|
|
$
|
(11,739
|
)
|
|
$
|
4,761,300
|
|
|
|
2017
|
|
2016
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
Corporate bonds and commercial paper
|
$
|
1,338,232
|
|
|
$
|
(5,459
|
)
|
|
$
|
1,282,076
|
|
|
$
|
(9,474
|
)
|
|
Asset-backed securities
|
64,618
|
|
|
(193
|
)
|
|
54,063
|
|
|
(189
|
)
|
||||
|
Municipal securities
|
11,805
|
|
|
(115
|
)
|
|
114,810
|
|
|
(525
|
)
|
||||
|
Foreign government securities
|
2,388
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
||||
|
U.S. Treasury and agency securities
|
593,296
|
|
|
(2,087
|
)
|
|
580,529
|
|
|
(1,470
|
)
|
||||
|
Total
|
$
|
2,010,339
|
|
|
$
|
(7,862
|
)
|
|
$
|
2,031,478
|
|
|
$
|
(11,658
|
)
|
|
|
2017
|
|
2016
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
Corporate bonds and commercial paper
|
$
|
500,689
|
|
|
$
|
(4,666
|
)
|
|
$
|
39,162
|
|
|
$
|
(80
|
)
|
|
Asset-backed security
|
32,383
|
|
|
(210
|
)
|
|
1,331
|
|
|
(1
|
)
|
||||
|
Municipal securities
|
598
|
|
|
(17
|
)
|
|
—
|
|
|
—
|
|
||||
|
U.S. Treasury securities
|
338,950
|
|
|
(1,465
|
)
|
|
—
|
|
|
—
|
|
||||
|
Total
|
$
|
872,620
|
|
|
$
|
(6,358
|
)
|
|
$
|
40,493
|
|
|
$
|
(81
|
)
|
|
|
Amortized
Cost
|
|
Estimated
Fair Value
|
||||
|
Due within one year
|
$
|
1,025,894
|
|
|
$
|
1,023,639
|
|
|
Due between one and two years
|
1,294,919
|
|
|
1,289,307
|
|
||
|
Due between two and three years
|
815,254
|
|
|
812,828
|
|
||
|
Due after three years
|
389,150
|
|
|
387,928
|
|
||
|
Total
|
$
|
3,525,217
|
|
|
$
|
3,513,702
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||
|
|
|
|
Quoted Prices
in Active
Markets for
Identical Assets
|
|
Significant
Other
Observable
Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
Assets:
|
|
|
|
|
|
|
|
||||||||
|
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
|
Money market mutual funds
|
$
|
2,006,741
|
|
|
$
|
2,006,741
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Time deposits
|
18,843
|
|
|
18,843
|
|
|
—
|
|
|
—
|
|
||||
|
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
|
Asset-backed securities
|
98,001
|
|
|
—
|
|
|
98,001
|
|
|
—
|
|
||||
|
Corporate bonds and commercial paper
|
2,454,260
|
|
|
—
|
|
|
2,454,260
|
|
|
—
|
|
||||
|
Foreign government securities
|
2,388
|
|
|
—
|
|
|
2,388
|
|
|
—
|
|
||||
|
Municipal securities
|
21,065
|
|
|
—
|
|
|
21,065
|
|
|
—
|
|
||||
|
U.S. Treasury securities
|
937,988
|
|
|
—
|
|
|
937,988
|
|
|
—
|
|
||||
|
Prepaid expenses and other current assets:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Foreign currency derivatives
|
14,198
|
|
|
—
|
|
|
14,198
|
|
|
—
|
|
||||
|
Other assets:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Deferred compensation plan assets
|
56,690
|
|
|
2,573
|
|
|
54,117
|
|
|
—
|
|
||||
|
Total assets
|
$
|
5,610,174
|
|
|
$
|
2,028,157
|
|
|
$
|
3,582,017
|
|
|
$
|
—
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Accrued expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Foreign currency derivatives
|
$
|
1,598
|
|
|
$
|
—
|
|
|
$
|
1,598
|
|
|
$
|
—
|
|
|
Other liabilities:
|
|
|
|
|
|
|
|
||||||||
|
Interest rate swap derivatives
|
1,058
|
|
|
—
|
|
|
1,058
|
|
|
—
|
|
||||
|
Total liabilities
|
$
|
2,656
|
|
|
$
|
—
|
|
|
$
|
2,656
|
|
|
$
|
—
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||
|
|
|
|
Quoted Prices
in Active
Markets for
Identical Assets
|
|
Significant
Other
Observable
Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
Assets:
|
|
|
|
|
|
|
|
||||||||
|
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
|
Corporate bonds and commercial paper
|
$
|
1,249
|
|
|
$
|
—
|
|
|
$
|
1,249
|
|
|
$
|
—
|
|
|
Money market mutual funds
|
782,210
|
|
|
782,210
|
|
|
—
|
|
|
—
|
|
||||
|
Municipal securities
|
1,301
|
|
|
—
|
|
|
1,301
|
|
|
—
|
|
||||
|
Time deposits
|
17,920
|
|
|
17,920
|
|
|
—
|
|
|
—
|
|
||||
|
Short-term investments:
|
|
|
|
|
|
|
|
|
|||||||
|
Asset-backed securities
|
110,914
|
|
|
—
|
|
|
110,914
|
|
|
—
|
|
||||
|
Corporate bonds and commercial paper
|
2,458,350
|
|
|
—
|
|
|
2,458,350
|
|
|
—
|
|
||||
|
Municipal securities
|
134,222
|
|
|
—
|
|
|
134,222
|
|
|
—
|
|
||||
|
U.S. agency securities
|
39,580
|
|
|
—
|
|
|
39,580
|
|
|
—
|
|
||||
|
U.S. Treasury securities
|
1,006,919
|
|
|
—
|
|
|
1,006,919
|
|
|
—
|
|
||||
|
Prepaid expenses and other current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Foreign currency derivatives
|
38,112
|
|
|
—
|
|
|
38,112
|
|
|
—
|
|
||||
|
Other assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Deferred compensation plan assets
|
42,180
|
|
|
1,831
|
|
|
40,349
|
|
|
—
|
|
||||
|
Interest rate swap derivatives
|
13,117
|
|
|
—
|
|
|
13,117
|
|
|
—
|
|
||||
|
Total assets
|
$
|
4,646,074
|
|
|
$
|
801,961
|
|
|
$
|
3,844,113
|
|
|
$
|
—
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Accrued expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Foreign currency derivatives
|
$
|
5,246
|
|
|
$
|
—
|
|
|
$
|
5,246
|
|
|
$
|
—
|
|
|
Total liabilities
|
$
|
5,246
|
|
|
$
|
—
|
|
|
$
|
5,246
|
|
|
$
|
—
|
|
|
|
2017
|
|
2016
|
||||||||||||
|
|
Fair Value
Asset
Derivatives
|
|
Fair Value
Liability
Derivatives
|
|
Fair Value
Asset
Derivatives
|
|
Fair Value
Liability
Derivatives
|
||||||||
|
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
|
Foreign exchange option contracts
(1)(2)
|
$
|
12,918
|
|
|
$
|
—
|
|
|
$
|
34,355
|
|
|
$
|
—
|
|
|
Interest rate swap
(3)
|
—
|
|
|
1,058
|
|
|
13,117
|
|
|
—
|
|
||||
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
|
Foreign exchange forward contracts
(1)
|
1,280
|
|
|
1,598
|
|
|
3,757
|
|
|
5,246
|
|
||||
|
Total derivatives
|
$
|
14,198
|
|
|
$
|
2,656
|
|
|
$
|
51,229
|
|
|
$
|
5,246
|
|
|
(1)
|
Included in prepaid expenses and other current assets and accrued expenses for asset derivatives and liability derivatives, respectively, on our Consolidated Balance Sheets.
|
|
(2)
|
Hedging effectiveness expected to be recognized to income within the next twelve months.
|
|
(3)
|
Included in other liabilities and other assets in fiscal 2017 and 2016, respectively, on our Consolidated Balance Sheets.
|
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||
|
|
Foreign
Exchange
Option
Contracts
|
|
Foreign
Exchange
Forward
Contracts
|
|
Foreign
Exchange
Option
Contracts
|
|
Foreign
Exchange
Forward
Contracts
|
|
Foreign
Exchange
Option
Contracts
|
|
Foreign
Exchange
Forward
Contracts
|
||||||||||||
|
Derivatives in cash flow hedging relationships:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net gain (loss) recognized in other comprehensive income, net of tax
(1)
|
$
|
6,917
|
|
|
$
|
—
|
|
|
$
|
36,511
|
|
|
$
|
—
|
|
|
$
|
39,825
|
|
|
$
|
—
|
|
|
Net gain (loss) reclassified from accumulated
other comprehensive income into income, net of tax
(2)
|
$
|
32,852
|
|
|
$
|
—
|
|
|
$
|
18,823
|
|
|
$
|
—
|
|
|
$
|
56,336
|
|
|
$
|
—
|
|
|
Net gain (loss) recognized in income
(3)
|
$
|
(30,243
|
)
|
|
$
|
—
|
|
|
$
|
(29,169
|
)
|
|
$
|
—
|
|
|
$
|
(17,423
|
)
|
|
$
|
—
|
|
|
Derivatives not designated as hedging relationships:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net gain (loss) recognized in income
(4)
|
$
|
—
|
|
|
$
|
6,586
|
|
|
$
|
—
|
|
|
$
|
(1,308
|
)
|
|
$
|
—
|
|
|
$
|
4,430
|
|
|
(1)
|
Net change in the fair value of the effective portion classified in other comprehensive income (“OCI”).
|
|
(2)
|
Effective portion classified as revenue.
|
|
(3)
|
Ineffective portion and amount excluded from effectiveness testing classified in interest and other income (expense), net.
|
|
(4)
|
Classified in interest and other income (expense), net.
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
Gain (loss) on foreign currency assets and liabilities:
|
|
|
|
|
|
|
||||||
|
Net realized gain (loss) recognized in other income
|
|
$
|
(6,142
|
)
|
|
$
|
832
|
|
|
$
|
(10,952
|
)
|
|
Net unrealized gain (loss) recognized in other income
|
|
(907
|
)
|
|
(6,070
|
)
|
|
3,815
|
|
|||
|
|
|
(7,049
|
)
|
|
(5,238
|
)
|
|
(7,137
|
)
|
|||
|
Gain (loss) on hedges of foreign currency assets and liabilities:
|
|
|
|
|
|
|
||||||
|
Net realized gain recognized in other income
|
|
5,415
|
|
|
174
|
|
|
5,490
|
|
|||
|
Net unrealized gain (loss) recognized in other income
|
|
1,171
|
|
|
(1,482
|
)
|
|
(1,060
|
)
|
|||
|
|
|
6,586
|
|
|
(1,308
|
)
|
|
4,430
|
|
|||
|
Net gain (loss) recognized in interest and other income (expense), net
|
|
$
|
(463
|
)
|
|
$
|
(6,546
|
)
|
|
$
|
(2,707
|
)
|
|
|
|
2017
|
|
2016
|
||||
|
Computers and equipment
|
|
$
|
1,128,264
|
|
|
$
|
1,051,937
|
|
|
Furniture and fixtures
|
|
115,273
|
|
|
94,243
|
|
||
|
Capital projects in-progress
|
|
5,575
|
|
|
7,648
|
|
||
|
Leasehold improvements
|
|
120,165
|
|
|
110,414
|
|
||
|
Land
|
|
77,723
|
|
|
77,340
|
|
||
|
Buildings
|
|
490,665
|
|
|
382,364
|
|
||
|
Building improvements
|
|
265,829
|
|
|
202,266
|
|
||
|
Total
|
|
2,203,494
|
|
|
1,926,212
|
|
||
|
Less accumulated depreciation and amortization
|
|
(1,266,518
|
)
|
|
(1,109,948
|
)
|
||
|
Property and equipment, net
|
|
$
|
936,976
|
|
|
$
|
816,264
|
|
|
|
|
2015
|
|
Acquisitions
|
|
Other
(1)
|
|
2016
|
|
Acquisitions
|
|
Other
(1)
|
|
2017
|
||||||||||||||
|
Digital Media
|
|
$
|
2,796,302
|
|
|
$
|
—
|
|
|
$
|
288
|
|
|
$
|
2,796,590
|
|
|
$
|
—
|
|
|
$
|
4,501
|
|
|
$
|
2,801,091
|
|
|
Digital Marketing
|
|
2,312,158
|
|
|
35,802
|
|
|
3,502
|
|
|
2,351,462
|
|
|
348,352
|
|
|
62,232
|
|
|
2,762,046
|
|
|||||||
|
Print and Publishing
|
|
258,421
|
|
|
—
|
|
|
1
|
|
|
258,422
|
|
|
—
|
|
|
2
|
|
|
258,424
|
|
|||||||
|
Goodwill
|
|
$
|
5,366,881
|
|
|
$
|
35,802
|
|
|
$
|
3,791
|
|
|
$
|
5,406,474
|
|
|
$
|
348,352
|
|
|
$
|
66,735
|
|
|
$
|
5,821,561
|
|
|
(1)
|
Amounts primarily consist of foreign currency translation adjustments.
|
|
|
|
2017
|
|
2016
|
||||
|
Digital Media
|
|
$
|
128,243
|
|
|
$
|
203,570
|
|
|
Digital Marketing
|
|
257,408
|
|
|
210,823
|
|
||
|
Print and Publishing
|
|
7
|
|
|
12
|
|
||
|
Purchased and other intangible assets, net
|
|
$
|
385,658
|
|
|
$
|
414,405
|
|
|
|
2017
|
|
2016
|
||||||||||||||||||||
|
|
Cost
|
|
Accumulated Amortization
|
|
Net
|
|
Cost
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
|
Purchased technology
|
$
|
223,252
|
|
|
$
|
(110,433
|
)
|
|
$
|
112,819
|
|
|
$
|
149,253
|
|
|
$
|
(82,091
|
)
|
|
$
|
67,162
|
|
|
Customer contracts and relationships
|
$
|
577,484
|
|
|
$
|
(356,613
|
)
|
|
$
|
220,871
|
|
|
$
|
541,366
|
|
|
$
|
(274,380
|
)
|
|
$
|
266,986
|
|
|
Trademarks
|
76,255
|
|
|
(56,094
|
)
|
|
20,161
|
|
|
76,355
|
|
|
(46,846
|
)
|
|
29,509
|
|
||||||
|
Acquired rights to use technology
|
71,130
|
|
|
(54,223
|
)
|
|
16,907
|
|
|
87,403
|
|
|
(60,929
|
)
|
|
26,474
|
|
||||||
|
Localization
|
603
|
|
|
(170
|
)
|
|
433
|
|
|
631
|
|
|
(177
|
)
|
|
454
|
|
||||||
|
Other intangibles
|
38,693
|
|
|
(24,226
|
)
|
|
14,467
|
|
|
38,693
|
|
|
(14,873
|
)
|
|
23,820
|
|
||||||
|
Total other intangible assets
|
$
|
764,165
|
|
|
$
|
(491,326
|
)
|
|
$
|
272,839
|
|
|
$
|
744,448
|
|
|
$
|
(397,205
|
)
|
|
$
|
347,243
|
|
|
Purchased and other intangible
assets, net |
$
|
987,417
|
|
|
$
|
(601,759
|
)
|
|
$
|
385,658
|
|
|
$
|
893,701
|
|
|
$
|
(479,296
|
)
|
|
$
|
414,405
|
|
|
Fiscal Year
|
|
Purchased
Technology
|
|
Other Intangible
Assets
|
||||
|
2018
|
$
|
37,984
|
|
|
$
|
97,726
|
|
|
|
2019
|
34,404
|
|
|
69,733
|
|
|||
|
2020
|
32,111
|
|
|
39,658
|
|
|||
|
2021
|
7,203
|
|
|
17,304
|
|
|||
|
2022
|
1,117
|
|
|
14,297
|
|
|||
|
Thereafter
|
—
|
|
|
34,121
|
|
|||
|
Total expected amortization expense
|
$
|
112,819
|
|
|
$
|
272,839
|
|
|
|
|
2017
|
|
2016
|
||||
|
Accrued compensation and benefits
|
$
|
417,742
|
|
|
$
|
339,487
|
|
|
Accrued media costs
|
134,525
|
|
|
5,144
|
|
||
|
Sales and marketing allowances
|
47,389
|
|
|
55,681
|
|
||
|
Accrued corporate marketing
|
72,087
|
|
|
55,218
|
|
||
|
Taxes payable
|
49,550
|
|
|
43,113
|
|
||
|
Royalties payable
|
46,411
|
|
|
25,089
|
|
||
|
Accrued interest expense
|
25,594
|
|
|
25,805
|
|
||
|
Other
|
200,475
|
|
|
190,093
|
|
||
|
Accrued expenses
|
$
|
993,773
|
|
|
$
|
739,630
|
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
Domestic
|
|
$
|
1,056,156
|
|
|
$
|
805,749
|
|
|
$
|
589,371
|
|
|
Foreign
|
|
1,081,485
|
|
|
629,389
|
|
|
284,410
|
|
|||
|
Income before income taxes
|
|
$
|
2,137,641
|
|
|
$
|
1,435,138
|
|
|
$
|
873,781
|
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
Current:
|
|
|
|
|
|
|
||||||
|
United States federal
|
|
$
|
298,802
|
|
|
$
|
94,396
|
|
|
$
|
204,834
|
|
|
Foreign
|
|
60,962
|
|
|
59,749
|
|
|
52,125
|
|
|||
|
State and local
|
|
33,578
|
|
|
15,222
|
|
|
(14,975
|
)
|
|||
|
Total current
|
|
393,342
|
|
|
169,367
|
|
|
241,984
|
|
|||
|
Deferred:
|
|
|
|
|
|
|
|
|
|
|||
|
United States federal
|
|
48,905
|
|
|
33,924
|
|
|
(31,011
|
)
|
|||
|
Foreign
|
|
(4,242
|
)
|
|
(2,751
|
)
|
|
(9,368
|
)
|
|||
|
State and local
|
|
5,682
|
|
|
(9,287
|
)
|
|
(25,511
|
)
|
|||
|
Total deferred
|
|
50,345
|
|
|
21,886
|
|
|
(65,890
|
)
|
|||
|
Tax expense attributable to employee stock plans
|
|
—
|
|
|
75,103
|
|
|
68,136
|
|
|||
|
Provision for income taxes
|
|
$
|
443,687
|
|
|
$
|
266,356
|
|
|
$
|
244,230
|
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
Computed “expected” tax expense
|
|
$
|
748,174
|
|
|
$
|
502,298
|
|
|
$
|
305,824
|
|
|
State tax expense, net of federal benefit
|
|
25,131
|
|
|
10,636
|
|
|
(8,316
|
)
|
|||
|
Tax credits
|
|
(38,000
|
)
|
|
(48,383
|
)
|
|
(25,967
|
)
|
|||
|
Differences between statutory rate and foreign effective tax rate
|
|
(215,490
|
)
|
|
(133,778
|
)
|
|
(90,063
|
)
|
|||
|
Stock-based compensation, net of tax deduction
|
|
(42,512
|
)
|
|
15,101
|
|
|
9,623
|
|
|||
|
Resolution of income tax examinations
|
|
(31,358
|
)
|
|
(68,003
|
)
|
|
(17,595
|
)
|
|||
|
Domestic manufacturing deduction benefit
|
|
(32,200
|
)
|
|
(26,990
|
)
|
|
(16,800
|
)
|
|||
|
Tax charge for licensing acquired company technology to foreign subsidiaries
|
|
24,771
|
|
|
5,346
|
|
|
80,015
|
|
|||
|
Other, net
|
|
5,171
|
|
|
10,129
|
|
|
7,509
|
|
|||
|
Provision for income taxes
|
|
$
|
443,687
|
|
|
$
|
266,356
|
|
|
$
|
244,230
|
|
|
|
|
2017
|
|
2016
|
||||
|
Deferred tax assets:
|
|
|
|
|
||||
|
Acquired technology
|
|
$
|
4,846
|
|
|
$
|
7,421
|
|
|
Reserves and accruals
|
|
48,761
|
|
|
35,440
|
|
||
|
Deferred revenue
|
|
23,452
|
|
|
21,039
|
|
||
|
Unrealized losses on investments
|
|
11
|
|
|
2,391
|
|
||
|
Stock-based compensation
|
|
74,942
|
|
|
56,353
|
|
||
|
Net operating loss carryforwards of acquired companies
|
|
44,465
|
|
|
31,305
|
|
||
|
Credit carryforwards
|
|
124,205
|
|
|
63,315
|
|
||
|
Capitalized expenses
|
|
13,428
|
|
|
15,571
|
|
||
|
Benefits relating to tax positions
|
|
33,318
|
|
|
39,492
|
|
||
|
Other
|
|
30,289
|
|
|
26,439
|
|
||
|
Total gross deferred tax assets
|
|
397,717
|
|
|
298,766
|
|
||
|
Deferred tax asset valuation allowance
|
|
(93,568
|
)
|
|
(24,265
|
)
|
||
|
Total deferred tax assets
|
|
304,149
|
|
|
274,501
|
|
||
|
Deferred tax liabilities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
84,064
|
|
|
78,619
|
|
||
|
Undistributed earnings of foreign subsidiaries
|
|
382,744
|
|
|
292,844
|
|
||
|
Acquired intangible assets
|
|
117,282
|
|
|
120,698
|
|
||
|
Total deferred tax liabilities
|
|
584,090
|
|
|
492,161
|
|
||
|
Net deferred tax liabilities:
|
|
$
|
279,941
|
|
|
$
|
217,660
|
|
|
|
|
2017
|
|
2016
|
||||
|
Beginning balance
|
|
$
|
178,413
|
|
|
$
|
258,718
|
|
|
Gross increases in unrecognized tax benefits – prior year tax positions
|
|
3,680
|
|
|
6,047
|
|
||
|
Gross decreases in unrecognized tax benefits – prior year tax positions
|
|
(30,166
|
)
|
|
(67,870
|
)
|
||
|
Gross increases in unrecognized tax benefits – current year tax positions
|
|
24,927
|
|
|
23,068
|
|
||
|
Settlements with taxing authorities
|
|
(3,876
|
)
|
|
(33,265
|
)
|
||
|
Lapse of statute of limitations
|
|
(8,819
|
)
|
|
(8,456
|
)
|
||
|
Foreign exchange gains and losses
|
|
8,786
|
|
|
171
|
|
||
|
Ending balance
|
|
$
|
172,945
|
|
|
$
|
178,413
|
|
|
|
2017
|
|
2016
|
|
2015
|
|
Expected life (in years)
|
0.5 - 2.0
|
|
0.5 - 2.0
|
|
0.5 - 2.0
|
|
Volatility
|
22% - 27%
|
|
26% - 29%
|
|
26% - 30%
|
|
Risk free interest rate
|
0.62% - 1.41%
|
|
0.37% - 1.06%
|
|
0.11% - 0.67%
|
|
|
2017
|
|
2016
|
|
2015
|
|||
|
Beginning outstanding balance
|
8,316
|
|
|
10,069
|
|
|
13,564
|
|
|
Awarded
|
5,018
|
|
|
4,440
|
|
|
4,012
|
|
|
Released
|
(3,859
|
)
|
|
(5,471
|
)
|
|
(6,561
|
)
|
|
Forfeited
|
(766
|
)
|
|
(722
|
)
|
|
(946
|
)
|
|
Increase due to acquisition
|
595
|
|
|
—
|
|
|
—
|
|
|
Ending outstanding balance
|
9,304
|
|
|
8,316
|
|
|
10,069
|
|
|
|
Number of
Shares
(thousands)
|
|
Weighted
Average
Remaining
Contractual
Life
(years)
|
|
Aggregate
Intrinsic
Value
(*)
(millions)
|
|||
|
2017
|
|
|
|
|
|
|||
|
Restricted stock units outstanding
|
9,304
|
|
|
1.11
|
|
$
|
1,670.2
|
|
|
Restricted stock units vested and expected to vest
|
8,608
|
|
|
1.05
|
|
$
|
1,545.3
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
Restricted stock units outstanding
|
8,316
|
|
|
1.11
|
|
$
|
829.4
|
|
|
Restricted stock units vested and expected to vest
|
7,613
|
|
|
1.04
|
|
$
|
759.3
|
|
|
2015
|
|
|
|
|
|
|||
|
Restricted stock units outstanding
|
10,069
|
|
|
0.93
|
|
$
|
928.0
|
|
|
Restricted stock units vested and expected to vest
|
9,267
|
|
|
0.86
|
|
$
|
842.9
|
|
|
(*)
|
The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market values as of
December 1, 2017
,
December 2, 2016
and
November 27, 2015
were
$179.52
,
$99.73
and
$92.17
, respectively.
|
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
|
|
Shares
Granted
|
|
Maximum
Shares Eligible
to Receive
|
|
Shares
Granted
|
|
Maximum
Shares Eligible
to Receive
|
|
Shares
Granted |
|
Maximum
Shares Eligible to Receive |
||||||
|
Beginning outstanding balance
|
1,630
|
|
|
3,261
|
|
|
1,940
|
|
|
3,881
|
|
|
1,517
|
|
|
3,034
|
|
|
Awarded
|
1,082
|
|
(1)
|
1,040
|
|
|
1,206
|
|
(2)
|
1,053
|
|
|
671
|
|
|
1,342
|
|
|
Achieved
|
(1,135
|
)
|
(3)
|
(1,147
|
)
|
|
(1,373
|
)
|
(3)
|
(1,387
|
)
|
|
—
|
|
|
—
|
|
|
Forfeited
|
(43
|
)
|
|
(86
|
)
|
|
(143
|
)
|
|
(286
|
)
|
|
(248
|
)
|
|
(495
|
)
|
|
Ending outstanding balance
|
1,534
|
|
|
3,068
|
|
|
1,630
|
|
|
3,261
|
|
|
1,940
|
|
|
3,881
|
|
|
(1)
|
Included in the
1.1 million
shares awarded during fiscal 2017 were
0.6 million
additional shares awarded for the final achievement of the 2014 Performance Share program. The remaining awarded shares were for the 2017 Performance Share Program.
|
|
(2)
|
Included in the
1.2 million
shares awarded during fiscal 2016 were
0.7 million
additional shares awarded for the final achievement of the 2013 Performance Share program. The remaining awarded shares were for the 2016 Performance Share Program.
|
|
(3)
|
Shares achieved under our 2014 and 2013 Performance Share programs which resulted from
198%
achievement of target for both programs.
|
|
|
2017
|
|
2016
|
|
2015
|
|||
|
Restricted stock units granted to existing directors
|
18
|
|
|
25
|
|
|
41
|
|
|
|
Income Statement Classifications
|
||||||||||||||||||||||
|
|
Cost of
Revenue–
Subscription
|
|
Cost of
Revenue–
Services and Support
|
|
Research and Development
|
|
Sales and
Marketing
|
|
General and Administrative
|
|
Total
(1)
|
||||||||||||
|
Option Grants and Stock
Purchase Rights
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2017
|
$
|
180
|
|
|
$
|
6,661
|
|
|
$
|
20,126
|
|
|
$
|
18,592
|
|
|
$
|
4,973
|
|
|
$
|
50,532
|
|
|
2016
|
$
|
1,474
|
|
|
$
|
5,514
|
|
|
$
|
13,932
|
|
|
$
|
16,534
|
|
|
$
|
4,371
|
|
|
$
|
41,825
|
|
|
2015
|
$
|
1,449
|
|
|
$
|
5,185
|
|
|
$
|
14,082
|
|
|
$
|
18,360
|
|
|
$
|
4,790
|
|
|
$
|
43,866
|
|
|
Restricted Stock Units and Performance
Share Awards
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
2017
|
$
|
16,792
|
|
|
$
|
9,602
|
|
|
$
|
161,366
|
|
|
$
|
139,047
|
|
|
$
|
77,133
|
|
|
$
|
403,940
|
|
|
2016
|
$
|
6,632
|
|
|
$
|
7,522
|
|
|
$
|
109,249
|
|
|
$
|
113,757
|
|
|
$
|
70,312
|
|
|
$
|
307,472
|
|
|
2015
|
$
|
6,481
|
|
|
$
|
6,446
|
|
|
$
|
104,624
|
|
|
$
|
109,908
|
|
|
$
|
66,709
|
|
|
$
|
294,168
|
|
|
(1)
|
During fiscal
2017
,
2016
and
2015
, we recorded tax benefits of
$153.2 million
,
$71.7 million
and
$68.8 million
, respectively.
|
|
|
December 2,
2016 |
|
Increase / Decrease
|
|
Reclassification Adjustments
|
|
December 1,
2017 |
|||||||||
|
Net unrealized gains / losses on available-for-sale securities:
|
|
|
|
|
|
|
|
|||||||||
|
Unrealized gains on available-for-sale securities
|
$
|
3,499
|
|
|
$
|
878
|
|
|
$
|
(1,673
|
)
|
|
$
|
2,704
|
|
|
|
Unrealized losses on available-for-sale securities
|
(11,565
|
)
|
|
(3,381
|
)
|
|
726
|
|
|
(14,220
|
)
|
|||||
|
Total net unrealized gains / losses on available-for-sale securities
|
(8,066
|
)
|
|
(2,503
|
)
|
|
(947
|
)
|
(1
|
)
|
(11,516
|
)
|
||||
|
Net unrealized gains / losses on derivative instruments designated as hedging instruments
|
21,689
|
|
|
6,917
|
|
|
(31,973
|
)
|
(2
|
)
|
(3,367
|
)
|
||||
|
Cumulative foreign currency translation adjustments
|
(187,225
|
)
|
|
90,287
|
|
|
—
|
|
|
(96,938
|
)
|
|||||
|
Total accumulated other comprehensive income (loss), net of taxes
|
$
|
(173,602
|
)
|
|
$
|
94,701
|
|
|
$
|
(32,920
|
)
|
|
$
|
(111,821
|
)
|
|
|
(1)
|
Reclassification adjustments for gains / losses on available-for-sale securities are classified in interest and other income (expense), net.
|
|
(2)
|
Reclassification adjustments for gains / losses on other derivative instruments are classified in revenue.
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
Available-for-sale securities:
|
|
|
|
|
|
|
||||||
|
Unrealized gains / losses
|
|
$
|
663
|
|
|
$
|
(299
|
)
|
|
$
|
(154
|
)
|
|
Reclassification adjustments
|
|
(491
|
)
|
|
108
|
|
|
—
|
|
|||
|
Subtotal available-for-sale securities
|
|
172
|
|
|
(191
|
)
|
|
(154
|
)
|
|||
|
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
||||||
|
Unrealized gains on derivative instruments
*
|
|
—
|
|
|
—
|
|
|
6,147
|
|
|||
|
Reclassification adjustments
*
|
|
(732
|
)
|
|
(552
|
)
|
|
(550
|
)
|
|||
|
Subtotal derivatives designated as hedging instruments
|
|
(732
|
)
|
|
(552
|
)
|
|
5,597
|
|
|||
|
Foreign currency translation adjustments
|
|
3,005
|
|
|
24
|
|
|
(3,378
|
)
|
|||
|
Total taxes, other comprehensive income (loss)
|
|
$
|
2,445
|
|
|
$
|
(719
|
)
|
|
$
|
2,065
|
|
|
(*)
|
Taxes related to derivative instruments other than the interest rate lock agreement were zero based on the tax jurisdiction where these derivative instruments were executed.
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
Net income
|
|
$
|
1,693,954
|
|
|
$
|
1,168,782
|
|
|
$
|
629,551
|
|
|
Shares used to compute basic net income per share
|
|
493,632
|
|
|
498,345
|
|
|
498,764
|
|
|||
|
Dilutive potential common shares:
|
|
|
|
|
|
|
||||||
|
Unvested restricted stock units and performance share awards
|
|
7,161
|
|
|
5,455
|
|
|
7,389
|
|
|||
|
Stock options
|
|
330
|
|
|
499
|
|
|
1,011
|
|
|||
|
Shares used to compute diluted net income per share
|
|
501,123
|
|
|
504,299
|
|
|
507,164
|
|
|||
|
Basic net income per share
|
|
$
|
3.43
|
|
|
$
|
2.35
|
|
|
$
|
1.26
|
|
|
Diluted net income per share
|
|
$
|
3.38
|
|
|
$
|
2.32
|
|
|
$
|
1.24
|
|
|
|
|
|
|
|
Operating Leases
|
||||||||
|
Fiscal Year
|
|
|
Purchase
Obligations
|
|
Future
Minimum
Lease
Payments
|
|
Future
Minimum
Sublease
Income
|
||||||
|
2018
|
|
$
|
449,823
|
|
|
$
|
60,464
|
|
|
$
|
3,001
|
|
|
|
2019
|
|
245,087
|
|
|
62,307
|
|
|
2,903
|
|
||||
|
2020
|
|
410
|
|
|
63,341
|
|
|
2,286
|
|
||||
|
2021
|
|
—
|
|
|
53,670
|
|
|
2,036
|
|
||||
|
2022
|
|
—
|
|
|
44,016
|
|
|
—
|
|
||||
|
Thereafter
|
|
—
|
|
|
251,544
|
|
|
—
|
|
||||
|
Total
|
|
$
|
695,320
|
|
|
$
|
535,342
|
|
|
$
|
10,226
|
|
|
|
|
2017
|
|
2016
|
||||
|
Notes
|
$
|
1,882,479
|
|
|
$
|
1,879,083
|
|
|
Fair value of interest rate swap
|
(1,058
|
)
|
|
13,117
|
|
||
|
Adjusted carrying value of Notes
|
1,881,421
|
|
|
1,892,200
|
|
||
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
Interest and other income (expense), net:
|
|
|
|
|
|
|
||||||
|
Interest income
|
|
$
|
66,069
|
|
|
$
|
47,340
|
|
|
$
|
28,759
|
|
|
Foreign exchange gains (losses)
|
|
(30,705
|
)
|
|
(35,716
|
)
|
|
(20,130
|
)
|
|||
|
Realized gains on fixed income investment
|
|
1,673
|
|
|
2,880
|
|
|
3,309
|
|
|||
|
Realized losses on fixed income investment
|
|
(725
|
)
|
|
(985
|
)
|
|
(354
|
)
|
|||
|
Other
|
|
83
|
|
|
29
|
|
|
22,325
|
|
|||
|
Interest and other income (expense), net
|
|
$
|
36,395
|
|
|
$
|
13,548
|
|
|
$
|
33,909
|
|
|
Interest expense
|
|
$
|
(74,402
|
)
|
|
$
|
(70,442
|
)
|
|
$
|
(64,184
|
)
|
|
Investment gains (losses), net:
|
|
|
|
|
|
|
|
|||||
|
Realized investment gains
|
|
$
|
3,279
|
|
|
$
|
4,964
|
|
|
$
|
2,760
|
|
|
Unrealized investment gains
|
|
4,274
|
|
|
186
|
|
|
—
|
|
|||
|
Realized investment losses
|
|
—
|
|
|
(6,720
|
)
|
|
(206
|
)
|
|||
|
Unrealized investment losses
|
|
—
|
|
|
—
|
|
|
(1,593
|
)
|
|||
|
Investment gains (losses), net
|
|
$
|
7,553
|
|
|
$
|
(1,570
|
)
|
|
$
|
961
|
|
|
Non-operating income (expense), net
|
|
$
|
(30,454
|
)
|
|
$
|
(58,464
|
)
|
|
$
|
(29,314
|
)
|
|
•
|
Digital Media—
Our Digital Media segment provides tools and solutions that enable individuals, small and medium businesses and enterprises to create, publish, promote and monetize their digital content anywhere. Our customers include traditional content creators, web application developers and digital media professionals, as well as their management in marketing departments and agencies, companies and publishers. Our customers also include knowledge workers who create, collaborate and distribute documents.
|
|
•
|
Digital Marketing—
Our Digital Marketing segment provides solutions and services for how digital advertising and marketing are created, managed, executed, measured and optimized. Our customers include digital marketers, advertisers, publishers, merchandisers, web analysts, chief marketing officers, chief information officers and chief revenue officers.
|
|
•
|
Print and Publishing—
Our Print and Publishing segment addresses market opportunities ranging from the diverse authoring and publishing needs of technical and business publishing to our legacy type and OEM printing businesses.
|
|
|
Digital Media
|
|
Digital
Marketing
|
|
Print and Publishing
|
|
Total
|
||||||||
|
Fiscal 2017
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Revenue
|
$
|
5,010,579
|
|
|
$
|
2,120,032
|
|
|
$
|
170,894
|
|
|
$
|
7,301,505
|
|
|
Cost of revenue
|
239,994
|
|
|
763,468
|
|
|
7,029
|
|
|
1,010,491
|
|
||||
|
Gross profit
|
$
|
4,770,585
|
|
|
$
|
1,356,564
|
|
|
$
|
163,865
|
|
|
$
|
6,291,014
|
|
|
Gross profit as a percentage of revenue
|
95
|
%
|
|
64
|
%
|
|
96
|
%
|
|
86
|
%
|
||||
|
Fiscal 2016
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Revenue
|
$
|
3,941,011
|
|
|
$
|
1,736,585
|
|
|
$
|
176,834
|
|
|
$
|
5,854,430
|
|
|
Cost of revenue
|
231,074
|
|
|
581,093
|
|
|
7,741
|
|
|
819,908
|
|
||||
|
Gross profit
|
$
|
3,709,937
|
|
|
$
|
1,155,492
|
|
|
$
|
169,093
|
|
|
$
|
5,034,522
|
|
|
Gross profit as a percentage of revenue
|
94
|
%
|
|
67
|
%
|
|
96
|
%
|
|
86
|
%
|
||||
|
Fiscal 2015
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Revenue
|
$
|
3,095,160
|
|
|
$
|
1,508,858
|
|
|
$
|
191,493
|
|
|
$
|
4,795,511
|
|
|
Cost of revenue
|
210,587
|
|
|
525,309
|
|
|
8,421
|
|
|
744,317
|
|
||||
|
Gross profit
|
$
|
2,884,573
|
|
|
$
|
983,549
|
|
|
$
|
183,072
|
|
|
$
|
4,051,194
|
|
|
Gross profit as a percentage of revenue
|
93
|
%
|
|
65
|
%
|
|
96
|
%
|
|
84
|
%
|
||||
|
Revenue
|
|
2017
|
|
2016
|
|
2015
|
|||||||
|
Americas:
|
|
|
|
|
|
|
|||||||
|
United States
|
|
$
|
3,830,845
|
|
|
$
|
3,087,764
|
|
|
$
|
2,548,024
|
|
|
|
Other
|
|
385,686
|
|
|
312,371
|
|
|
240,020
|
|
||||
|
Total Americas
|
|
4,216,531
|
|
|
3,400,135
|
|
|
2,788,044
|
|
||||
|
EMEA
|
|
1,985,105
|
|
|
1,619,153
|
|
|
1,336,448
|
|
||||
|
APAC:
|
|
|
|
|
|
|
|||||||
|
Japan
|
|
524,254
|
|
|
401,205
|
|
|
347,740
|
|
||||
|
Other
|
|
575,615
|
|
|
433,937
|
|
|
323,279
|
|
||||
|
Total APAC
|
|
1,099,869
|
|
|
835,142
|
|
|
671,019
|
|
||||
|
Revenue
|
|
$
|
7,301,505
|
|
|
$
|
5,854,430
|
|
|
$
|
4,795,511
|
|
|
|
Property and Equipment
|
|
2017
|
|
2016
|
|
2015
|
|||||||
|
Americas:
|
|
|
|
|
|
|
|||||||
|
United States
|
|
$
|
753,393
|
|
|
$
|
642,823
|
|
|
$
|
621,122
|
|
|
|
Other
|
|
2,797
|
|
|
559
|
|
|
427
|
|
||||
|
Total Americas
|
|
756,190
|
|
|
643,382
|
|
|
621,549
|
|
||||
|
EMEA
|
|
54,181
|
|
|
48,662
|
|
|
43,943
|
|
||||
|
APAC:
|
|
|
|
|
|
|
|||||||
|
India
|
|
109,051
|
|
|
106,322
|
|
|
111,662
|
|
||||
|
Other
|
|
17,554
|
|
|
17,898
|
|
|
10,267
|
|
||||
|
Total APAC
|
|
126,605
|
|
|
124,220
|
|
|
121,929
|
|
||||
|
Property and equipment, net
|
|
$
|
936,976
|
|
|
$
|
816,264
|
|
|
$
|
787,421
|
|
|
|
|
|
2017
|
||||||||||||||
|
(in thousands, except per share data)
|
|
Quarter Ended
|
||||||||||||||
|
|
|
March 3
|
|
June 2
|
|
September 1
|
|
December 1
|
||||||||
|
Revenue
|
|
$
|
1,681,646
|
|
|
$
|
1,772,190
|
|
|
$
|
1,841,074
|
|
|
$
|
2,006,595
|
|
|
Gross profit
|
|
$
|
1,444,309
|
|
|
$
|
1,532,830
|
|
|
$
|
1,578,152
|
|
|
$
|
1,735,723
|
|
|
Income before income taxes
|
|
$
|
460,632
|
|
|
$
|
492,618
|
|
|
$
|
541,379
|
|
|
$
|
643,012
|
|
|
Net income
|
|
$
|
398,446
|
|
|
$
|
374,390
|
|
|
$
|
419,569
|
|
|
$
|
501,549
|
|
|
Basic net income per share
|
|
$
|
0.81
|
|
|
$
|
0.76
|
|
|
$
|
0.85
|
|
|
$
|
1.02
|
|
|
Diluted net income per share
|
|
$
|
0.80
|
|
|
$
|
0.75
|
|
|
$
|
0.84
|
|
|
$
|
1.00
|
|
|
|
|
2016
|
||||||||||||||
|
(in thousands, except per share data)
|
|
Quarter Ended
|
||||||||||||||
|
|
|
March 4
|
|
June 3
|
|
September 2
|
|
December 2
|
||||||||
|
Revenue
|
|
$
|
1,383,335
|
|
|
$
|
1,398,709
|
|
|
$
|
1,463,967
|
|
|
$
|
1,608,419
|
|
|
Gross profit
|
|
$
|
1,184,763
|
|
|
$
|
1,196,630
|
|
|
$
|
1,261,266
|
|
|
$
|
1,391,863
|
|
|
Income before income taxes
|
|
$
|
292,307
|
|
|
$
|
329,830
|
|
|
$
|
356,301
|
|
|
$
|
456,700
|
|
|
Net income
|
|
$
|
254,307
|
|
|
$
|
244,074
|
|
|
$
|
270,788
|
|
|
$
|
399,613
|
|
|
Basic net income per share
|
|
$
|
0.51
|
|
|
$
|
0.49
|
|
|
$
|
0.54
|
|
|
$
|
0.81
|
|
|
Diluted net income per share
|
|
$
|
0.50
|
|
|
$
|
0.48
|
|
|
$
|
0.54
|
|
|
$
|
0.80
|
|
|
1.
|
Financial Statements.
See Index to Consolidated Financial Statements in Part II, Item 8
of this Form 10-K.
|
|
|
|
|
|
Incorporated by Reference**
|
|
|
|
|
||||||
|
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date
|
|
Exhibit Number
|
|
SEC File No.
|
|
Filed
Herewith
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
3.1
|
|
|
|
8-K
|
|
4/26/11
|
|
3.3
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
3.2
|
|
|
|
8-K
|
|
9/2/16
|
|
3.2
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
4.1
|
|
|
|
10-Q
|
|
6/25/14
|
|
4.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
4.2
|
|
|
|
S-3
|
|
2/26/16
|
|
4.1
|
|
|
333-209764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
4.3
|
|
|
|
8-K
|
|
1/26/10
|
|
4.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
Incorporated by Reference**
|
|
|
|
|
||||||
|
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date
|
|
Exhibit Number
|
|
SEC File No.
|
|
Filed
Herewith
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
4.4
|
|
|
|
8-K
|
|
1/26/15
|
|
4.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.1A
|
|
|
|
10-Q
|
|
4/9/10
|
|
10.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.1B
|
|
|
|
10-K
|
|
1/23/09
|
|
10.3
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.1C
|
|
|
|
10-K
|
|
1/26/12
|
|
10.13
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.2
|
|
|
|
10-Q
|
|
6/29/16
|
|
10.3
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3A
|
|
|
|
8-K
|
|
4/13/17
|
|
10.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3B
|
|
|
|
8-K
|
|
12/20/10
|
|
99.4
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3C
|
|
|
|
8-K
|
|
1/27/17
|
|
10.6
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3D
|
|
|
|
10-Q
|
|
10/7/04
|
|
10.11
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3E
|
|
|
|
8-K
|
|
1/28/13
|
|
10.2
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3F
|
|
|
|
8-K
|
|
1/28/13
|
|
10.3
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3G
|
|
|
|
8-K
|
|
1/29/14
|
|
10.2
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3H
|
|
|
|
8-K
|
|
1/29/14
|
|
10.3
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3I
|
|
|
|
8-K
|
|
1/28/15
|
|
10.2
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3J
|
|
|
|
8-K
|
|
1/28/15
|
|
10.3
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3K
|
|
|
|
8-K
|
|
1/29/16
|
|
10.2
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
Incorporated by Reference**
|
|
|
|
|
||||||
|
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date
|
|
Exhibit Number
|
|
SEC File No.
|
|
Filed
Herewith
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3L
|
|
|
|
8-K
|
|
1/29/16
|
|
10.3
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3M
|
|
|
|
8-K
|
|
12/20/10
|
|
99.6
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3N
|
|
|
|
8-K
|
|
12/20/10
|
|
99.7
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3O
|
|
|
|
8-K
|
|
12/20/10
|
|
99.8
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3P
|
|
|
|
8-K
|
|
1/27/17
|
|
10.2
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.3Q
|
|
|
|
8-K
|
|
1/27/17
|
|
10.3
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.4A
|
|
|
|
10-Q
|
|
6/28/13
|
|
10.17
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.4B
|
|
|
|
8-K
|
|
12/20/10
|
|
99.10
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.4C
|
|
|
|
8-K
|
|
1/28/13
|
|
10.7
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.5
|
|
|
|
8-K
|
|
12/11/14
|
|
10.2
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.6
|
|
|
|
10-Q
|
|
6/26/09
|
|
10.12
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.7
|
|
|
|
10-K
|
|
1/20/15
|
|
10.19
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.8A
|
|
|
|
8-K
|
|
3/7/12
|
|
10.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.8B
|
|
|
|
8-K
|
|
7/30/15
|
|
10.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
Incorporated by Reference**
|
|
|
|
|
||||||
|
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date
|
|
Exhibit Number
|
|
SEC File No.
|
|
Filed
Herewith
|
||
|
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||
|
10.9
|
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|
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10-Q
|
|
8/6/09
|
|
10.3
|
|
|
000-52076
|
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||
|
10.10
|
|
|
|
10-K
|
|
2/27/09
|
|
10.9
|
|
|
000-52076
|
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||
|
10.11
|
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|
|
10-K
|
|
2/27/09
|
|
10.10
|
|
|
000-52076
|
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||
|
10.12
|
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S-8
|
|
1/27/11
|
|
99.1
|
|
|
333-171902
|
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|
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|
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||
|
10.13
|
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|
|
8-K
|
|
1/29/14
|
|
10.5
|
|
|
000-15175
|
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|
|
|
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|
||
|
10.14
|
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|
|
8-K
|
|
1/28/15
|
|
10.5
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
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||
|
10.15
|
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|
|
8-K
|
|
1/29/16
|
|
10.5
|
|
|
000-15175
|
|
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|
|
|
|
|
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||
|
10.16
|
|
|
|
8-K
|
|
1/29/16
|
|
10.4
|
|
|
000-15175
|
|
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|
|
|
|
|
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|
||
|
10.17
|
|
|
|
8-K
|
|
1/27/17
|
|
10.5
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
||
|
10.18
|
|
|
|
S-8
|
|
7/29/11
|
|
99.1
|
|
|
333-175910
|
|
|
|
|
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|
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|
|
|
|
|
|
||
|
10.19
|
|
|
|
S-8
|
|
10/7/11
|
|
99.1
|
|
|
333-177229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.20
|
|
|
|
S-8
|
|
11/18/11
|
|
99.1
|
|
|
333-178065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.21
|
|
|
|
S-8
|
|
11/18/11
|
|
99.2
|
|
|
333-178065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.22
|
|
|
|
S-8
|
|
1/27/12
|
|
99.1
|
|
|
333-179221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.23A
|
|
|
|
S-8
|
|
1/23/13
|
|
99.1
|
|
|
333-186143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.23B
|
|
|
|
S-8
|
|
1/23/13
|
|
99.2
|
|
|
333-186143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.24
|
|
|
|
S-8
|
|
8/27/13
|
|
99.1
|
|
|
333-190846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.25
|
|
|
|
S-8
|
|
8/27/13
|
|
99.2
|
|
|
333-190846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.26
|
|
|
|
10-K
|
|
1/20/15
|
|
10.52
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.27
|
|
|
|
10-K
|
|
1/19/16
|
|
10.32
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.28
|
|
|
|
10-K
|
|
1/20/17
|
|
10.32
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.29
|
|
|
|
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|
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|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.30A
|
|
|
|
S-8
|
|
9/26/14
|
|
99.1
|
|
|
333-198973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
Incorporated by Reference**
|
|
|
|
|
||||||
|
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date
|
|
Exhibit Number
|
|
SEC File No.
|
|
Filed
Herewith
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.30B
|
|
|
|
S-8
|
|
9/26/14
|
|
99.2
|
|
|
333-198973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.30C
|
|
|
|
S-8
|
|
9/26/14
|
|
99.3
|
|
|
333-198973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.31
|
|
|
|
8-K
|
|
12/11/14
|
|
10.1
|
|
|
000-15175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.32
|
|
|
|
S-8
|
|
3/13/15
|
|
99.1
|
|
|
333-202732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.33
|
|
|
|
S-1
|
|
3/26/14
|
|
10.2
|
|
|
333-194817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
10.34
|
|
|
|
S-1A
|
|
7/7/14
|
|
10.3
|
|
|
333-194817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
12.1
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
21
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
23.1
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
24.1
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
31.1
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
31.2
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
32.1
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
32.2
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
99.1
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
101.INS
|
|
XBRL Instance
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
Incorporated by Reference**
|
|
|
|
|
||||||
|
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date
|
|
Exhibit Number
|
|
SEC File No.
|
|
Filed
Herewith
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
101.LAB
|
|
XBRL Taxonomy Extension Labels
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
101.DEF
|
|
XBRL Taxonomy Extension Definition
|
|
|
|
|
|
|
|
|
|
X
|
||
|
*
|
|
Compensatory plan or arrangement.
|
|
|
|
|
|
**
|
|
References to Exhibits 10.9 through 10.11 are to filings made by Omniture, Inc.
|
|
|
|
|
|
†
|
|
The certifications attached as Exhibits 32.1 and 32.2 that accompany this Annual Report on Form 10-K, are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Adobe Systems Incorporated under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-K, irrespective of any general incorporation language contained in such filing.
|
|
|
|
|
|
††
|
|
References to Exhibits 10.33 through 10.34 are to filings made by TubeMogul, Inc.
|
|
|
ADOBE SYSTEMS INCORPORATED
|
|
|
|
|
|
|
|
By:
|
/s/ MARK GARRETT
|
|
|
|
Mark Garrett
|
|
|
|
Executive Vice President and
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ SHANTANU NARAYEN
|
|
|
|
January 22, 2018
|
|
Shantanu Narayen
|
|
Chairman of the Board of Directors, President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
|
/s/ MARK GARRETT
|
|
|
|
January 22, 2018
|
|
Mark Garrett
|
|
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
|
|
|
|
|
|
|
|
|
|
/s/ JOHN MURPHY
|
|
|
|
January 22, 2018
|
|
John Murphy
|
|
Senior Vice President, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer)
|
|
|
|
|
|
|
|
|
|
/s/ JAMES DALEY
|
|
|
|
January 22, 2018
|
|
James Daley
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ AMY BANSE
|
|
|
|
January 22, 2018
|
|
Amy Banse
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ EDWARD BARNHOLT
|
|
|
|
January 22, 2018
|
|
Edward Barnholt
|
|
Director
|
|
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
/s/ ROBERT BURGESS
|
|
|
|
January 22, 2018
|
|
Robert Burgess
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ FRANK CALDERONI
|
|
|
|
January 22, 2018
|
|
Frank Calderoni
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ LAURA DESMOND
|
|
|
|
January 22, 2018
|
|
Laura Desmond
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ CHARLES GESCHKE
|
|
|
|
January 22, 2018
|
|
Charles Geschke
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ DANIEL ROSENSWEIG
|
|
|
|
January 22, 2018
|
|
Daniel Rosensweig
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ JOHN WARNOCK
|
|
|
|
January 22, 2018
|
|
John Warnock
|
|
Director
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
Customers
Suppliers
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|