Stock Analysis on Net

Adobe Inc. (NASDAQ:ADBE)

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

Adobe Inc., adjusted current assets

US$ in millions

Microsoft Excel
Nov 29, 2024 Dec 1, 2023 Dec 2, 2022 Dec 3, 2021 Nov 27, 2020 Nov 29, 2019
As Reported
Current assets 11,232 11,084 8,996 8,669 8,146 6,495
Adjustments
Add: Allowances for doubtful accounts 14 16 23 16 21 10
After Adjustment
Adjusted current assets 11,246 11,100 9,019 8,685 8,167 6,505

Based on: 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29).


Adjustments to Total Assets

Adobe Inc., adjusted total assets

US$ in millions

Microsoft Excel
Nov 29, 2024 Dec 1, 2023 Dec 2, 2022 Dec 3, 2021 Nov 27, 2020 Nov 29, 2019
As Reported
Total assets 30,230 29,779 27,165 27,241 24,284 20,762
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 597
Add: Allowances for doubtful accounts 14 16 23 16 21 10
Less: Deferred tax assets2 1,657 1,191 777 1,085 1,370
After Adjustment
Adjusted total assets 28,587 28,604 26,411 26,172 22,935 21,369

Based on: 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Deferred tax assets. See details »


Adjustments to Current Liabilities

Adobe Inc., adjusted current liabilities

US$ in millions

Microsoft Excel
Nov 29, 2024 Dec 1, 2023 Dec 2, 2022 Dec 3, 2021 Nov 27, 2020 Nov 29, 2019
As Reported
Current liabilities 10,521 8,251 8,128 6,932 5,512 8,191
Adjustments
Less: Deferred revenue, current 6,131 5,837 5,297 4,733 3,629 3,378
After Adjustment
Adjusted current liabilities 4,390 2,414 2,831 2,199 1,883 4,813

Based on: 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29).


Adjustments to Total Liabilities

Adobe Inc., adjusted total liabilities

US$ in millions

Microsoft Excel
Nov 29, 2024 Dec 1, 2023 Dec 2, 2022 Dec 3, 2021 Nov 27, 2020 Nov 29, 2019
As Reported
Total liabilities 16,125 13,261 13,114 12,444 11,020 10,232
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 597
Less: Deferred tax liabilities2 31 15 28 5 10 140
Less: Deferred revenue 6,259 5,950 5,414 4,878 3,759 3,501
After Adjustment
Adjusted total liabilities 9,835 7,296 7,672 7,561 7,251 7,188

Based on: 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred tax liabilities. See details »


Adjustments to Stockholders’ Equity

Adobe Inc., adjusted stockholders’ equity

US$ in millions

Microsoft Excel
Nov 29, 2024 Dec 1, 2023 Dec 2, 2022 Dec 3, 2021 Nov 27, 2020 Nov 29, 2019
As Reported
Stockholders’ equity 14,105 16,518 14,051 14,797 13,264 10,530
Adjustments
Less: Net deferred tax assets (liabilities)1 1,626 1,176 749 1,080 1,360 (140)
Add: Allowances for doubtful accounts 14 16 23 16 21 10
Add: Deferred revenue 6,259 5,950 5,414 4,878 3,759 3,501
After Adjustment
Adjusted stockholders’ equity 18,752 21,308 18,739 18,611 15,684 14,181

Based on: 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29).

1 Net deferred tax assets (liabilities). See details »


Adjustments to Capitalization Table

Adobe Inc., adjusted capitalization table

US$ in millions

Microsoft Excel
Nov 29, 2024 Dec 1, 2023 Dec 2, 2022 Dec 3, 2021 Nov 27, 2020 Nov 29, 2019
As Reported
Debt, current portion 1,499 500 3,149
Debt, excluding current portion 4,129 3,634 3,629 4,123 4,117 989
Total reported debt 5,628 3,634 4,129 4,123 4,117 4,138
Stockholders’ equity 14,105 16,518 14,051 14,797 13,264 10,530
Total reported capital 19,733 20,152 18,180 18,920 17,381 14,668
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 597
Add: Current operating lease liabilities2 75 73 87 97 92
Add: Long-term operating lease liabilities3 353 373 417 453 499
Adjusted total debt 6,056 4,080 4,633 4,673 4,708 4,736
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4 1,626 1,176 749 1,080 1,360 (140)
Add: Allowances for doubtful accounts 14 16 23 16 21 10
Add: Deferred revenue 6,259 5,950 5,414 4,878 3,759 3,501
Adjusted stockholders’ equity 18,752 21,308 18,739 18,611 15,684 14,181
After Adjustment
Adjusted total capital 24,808 25,388 23,372 23,284 20,392 18,917

Based on: 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities. See details »

3 Long-term operating lease liabilities. See details »

4 Net deferred tax assets (liabilities). See details »


Adjustments to Revenues

Adobe Inc., adjusted revenue

US$ in millions

Microsoft Excel
12 months ended: Nov 29, 2024 Dec 1, 2023 Dec 2, 2022 Dec 3, 2021 Nov 27, 2020 Nov 29, 2019
As Reported
Revenue 21,505 19,409 17,606 15,785 12,868 11,171
Adjustment
Add: Increase (decrease) in deferred revenue 309 536 536 1,119 258 447
After Adjustment
Adjusted revenue 21,814 19,945 18,142 16,904 13,126 11,618

Based on: 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29).


Adjustments to Reported Income

Adobe Inc., adjusted net income

US$ in millions

Microsoft Excel
12 months ended: Nov 29, 2024 Dec 1, 2023 Dec 2, 2022 Dec 3, 2021 Nov 27, 2020 Nov 29, 2019
As Reported
Net income 5,560 5,428 4,756 4,822 5,260 2,951
Adjustments
Add: Deferred income tax expense (benefit)1 (468) (422) 326 192 (1,504) 5
Add: Increase (decrease) in allowances for doubtful accounts (2) (7) 7 (5) 11 (5)
Add: Increase (decrease) in deferred revenue 309 536 536 1,119 258 447
Add: Other comprehensive income (loss), net of taxes 84 8 (156) 21 30 (40)
After Adjustment
Adjusted net income 5,483 5,543 5,469 6,149 4,055 3,358

Based on: 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29).

1 Deferred income tax expense (benefit). See details »