Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Adobe Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 1, 2023	Dec 2, 2022	Dec 3, 2021	Nov 27, 2020	Nov 29, 2019	Nov 30, 2018
Net income	5,428)	4,756)	4,822)	5,260)	2,951)	2,591)
Depreciation, amortization and accretion	872)	856)	788)	757)	737)	346)
Stock-based compensation	1,718)	1,440)	1,069)	909)	788)	610)
Reduction of operating lease right-of-use assets	72)	83)	73)	87)	—)	—)
Deferred income taxes	(426)	328)	183)	(1,501)	3)	(469)
Unrealized (gains) losses on investments, net	(10)	29)	(4)	(11)	(48)	1)
Other non-cash items	3)	10)	7)	40)	14)	7)
Trade receivables, net	(159)	(198)	(430)	106)	(188)	(2)
Prepaid expenses and other current assets	(818)	(94)	(475)	(288)	(531)	(77)
Trade payables	(49)	66)	(20)	96)	23)	55)
Accrued expenses and other liabilities	146)	7)	162)	86)	172)	44)
Income taxes payable	(11)	19)	2)	(72)	4)	479)
Deferred revenue	536)	536)	1,053)	258)	497)	445)
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities	(355)	336)	292)	186)	(23)	943)
Adjustments to reconcile net income to net cash provided by operating activities	1,874)	3,082)	2,408)	467)	1,470)	1,439)
Net cash provided by operating activities	7,302)	7,838)	7,230)	5,727)	4,422)	4,029)
Purchases of short-term investments	—)	(909)	(1,533)	(1,071)	(700)	(566)
Maturities of short-term investments	965)	683)	877)	915)	700)	766)
Proceeds from sales of short-term investments	223)	270)	191)	167)	86)	1,709)
Acquisitions, net of cash acquired	—)	(126)	(2,682)	—)	(101)	(6,314)
Purchases of property and equipment	(360)	(442)	(348)	(419)	(394)	(267)
Purchases of long-term investments, intangibles and other assets	(53)	(46)	(42)	(15)	(49)	(19)
Proceeds from sales of long-term investments and other assets	1)	—)	—)	9)	3)	5)
Net cash (used for) provided by investing activities	776)	(570)	(3,537)	(414)	(456)	(4,685)
Repurchases of common stock	(4,400)	(6,550)	(3,950)	(3,050)	(2,750)	(2,050)
Proceeds from re-issuance of treasury stock	314)	278)	291)	270)	233)	191)
Taxes paid related to net share settlement of equity awards	(589)	(518)	(719)	(681)	(440)	(393)
Proceeds from issuance of debt	—)	—)	—)	3,144)	—)	2,248)
Repayment of debt	(500)	—)	—)	(3,150)	—)	—)
Other financing activities, net	(7)	(35)	77)	(21)	11)	(2)
Net cash used for financing activities	(5,182)	(6,825)	(4,301)	(3,488)	(2,946)	(6)
Effect of foreign currency exchange rates on cash and cash equivalents	9)	(51)	(26)	3)	(13)	(2)
Net change in cash and cash equivalents	2,905)	392)	(634)	1,828)	1,007)	(663)
Cash and cash equivalents at beginning of year	4,236)	3,844)	4,478)	2,650)	1,643)	2,306)
Cash and cash equivalents at end of year	7,141)	4,236)	3,844)	4,478)	2,650)	1,643)

Based on: 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), 10-K (reporting date: 2018-11-30).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Adobe Inc. net cash provided by operating activities increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Net cash (used for) provided by investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Adobe Inc. net cash (used for) provided by investing activities increased from 2021 to 2022 and from 2022 to 2023.
Net cash used for financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Adobe Inc. net cash used for financing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Adobe Inc. (NASDAQ:ADBE)

Cash Flow Statement