Adobe Inc. (ADBE) Q4 2022 Earnings Call Transcript

Adobe Inc. (NASDAQ:ADBE) Q4 2022 Earnings Conference Call December 15, 2022 5:00 PM ET

Company Participants

Jonathan Vaas - VP, IR

Shantanu Narayen - Chairman and CEO

David Wadhwani - President, Digital Media

Anil Chakravarthy - President, Digital Experience

Dan Durn - EVP and CFO

Conference Call Participants

Mark Moerdler - Bernstein Research

Brad Sills - Bank of America

Sterling Auty - SVB MoffettNathanson

Brad Zelnick - Deutsche Bank

Mark Murphy - JPMorgan

Jay Vleeschhouwer - Griffin Securities

Derrick Wood - Cowen & Company

Michael Turrin - Wells Fargo Securities

Brent Thill - Jefferies

Keith Bachman - BMO

Alex Zukin - Wolf Research

Operator

Good day, and welcome to the Q4 and FY’22 Adobe Earnings Conference Call. Today's conference is being recorded. At this time, I’d like to turn the conference over to Jonathan Vaas, Vice President of Investor Relations. Please go ahead.

Jonathan Vaas

Good afternoon, and thank you for joining us.

With me on the call today are Shantanu Narayen, Adobe's Chairman and CEO; David Wadhwani, President of Digital Media; Anil Chakravarthy, President of Digital Experience; and Dan Durn, Executive Vice President and CFO.

On this call, which is being recorded, we will discuss Adobe's fourth quarter and fiscal year 2022 financial results. You can find our press release as well as PDFs of our prepared remarks and financial results on Adobe's Investor Relations website. The information discussed on this call, including our financial targets and product plans, is as of today, December 15th, and contains forward-looking statements that involve risk, uncertainty and assumptions.

Actual results may differ materially from those set forth in these statements. For a discussion of these risks, you should review the factors discussed in today's press release and in Adobe's SEC filings. On this call, we will discuss GAAP and non-GAAP financial measures. Our reported results include GAAP growth rates as well as constant currency rates and adjusted growth rates in constant currency that also account for an extra week in fiscal 2021.

During this presentation, Adobe's executives will refer to constant currency and adjusted growth rates unless otherwise stated. Reconciliations between the two are available in our earnings release and on Adobe's Investor Relations website.

I will now turn the call over to Shantanu.

Shantanu Narayen

Thanks, Jonathan. Good afternoon, and thank you for joining us.

2022 was an exciting and eventful year for Adobe. We achieved record revenue of $17.61 billion, representing 15% year-over-year growth. GAAP earnings per share was $10.10 and non-GAAP earnings per share was $13.71. We delivered record operating cash flows with a focus on profitability.