Adobe 2014 Annual Report Download - page 62

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62
ADOBE SYSTEMS INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Years Ended
November 28,
2014 November 29,
2013 November 30,
2012
Revenue:
Products .................................................................................................... $ 1,627,803 $ 2,470,098 $ 3,342,843
Subscription.............................................................................................. 2,076,584 1,137,856 673,206
Services and support................................................................................. 442,678 447,286 387,628
Total revenue........................................................................................ 4,147,065 4,055,240 4,403,677
Cost of revenue:
Products .................................................................................................... 97,099 138,154 121,663
Subscription.............................................................................................. 335,432 278,077 219,102
Services and support................................................................................. 189,549 170,326 143,017
Total cost of revenue............................................................................ 622,080 586,557 483,782
Gross profit ................................................................................................. 3,524,985 3,468,683 3,919,895
Operating expenses:
Research and development ....................................................................... 844,353 826,631 742,823
Sales and marketing.................................................................................. 1,652,308 1,620,454 1,516,159
General and administrative....................................................................... 543,332 520,124 434,982
Restructuring and other charges ............................................................... 19,883 26,497 (2,917)
Amortization of purchased intangibles..................................................... 52,424 52,254 48,657
Total operating expenses...................................................................... 3,112,300 3,045,960 2,739,704
Operating income........................................................................................ 412,685 422,723 1,180,191
Non-operating income (expense):
Interest and other income (expense), net.................................................. 7,267 4,941 (3,414)
Interest expense ........................................................................................ (59,732)(67,508)(67,487)
Investment gains (losses), net................................................................... 1,156 (4,015) 9,504
Total non-operating income (expense), net.......................................... (51,309)(66,582)(61,397)
Income before income taxes ....................................................................... 361,376 356,141 1,118,794
Provision for income taxes.......................................................................... 92,981 66,156 286,019
Net income.................................................................................................. $ 268,395 $ 289,985 $ 832,775
Basic net income per share.......................................................................... $ 0.54 $ 0.58 $ 1.68
Shares used to compute basic net income per share ................................... 497,867 501,372 494,731
Diluted net income per share ...................................................................... $ 0.53 $ 0.56 $ 1.66
Shares used to compute diluted net income per share................................. 508,480 513,476 502,721
See accompanying Notes to Consolidated Financial Statements.