ADBE.xlsx

	E	H	I	J	K	L	M	N	O	P	Q
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8		2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
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11	Subscription Revenue	4.6	6.1	7.9	9.6	11.6	14.6	16.4	18.3	20.5	22.9
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13	Cost of SR	0.5	0.6	0.8	0.9	1.1	1.4	1.6	1.8	1.8	2
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15	Gross Profit	4.1	5.5	7.1	8.7	10.5	13.2	14.8	16.5	18.7	20.9
16	margin	89%	90%	90%	91%	91%	90%	90%	90%	91%	91%
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18	R&D	1	1.2	1.5	1.9	2.2	2.5	3	3.5	3.9	4.3
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20	S&M	1.9	2.2	2.6	3.2	3.6	4.3	5	5.4	5.8	6.5
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22	G&A	0.6	0.6	0.7	0.9	1	1.1	1.2	1.4	1.5	1.6
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24	Total operating expenses	3.5	4	4.8	6	6.8	7.9	9.2	10.3	11.2	12.4
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26	Operating Income	0.6	1.5	2.3	2.7	3.7	5.3	5.6	6.2	7.5	8.5
27	margin	13%	25%	29%	28%	32%	36%	34%	34%	37%	37%
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29	Taxes				0.3	0	0.9	1.3	1.4	1.4	1.6
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31	Net income	0.6	1.5	2.3	2.4	3.7	4.4	4.3	4.8	6.1	6.9
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