Melco Resorts & Entertainment Ltd
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Consumer Discretionary : Hotels, Restaurants & Leisure |
Based in Hong Kong
Company profile

Melco Resorts & Entertainment Limited, formerly Melco Crown Entertainment Limited, is a holding company. The Company, through its subsidiaries, develops, owns and operates casino gaming and entertainment casino resort facilities in Asia. It is principally engaged in the gaming and hospitality business in Asia and its principal operating and developmental activities occur in over two geographic areas, which include Macau and the Philippines. Its segments include City of Dreams, Altira Macau, Studio City, Mocha Clubs, City of Dreams Manila, and Corporate and Others. It has over three casino based operations in Macau, namely, City of Dreams, Altira Macau and Studio City, and non-casino based operations in Macau at its Mocha Clubs. It also has a casino based operation in the Philippines, City of Dreams Manila. It is developing the fifth hotel tower at City of Dreams in Cotai, Macau. Its other operations also include Taipa Square Casino, Macau operating within Hotel Taipa Square.

This security is an American depositary receipt
ADR Fees
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Closing Price
$14.94
Day's Change
0.31 (2.12%)
Bid
--
Ask
--
B/A Size
--
Day's High
15.14
Day's Low
14.57
Volume
(Average)
Volume:
3,032,350

10-day average volume:
3,145,804
3,032,350

Adobe Reports Record Revenue

4:05 pm ET September 15, 2020 (BusinessWire) Print

Adobe (Nasdaq:ADBE) today reported financial results for its third quarter fiscal year 2020 ended Aug. 28, 2020.

Third Quarter Fiscal Year 2020 Financial Highlights

Adobe achieved record quarterly revenue of $3.23 billion in its third quarter of fiscal year 2020, which represents 14 percent year-over-year growth. Diluted earnings per share was $1.97 on a GAAP basis, representing 22 percent year-over-year growth, and $2.57 on a non-GAAP basis, representing 25 percent year-over-year growth. Digital Media segment revenue was $2.34 billion, which represents 19 percent year-over-year growth. Creative revenue grew to $1.96 billion, representing 19 percent year-over-year growth. Document Cloud revenue was $375 million, representing 22 percent year-over-year growth. Digital Media Annualized Recurring Revenue ("ARR") increased $458 million quarter-over-quarter to $9.63 billion exiting the quarter, representing 24 percent year-over-year growth on a constant-currency basis. Creative ARR grew to $8.29 billion, and Document Cloud ARR grew to $1.34 billion. Digital Experience segment revenue was $838 million. Digital Experience subscription revenue was $729 million, representing 7 percent year-over-year growth. Digital Experience subscription revenue, excluding Advertising Cloud revenue, grew 14 percent year-over-year. GAAP operating income in the third quarter was $1.07 billion, and non-GAAP operating income was $1.40 billion. GAAP net income was $955 million, and non-GAAP net income was $1.25 billion. Cash flows from operations were a record $1.44 billion. Remaining Performance Obligation ("RPO") exiting the quarter was $10.34 billion, representing 18 percent year-over-year growth. Adobe repurchased approximately 1.5 million shares during the quarter.

A reconciliation between GAAP and non-GAAP results is provided at the end of this press release and on Adobe's website.

Executive Quotes

"Adobe delivered the best Q3 in our history in a challenging macroeconomic environment, demonstrating the global demand for our innovative solutions," said Shantanu Narayen, president and CEO, Adobe. "We are confident that our leadership in the creative, document and customer experience management categories will drive continued momentum in 2020 and beyond."

"Adobe drove outstanding performance in Q3, highlighted by growth in Creative Cloud and Document Cloud ARR, Digital Experience subscription revenue and record operating cash flows," said John Murphy, executive vice president and CFO, Adobe. "The resilience of our recurring business model and a strong book of business is driving sustained long-term growth."

Adobe Provides Fourth Quarter Financial Targets

Adobe today is providing fourth quarter financial targets, factoring current macroeconomic conditions, typical year-end seasonal strength and the strategic shift related to the company's Advertising Cloud business.

The following table summarizes Adobe's fourth quarter fiscal year 2020 targets.

Total revenue                                                         $3.35 billion
------------------------------------------------ ----------------------------------------------------
Digital Media segment revenue                                18 percent year-over-year growth
------------------------------------------------ ----------------------------------------------------
Digital media annualized recurring revenue (ARR)               $540 million of net new ARR
------------------------------------------------ ----------------------------------------------------
Digital Experience segment revenue                                  Flat year-over-year
------------------------------------------------ ----------------------------------------------------
Digital Experience subscription revenue
                                                        1 percent                  12 percent
                                                  year-over-year growth      year-over-year growth
                                                                         (excluding Advertising Cloud)
------------------------------------------------ ---------------------- ------------------------------
Tax rate                                           GAAP:  (90) percent       Non-GAAP:  10 percent
------------------------------------------------ ---------------------- ------------------------------
Share count                                                         485 million shares
------------------------------------------------ ----------------------------------------------------

A reconciliation between GAAP and non-GAAP targets is provided at the end of this press release.

Adobe to Webcast Third Quarter Earnings Conference Call

Adobe will webcast its third quarter fiscal year 2020 earnings conference call today at 2:00 p.m. Pacific Time from its investor relations website: www.adobe.com/ADBE. Earnings documents, including Adobe management's prepared conference call remarks with slides and an investor datasheet are posted to Adobe's investor relations website in advance of the conference call for reference. A reconciliation between GAAP and non-GAAP earnings results and financial targets is also provided on the website.

Adobe Announces Fourth Quarter Earnings Call and Financial Analyst Meeting

Adobe will host its fourth quarter and fiscal year 2020 earnings conference call and financial analyst meeting online on Dec. 10, at 8:00 a.m. Pacific Time. During the meeting, Adobe will provide an overview of its strategy and financial targets for fiscal year 2021.

Forward-Looking Statements Disclosure

This press release contains forward-looking statements, including those related to business momentum, the effects of the COVID-19 pandemic on our business and results of operations, market trends, current macroeconomic conditions, customer success, revenue, operating margin, seasonality, annualized recurring revenue, non-operating other expense, tax rate on a GAAP and non-GAAP basis, earnings per share on a GAAP and non-GAAP basis, and share count, all of which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: failure to compete effectively, failure to develop, acquire, market and offer products and services that meet customer requirements, introduction of new technology, information security and privacy, potential interruptions or delays in hosted services provided by us or third parties, macroeconomic conditions and economic impact of the COVID-19 pandemic, risks associated with cyber-attacks, complex sales cycles, risks related to the timing of revenue recognition from our subscription offerings, fluctuations in subscription renewal rates, failure to realize the anticipated benefits of past or future acquisitions, failure to effectively manage critical strategic third-party business relationships, changes in accounting principles and tax regulations, uncertainty in the financial markets and economic conditions in the countries where we operate, and other various risks associated with being a multinational corporation. For a discussion of these and other risks and uncertainties, please refer to Adobe's Annual Report on Form 10-K for our fiscal year 2019 ended Nov. 29, 2019, and Adobe's Quarterly Reports on Form 10-Q issued in fiscal year 2020.

The financial information set forth in this press release reflects estimates based on information available at this time. These amounts could differ from actual reported amounts stated in Adobe's Quarterly Report on Form 10-Q for our quarter ended Aug. 28, 2020, which Adobe expects to file in Sept. 2020. Adobe assumes no obligation to, and does not currently intend to, update these forward-looking statements.

About Adobe

Adobe is changing the world through digital experiences. For more information, visit www.adobe.com.

(C)2020 Adobe. All rights reserved. Adobe, Creative Cloud and the Adobe logo are either registered trademarks or trademarks of Adobe (or one of its subsidiaries) in the United States and/or other countries. All other trademarks are the property of their respective owners.

Condensed Consolidated Statements of Income
(In millions, except per share data; unaudited)
                                                                                 Three Months Ended                                                                                                        Nine Months Ended
                                                  ----------------------------------------------------------------------------------------------------------------                            ----------------------------------------------------------------------------------------------------------------
                                                August 28, 2020                                    August 30, 2019                                    August 28, 2020                                    August 30, 2019
                                                  ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------
Revenue:                                                                                                                                           
                                                                     $  3,000                        $  2,547                        $  8,699                        $  7,308  
   Subscription
                                                       109          157          380          480  
   Product
                                                       116          130          365          391  
   Services and support
                                                  -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                     3,225        2,834        9,444        8,179  
      Total revenue
                                                  -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                
Cost of revenue:                                                                                                                                   
                                                       328          304        1,000          888  
   Subscription
                                                        10            9           26           31  
   Product
                                                        89          103          268          302  
   Services and support
                                                  -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                       427          416        1,294        1,221  
      Total cost of revenue
                                                  -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                
Gross profit                                         2,798        2,418        8,150        6,958  
                                                                                                                                
Operating expenses:                                                                                                                                
                                                       566          490        1,630        1,430  
   Research and development
                                                       892          812        2,650        2,443  
   Sales and marketing
                                                       230          219          725          654  
   General and administrative
                                                        41           43          123          133  
   Amortization of intangibles
                                                  -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                     1,729        1,564        5,128        4,660  
      Total operating expenses
                                                  -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                
Operating income                                     1,069          854        3,022        2,298  
                                                                                                                                
Non-operating income (expense):                                                                                                                    
                                                       (28 )                           (40 )                           (89 )                          (121 )
   Interest expense
                                                        10            4            7           47  
   Investment gains (losses), net
                                                         9           17           39           24  
   Other income (expense), net
                                                  -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                        (9 )                           (19 )                           (43 )                           (50 )
      Total non-operating income (expense), net
                                                  -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Income before income taxes                           1,060          835        2,979        2,248  
Provision for (benefit from) income taxes              105           42          (31 )                           148  
                                                  -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Net income                                                           $    955                        $    793                        $  3,010                        $  2,100  
                                                  ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
Basic net income per share                                           $   1.99                        $   1.63                        $   6.25                        $   4.31  
                                                  ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
Shares used to compute basic net income per share      480          486          481          487  
                                                  ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
Diluted net income per share                                         $   1.97                        $   1.61                        $   6.20                        $   4.26  
                                                  ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
Condensed Consolidated Balance Sheets
(In millions; unaudited)
                                                                                             August 28, 2020                                           November 29, 2019
                                                                                           ------------------------------------------------------                        ------------------------------------------------------
                                          ASSETS                                                                                    
                                                                                                                 
Current assets:                                                                                                                     
                                                                                                              $          3,767                        $          2,650  
   Cash and cash equivalents
                                                                                                      1,497                1,527  
   Short-term investments
                                                                                                      1,318                1,535  
   Trade receivables, net of allowances for doubtful accounts of $34 and $10, respectively
                                                                                                        805                  783  
   Prepaid expenses and other current assets
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                      7,387                6,495  
      Total current assets
                                                                                                                 
Property and equipment, net                                                                           1,467                1,293  
Operating lease right-of-use assets, net                                                                507       --  
Goodwill                                                                                             10,739               10,691  
Other intangibles, net                                                                                1,445                1,721  
Deferred income taxes                                                                                   219       --  
Other assets                                                                                            650                  562  
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                              $         22,414                        $         20,762  
      Total assets
                                                                                           ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                 
              LIABILITIES AND STOCKHOLDERS' EQUITY                                                       
                                                                                                                 
Current liabilities:                                                                                                                
                                                                                                              $            229                        $            209  
   Trade payables
                                                                                                      1,317                1,399  
   Accrued expenses
                                                                                             --                3,149  
   Debt
                                                                                                      3,317                3,378  
   Deferred revenue
                                                                                                        177                   56  
   Income taxes payable
                                                                                                         90       --  
   Operating lease liabilities
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                      5,130                8,191  
      Total current liabilities
                                                                                                                 
Long-term liabilities:                                                                                                              
                                                                                                      4,116                  989  
   Debt
                                                                                                        131                  123  
   Deferred revenue
                                                                                                        507                  616  
   Income taxes payable
                                                                                                         76                  140  
   Deferred income taxes
                                                                                                        520       --  
   Operating lease liabilities
                                                                                                        221                  173  
   Other liabilities
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                     10,701               10,232  
      Total liabilities
                                                                                                                 
Stockholders' equity:                                                                                    
                                                                                             --       --  
   Preferred stock
                                                                                             --       --  
   Common stock
                                                                                                      7,195                6,504  
   Additional paid-in-capital
                                                                                                     17,383               14,829  
   Retained earnings
                                                                                                       (153 )                                  (188 )
   Accumulated other comprehensive income (loss)
                                                                                                    (12,712 )                               (10,615 )
   Treasury stock, at cost
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                     11,713               10,530  
      Total stockholders' equity
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Condensed Consolidated Statements of Cash Flows
(In millions; unaudited)
                                                                                                                    Three Months Ended
                                                                                     ----------------------------------------------------------------------------------------------------------------
                                                                                   August 28, 2020                                    August 30, 2019
                                                                                     ----------------------------------------------                        ----------------------------------------------
Cash flows from operating activities:                                                                                 
                                                                                                        $    955                        $    793  
   Net income
                                                                                                                      
   Adjustments to reconcile net income to net cash provided by operating activities:
                                                                                          191          195  
      Depreciation, amortization and accretion
                                                                                          232          196  
      Stock-based compensation
                                                                                           (9 )                            (3 )
      Unrealized investment (gains) losses, net
                                                                                           25            9  
      Other non-cash adjustments
                                                                                          (12 )                           122  
      Changes in deferred revenue
                                                                                           54         (389 )
      Changes in other operating assets and liabilities
                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                        1,436          923  
         Net cash provided by operating activities
                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                   
Cash flows from investing activities:                                                                                 
                                                                                         (191 )                           (40 )
   Purchases, sales and maturities of short-term investments, net
                                                                                         (126 )                           (89 )
   Purchases of property and equipment
                                                                                            2          (36 )
   Purchases and sales of long-term investments, intangibles and other assets, net
                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                         (315 )                          (165 )
         Net cash used for investing activities
                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                   
Cash flows from financing activities:                                                                                 
                                                                                         (500 )                          (750 )
   Purchases of treasury stock
                                                                                          103          123  
   Proceeds from treasury stock reissuances, net of taxes paid related to net share
   settlement of equity awards
                                                                                          (17 )                             3  
   Other financing activities, net
                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                         (414 )                          (624 )
      Net cash used for financing activities
                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------
Effect of exchange rate changes on cash and cash equivalents                               16           (8 )
                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------
Net increase in cash and cash equivalents                                                 723          126  
Cash and cash equivalents at beginning of period                                        3,044        2,083  
                                                                                     -------------------- ------ --------------------                      -------------------- ------ --------------------
Non-GAAP Results
(In millions, except per share data)
The following table shows Adobe's GAAP results reconciled to non-GAAP results included in this release.
                                                                                                                        Three Months Ended
                                              --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                              August 28, 2020                                        August 30, 2019                                           May 29, 2020
                                              --------------------------------------------------                        --------------------------------------------------                        ------------------------------------------------------
Operating income:                                                                                                      
                                                                                                    
GAAP operating income                                            $      1,069                        $        854                        $          1,016  
Stock-based and deferred compensation expense          244              199                  227  
Amortization of intangibles                             90              100                   92  
                                              -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- -------------- --------------------
Non-GAAP operating income                                        $      1,403                        $      1,153                        $          1,335  
                                              ==================== ========== ====================                      ==================== ========== ====================                      ==================== ============== ====================
                                                                                                                                        
Net income:                                                                                                                                                
                                                                                                                                        
GAAP net income                                                  $        955                        $        793                        $          1,100  
Stock-based and deferred compensation expense          244              199                  227  
Amortization of intangibles                             90              100                   92  
Investment (gains) losses, net                         (10 )                                (4 )                        --  
Income tax adjustments                                 (33 )                               (82 )                                  (232 )
                                              -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- -------------- --------------------
Non-GAAP net income                                              $      1,246                        $      1,006                        $          1,187  
                                              ==================== ========== ====================                      ==================== ========== ====================                      ==================== ============== ====================
                                                                                                                                        
Diluted net income per share:                                                                                                                              
                                                                                                                                        
GAAP diluted net income per share                                $       1.97                        $       1.61                        $           2.27  
Stock-based and deferred compensation expense         0.50             0.41                 0.47  
Amortization of intangibles                           0.19             0.20                 0.19  
Investment (gains) losses, net                       (0.02 )                             (0.01 )                        --  
Income tax adjustments                               (0.07 )                             (0.16 )                                 (0.48 )
                                              -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- -------------- --------------------
Non-GAAP diluted net income per share                            $       2.57                        $       2.05                        $           2.45  
                                              ==================== ========== ====================                      ==================== ========== ====================                      ==================== ============== ====================
                                                                                                                                        
Reconciliation of GAAP to Non-GAAP Financial Targets
(Shares in millions)
The following tables show Adobe's fourth quarter fiscal year 2020 financial targets reconciled to the non-GAAP financial targets included in this release.
                                                                             Fourth Quarter
                                                                                                  Fiscal 2020
                                                    ----------------------------------------------------------------------------------------------------
Diluted net income per share:                        
                                  
GAAP diluted net income per share                                                        $  4.29  
Stock-based and deferred compensation expense                            0.50  
Amortization of intangibles                                              0.17  
Income tax adjustments                                                  (2.32 )
                                                    -------------------------------------- ----- ---------------------------------------------------------
Non-GAAP diluted net income per share                                                    $  2.64  
                                                    ====================================== ===== =========================================================
                                  
Shares used to compute diluted net income per share                       485  
                                                    ====================================== ===== =========================================================
                                  
                                                                             Fourth Quarter
                                                                                                  Fiscal 2020
                                                    ----------------------------------------------------------------------------------------------------
Effective income tax rate:                           
                                  
GAAP effective income tax rate                                          (90.0 )%
Trading structure change                                                100.0  
Income tax adjustments                                                    1.0  
Stock-based and deferred compensation expense                            (0.9 )
Amortization of intangibles                                              (0.1 )
                                                    -------------------------------------- ----- ---------------------------------------------------------

Use of Non-GAAP Financial Information

Adobe continues to provide all information required in accordance with GAAP, but believes evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures. Adobe uses non-GAAP financial information to evaluate its ongoing operations and for internal planning and forecasting purposes. Adobe's management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Adobe presents such non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate Adobe's operating results. Adobe believes these non-GAAP financial measures are useful because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. This allows institutional investors, the analyst community and others to better understand and evaluate our operating results and future prospects in the same manner as management.

Adobe's management believes it is useful for itself and investors to review, as applicable, both GAAP information as well as non-GAAP measures, which may exclude items such as stock-based and deferred compensation expenses, restructuring and other charges, amortization of intangibles, investment gains and losses, the related tax impact of all of these items, income tax adjustments, and the income tax effect of the non-GAAP pre-tax adjustments from the provision for income taxes. Adobe uses these non-GAAP measures in order to assess the performance of Adobe's business and for planning and forecasting in subsequent periods. Whenever such a non-GAAP measure is used, Adobe provides a reconciliation of the non-GAAP financial measure to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200915006181/en/

SOURCE: Adobe

Investor Relations Contact 
Jonathan Vaas
Adobe
ir@adobe.com

Public Relations Contact 
Lea Anna Cardwell
Adobe
cardwell@adobe.com
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