Adobe (ADBE) spent $326M in FQ3 to repurchase ~7M shares (1.4% of outstanding shares).
Deferred revenue totaled $734M at the end of FQ3, +6% Q/Q and reversing FQ2's 1% drop.
Adobe declares "the overwhelming majority" of its customers are shifting from perpetual to term-based licenses, validating market acceptance of Creative Cloud.
Document Services revenue (a portion of Digital Media revenue) fell 1.5% Y/Y to $182.7M thanks to shift towards Acrobat subscriptions. Document Services ARR rose 30% Q/Q to $109M, with total subscribers topping 1.3M after crossing 1M in FQ2.
Print/publishing revenue was soft, falling 14% Y/Y to $46.7M (5% of revenue).
R&D spend +10% Y/Y to $208.7M, sales/marketing spend +5% to $388.7M. CC/Marketing Cloud investments have much to do with the R&D growth.
ADBE +5% AH