EX-12.1 4 adbeex121fy17.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1

ADOBE SYSTEMS INCORPORATED
Consolidated Ratio of Earnings to Fixed Charges and
Consolidated Ratio of Earnings to Fixed Charges and Preferred Stock Dividends


(in thousands, except ratios)
Year Ended
 
December 1,
2017
 
December 2,
2016
 
November 27,
2015
 
November 28,
2014
 
November 29,
2013
Earnings:
 
 
 
 
 
 
 
 
 
Income before provision for
     income taxes
$
2,137,641

 
$
1,435,138

 
$
873,781

 
$
361,376

 
$
356,141

Add: Fixed charges
106,424

 
97,006

 
90,387

 
87,720

 
94,794

Total earnings
$
2,244,065

 
$
1,532,144

 
$
964,168

 
$
449,096

 
$
450,935

 
 
 
 
 
 
 
 
 
 
Total fixed charges(*)
106,424

 
97,006

 
90,387

 
87,720

 
94,794

Ratio of earnings to fixed
     charges
21.1

 
15.8

 
10.7

 
5.1

 
4.8

_________________________________________ 
(*) 
Fixed charges consist of interest charges, the amortization of debt issuance costs and an estimate of interest as a component of rental expense.
Currently, we have no shares of preferred stock outstanding and we have not paid any dividends on preferred stock in the periods presented. Therefore, the ratios of earnings to combined fixed charges and preferred stock dividends are not different from the ratios of earnings to fixed charges.