23. Annual reports released by publicly held companies include a letter to the stockholders written by the chief executive officer, chairman of the board, or president.

Analyze Online: Locate the annual financial statements for Adobe, Inc., on its website at: www

.adobe.com/investor-relations/financial-documents.html. Find the annual reports in Form 10-K for fiscals years 2021 and 2020. Read the letter to the stockholders within the annual report.

Analyze:

1. What types of information can a company’s management deliver using the letter to stockholders?

2. What annual revenue did Adobe, Inc., report for fiscal 2021?

3. What amount of cash, cash equivalents, and short-term investments did Adobe have on hand at the end of fiscal year 2021?

4. Are the financial results presented in 2021 more or less favorable than those presented for fiscal 2020?

5. How much in operating cash flows did Adobe generate during fiscal year 2021?