ADOBE INC. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-K)

The following discussion should be read in conjunction with our Consolidated
Financial Statements and Notes thereto. Discussion regarding our financial
condition and results of operations for fiscal 2021 as compared to fiscal 2020
is included in Item 7 of our Annual Report on Form 10-K for the fiscal year
ended December 3, 2021, filed with the SEC on January 21, 2022.

                   CRITICAL ACCOUNTING POLICIES AND ESTIMATES

In preparing our Consolidated Financial Statements in accordance with GAAP and
pursuant to the rules and regulations of the SEC, we make assumptions, judgments
and estimates that affect the reported amounts of assets, liabilities, revenue
and expenses, and related disclosures of contingent assets and liabilities. We
base our assumptions, judgments and estimates on historical experience and
various other factors that we believe to be reasonable under the...



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