A federal appeals court on Friday upheld the major rate hikes imposed in August by the U.S. Postal Service, saying the Postal Regulatory Commission’s order underlying the increases was neither arbitrary and capricious, nor did it exceed the Commission’s statutory authority. The decision, by the U.S. Court of Appeals for the District of Columbia Circuit, preserves a 6.8% increase for first-class mail and an 8.8% increase for package services — hikes of unprecedented size in recent years. The increases came after the PRC late last year finished an overhaul of the existing rate-setting system, which it had deemed inadequate. The new rate system ties price caps to what the PRC identified as the USPS’ most significant cost drivers: fewer pieces of mail going to more addresses and benefits payments the agency is required to make for future retirees.
Adobe (Nasdaq:ADBE) today reported financial results for its second quarter fiscal year 2022 ended June 3, 2022.
“Adobe achieved record Q2 revenue with strong demand across Creative Cloud, Document Cloud and Experience Cloud,” said Shantanu Narayen, chairman and CEO, Adobe. “We are winning in our established businesses and seeing significant momentum in new categories from content authoring for a broad base of creators to PDF functionality on the web to the leading real-time customer data platform for global enterprises.”
“We delivered another quarter of strong financial results, with greater than $2 billion in operating cash flows demonstrating the strength of Adobe’s growing revenue streams and financial discipline,” said Dan Durn, executive vice president and CFO, Adobe. “Our operating model continues to fuel consistent growth, enabling the company to invest in category-leading cloud solutions and emerging innovations that are gaining traction in the marketplace.”
Second Quarter Fiscal Year 2022 Financial Highlights:
*Adobe achieved record revenue of $4.39 billion in its second quarter of fiscal year 2022, which represents 14 percent year-over-year growth or 15 percent in constant currency. Diluted earnings per share was $2.49 on a GAAP basis and $3.35 on a non-GAAP basis.
*GAAP operating income in the second quarter was $1.53 billion, and non-GAAP operating income was $1.97 billion. GAAP net income was $1.18 billion, and non-GAAP net income was $1.59 billion.
*Cash flows from operations were $2.04 billion.
*Remaining Performance Obligations (“RPO”) exiting the quarter were $13.82 billion.
*Adobe repurchased approximately 1.9 million shares during the quarter.
details at: https://news.adobe.com/news/news-details/2022/Adobe-Reports-Record-Revenue-in-Q2-Fiscal-2022/default.aspx