Adobe Systems released its latest earnings report after closing bell tonight, posting adjusted earnings of 62 cents per share –2 cents ahead of consensus – and $1.31 billion in revenue (in line with estimates) for its fourth fiscal quarter. In last year’s fourth fiscal quarter, the firm reported earnings of 36 cents per share and $1.07 billion in revenue.

Adobe Systems

Adobe Systems’ earnings surge

GAAP earnings were 44 cents per share, compared to last year’s 17 cents. Operating income climbed 133%, while net income climbed 153% year over year on a GAAP basis. On a non-GAAP basis, net income climbed 59%. Total sales increased 22% year over year. Cash flow from operations was $455 million, while deferred revenue reached a new record of $1.49 billion. Cost of revenue was $201.4 million.

“Strong growth across key financial metrics reflect the amazing performance we’ve achieved in fiscal 2015,” said Adobe Executive Vice President and Chief Financial Officer Mark Garrett in a statement. “Our long-term financial targets, including a 20% revenue CAGR through fiscal 2018, show that the benefits of our move to the cloud are just beginning.”

During the fourth quarter, Adobe repurchased about 1.44 million shares for a total of $122 million. Throughout all of 2015, the company bought back about 8.1 million shares for $627 million.

Adobe’s results by segment

Adobe’s Digital Media Annualized Recurring Revenue increased by $350 million year over year to $2.99 billion, while Creative Annualized Recurring revenue rose by $310 million to $2.6 billion. Enterprise adoption drove the increase in Creative revenue as Adobe added 833,000 net new individual and team subscriptions to Creative Cloud. Adobe Marketing Cloud racked up $352 million in revenue on the back of strong growth in bookings and better than expected customer adoption of the company’s system-as-a-service offerings.

Subscription revenue climbed from $629 million last year to $907.4 million this year. Product revenue fell from $328 million to $284.5 million. Services and Support revenue edged downward from $116.4 million to $114.5 million.

Adobe Systems shares surged in after-hours trading, climbing by as much as 4.54% to $93 per share.