“The majority of our employees continue to work from home, while the return to business travel is expected to ramp slowly. And we expect to further ramp our hiring in Q4.”

In context

“rge and mid-sized enterprises increased their investments in customer experience management. Business performance and digital experience during the quarter were driven by strong deal volume, including several large Adobe Experience platform deals. Momentum in Adobe commerce with strong revenue growth and new customer acquisition. Merchant services growth through new strategic partnerships, increasing adoption of our Workfront and Customer Journey Management offerings. Strong customer retention as we focus relentlessly, a value realization for our customers and demand for Adobe's professional services. Operating expenses increased in Q3 as we continue to make strategic investments and increased headcount. We began to reopen our facilities and return to moderate levels of business travel. The majority of our employees continue to work from home, while the return to business travel is expected to ramp slowly. And we expect to further ramp our hiring in Q4. From a quarter-over-quarter currency perspective, the impact of FX net of accounting for hedging activities caused a sequential currency increase to revenue of $10 million. From a year-over-year currency perspective, the impact of FX net of accounting for hedging activities caused the currency increase to revenue of $80 million. Adobe's effective tax rate in Q3 was 14.5% on a GAAP basis and 16% on a non-GAAP basis. The sequential reduction in our GAAP tax rate is primarily due to a decrease in U.S. tax accrued on foreign earnings and tax benefits associated with share-based payment. That's our trade DSO was 36 days, which compares to 37 days in the year-ago quarter and 35 days last quarter. RPO grew by 22% year-over-year to 12.63 billion exiting Q3 benefiting from strong enterprise licen”