If there is one stock that has managed to figure out how to transform itself to adapt to the cloud business, it is Adobe (Nasdaq: ADBE). Since Adobe began transitioning its offerings onto a SaaS model, the stock’s performance has steadily climbed. It has climbed nearly 80% since a year ago, and analysts believe that there is more to come.

Adobe’s Financials

Adobe’s fourth quarter revenues grew 25% over the year to $2.01 billion, ahead of the market’s projections of $1.95 billion. Subscription comprised 85% of its revenues, compared with 34% a year ago. Revenue from products brought in 10% for the quarter and the remainder came in from Services & Support. EPS of $1.26 was also ahead of the Street’s estimated $1.15 per share for the quarter.

By segment, revenues from Digital Media Solutions grew 29% to $1.39 billion. Total Digital Media Annualized Recurring Revenue (ARR) grew to $5.23 billion at the end of the quarter, driven by strong growth in both the Creative Cloud and Document Cloud segments. Creative revenues grew 30% to $1.16 billion with its ARR growing to $3.15 billion. Document Cloud revenues grew 23% to $235 million. The Digital Marketing segment brought in $572.7 million in revenues driven by the experience Cloud business where revenues grew 18% to $550 million. Revenues from the Print and Publishing segment brought in the remaining $43.6 million in revenues.

Adobe ended the year with revenues growing from $5.85 billion a year ago to $7.3 billion. Net income per share increased from $2.35 a year ago to $3.43 for the year.

For the current quarter, Adobe expects revenues of $2.40 billion, significantly ahead of the Street’s forecast of $2.04 billion. Non GAAP earnings per share are estimated at $1.27, again ahead of the market’s forecast of $1.24. For the fiscal 2018, Adobe forecast revenues of $8.725 billion, marginally ahead of the Street’s estimates of $8.69 billion. It expects to end the year with an EPS of $5.50 compared with the market’s projected EPS of $5.47.