Do I need relicensing?

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If the advertising agency where I work buys a license for an Adobe Stock photo, may I use the photo in an edited version in an advertisement for one of the advertising agency's customers without transferring the license? And if so: Can I subsequently use the same Adobe Stock photo in another edited version for another customer without having to purchase an additional license for the photo?

[WendellaBee]

The asset should be licensed specifically for each customer.
Please review this page for information regarding license terms: https://stock.adobe.com/license-terms

[Abambo]

• You need to do a licence transfer, when you transfer the asset, not when you use an asset in an advert that you transfer, as it is common, as a PDF file to be printed.
• You need to monitor the restrictions, like the print run, however.
• In addition to what @WendellaBee said, if you use the asset on your own, you need to relicense too.