Adobe said Digital Media ARR reached $15.76 billion as of March 1, 2024, up $432 million (3%) from $15.33 billion as of December 1, 2023. Digital Media revenue for the quarter was $3.82 billion, up 12% from $3.40 billion a year earlier.

1. 01

   Adobe said Digital Media ARR reached $15.76 billion as of March 1, 2024, up $432 million (3%) from $15.33 billion as of December 1, 2023. Digital Media revenue for the quarter was $3.82 billion, up 12% from $3.40 billion a year earlier.

2. 02

   The company said it incurred a $1 billion termination fee for the quarter ended March 1, 2024 resulting from the termination of the Figma transaction. Operating expenses rose 47% to $3.69 billion, and net income fell $627 million (50%) from the year-ago quarter to $620 million.

3. 03

   Adobe said operating cash flow for the quarter was $1.17 billion, down 31% from a year earlier, and that it paid the $1 billion Figma termination fee from cash on hand. Net cash used in financing activities was $2.13 billion, and the company cited share repurchases and taxes paid on the net share settlement of equity awards as the main uses.

4. 04

   Adobe said its board authorized an additional share repurchase program of $25 billion after March 1, 2024, effective through March 14, 2028. The company also said it entered into an accelerated share repurchase (ASR) agreement under which it prepaid $2.5 billion and received an initial 3.6 million shares, with $22.65 billion remaining under the new authorization upon completion.

Key figures

Quarter ended March 1, 2024

Revenue

$5.2B

Operating income

$907M

Net income

$620M

EPS

$1.36

Gross profit

$4.6B

Operating cash flow

$1.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.