Company Announces Newest Offering, Adobe Document Cloud

SAN JOSE, Calif. - Adobe today reported financial results for its first quarter fiscal year 2015 ended Feb. 27, 2015.

Financial Highlights

• Adobe achieved revenue of $1.11 billion, above the high end of the targeted range of $1.05 billion to $1.10 billion.
• Adobe added 517 thousand net new Creative Cloud subscriptions in the quarter, which represents 28 percent year-over-year growth when compared to net new subscription additions in Q1 fiscal year 2014.
• Creative Annualized Recurring Revenue (“ARR”) grew to $1.79 billion, and total Digital Media ARR grew to $2.09 billion.
• Adobe Marketing Cloud revenue was $311 million.
• Diluted earnings per share were $0.17 on a GAAP-basis, and $0.44 on a non-GAAP basis.
• Cash flow from operations was $183 million and deferred revenue grew to a record $1.18 billion.
• A record 70 percent of Adobe’s Q1 revenue was from recurring sources, compared to 52 percent of Q1 revenue in fiscal 2014.
• The company repurchased approximately 2.4 million shares during the quarter, returning $174 million of cash to stockholders.

A reconciliation between GAAP and non-GAAP results is provided on Adobe’s website.

Executive Quotes

"Adobe Marketing Cloud and Creative Cloud continue to be growth engines for Adobe," said Shantanu Narayen, Adobe president and chief executive officer.  "We are excited about today's announcement of the Adobe Document Cloud, which brings innovative new capabilities, including built-in e-signing, to millions of customers."

“Fiscal 2015 is off to a strong start, and Q1 revenue and earnings are evidence of successful execution against our strategy,” said Mark Garrett, Adobe executive vice president and chief financial officer.