Press release from the issuing company
Company Achieves First $3 Billion Quarter
San Jose, Calif. – Adobe today reported financial results for its first quarter fiscal year 2020 ended Feb. 28, 2020.
First Quarter Fiscal Year 2020 Financial Highlights
"We delivered a record Q1 and our first $3 billion quarter," said Shantanu Narayen, president and CEO, Adobe. “Our strategy in light of the COVID-19 situation has been to ensure the well-being of our employees, serve our customers and focus on our long-term opportunity.”
"Adobe delivered strong revenue, earnings and cash flow in our first quarter," said John Murphy, executive vice president and CFO, Adobe. "Our recurring revenue model and the real-time visibility we have into our business uniquely positions Adobe to manage through an uncertain environment."
Adobe Provides Second Quarter Fiscal Year 2020 Financial Targets
Adobe today is providing second quarter financial targets that factor the expected impact of the global uncertainty caused by the COVID-19 situation based on the latest data and information available. While the company’s revenue and earnings are relatively predictable as a result of its subscription-based business model, Adobe expects it will be impacted in the following areas:
The following table summarizes Adobe’s second quarter fiscal year 2020 targets.
Total revenue: Approximately $3.175 billion
Digital Media segment revenue: Approximately 19 percent year-over-year growth
Digital Media annualized recurring revenue (ARR): Approximately $385 million of net new ARR
Digital Experience segment revenue: Approximately 12 percent year-over-year growth
Tax rate: GAAP: ~(10) percent
Non-GAAP: ~10 percent
Share count: ~486 million shares
Earnings per share: GAAP: ~$2.10 Non-GAAP: ~$2.35
Adobe to Webcast Earnings Conference Call
Adobe will webcast its first quarter fiscal year 2020 earnings conference call today at 2:00 p.m. Pacific Time from its investor relations website: www.adobe.com/ADBE. Earnings documents, including Adobe management’s prepared conference call remarks with slides and an investor datasheet are posted to Adobe’s investor relations website in advance of the conference call for reference. A reconciliation between GAAP and non-GAAP earnings results and financial targets is also provided on the website.
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