Adobe Announces New $25 Billion Stock Repurchase Program
March 14 2024 - 3:05PM
Business Wire
Adobe (Nasdaq:ADBE) announced that its board of directors has
approved a new stock repurchase authorization, granting the company
authority to repurchase up to $25 billion in common stock through
March 14, 2028. Under the program, which is designed to return
value to Adobe’s stockholders, minimize dilution from stock
issuances, and reduce share count over time, the company may
repurchase shares in the open market and enter into structured
repurchase agreements with third parties.
“Our new $25 billion share repurchase authorization underscores
what a special company Adobe is, with the profitability and cash
flows to drive growth and invest in innovation while returning
significant capital to our shareholders,” said Dan Durn, executive
vice president and CFO, Adobe.
Adobe to Host Conference Call
Adobe will webcast its first quarter fiscal year 2024 earnings
conference call today at 2:00 p.m. Pacific Time from its investor
relations website: http://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.
Adobe to Host Investor Meeting at Adobe Summit 2024
Adobe will host its Investor Meeting with financial analysts and
investors on Tuesday, March 26, 2024 at 2:00 p.m. Pacific Time at
Adobe Summit in Las Vegas, Nev. Adobe’s executives will discuss the
company’s long-term market opportunity, strategy and innovation
roadmap, including artificial intelligence. The event will be
streamed live on the Adobe Investor Relations Website. Following
the event, a recording and related materials will be available on
the site.
Forward-Looking Statements Disclosures
In addition to historical information, this press release
contains “forward-looking statements” within the meaning of
applicable securities laws, including statements related to Adobe’s
stock repurchases, cash flows, use of cash, business momentum and
strategy. Each of the forward-looking statements we make in this
press release involves risks, uncertainties and assumptions based
on information available to us as of the date of this press
release. Such risks and uncertainties, many of which relate to
matters beyond our control, could cause actual results to differ
materially from these forward-looking statements. Factors that
might cause or contribute to such differences include, but are not
limited to: failure to innovate effectively and meet customer
needs; issues relating to development and use of AI; failure to
realize the anticipated benefits of investments or acquisitions;
failure to compete effectively; damage to our reputation or brands;
service interruptions or failures in information technology systems
by us or third parties; security incidents; failure to effectively
develop, manage and maintain critical third-party business
relationships; risks associated with being a multinational
corporation and adverse macroeconomic conditions; failure to
recruit and retain key personnel; complex sales cycles; changes in,
and compliance with, global laws and regulations, including those
related to information security and privacy; failure to protect our
intellectual property; litigation, regulatory inquiries and
intellectual property infringement claims; changes in tax
regulations; complex government procurement processes; risks
related to fluctuations in or the timing of revenue recognition
from our subscription offerings; fluctuations in foreign currency
exchange rates; impairment charges; our existing and future debt
obligations; catastrophic events; and fluctuations in our stock
price. Further information on these and other factors are discussed
in the section titled “Risk Factors” in Adobe’s most recently filed
Annual Report on Form 10-K and Adobe's most recently filed
Quarterly Reports on Form 10-Q. The risks described in this press
release and in Adobe’s filings with the U.S. Securities and
Exchange Commission should be carefully reviewed. Adobe assumes no
obligation to, and does not currently intend to, update these
forward-looking statements.
About Adobe
Adobe is changing the world through personalized digital
experiences. For more information, visit www.adobe.com.
©2024 Adobe. All rights reserved. Adobe, Creative Cloud,
Document Cloud and the Adobe logo are either registered trademarks
or trademarks of Adobe (or one of its subsidiaries) in the United
States and/or other countries. All other trademarks are the
property of their respective owners.
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Investor Relations Contact Jonathan Vaas Adobe
ir@adobe.com Public Relations Contact Ashley Levine Adobe
adobepr@adobe.com
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