Adobe (Nasdaq:ADBE) today announced its board of directors has approved
a new stock repurchase program granting the company authority to
repurchase up to $8 billion in common stock through its fiscal year
2021. Under the program, which is designed to return value to Adobe’s
stockholders, offset 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. The
new stock repurchase authority is a significant expansion of the
company’s previous program authorizing the repurchase of up to $2.5
billion in common stock through fiscal year 2019 that is expected to be
exhausted later this year. The new program is expected to be funded from
Adobe’s future cash flow from operations and is not expected to have a
material impact on the company’s fiscal year 2018 earnings.
“Our ability to substantially increase Adobe’s stock repurchase program
is reflective of our strong cash flow expectations and balance sheet,
and reinforces our commitment to returning value and excess cash to our
stockholders,” said John Murphy, executive vice president and chief
financial officer, Adobe.
Forward-Looking Statements Disclosure
This press release contains forward-looking statements, including those
related to Adobe’s stock repurchases, earnings, cash flow and use of
cash, which involve risks and uncertainties that could cause actual
results to differ materially, including but not limited to, risks and
uncertainties described in Adobe’s Annual Report on Form 10-K for our
fiscal year 2017 ended Dec. 1, 2017, and Adobe's Quarterly Reports on
Form 10-Q issued in fiscal year 2018. For further discussion of these
and other risks and uncertainties, individuals should refer to Adobe’s
SEC filings.
About Adobe
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information, visit www.adobe.com.
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Adobe
Public Relations Contact
Dan Berthiaume, 408-536-2584
dberthia@adobe.com
or
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Mike Saviage, 408-536-4416
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