Adobe Authorizes New $8 Billion Stock Repurchase Program
May 21 2018 - 4:05PM
Business Wire
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
Adobe is changing the world through digital experiences. For
more information, visit www.adobe.com.
© 2018 Adobe Systems Incorporated. All rights reserved. Adobe
and the Adobe logo are either registered trademarks or trademarks
of Adobe Systems Incorporated in the United States and/or other
countries. All other trademarks are the property of their
respective owners.
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AdobePublic Relations ContactDan Berthiaume,
408-536-2584dberthia@adobe.comorInvestor Relations
ContactMike Saviage, 408-536-4416ir@adobe.com
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