Adobe (Nasdaq:ADBE) today will host a financial analyst meeting
with investors and financial analysts at its Adobe MAX Creativity
Conference. Adobe’s executive team will share the company’s growth
strategy across its creativity, digital document and customer
experience management businesses.
Adobe is reaffirming its current fourth quarter fiscal year 2022
financial targets and is also providing preliminary financial
targets for fiscal year 2023.
“Our strategy to empower everyone to imagine and express their
ideas, create the world’s best content and applications and power
personalized digital experiences represents a massive market
opportunity that will drive Adobe’s next decade of growth,” said
Shantanu Narayen, chairman and CEO, Adobe. “Adobe’s continued
success in this uncertain macroeconomic environment underscores
that our solutions are mission-critical to a growing universe of
customers.”
Adobe Provides Preliminary Fiscal Year 2023 Financial
Targets
Adobe is providing preliminary fiscal year 2023 targets, which
do not reflect the planned acquisition of Figma that is expected to
close during 2023. These targets factor in current expectations for
the macroeconomic environment and foreign exchange headwinds
resulting from the U.S. Dollar having strengthened against foreign
currencies.
Changes to foreign exchange rates are expected to:
- Result in an approximately four percent headwind to total
revenue year-over-year growth rates in fiscal year 2023;
- Result in an approximately $700 million downward revaluation to
Adobe’s total Digital Media annualized recurring revenue (ARR)
balance. As a reminder, ARR is forecasted annually at December
currency rates, and currency rates are held constant through that
fiscal year for measurement purposes; end-of-year actual ARR
balances are revalued at new December rates for the next fiscal
year.
The following table summarizes Adobe’s preliminary fiscal year
2023 targets:
Total revenue
$19.1 billion to $19.3
billion
Digital Media net new ARR
~$1.65 billion
Digital Media segment revenue
$13.9 billion to $14.0
billion
Digital Experience segment
revenue
$4.925 billion to $5.025
billion
Digital Experience subscription
revenue
$4.375 billion to $4.425
billion
Tax rate
GAAP: ~22.0%
Non-GAAP: ~18.5%
Earnings per share1
GAAP: $10.75 to $11.05
Non-GAAP: $15.15 to $15.45
1 Targets assume average diluted
share count of ~455 million for fiscal year 2023
Adobe to Host Financial Analyst Meeting
Adobe will webcast its meeting with financial analysts and
investors in attendance at Adobe MAX beginning at 2 p.m. Pacific
Time today. In addition to sharing its financial outlook, Adobe’s
executive team will outline the company’s vision, strategies and
opportunities across Adobe Creative Cloud, Adobe Document Cloud and
Adobe Experience Cloud. Presentation materials are posted to
www.adobe.com/ADBE in advance of the meeting for reference. The
live video webcast will last approximately three hours and will be
archived on www.adobe.com/ADBE. There will be no phone dial-in
capability.
Forward-Looking Statements, Non-GAAP and Other
Disclosures
This press release contains forward-looking statements,
including those related to business momentum, the effects of the
COVID-19 pandemic on our business and results of operations, our
market opportunity, market trends, current macroeconomic
conditions, fluctuations in foreign currency exchange rates,
strategic investments, customer success, revenue, operating margin,
seasonality, annualized recurring revenue, tax rate on a GAAP and
non-GAAP basis, earnings per share on a GAAP and non-GAAP basis,
and share count, all of which involve risks and uncertainties that
could cause actual results to differ materially. Factors that might
cause or contribute to such differences include, but are not
limited to: failure to compete effectively, failure to develop,
acquire, market and offer products and services that meet customer
requirements; introduction of new technology, information security
and privacy; potential interruptions or delays in hosted services
provided by us or third parties; geopolitical and macroeconomic
conditions; the Russia-Ukraine war; the economic impact of the
COVID-19 pandemic; risks associated with cyber-attacks; complex
sales cycles; risks related to the timing of revenue recognition
from our subscription offerings; fluctuations in subscription
renewal rates; failure to realize the anticipated benefits of past
or future acquisitions; failure to effectively manage critical
strategic third-party business relationships; changes in accounting
principles and tax regulations; uncertainty in the financial
markets and economic conditions in the countries where we operate;
and other various risks associated with being a multinational
corporation. For a discussion of these and other risks and
uncertainties, please refer to Adobe’s Annual Report on Form 10-K
for our fiscal year 2021 ended Dec. 3, 2021, and Adobe's Quarterly
Reports on Form 10-Q issued in fiscal year 2022.
The financial information set forth in this press release
reflects estimates based on information available at this time.
Adobe assumes no obligation to, and does not currently intend to,
update these forward-looking statements.
A reconciliation between GAAP and non-GAAP financial targets is
provided at the end of this press release and on Adobe’s investor
relations website.
About Adobe
Adobe is changing the world through digital experiences. For
more information, visit www.adobe.com.
© 2022 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.
Reconciliation of GAAP to Non-GAAP Financial Targets
The following tables show Adobe's preliminary fiscal year 2023
financial targets reconciled to non-GAAP financial targets included
in this document.
(Shares in millions)
Fiscal Year 2023 - Low
Fiscal Year 2023 -
High
Diluted net income per share:
GAAP diluted net income per share
$
10.75
$
11.05
Stock-based and deferred compensation
expense
3.99
3.97
Amortization of intangibles
0.82
0.82
Income tax adjustments
(0.41)
(0.39)
Non-GAAP diluted net income per share
$
15.15
$
15.45
Shares used to compute diluted net income
per share
455
455
Fiscal Year 2023
Effective income tax rate:
GAAP effective income tax rate
22.0
%
Stock-based and deferred compensation
expense
(1.4)
Amortization of intangibles
(0.1)
Income tax adjustments
(2.0)
Non-GAAP effective income tax rate
18.5
%
Use of Non-GAAP Financial Information
Adobe continues to provide all information required in
accordance with GAAP, but believes evaluating its ongoing operating
results may not be as useful if an investor is limited to reviewing
only GAAP financial measures. Adobe uses non-GAAP financial
information to evaluate its ongoing operations and for internal
planning and forecasting purposes. Adobe's management does not
itself, nor does it suggest that investors should, consider such
non-GAAP financial measures in isolation from, or as a substitute
for, financial information prepared in accordance with GAAP. Adobe
presents such non-GAAP financial measures in reporting its
financial results to provide investors with an additional tool to
evaluate Adobe's operating results. Adobe believes these non-GAAP
financial measures are useful because they allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision-making. This allows
institutional investors, the analyst community and others to better
understand and evaluate our operating results and future prospects
in the same manner as management.
Adobe's management believes it is useful for itself and
investors to review, as applicable, both GAAP information as well
as non-GAAP measures, which may exclude items such as stock-based
and deferred compensation expenses, amortization of intangibles,
investment gains and losses, the related tax impact of all of these
items, income tax adjustments, and the income tax effect of the
non-GAAP pre-tax adjustments from the provision for income taxes.
Adobe uses these non-GAAP measures in order to assess the
performance of Adobe's business and for planning and forecasting in
subsequent periods. Whenever such a non-GAAP measure is used, Adobe
provides a reconciliation of the non-GAAP financial measure to the
most closely applicable GAAP financial measure. Investors are
encouraged to review the related GAAP financial measures and the
reconciliation of these non-GAAP financial measures to their most
directly comparable GAAP financial measure as detailed above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221018005795/en/
Investor Relations Contact Jonathan Vaas Adobe
ir@adobe.com
Public Relations Contact Ashley Levine Adobe
adobepr@adobe.com
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