From Adobe: Recurring Revenue More Than Half of Company’s First Quarter Revenue
SAN JOSE, Calif. – March 18, 2014 – Adobe (Nasdaq:ADBE) today reported financial results for its first quarter fiscal year 2014 ended Feb. 28, 2014. First Quarter Financial Highlights
- Adobe achieved revenue of $1.0 billion, at the high end of its targeted range of $950 million to $1.0 billion.
- Adobe exited Q1 with 1 million 844 thousand paid Creative Cloud subscriptions, an increase of 405 thousand when compared to the number of subscriptions as of the end of Q4 fiscal year 2013.
- Creative Annualized Recurring Revenue (“ARR”) grew to $987 million, and total Digital Media ARR grew to $1.15 billion.
- Adobe Marketing Cloud quarterly revenue was $267 million, representing 24 percent year-over-year growth.
- Diluted earnings per share were $0.09 on a GAAP-basis, and $0.30 on a non-GAAP basis.
- Cash flow from operations was $252 million.
- Deferred revenue grew by $52 million to a record $881 million.
- More than half of Adobe’s Q1 revenue was from recurring sources such as Creative Cloud subscriptions and Adobe Marketing Cloud.
- The company repurchased 4.5 million shares during the quarter, returning approximately $263 million of cash to stockholders.
Download the Full Press Release and Condensed Consolidated Statements of Income (112 KB, PDF).
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