Adobe Announces Program to Repurchase $2.5 Billion of Stock by End of FY2019
18 January 2017 - 8:05AM
Business Wire
Adobe Systems Incorporated (Nasdaq:ADBE) today announced its
Board of Directors has approved a new stock repurchase program
granting the company authority to repurchase up to $2.5 billion in
common stock through the end of fiscal year 2019. Under the new
stock repurchase program, which is designed to return value to
Adobe’s stockholders and minimize dilution from stock issuances,
the company may repurchase shares in the open market and also enter
into structured repurchase agreements with third parties. The new
stock repurchase program, approved by Adobe’s Board of Directors,
is substantially similar to the company’s previous program
authorizing the repurchase of up to $2.0 billion in common stock
through fiscal year 2017, which authority will soon be
exhausted.
“We’re coming off a year of record cash flow generation and our
balance sheet continues to be strong. Adobe’s new share repurchase
program underscores our commitment to returning value to our
stockholders, as we execute on our long-term growth strategy,” said
Mark Garrett, 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 and business
momentum, 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 2015 ended Nov. 27, 2015, and Adobe's
Quarterly Reports on Form 10-Q issued in fiscal year 2016. 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.
© 2017 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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version on businesswire.com: http://www.businesswire.com/news/home/20170117006238/en/
Investor Relations ContactAdobeMike Saviage,
408-536-4416ir@adobe.comorPress ContactAdobeDan Berthiaume,
408-536-2584dberthia@adobe.com
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