Adobe Reports Q1 FY2014 Financial Results

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).

Note: The Photoshop Photography Program special – $9.99/mo for Photoshop CC and Lightroom 5 with no previous ownership requirements – is set to expire March 31. Be sure to take advantage of this deal before time runs out!