Summary
This 8-K filing from Adobe Systems Incorporated, dated March 22, 2011, reports on the company's financial results for its first fiscal quarter ended March 4, 2011. The key takeaway for investors is the announcement of record revenue for the quarter, as detailed in the accompanying press release (Exhibit 99.1). The filing also provides extensive detail on Adobe's use of non-GAAP financial measures, which exclude items such as stock-based compensation, restructuring charges, and amortization of purchased intangibles, among others. The company states these non-GAAP measures are used internally for budgeting and operational decision-making and are believed to offer supplemental insights into operational performance and comparisons with competitors.
Key Highlights
- 1Adobe Systems announced record revenue for its first fiscal quarter of 2011, ended March 4, 2011.
- 2The press release providing these results is attached as Exhibit 99.1 to the 8-K filing.
- 3The company emphasizes its use of non-GAAP financial measures for internal analysis and decision-making.
- 4Excluded items from non-GAAP measures include stock-based compensation, restructuring charges, and amortization of purchased intangibles.
- 5Non-GAAP measures are presented to offer supplemental information on operational performance and are not intended to replace GAAP measures.
- 6The filing details specific reasons for excluding certain items, such as one-time tax benefits from audit resolutions and R&D tax credits, as well as acquisition-related charges.
- 7Adobe's CFO, Mark Garrett, signed the report, indicating executive endorsement of the disclosed information.