Summary
This 8-K filing from Adobe Inc. (ADBE) on June 19, 2012, primarily furnishes a press release announcing strong financial results for the second fiscal quarter ended June 1, 2012. The report highlights the company's use of non-GAAP financial measures to provide supplemental insights into operational performance, excluding items such as stock-based compensation, restructuring charges, amortization of purchased intangibles, and investment gains/losses. Investors should note that these non-GAAP measures are presented for informational purposes and should be reviewed alongside the company's GAAP financial statements.
Key Highlights
- 1Adobe Systems Incorporated reported financial results for its second fiscal quarter ended June 1, 2012, via a press release filed as an exhibit.
- 2The company provided both GAAP and non-GAAP financial results, emphasizing the use of non-GAAP measures for internal decision-making and operational insights.
- 3Key non-GAAP exclusions include stock-based and deferred compensation, restructuring charges, amortization of purchased intangibles, investment gains/losses, and income tax adjustments.
- 4Adobe management believes non-GAAP measures offer a better understanding of operational performance, research and development investment, and strategic funding.
- 5The filing explicitly states that non-GAAP measures are not a substitute for GAAP and have limitations, advising investors to consider them in conjunction with GAAP figures.
- 6The press release, Exhibit 99.1, is furnished and attached, but not deemed 'filed' for purposes of securities laws unless expressly incorporated by reference.
- 7The specific financial performance figures (revenue, earnings, etc.) are detailed within the furnished press release (Exhibit 99.1), which is incorporated by reference.
Frequently Asked Questions
The main purpose of this 8-K filing is to furnish Adobe's press release announcing its second fiscal quarter financial results for the period ended June 1, 2012. It provides investors with the company's reported financial performance and highlights the use of non-GAAP financial measures.
Adobe presents non-GAAP financial measures to provide investors with supplemental information that management believes is meaningful for understanding operational performance. These measures exclude certain items that management does not believe are reflective of the company's core profitability or ongoing operations, such as stock-based compensation, restructuring charges, and amortization of intangibles.
Key adjustments made by Adobe for its non-GAAP calculations typically include excluding stock-based and deferred compensation expenses, restructuring charges, amortization of purchased intangibles, investment gains and losses, and certain income tax adjustments. The company believes these exclusions provide a clearer view of operational performance and facilitate comparisons with historical results and competitors.
No, investors should not rely solely on Adobe's non-GAAP financial results. The company explicitly states that these non-GAAP measures are not in accordance with, or an alternative for, GAAP. They have limitations and should only be used to evaluate the company's results in conjunction with the corresponding GAAP measures.