Summary
Adobe Systems Incorporated (ADBE) filed an 8-K on December 10, 2015, to report its fourth fiscal quarter and full fiscal year financial results ended November 27, 2015. The filing primarily consists of a press release announcing record quarterly and annual revenue, highlighting strong performance for the company. Investors should note that Adobe is providing both GAAP and non-GAAP financial measures in its reporting. The company emphasizes its use of non-GAAP figures for internal decision-making and investor transparency, excluding items such as stock-based compensation, restructuring charges, and amortization of purchased intangibles, among others. These non-GAAP measures are intended to offer a clearer view of core operational performance and comparability across periods and with peers.
Key Highlights
- 1Adobe reported record quarterly and annual revenue for its fourth fiscal quarter and full fiscal year ended November 27, 2015.
- 2The company is furnishing a press release as an exhibit, which contains detailed financial results.
- 3Adobe presents both GAAP and non-GAAP financial results, with non-GAAP measures excluding specific items to reflect operational performance.
- 4Key exclusions from non-GAAP measures include stock-based compensation, restructuring charges, and amortization of purchased intangibles.
- 5Non-GAAP financial measures are used by management for internal budgeting, resource allocation, and operational decision-making.
- 6Adobe believes non-GAAP measures provide meaningful supplemental information for investors to understand operational performance and compare results across accounting periods and with peer companies.
- 7The company provided a long-term non-GAAP tax rate of 21% for both fiscal 2014 and 2015.