March 14, 2024 – Adobe (Nasdaq:ADBE) today reported financial results for its first quarter fiscal year 2024 ended March 1, 2024. “Adobe drove record Q1 revenue demonstrating strong momentum across Creative Cloud, Document Cloud and Experience Cloud,” said Shantanu Narayen, chair and CEO, Adobe. “We’ve done an incredible job harnessing the power of generative AI to deliver groundbreaking innovation across our product portfolio.” “Adobe’s Q1 results and record RPO reflect strong customer adoption of our innovative products and services,” said Dan Durn, executive vice president and CFO, Adobe. “As a result of our strong trajectory of growth and profitability, we are announcing a new $25 billion share repurchase program, which demonstrates Adobe’s continued commitment to returning capital to our shareholders.” First Quarter Fiscal Year 2024 Financial Highlights • Adobe achieved revenue of $5.18 billion in its first quarter of fiscal year 2024, which represents 11 percent year-over-year growth or 12 percent in constant currency. Diluted earnings per share was $1.36 on a GAAP basis and $4.48 on a non-GAAP basis. • GAAP operating income in the first quarter was $907 million and non-GAAP operating income was $2.47 billion. GAAP net income was $620 million and non-GAAP net income was $2.05 billion. • Cash flows from operations were $1.17 billion. • Remaining Performance Obligations (“RPO”) exiting the quarter were $17.58 billion. • Adobe repurchased approximately 3.1 million shares during the quarter. First Quarter Fiscal Year 2024 Business Segment Highlights • Digital Media segment revenue was $3.82 billion, which represents 12 percent year-over-year growth or 13 percent in constant currency. Creative revenue grew to $3.07 billion, representing 11 percent year-over-year growth or 12 percent in constant currency. Document Cloud revenue was $750 million, representing 18 percent year-over-year growth as reported and in constant currency. • Net new Digital Media Annualized Recurring Revenue (“ARR”) was $432 million, exiting the quarter with Digital Media ARR of $15.76 billion. Creative ARR grew to $12.78 billion and Document Cloud ARR grew to $2.98 billion. • Digital Experience segment revenue was $1.29 billion, representing 10 percent year-over-year growth as reported and in constant currency. Digital Experience subscription revenue was $1.16 billion, representing 12 percent year-over-year growth as reported and in constant currency. 2 Financial Targets Adobe is providing second quarter targets, which factor in current expectations for the macroeconomic and foreign exchange environments. The following table summarizes Adobe’s second quarter fiscal year 2024 targets: Total revenue $5.25 billion to $5.30 billion Digital Media net new ARR ~$440 million Digital Media segment revenue $3.87 billion to $3.90 billion Digital Experience segment revenue $1.31 billion to $1.33 billion Digital Experience subscription revenue $1.165 billion to $1.185 billion Tax rate GAAP: ~18.5% Non-GAAP: ~18.5% Earnings per share1 GAAP: $3.35 to $3.40 Non-GAAP: $4.35 to $4.40