Adobe (Nasdaq:ADBE) today reported financial results for its first quarter fiscal year 2021 ended March 5, 2021.

First Quarter Fiscal Year 2021 Financial Highlights

– Adobe achieved record quarterly revenue of $3.91 billion in its first quarter of fiscal year 2021, which represents 26 percent year-over-year
growth. Diluted earnings per share was $2.61 on a GAAP basis, representing 33 percent year-over-year growth, and $3.14 on a non-GAAP
basis, representing 38 percent year-over-year growth.
– Digital Media segment revenue was $2.86 billion, which represents 32 percent year-over-year growth. Creative revenue grew to $2.38
billion, representing 31 percent year-over-year growth. Document Cloud revenue was $480 million, representing 37 percent year-over-year
growth.
– Digital Media Annualized Recurring Revenue (“ARR”) increased $435 million quarter-over-quarter to $10.69 billion exiting the quarter.
Creative ARR grew to $9.12 billion and Document Cloud ARR grew to $1.57 billion.
– Digital Experience segment revenue was $934 million, representing 24 percent year-over-year growth. Digital Experience subscription
revenue was $812 million, representing 27 percent year-over-year growth.
– GAAP operating income in the first quarter was $1.45 billion, and non-GAAP operating income was $1.83 billion. GAAP net income was $1.26
billion, and non-GAAP net income was $1.52 billion.
– Cash flows from operations were $1.77 billion.
– Remaining Performance Obligation (“RPO”) exiting the quarter was $11.61 billion, representing 17 percent year-over-year growth.
– Adobe repurchased approximately 1.9 million shares during the quarter.
Adobe’s first quarter fiscal 2021 results benefited from an extra week in the quarter due to the company’s 52/53 week financial calendar
whereby fiscal 2021 is a 53-week year compared with fiscal 2020, which was a 52-week year.
A reconciliation between GAAP and non-GAAP results is provided at the end of this press release and on Adobe’s website.

Analysts surveyed by FactSet had expected first-quarter net income of $2.79 a share on revenue of $3.75 billion.

The Silicon Valley company also offered second-quarter and full-year guidance that exceeded analyst estimates. For the fiscal year, Adobe expects revenue of $15.45 billion and adjusted earnings of $11.85 a share. FactSet analysts have forecast $15.17 billion and $11.27 a share, respectively.