ADOBE INC
For the period ended Mar 1, 2024. Filed Mar 27, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 1, 2024 · Filed Mar 27, 2024
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Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Below is a summary of stock repurchases for the three months ended March 1, 2024. See Note 11 of our notes to condensed consolidated financial statements for information regarding our stock repurchase program.
| Period · Total Number of SharesRepurchased · AveragePrice PaidPerShare · TotalNumber ofSharesPurchasedas Part ofPubliclyAnnouncedPlans · ApproximateDollar Valuethat MayYet bePurchasedUnder thePlans (1) | |||||||
|---|---|---|---|---|---|---|---|
| (in millions, except average price per share) | |||||||
| Beginning repurchase authority | $2,504 | ||||||
| Accelerated share repurchase | 2.5 | $— | 2.5 | $(2,000) | (2) | ||
| Other shares repurchased | 0.6 | $626.68 | 0.6 | $(354) | |||
| Shares repurchased | — | $— | — | $— | |||
| Shares repurchased | — | $— | — | $— | |||
| Total | 3.1 | 3.1 | $150 | ||||
(1)In December 2020, the Board of Directors granted authority to repurchase up to $15 billion in our common stock through the end of fiscal 2024.
(2)In December 2023, we entered into an accelerated share repurchase agreement with a large financial institution whereupon we provided them with a prepayment of $2 billion and received an initial delivery of 2.5 million shares of our common stock. Subsequent to March 1, 2024, the accelerated share repurchase agreement was settled which resulted in total repurchases of 3.5 million shares at an average price of $578.11.
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