Adobe 2004 Annual Report Download - page 52

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52
cash flow requirements as determined by our Board of Directors from time to time. Refer to Part II, Item 5(c) in this
filing for share repurchases during the quarter ended December 3, 2004.
During fiscal 2004, we entered into several stock purchase agreements with large financial institutions. Under
these agreements, we provided the financial institutions with up-front payments totaling $350.0 million. The
financial institutions agreed to deliver to us, at certain intervals during the contract term, a certain number of our
shares based on the volume weighted average price during such intervals less a specified discount. Upon payment,
the $350.0 million was classified as treasury stock on our balance sheet. These contracts will expire on or before
May 17, 2005.
On December 20, 2004, we entered into several additional stock purchase agreements with large financial
institutions. Under these agreements, we provided the financial institutions with up-front payments totaling $100.0
million. The financial institutions agreed to deliver to us, at certain intervals during the contract term, a certain
number of our shares based on the volume weighted average price during such intervals less a specified discount.
Upon payment, the $100.0 million was classified as treasury stock on our balance sheet. These contracts will expire
on or before June 21, 2005.
Stock Repurchase Program II – Additional Authorization above Dilution Coverage
In March 2001, our Board of Directors authorized a program to purchase up to an additional 5.0 million shares
of our common stock over a two-year period, subject to certain business and cash flow requirements. The program
expired on March 2, 2003.
On September 25, 2002, our Board of Directors authorized a program to purchase up to an additional 5.0
million shares of our common stock over a three-year period, subject to certain business and cash flow requirements.
The authorization for this program will expire in September 2005.
The tables below represent our authorized stock repurchase plans and summary of stock repurchases as of December
3, 2004.
Authorized Stock Repurchase Plans
Board Approval Expiration Authorized Repurchases Authorization Remaining
Date Date Shares To Date Expired Authorization
December 1997 N/A Ongoing
dilution 58.3 N/A 28.3*
March 2001 March 2003 5.0 2.0 3.0 —
September 2002 September 2005 5.0 — — 5.0
* The remaining authorization for the ongoing stock repurchase plan is determined by subtracting repurchases from all stock
issuances, net of any canceled shares, beginning in the first quarter of fiscal 1998.