Adobe 2003 Annual Report Download - page 51

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51
The tables below represent our authorized stock repurchase plans and summary of stock repurchases as of
November 28, 2003.
Authorized Stock Repurchase Plans as of November 28, 2003 (in thousands)
Board Approval Expiration Authorized Repurchases Authorization Remaining
Date Date Shares To Date Expired Authorization
December 1997 N/A Ongoing
dilution 47,319 N/A
23,526(1)
April 1999 April 2001 5,000 4,687 313 —
March 2001 March 2003 5,000 2,014 2,986 —
September 2002 September 2005 5,000 — — 5,000
(1) 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.
Summary of Stock Repurchases for fiscal years 2003, 2002 and 2001
(in thousands, except average amounts)
Board Approval Repurchases
Date Under the Plan 2003 Average 2002 Average 2001 Average
December 1997 From employees(1) 18 $ 34.99 83 $ 35.55 733 $ 42.01
Open market 1,185 32.96 — — 452 35.64
Option exercises(2) 1,584 28.47 8,517 29.60 4,726 57.78
April 1999 Open market — — — — — —
Option exercises(2) — — — — 4,687 35.24
March 2001 Open market — — 1,899 18.40 — —
Option exercises(2) — — 115 28.58 — —
March 2001 Open market — — — — —
Option exercises(2) — — — — —
Total shares 2,787 $ 30.42 10,614 $ 27.63 10,598 $ 45.77
Total cost $ 84,777 $ 293,241 $ 485,115
Shares used in computing diluted
income per share
241,450 243,119 249,145
(1) The repurchases from employees represent shares canceled when surrendered in lieu of cash payments for the option exercise price or
withholding taxes due.
(2) These are exercises of outstanding put and call options.
Off-Balance Sheet Arrangements and Aggregate Contractual Obligations
Our principal commitments as of November 28, 2003, consist of obligations under operating leases, real estate
financing agreements, royalty agreements and various service agreements. We expect to fulfill all of the following
commitments from our working capital.
Lease Commitments
We lease certain of our facilities and some of our equipment under noncancelable operating lease arrangements
that expire at various dates through 2091. Rent expense, net of sublease income, for these leases aggregated $32.4
million, $26.6 million and $22.0 million during fiscal 2003, 2002 and 2001, respectively.
In September 2001, we entered into a real estate development agreement for the construction of an additional
office building for our corporate headquarters in downtown San Jose, California. Under the agreement, the lessor
agreed to finance up to $117.0 million over a two-year period, toward the construction and associated costs of the