Annual reports released by publicly held companies include a letter to the stockholders written by the chief executive officer, chairman of the board, or president.

Analyze Online: 

Locate the Adobe Systems, Inc., website (www.adobe.com). Within Investor Relations in the About Adobe link in the Menu, find the annual report for the current year. Read the letter to the stockholders within the annual report.

Analyze:
1. What types of information can a company’s management deliver using the letter to stockholders?
2. What annual revenue did Adobe Systems, Inc., report for fiscal 2018?
3. What amount of cash, cash equivalents, and short-term investments did Adobe have on hand at the end of 2018?
4. Are the financial results presented in the current year more or less favorable than those presented for fiscal 2017?
5. How much in operating cash flows did Adobe generate during fiscal year 2017?