“We expect an approximate $200 million headwind to FY2025 revenue as a result of the effect of foreign exchange, and a smaller impact of the continued move to subscriptions from perpetual offerings.”

In context

“exiting the quarter was $19.96 billion, growing 16% and CRPO growing third percent year-over-year as reported. Our cash flows from operations in the quarter were $2.92 billion, and ending cash and short-term investment position exiting Q4 was $7.89 billion. In Q4, we entered into a $2.5 billion share repurchase agreement, and we currently have $17.65 billion remaining of our $25 billion authorization granted in March 2024. Now turning to our FY2025 financial target. We measure ARR on a constant currency basis during the fiscal year and revalue ending ARR at year-end. FX rate changes between the end of FY2023 and the end of FY2024 have resulted in a $117 million decrease to the digital media ARR balance entering FY2025, from $17.33 to $17.22 billion, and is reflected in our investor data. We expect an approximate $200 million headwind to FY2025 revenue as a result of the effect of foreign exchange, and a smaller impact of the continued move to subscriptions from perpetual offerings. Factored into our financial targets is an ongoing strategy to introduce new tiered subscription offerings and add-ons. For FY2025, we're targeting total Adobe revenue of $23.30 to $23.55 billion. Digital Media segment revenue of $17.25 to $17.40 billion. Digital media ending ARR book of business growth of 11.0% year-over-year. Digital Experience segment revenue of $5.80 to $5.90 billion, Digital Experience subscription revenue of $5.375 to $5.425 billion. GAAP earnings per share of $15.80 to $16.10. And non-GAAP earnings per share of $20.20 to $20.50. We expect non-GAAP operating margin of approximately 46% and a non-GAAP tax rate of approximately 18.5%. For Q1, fiscal 2025, we're targeting total Adobe revenue of $5.63 to $5.68 billion. Digital media segment revenue of $4.17 to $4.20 bill”