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 Incorporated 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 Incorporated report for fiscal 2015?
3. What amount of cash, cash equivalents, and short-term investments did Adobe have on hand at the end of 2015?
4. Are the financial results presented in the current year more or less favorable than those presented for fiscal 2014?
5. How much in operating cash flows did Adobe generate during fiscal year 2015?