- Revenue of $884 million, GAAP operating
margin of 12% and EPS of $0.22, non-GAAP operating margin of 29%
and EPS of $0.29
- Reiterates commitment to maintain
quarterly dividend at $0.075
- $550 million in net cost savings
underway, as a result of cost savings initiative and synergies from
Blue Coat acquisition
Symantec Corp. (NASDAQ:SYMC) today reported the results of its
first quarter of fiscal year 2017, ended July 1, 2016.
Greg Clark, Symantec CEO, said, “We are pleased to have quickly
and successfully completed the Blue Coat acquisition, allowing us
to begin executing our integration strategy. Symantec is now
positioned to take advantage of the vast market opportunities in
helping customers embrace the cloud, protecting the mobile
workforce and securing enterprises, governments and consumers from
advanced attacks. We have a deep bench of talent across all
functions focused on executing our strategic initiatives,
maintaining strong sales performance and achieving our financial
targets.”
Thomas Seifert, Symantec CFO, said, “Our revenue was above the
mid-point of our guided range for Q1, driven by improved
performance within Enterprise Security and continued in-line
results from Consumer Security. With the Blue Coat acquisition
complete, we are well positioned to accelerate our strategy as the
world’s largest pure play cyber security company and achieve
alignment across the organization. In addition, we continue to make
progress in realizing cost efficiencies and synergies by the end of
fiscal 2018.”
Results for the First Quarter of Fiscal Year 2017 (Dollars in
millions, except EPS)
Reported
Y/Y
FX Adjusted
1Q17 1Q16
Change
Y/Y Change
GAAP
Revenue
$884 $912 (3%)
(4%)
Operating Margin 12.0%
9.1% 290 bps 140 bps
Net
Income $135 $117
15% N/A
Deferred Revenue
$2,417 N/A N/A N/A
EPS (Diluted) $0.22 $0.17
29% N/A
CFFO
($772) $300 (357%)
N/A
Non-GAAP
Revenue
$884 $912 (3%)
(4%)
Operating Margin
28.6% 30.2% (160) bps
(280) bps
Net Income $177
$183 (3%) N/A
EPS (Diluted)
$0.29 $0.26 12%
N/A
Second Quarter and Fiscal Year 2017 Guidance (Dollars in
millions, except EPS)
Non-GAAP Guidance
FX Neutral
($M in Guided Rates)
2Q17 Y/Y growth
Revenue $960 – $990 4% –
8%
Enterprise Security $565 – $590
14% – 20%
Consumer Security
$395 – $400 (7%)
Operating Margin
21% – 24% N/A
EPS
(Diluted) $0.18 – $0.21 N/A
Share Count (Diluted) 640M
N/A
Effective Tax Rate 29%
N/A
EUR = $1.11
N/A
Non-GAAP Guidance
FX Neutral
($M in Guided Rates)
FY17 Y/Y growth
Revenue $4,040 – $4,120
11% – 13%
Operating Margin 26% – 28%
N/A
EPS (Diluted) $1.08 –
$1.14 N/A
Share Count (Diluted)
616M N/A
Effective Tax Rate
29% N/A
EUR =
$1.11 N/A
Symantec's Board of Directors has declared a quarterly cash
dividend of 7.5 cents per common share to be paid
on September 14, 2016 to all shareholders of record as of
the close of business on August 22, 2016. The ex-dividend date
will be August 18, 2016.
No reconciliation of the forecasted range for non-GAAP guidance
is included in this release because it would be unreasonably
burdensome to forecast the acquisition and other charges associated
with the Blue Coat acquisition that may impact the GAAP measure.
The impact, which may be significant, of purchase accounting on
revenue, non-cash compensation expense and other non-cash charges,
are not yet known and subject to change, and the variability of
these charges could have a significant, and unpredictable, impact
on Symantec’s future GAAP financial results.
Conference Call
Symantec has scheduled a conference call for 5:00 p.m. ET/2:00
p.m. PT today to discuss its first quarter of fiscal year 2017
results, ended July 1, 2016 and to review guidance. Interested
parties may access the conference call on the Internet at
http://www.symantec.com/invest. To listen to the live call, please
go to the website at least 15 minutes early to register, download
and install any necessary audio software. For telephone access to
the conference, call (877) 475-6198 within the United States or
(970) 297-2372 from outside the United States. Please call 15
minutes early and give the operator conference ID number 47963069.
A replay and our prepared remarks will be available on the investor
relations home page shortly after the call is completed.
About Symantec
Symantec Corporation (NASDAQ:SYMC) is the global leader in cyber
security. Operating one of the world’s largest cyber intelligence
networks, we see more threats, and protect more customers from the
next generation of attacks. We help companies, governments and
individuals secure their most important data wherever it lives.
Forward-Looking Statements
This press release contains statements which may be considered
forward-looking within the meaning of the U.S. federal securities
laws, including statements regarding our projected financial and
business results, the expected benefits to Symantec, its customers,
stockholders and investors from completing the acquisition of Blue
Coat, Inc. (“Blue Coat”), including without limitation expected
growth, cross-sell and upsell opportunities, earnings accretion and
cost savings, statements regarding the share repurchase program and
cost reduction efforts. These statements are subject to known and
unknown risks, uncertainties and other factors that may cause our
actual results, performance or achievements to differ materially
from results expressed or implied in this press release. Such risk
factors include those related to: the potential impact on the
businesses of Blue Coat and Symantec due to uncertainties in
connection with the acquisition; the retention of employees of Blue
Coat and the ability of Symantec to successfully integrate Blue
Coat and to achieve expected benefits; general economic conditions;
fluctuations and volatility in Symantec’s stock price; the ability
of Symantec to successfully execute strategic plans; the ability to
maintain customer and partner relationships; fluctuations in tax
rates and currency exchange rates; the timing and market acceptance
of new product releases and upgrades; and the successful
development of new products, and the degree to which these products
and businesses gain market acceptance. Actual results may differ
materially from those contained in the forward-looking statements
in this press release. Symantec assumes no obligation, and does not
intend, to update these forward-looking statements as a result of
future events or developments. Additional information concerning
these and other risks factors is contained in the Risk Factors
section of Symantec’s Form 10-K for the year ended April 1,
2016.
Use of Non-GAAP Financial Information
Our results of operations have undergone or are expected to
undergo significant change due to the impact of litigation
accruals, discontinued operations, stock-based compensation,
restructuring, transition and separation matters, charges related
to the amortization of intangible assets, the impact of purchase
accounting on revenue from the Blue Coat acquisition, and certain
other income and expense items that management considers unrelated
to the Company’s core operations. To help our readers understand
our past financial performance and our future results, we
supplement the financial results that we provide in accordance with
generally accepted accounting principles, or GAAP, with non-GAAP
financial measures. The method we use to produce non-GAAP results
is not computed according to GAAP and may differ from the methods
used by other companies. Non-GAAP financial measures are
supplemental, should not be considered a substitute for financial
information presented in accordance with GAAP and should be read
only in conjunction with our consolidated financial statements
prepared in accordance with GAAP. Our management team uses these
non-GAAP financial measures in assessing Symantec’s operating
results, as well as when planning, forecasting and analyzing future
periods. Investors are encouraged to review the reconciliation of
our non-GAAP financial measures to the comparable GAAP results,
which is attached to our press release and which can be found,
along with other financial information, on the investor relations
page of our website at: http://www.symantec.com/invest.
SYMANTEC
CORPORATION Condensed Consolidated Balance Sheets
(Dollars in millions, unaudited)
July 1, 2016
April 1,2016 (1)
ASSETS Current assets: Cash and cash
equivalents $ 6,108 $ 5,983 Short-term investments 10 42 Accounts
receivable, net 314 556 Other current assets 367
378
Total current assets 6,799
6,959 Property and equipment, net 904 957 Intangible assets,
net 423 443 Goodwill 3,146 3,148 Equity investments 157 157 Other
long-term assets 101 103
Total assets $
11,530 $ 11,767
LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $
115 $ 175 Accrued compensation and benefits 166 219 Deferred
revenue 2,085 2,279 Current portion of long-term debt 599 - Income
taxes payable 24 941 Other current liabilities 333
419
Total current liabilities 3,322
4,033 Long-term debt 2,605 2,207 Long-term deferred
revenue 332 359 Long-term deferred tax liabilities 1,266 1,235
Long-term income taxes payable 154 160 Other long-term obligations
85 97
Total liabilities 7,764
8,091
Total stockholders'
equity 3,766 3,676
Total liabilities
and stockholders' equity $ 11,530 $ 11,767
(1) Derived from audited consolidated
financial statements.
SYMANTEC
CORPORATION
Condensed Consolidated Statements of
Income
(In millions, except per share data, unaudited)
Year-Over-Year Three Months Ended Growth
Rate Constant July 1, 2016 July 3,
2015 Actual Currency (1)
Net revenues $ 884 $ 912 -3 % -4 % Cost of revenues
149 158 -6 % -5 %
Gross profit 735 754
-3 % -4 %
Operating expenses: Sales and
marketing 291 340 Research and development 170 198 General and
administrative 84 84 Amortization of intangible assets 14 14
Restructuring, separation, transition, and other 70
35
Total
operating expenses 629 671
-6 % -6 %
Operating income 106
83 28 % 10 % Interest
income 5 3 Interest expense (27 ) (20 ) Other income (expense), net
13 (6 )
Income from continuing operations before income taxes
97 60 62 % N/A
Income tax expense 31 35
Income from continuing operations 66 25 Income from
discontinued operations, net of income taxes 69
92
Net
income $ 135 $ 117 15 % N/A
Income per share – basic: Continuing operations $
0.11 $ 0.04 Discontinued operations 0.11 0.13 Net income per share
– basic 0.22 0.17 Income per share – diluted: Continuing
operations $ 0.11 $ 0.04 Discontinued operations 0.11 0.13 Net
income per share – diluted 0.22 0.17 Weighted-average shares
outstanding – basic 613 682 Weighted-average shares
outstanding – diluted 620 691 Cash dividends declared per
common share $ 0.075 $ 0.15
(1) Management refers to growth rates
adjusting for currency so that the business results can be viewed
without the impact of fluctuations in foreign currency exchange
rates. We compare the percentage change in the results from one
period to another period in order to provide a framework for
assessing how our underlying businesses performed excluding the
effect of foreign currency rate fluctuations. To present this
information, current and comparative prior period results for
entities reporting in currencies other than United States dollars
are converted into United States dollars at the actual exchange
rates in effect during the respective prior periods.
SYMANTEC CORPORATION Condensed Consolidated
Statements of Cash Flows (Dollars in millions,
unaudited)
Three Months Ended July 1, 2016 July 3,
2015 OPERATING ACTIVITIES: Net income $
135 $ 117 Income from discontinued operations, net of income taxes
(69 ) (92 ) Adjustments to reconcile income from continuing
operations to net cash provided by (used in) continuing operating
activities: Depreciation and amortization 72 77 Stock-based
compensation expense 49 35 Deferred income taxes 33 30 Excess
income tax benefit from the exercise of stock options (2 ) (5 )
Other 27 4 Net change in assets and liabilities, excluding effects
of acquisitions: Accounts receivable, net 244 154 Accounts payable
(63 ) (34 ) Accrued compensation and benefits (52 ) (62 ) Deferred
revenue (139 ) (111 ) Income taxes payable (940 ) (47 ) Other
assets (2 ) 17 Other liabilities (35 )
(24 ) Net cash provided by (used in) continuing operating
activities (742 ) 59
Net cash provided by (used in)
discontinued operating activities
(30 ) 241
Net cash provided
by (used in) operating activities (772 )
300
INVESTING ACTIVITIES: Purchases of
property and equipment (22 ) (61 ) Purchases of short-term
investments - (183 ) Proceeds from maturities of short-term
investments 30 222 Proceeds from sales of short-term investments -
76 Proceeds received from divestiture of information management
business, net of transaction costs 7
- Net cash provided by continuing investing
activities 15 54 Net cash used in discontinued investing activities
- (17 )
Net cash provided by
investing activities 15 37
FINANCING ACTIVITIES: Repayments of debt and
other obligations (17 ) (17 ) Proceeds from debt issuance, net of
issuance costs 994 - Net proceeds from sales of common stock under
employee stock benefit plans 1 4 Excess income tax benefit from the
exercise of stock options 2 5 Tax payments related to restricted
stock units (24 ) (22 ) Dividends and dividend equivalents paid (68
) (107 ) Repurchases of common stock - (90 ) Proceeds from other
financing 10 - Net cash
provided by (used in) continuing financing activities 898 (227 )
Net cash used in discontinued financing activities -
(11 )
Net cash provided by (used in)
financing activities 898
(238 ) Effect of exchange rate fluctuations on cash and cash
equivalents (16 ) 8 Change in
cash and cash equivalents 125 107 Beginning cash and cash
equivalents 5,983 2,874
Ending cash and cash equivalents 6,108 2,981 Less: Cash and cash
equivalents of discontinued operations -
245 Cash and cash equivalents of continuing
operations $ 6,108 $ 2,736
SYMANTEC CORPORATION
Reconciliation of Selected GAAP Measures to Non-GAAP
Measures (In millions, except per share data, unaudited)
Year-Over-Year Three Months Ended
Non-GAAP Growth Rate
July 1, 2016 July 3, 2015 Constant
GAAP Adj Non-GAAP GAAP
Adj Non-GAAP Actual
Currency (1) Net revenues $ 884
$ - $ 884 $ 912 $ -
$ 912 -3 % -4 %
Gross profit: $
735 $ 9 $ 744 754 $ 22 $ 776 -4 % -6 % Unallocated corporate
charges (2) - 11 Stock-based compensation 3 2 Amortization of
intangible assets 6
9
Gross margin % 83.1 % 1.1 %
84.2 % 82.7 % 2.4 % 85.1
% -90 bps -120 bps
Operating expenses: $ 629 $ 138 $
491 671 $ 170 $ 501 -2 % -2 % Unallocated corporate charges (2) -
88 Stock-based compensation 46 33 Amortization of intangible assets
14 14 Restructuring, separation, transition, and other 70 35
Acquisition costs 8
-
Operating expenses as a % of revenue 71.2 %
-15.7 % 55.5 % 73.6 %
-18.7 % 54.9 % 60 bps 160 bps
Operating
income $ 106 $ 147 $ 253 $
83 $ 192 $ 275 -8 % -13 %
Operating margin % 12.0 % 16.6 %
28.6 % 9.1 % 21.1 % 30.2
% -160 bps -280 bps
Net income: $ 135 $ 42 $ 177 $
117 $ 66 $ 183 -3 % N/A Gross profit adjustment 9 22 Operating
expenses adjustment 138 170 Income tax effects and adjustments (36
) (34 ) Total net income adjustment from discontinued operations
(69 ) (92 )
Diluted income per share: Income
per share from continuing operations $ 0.11 $ 0.18 $ 0.29 $ 0.04 $
0.22 $ 0.26 Income per share from discontinued operations 0.11
(0.11 ) - 0.13 (0.13 ) -
Diluted net income per share
0.22 0.07 0.29
0.17 0.09 0.26
12 % N/A
Diluted weighted-average shares
outstanding 620 -
620 691 -
691 -10 % N/A
(1) Management refers to growth rates
adjusting for currency so that the business results can be viewed
without the impact of fluctuations in foreign currency exchange
rates. We compare the percentage change in the results from one
period to another period in order to provide a framework for
assessing how our underlying businesses performed excluding the
effect of foreign currency rate fluctuations. To present this
information, current and comparative prior period results for
entities reporting in currencies other than United States dollars
are converted into United States dollars at the actual exchange
rates in effect during the respective prior periods.
(2) This item consists of charges previously allocated to our
discontinued information management business. Please see Appendix A
for further information.
SYMANTEC CORPORATION Revenue and Deferred Revenue
Detail (Dollars in millions, unaudited)
Three Months Ended July 1,
2016
July 3, 2015
GAAP Revenue Content,
subscription, maintenance and other $ 860 $ 884 License 24
28
Total Revenue $ 884 $ 912
GAAP Revenue - Y/Y Growth Rate
Content, subscription, maintenance and other -3 % -16 %
License -14 % 0 %
Total Y/Y Growth Rate
-3 % -16 %
GAAP Revenue - Y/Y Growth Rate in Constant
Currency (1) Content,
subscription, maintenance and other -4 % -10 % License -11 %
5 %
Total Y/Y Growth Rate in Constant Currency
(1) -4 % -10 %
GAAP Revenue by Segment
Consumer Security $ 403 $ 430 Enterprise Security 481
482
GAAP Revenue by Segment - Y/Y Growth Rate
Consumer Security -6 % -19 % Enterprise
Security 0 % -13 %
GAAP Revenue by Segment - Y/Y
Growth Rate in Constant Currency (1)
Consumer Security -8 % -13 % Enterprise Security
-1 % -7 %
GAAP
Revenue by Geography International
$ 425 $ 439 U.S. 459 473
Americas (U.S., Latin America, Canada)
509 531
EMEA (Europe, Middle East &
Africa)
215 230
Asia Pacific & Japan
160 151
GAAP Revenue by Geography -
Y/Y Growth Rate International -3 %
-21 % U.S. -3 % -11 % Americas (U.S., Latin America, Canada) -4 %
-11 % EMEA (Europe, Middle East & Africa) -7 % -23 % Asia
Pacific & Japan 6 % -21 %
GAAP Revenue by
Geography - Y/Y Growth Rate in Constant Currency (1)
International -6 % -9 % U.S. -3 % -11 %
Americas (U.S., Latin America, Canada) -4 % -11 % EMEA (Europe,
Middle East & Africa) -8 % -6 % Asia Pacific & Japan
0 % -10 %
GAAP
Deferred Revenue $ 2,417
- -
(1) Management refers to growth rates adjusting for currency
so that the business results can be viewed without the impact of
fluctuations in foreign currency exchange rates. We compare the
percentage change in the results from one period to another period
in order to provide a framework for assessing how our underlying
businesses performed. To exclude the effects of foreign currency
rate fluctuations, current and comparative prior period results for
entities reporting in currencies other than United States dollars
are converted into United States dollars at the actual exchange
rates in effect during the respective prior periods (or, in the
case of deferred revenue, converted into United States dollars at
the actual exchange rate in effect at the end of the prior period).
SYMANTEC
CORPORATION Operating Margin by Segment Detail
(Dollars in millions, unaudited)
Three Months Ended July 1, 2016 July
3, 2015 Operating Income by Segment
Consumer Security
$
225
$
245 Enterprise Security 28 30 Total
Operating Income by Segment 253 275
Reconciling Items: Unallocated corporate charges (1) - 99
Stock-based compensation 49 35 Amortization of intangible assets 20
23 Restructuring, separation, transition, and other 70 35
Acquisition costs 8 -
Total
Consolidated Operating Income $ 106 $ 83
Operating Margin by Segment
Consumer Security 56 % 57 % Enterprise Security 6 %
6 %
(1) This item consists of charges
previously allocated to our discontinued information management
business. Please see Appendix A for further information.
SYMANTEC CORPORATIONExplanation of
Non-GAAP MeasuresAppendix A
Objective of non-GAAP measures: We
believe our presentation of non-GAAP financial measures, when taken
together with corresponding GAAP financial measures, provides
meaningful supplemental information regarding the Company’s
operating performance for the reasons discussed below. Our
management team uses these non-GAAP financial measures in assessing
the Company’s operating results, as well as when planning,
forecasting and analyzing future periods. We believe that these
non-GAAP financial measures also facilitate comparisons of the
Company’s performance to prior periods and to our peers and that
investors benefit from an understanding of the non-GAAP financial
measures. Non-GAAP financial measures are supplemental and should
not be considered a substitute for financial information presented
in accordance with GAAP.
No reconciliation of the forecasted range for non-GAAP guidance
is included in this release because it would be unreasonably
burdensome to forecast the acquisition and other charges associated
with the Blue Coat acquisition that may impact the GAAP measure.
The impact, which may be significant, of purchase accounting on
revenue, non-cash compensation expense and other non-cash charges,
are not yet known and subject to change, and the variability of
these charges could have a significant, and unpredictable, impact
on Symantec’s future GAAP financial results.
Discontinued operations: In August
2015, we entered into a definitive agreement to sell the assets of
our information management business (“Veritas”) to Carlyle. In
January 2016, the Company and Carlyle amended the terms of the
purchase agreement for Carlyle's acquisition of the information
management business, Veritas. The transaction closed on January 29,
2016. The results of Veritas are presented as discontinued
operations in our Consolidated Statements of Operations and thus
have been excluded from continuing operations and segment results
for all reported periods. Furthermore, Veritas' assets and
liabilities were removed from our Consolidated Balance Sheet as of
April 1, 2016.
Unallocated corporate charges: A
significant portion of the segments' expenses arise from shared
services and infrastructure that we have historically provided to
the segments in order to realize economies of scale and to
efficiently use resources. These expenses, collectively called
corporate charges, include legal, accounting, real estate,
information technology services, treasury, human resources and
other corporate infrastructure expenses. Charges were allocated to
the segments, and the allocations were determined on a basis that
we consider to be a reasonable reflection of the utilization of
services provided to or benefits received by the segments.
Corporate charges previously allocated to our information
management business, but not classified within discontinued
operations, were not reallocated to our other segments. We
eliminate these unallocated corporate charges from our non-GAAP
operating results to facilitate a more meaningful comparison of
past operating performance to current operating results.
Acquisition costs: On June 12,
2016, we entered into a definitive agreement (the “Agreement”) to
acquire Blue Coat, Inc. (“Blue Coat”), for approximately $4.65
billion in cash. The transaction closed on August 1, 2016,
subsequent to our quarter ended July 1, 2016. Unless otherwise
indicated, the discussions in this document relate to Symantec as a
stand-alone entity and do not reflect the impact of the business
combination transaction with Blue Coat. Acquisition costs include
financial advisory, legal and accounting professional services
costs incurred as a result of the Company’s acquisitions during the
period. We exclude these expenses because we believe they are not
reflective of ongoing operating results in the period incurred and
not directly related to the operation of the Company’s
business.
Stock-based compensation: Consists
of expenses for employee stock options, restricted stock units,
performance based awards and our employee stock purchase plan
determined in accordance with the authoritative guidance on
stock-based compensation. When evaluating the performance of our
individual business units and developing short- and long-term
plans, we do not consider stock-based compensation charges. Our
management team is held accountable for cash-based compensation,
but we believe that management is limited in its ability to project
the impact of stock-based compensation and accordingly is not held
accountable for its impact on our operating results. In addition,
for comparability purposes, we believe it is useful to provide a
non-GAAP financial measure that excludes stock-based compensation
in order to better understand the long-term performance of our core
business and to facilitate the comparison of our results to the
results of our peer companies.
Three Months Ended July 1, July 3, 2016 2015 Cost of
revenue $ 3 $ 2 Sales and marketing 14 11 Research and development
15 12 General and administrative 17 10
Total continuing operations stock-based
compensation
$ 49 $ 35
Amortization of intangible assets:
When conducting internal development of intangible assets,
accounting rules require that we expense the costs as incurred. In
the case of acquired businesses, however, we are required to
allocate a portion of the purchase price to the accounting value
assigned to intangible assets acquired and amortize this amount
over the estimated useful lives of the acquired intangible assets.
The acquired company, in most cases, has itself previously expensed
the costs incurred to develop the acquired intangible assets, and
the purchase price allocated to these assets is not necessarily
reflective of the cost we would incur in developing the intangible
asset. We eliminate these amortization charges from our non-GAAP
operating results to provide better comparability of pre- and
post-acquisition operating results and comparability to results of
businesses utilizing internally developed intangible assets.
Income Tax Effects and Adjustments:
Our non-GAAP tax rate for Q1 FY17 was 27.5%. The Company uses a
projected long-term non-GAAP tax rate in order to provide better
consistency across the interim financial reporting periods by
eliminating the effects of stock based compensation, amortization
of acquisition related intangibles and restructuring, separation,
transition and other related charges. Additionally, the use of a
long-term projected non-GAAP tax rate eliminates the effects of
certain discontinued operations accounting policy elections and
unique GAAP reporting requirements under discontinued operations as
a result of the sale of the information management business. This
long-term rate could be subject to change for a variety of reasons,
such as significant changes in the geographic earnings mix
including acquisition activity, or fundamental tax law changes in
major jurisdictions where the company operates. The Company will
evaluate and assess the appropriateness of this rate annually,
giving due consideration to the impacts of significant events and
structural changes in the Company.
Restructuring, separation, transition, and
other: We have engaged in various restructuring, separation,
transition, and other activities over the past several years that
have resulted in costs associated with severance, facilities,
transition, and other related costs. Separation and associated
costs consist of consulting and disentanglement costs incurred to
separate our security and information management businesses into
standalone companies, as well as costs to prune selected product
lines that do not fit either the Company’s growth or margin
objectives. Transition and associated costs consist of consulting
charges associated with the implementation of new Enterprise
Resource Planning systems. Additionally, other costs primarily
consist of asset write-offs and advisory fees incurred in
connection with restructuring events. Each restructuring,
separation, transition, and other activity has been a discrete
event based on a unique set of business objectives or
circumstances, and each has differed from the others in terms of
its operational implementation, business impact and scope. We do
not engage in restructuring, separation, transition, or other
activities in the ordinary course of business. While our operations
previously benefited from the employees and facilities covered by
our various restructuring and separation charges, these employees
and facilities have benefited different parts of our business in
different ways, and the amount of these charges has varied
significantly from period to period. We believe that it is
important to understand these charges and we believe that investors
benefit from excluding these charges from our operating results to
facilitate a more meaningful evaluation of current operating
performance and comparisons to past operating performance.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160804006272/en/
Symantec Corp.MediaKristen Batch,
503-516-6297kristen_batch@symantec.comorInvestorJonathan
Doros, 650-527-5523jonathan_doros@symantec.com
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