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Symantec Delivers Better-Than-Expected Fiscal First Quarter 2020 Results

Donnerstag, 08.08.19 22:19
Symantec Delivers Better-Than-Expected Fiscal First Quarter 2020 Results
Bildquelle: Fotolia
MOUNTAIN VIEW, Calif. –

Symantec Corp. (NASDAQ: SYMC), the world’s leading cyber security company, today reported results for its first quarter fiscal year 2020 ended July 5, 2019. The company’s first quarter of fiscal year 2020 consists of a 14 week period, compared to the first quarter of fiscal year 2019, which consisted of a 13 week period.

First Quarter Fiscal Year 2020 Financial Highlights:

  • GAAP revenue was $1.247 billion, up 8% YoY and non-GAAP revenue was $1.251 billion, up 7% YoY
  • GAAP operating margin of 13%, up 13 ppt YoY and non-GAAP operating margin of 30%, up 2 ppt YoY
  • GAAP diluted EPS was $0.04, up $0.14 YoY and non-GAAP diluted EPS was $0.43, up $0.08 YoY or 23% YoY
  • Cash flow from operating activities of $325 million

“We are pleased with our performance in the first quarter, achieving revenue above guidance in both Enterprise Security and Consumer Cyber Safety,” said Rick Hill, Symantec Interim President and CEO. “The performance of our management and employees has been outstanding this quarter. In addition to delivering this operational performance, our management team worked around the clock to execute a definitive purchase agreement for the sale of our Enterprise Security assets to Broadcom. I could not be prouder or more thankful to each and every one of them. The Enterprise Security assets, which include the Symantec name, will become part of the Broadcom Software platform, and will ensure continued cyber-security protection for our worldwide customers for whom our Enterprise employees so tirelessly work. It is a validation of our Integrated Cyber Defense strategy, the strength of the Symantec Brand in Enterprise and the quality of the products that make the world a safer place. This transaction enables us to unlock the value of Enterprise Security for our shareholders, return capital to our shareholders, and position our industry recognized franchise in Consumer Cyber Safety, Norton LifeLock, for growth in Home and Small Business.”

“We are also pleased to announce the Board of Directors approved an increase of $1.1 billion to our existing remaining share repurchase authorization, bringing the total available to $1.6 billion,” continued Mr. Hill. “These incremental share repurchases will be executed opportunistically over time, after the close of the transaction, and when funds are received and repatriated to allow for their use in the buyback, while maintaining our current debt levels.”

“We delivered better-than-expected results for the first quarter and are executing on our stated goal to increase productivity and reduce complexity in how we manage the business,” said Vincent Pilette, Executive Vice President and CFO. “During the first quarter of fiscal year 2020, we also identified structural savings and management efficiencies that needed to be implemented to achieve productivity gains across the company. In addition to the sale of the Enterprise Security assets, simultaneously, but entirely separately, we are implementing the fiscal year 2020 company-wide restructuring plan signaled during our last earnings conference call.”

Fiscal Year 2020 Restructuring Plan

Today, Symantec announced a fiscal year 2020 restructuring plan to improve productivity and reduce complexity in the way it manages the business. The Company expects to reduce net global headcount by approximately 7%. The Company also plans to downsize, vacate or close certain facilities and data centers in connection with the restructuring plan. The Company estimates that it will incur total costs in connection with the restructuring of approximately $100 million, with approximately $75 million for severance and termination benefits and $25 million for site closures. These actions are expected to be completed in fiscal 2020.

Second Quarter Fiscal Year 2020 Guidance

Our second quarter guidance includes the Enterprise segment, as we do not expect the sale of our Enterprise Security Assets to Broadcom to close until after the second quarter.

Second Quarter Fiscal 2020

GAAP

Non-GAAP

Revenue

$1.153B - $1.203B

$1.155B - $1.205B

Operating Margin

10% - 12%

31% - 33%

EPS (Diluted)

$0.08 - $0.12

$0.40 - $0.44

Symantec's Board of Directors has declared a quarterly cash dividend of $0.075 per common share to be paid on September 18, 2019, to all shareholders of record as of the close of business on August 26, 2019.

To help 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 methods we use to produce non-GAAP results are not in accordance with GAAP and may differ from the methods used by other companies. Additional information regarding our non-GAAP measures are provided below.

In a separate press release, Symantec announced a definitive agreement to sell its Enterprise Security assets to Broadcom for $10.7 billion in cash. The transaction is expected to close before the end of calendar year 2019.

For additional details regarding Symantec’s results and outlook, please see the IR Earnings Deck and the Supplemental Information on the investor relations page of our website at: http://www.symantec.com/invest.

Conference Call

Symantec had previously scheduled a conference call for 5:00 p.m. ET / 2:00 p.m. PT today to discuss its results for its first quarter fiscal year 2020 ended July 5, 2019 and to review guidance. In light of the sale of the Company’s Enterprise Security assets to Broadcom announced today, management will discuss the details of the transaction and its first quarter fiscal year 2020 results on a conference call now scheduled for today, August 8, 2019, at 5:45 p.m. ET / 2:45 p.m. PT. Interested parties may access the conference call through Symantec’s Investor Relations website at http://investor.symantec.com/investor-relations/events-calendar/. 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 8350238.

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), the world’s leading cyber security company, helps organizations, governments and people secure their most important data wherever it lives. Organizations across the world look to Symantec for strategic, integrated solutions to defend against sophisticated attacks across endpoints, cloud and infrastructure. Likewise, a global community of more than 50 million people and families rely on Symantec’s Norton and LifeLock product suites to protect their digital lives at home and across their devices. Symantec operates one of the world’s largest civilian cyber intelligence networks, allowing it to see and protect against the most advanced threats. For additional information, please visit www.symantec.com or connect with us on Facebook, Twitter, and LinkedIn.

NOTE TO EDITORS: If you would like additional information on Symantec Corporation and its products, please visit the Symantec News Room at http://www.symantec.com/news. All prices noted are in U.S. dollars and are valid only in the United States.

Symantec, the Symantec logo and the Checkmark logo are trademarks or registered trademarks of Symantec Corporation or its affiliates in the U.S. and other countries. Other names may be trademarks of their respective owners.

Forward-Looking Statements: This press release contains statements which may be considered forward-looking within the meaning of the U.S. federal securities laws. In some cases, you can identify these forward-looking statements by the use of terms such as “expect,” “will,” “continue,” “plan” or similar expressions, and variations or negatives of these words, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to: statements relating to the fiscal year 2020 restructuring plan and the costs and timing of the restructuring plan; the information contained under the caption “Second Quarter Fiscal Year 2020 Guidance”; the statement relating to the proposed transaction to sell the Enterprise Security assets to Broadcom and the expected timing to close that transaction; any other statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. To the extent a forward-looking statement contained in this release speaks as of a period covered by prior guidance, the information in this release is intended to supersede it. Investors should not rely on any prior guidance provided by the company, including for full year fiscal year 2020. Furthermore, investors should not rely on any prior guidance for the fiscal year 2020. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. Such risk factors include, but are not limited to, those related to: any of the conditions to the completion of the proposed transaction for the sale of the Enterprise Security assets to Broadcom; the occurrence of any event, change or other circumstance that could give rise to the termination of the agreement for the sale of the Enterprise Security assets to Broadcom; the effect of the sale of the Enterprise Security assets on Symantec’s retained businesses and products; retention of existing executive leadership team members; difficulties in improving sales execution and product development during leadership transitions; difficulties in executing a new operating model for the consumer cyber safety business; difficulties in reducing run rate expenses and eliminating underutilized assets; general business and economic conditions; matters arising out of our completed Audit Committee investigation and the ongoing U.S. Securities and Exchange Commission investigation; 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; the ability of Symantec to achieve its cost and operating efficiency goals; the anticipated growth of certain market segments; Symantec’s sales pipeline and business strategy; fluctuations in tax rates and foreign 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 gain market acceptance. Additional information concerning these and other risk factors is contained in the Risk Factors sections of Symantec’s most recent reports on Form 10-K and Form 10-Q. Symantec assumes no obligation, and does not intend, to update these forward-looking statements as a result of future events or developments.

USE OF NON-GAAP FINANCIAL INFORMATION: We use non-GAAP measures of adjusted revenues, operating margin, net income and earnings per share, which are adjusted from results based on GAAP to include certain purchase accounting adjustments and exclude certain expenses, gains and losses. Additionally, we provide the non-GAAP metric of reported billings. These non-GAAP financial measures are provided to enhance the user’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing Symantec’s performance, as well as in planning and forecasting future periods. These non-GAAP financial measures are not computed according to GAAP and the methods we use to compute them 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. Readers are encouraged to review the reconciliation of our non-GAAP financial measures to the comparable GAAP results, which is attached to our quarterly earnings release and which can be found, along with other financial information including the IR Earnings Deck and Supplemental Information, on the investor relations page of our website at: http://www.symantec.com/invest.

SYMANTEC CORPORATION

Condensed Consolidated Balance Sheets

(In millions, unaudited)

 

July 5, 2019

 

March 29, 2019 (1)

ASSETS

Current assets:

 

 

 

Cash and cash equivalents

$

1,532

 

 

$

1,791

 

Short-term investments

162

 

 

252

 

Accounts receivable, net

438

 

 

708

 

Other current assets

429

 

 

435

 

Total current assets

2,561

 

 

3,186

 

Property and equipment, net

784

 

 

790

 

Operating lease assets

183

 

 

 

Intangible assets, net

2,137

 

 

2,250

 

Goodwill

8,449

 

 

8,450

 

Other long-term assets

1,255

 

 

1,262

 

Total assets

$

15,369

 

 

$

15,938

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

 

 

 

Accounts payable

$

135

 

 

$

165

 

Accrued compensation and benefits

198

 

 

257

 

Current portion of long-term debt

494

 

 

491

 

Contract liabilities

2,211

 

 

2,320

 

Current operating lease liabilities

45

 

 

 

Other current liabilities

525

 

 

533

 

Total current liabilities

3,608

 

 

3,766

 

Long-term debt

3,964

 

 

3,961

 

Long-term contract liabilities

688

 

 

736

 

Deferred income tax liabilities

548

 

 

577

 

Long-term income taxes payable

1,078

 

 

1,076

 

Long-term operating lease liabilities

163

 

 

 

Other long-term liabilities

70

 

 

84

 

Total liabilities

10,119

 

 

10,200

 

Total stockholders’ equity

5,250

 

 

5,738

 

Total liabilities and stockholders’ equity

$

15,369

 

 

$

15,938

 

 

(1) Derived from audited consolidated financial statements.

SYMANTEC CORPORATION

Condensed Consolidated Statements of Operations

(In millions, except per share data, unaudited)

 

Three Months Ended

 

July 5, 2019

 

June 29, 2018

Net revenues

$

1,247

 

 

$

1,156

 

Cost of revenues

272

 

 

249

 

Gross profit

975

 

 

907

 

Operating expenses:

 

 

 

Sales and marketing

393

 

 

386

 

Research and development

241

 

 

237

 

General and administrative

108

 

 

133

 

Amortization of intangible assets

51

 

 

53

 

Restructuring, transition and other costs

25

 

 

96

 

Total operating expenses

818

 

 

905

 

Operating income

157

 

 

2

 

Interest expense

(49

)

 

(52

)

Other expense, net

 

 

(19

)

Income (loss) from continuing operations before income taxes

108

 

 

(69

)

Income tax expense (benefit)

82

 

 

(4

)

Income (loss) from continuing operations

26

 

 

(65

)

Income from discontinued operations

 

 

5

 

Net income (loss)

$

26

 

 

$

(60

)

 

 

 

 

Income (loss) per share - basic:

 

 

 

Continuing operations

$

0.04

 

 

$

(0.10

)

Discontinued operations

$

 

 

$

0.01

 

Net income (loss) per share - basic (1)

$

0.04

 

 

$

(0.10

)

 

 

 

 

Income (loss) per share - diluted:

 

 

 

Continuing operations

$

0.04

 

 

$

(0.10

)

Discontinued operations

$

 

 

$

0.01

 

Net income (loss) per share - diluted (1)

$

0.04

 

 

$

(0.10

)

 

 

 

 

Weighted-average shares outstanding:

 

 

 

Basic

619

 

 

624

 

Diluted

642

 

 

624

 

 

(1) Net income (loss) per share may not add due to rounding.

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Quelle: Business Wire

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Condensed Consolidated Statements of Cash Flows

(In millions, unaudited)

 

Three Months Ended

 

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