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Symantec Reports Fourth Quarter and Fiscal Year 2015 Results
- Delivered four consecutive quarters of implied billings growth and two consecutive quarters of deferred revenue growth, in constant currency
- Released 41 enterprise security products and 17 Veritas products in FY15
- Q4 non-GAAP revenue at $1,548M and EPS at $0.43 within the guidance range
Symantec Corp. (NASDAQ: SYMC) today reported the results of its fourth quarter and fiscal year 2015, ended April 3, 2015.
Michael A. Brown, president and CEO, said, "Fiscal 2015 was a transformative year for Symantec, as we announced our unified security and information management strategies, delivered more than fifty products, and made the decision to separate Symantec and Veritas into two standalone companies."
"With the progress we made in FY15, our businesses have the necessary focus to thrive and we are already seeing the benefits. Setting aside currency headwinds, continued growth in both implied billings and deferred revenue underscores the momentum in our businesses. Our endpoint protection, data loss prevention, NetBackup appliances and NetBackup software all outperformed the market this quarter."
Thomas Seifert, executive vice president and CFO, said, "Symantec returned to growth and expanded operating margin year-over-year in constant currency during the fourth quarter. We continued to improve our cost structure, and over the year delivered more than $150 million of incremental profit from our revenue and efficiency initiatives. Additionally, the Veritas separation is progressing on schedule."
Symantec's Board of Directors has declared a quarterly cash dividend of $0.15 per common share to be paid on June 24, 2015 to all shareholders of record as of the close of business on June 10, 2015. The ex-dividend date will be June 8, 2015.
Symantec has scheduled a conference call for 5 p.m. ET/2 p.m. PT today to discuss its fourth quarter and fiscal year 2015 results, ended April 3, 2015 and to review guidance. Interested parties may access the conference call on the Internet at http://www.symantec.com/.... 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. A replay and our prepared remarks will be available on the investor relations home page shortly after the call is completed.
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 and the Symantec 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.
This press release contains statements regarding our financial and business results and plans, which may be considered forward-looking within the meaning of the U.S. federal securities laws. These include statements regarding our plan to separate into two publicly traded companies, as well as projections of future revenue, operating margin and earnings per share, amortization of acquisition-related intangibles, stock-based compensation, and restructuring, separation and transition charges. 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 those related to: general economic conditions; risks related to the planned separation of the company into the security business and the information management business; maintaining customer and partner relationships; the anticipated growth of certain market segments, particularly with regard to security and storage; the competitive environment in the software industry; changes to operating systems and product strategy by vendors of operating systems; fluctuations in currency exchange rates; the timing and market acceptance of new product releases and upgrades; the successful development of new products and integration of acquired businesses, 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. We assume no obligation, and do 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 sections of our Form 10-K for the year ended March 28, 2014 and our Form 10-Q for the quarter ended January 2, 2015.
USE OF NON-GAAP FINANCIAL INFORMATION:
Our results of operations have undergone significant change due to the impact of stock-based compensation, charges related to the amortization of intangible assets, and certain other income and expense items that management considers unrelated to the Company's core operations, including restructuring, separation and transition costs. 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 the Company'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 quarterly earnings release and which can be found, along with other financial information, on the investor relations page of our website at http://www.symantec.com/.... http://www.symantec.com/....
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