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Symantec Corporation (NASDAQ: SYMC).

* Symantec Reports Fiscal Fourth Quarter and Full Year 2019 Results

* Q4 GAAP revenue of $1.189 billion and non-GAAP revenue of $1,195 billion

* Fiscal year 2019 GAAP revenue of $4,731 billion and non-GAAP revenue of $4,762 billion

* Cash flow from operating activities for fiscal year 2019 was $1.495 billion, up 57% year-over-year

* Company repurchased 11 million shares and retired $600 million in debt during the fourth quarter 2019

MOUNTAIN VIEW, Calif. -- May 9, 2019 -- Symantec Corp. (NASDAQ: SYMC) today reported results for its fourth quarter and full fiscal year 2019 ended March 29, 2019.

"We achieved company revenue in the fourth quarter in line with guidance and generated strong cash flow from operating activities," said Richard S. Hill, Symantec Interim President and CEO. "Our Consumer Cyber Safety segment continued to deliver solid results, and we were pleased with increases in average revenue per user, both year-over-year and sequentially. However, our Enterprise Security revenue was below our guidance range due to lower than expected bookings, which led to year-over-year reported billings declining greater than we anticipated. Despite this weakness, we remain confident in our Integrated Cyber Defense strategy, which has produced a strong and competitive product portfolio. Moving forward, in Enterprise Security we are focused on operational discipline, increasing sales productivity, expanding operating margins and managing the shift to our ratable cloud delivered solutions. In Consumer Cyber Safety we will continue to execute on multiple initiatives to drive revenue growth. With industry-leading solutions across both our enterprise and consumer businesses, we are optimistic that we are well positioned to execute against a growing opportunity in the cyber defense market."

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.

Fourth Quarter Fiscal 2019 Financial Highlights

* GAAP revenue was $1,189 billion, non-GAAP revenue was $1,195 billion

* GAAP operating margin of 9%, non-GAAP operating margin of 29%

* GAAP diluted EPS was $0.05, non-GAAP diluted EPS was $0.39

* Cash flow from operating activities of $547 million

Fiscal Year 2019 Financial Highlights

* GAAP revenue was $4,731 billion, non-GAAP revenue was $4,762 billion

* GAAP operating margin of 8%, non-GAAP operating margin of 30%

* GAAP diluted EPS was $0.05, non-GAAP diluted EPS was $1.59

* Cash flow from operating activities of $1,495 billion

Leadership Changes In a separate press release issued today, Symantec announced that Richard S. Hill has been named Interim President and CEO, effective immediately. Mr. Hill succeeds Greg Clark, who has stepped down as President and CEO and as a member of the Symantec Board, also effective immediately. The Company will commence a search process to find a permanent CEO.

Vincent Pilette, CFO of Logitech and former VP of Finance for Hewlett Packard Enterprise's server, storage and networking business, has been appointed Executive Vice President and Chief Financial Officer of Symantec, effective May 21, 2019. Mr. Pilette's appointment follows a comprehensive search process initiated in connection with Nicholas Noviello's departure as EVP and CFO to pursue other opportunities, as announced on January 31, 2019.

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.

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Title Annotation:Leading Companies
Publication:US Software & IT
Date:Aug 14, 2019
Words:670
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