<
>

2018 Press Releases

November 02, 2018

Symantec Reports Fiscal Second Quarter 2019 Results

Symantec Corp. today reported results for its second quarter fiscal year 2019 ended September 28, 2018.

“We delivered second quarter operating results in line or above guidance,” said Greg Clark, Symantec CEO. “We were pleased to announce the completion of our Audit Committee investigation in late September, and we look forward to recovering momentum in our Enterprise Security business in the second half of this fiscal year. In the second quarter, we won significant business in Enterprise Security, in line with our strategy of integrated cyber defense. In our Consumer Digital Safety business, our platform strategy allows us to transcend hardware refresh cycles and bring enhanced value to our customers. Global cyber risk is unprecedented. Symantec’s significant investments in cyber defense make us an essential partner for enterprises and consumers of all sizes. We are excited about our longer term outlook. We have reaffirmed our guidance for fiscal year 2019 and enter the seasonally strong second half of our fiscal year with a renewed focus on technology leadership and execution.”

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.

Second Quarter Fiscal 2019 Financial Highlights

  • GAAP revenue was $1.175 billion, non-GAAP revenue was $1.184 billion
  • GAAP operating margin of 8.7%, non-GAAP operating margin of 31.7%
  • GAAP diluted EPS was $(0.01), non-GAAP diluted EPS was $0.42
  • Cash flow from operating activities was $240 million
 
Third Quarter and Fiscal Year 2019 Guidance
             
Third Quarter Fiscal 2019     GAAP     Non-GAAP
Revenue     $1,153M - $1,183M     $1,160M - $1,190M
Operating Margin     6%     30%
EPS (Diluted)     $0.02 - $0.05     $0.37 - $0.41
Fiscal Year 2019            
Revenue     $4,640M - $4,760M     $4,670M - $4,790M
Operating Margin     5% - 7%     30%
EPS (Diluted)     ($0.08) - $0.02     $1.47 - $1.57
             

Symantec's Board of Directors has declared a quarterly cash dividend of $0.075 per common share to be paid on December 12, 2018, to all stockholders of record as of the close of business on November 19, 2018.

Update of Previously Released Financial Results for Q4 and Fiscal Year 2018 and Q1 Fiscal Year 2019
Subsequent to the release of our financial results for the first quarter fiscal year 2019 on August 2, 2018, we revised our fourth quarter of fiscal year 2018 and first quarter of fiscal 2019 unaudited financial information to reflect the adjustments related to the completion of our Audit Committee investigation on September 24, 2018, as well as the completion of the audit of our fiscal year 2018 financial statements. These adjustments included a deferral of revenue resulting from further management review of a transaction that was reviewed by the Audit Committee during the investigation, certain adjustments to stock-based compensation and certain other operating expense and income tax adjustments. We have revised our financial results for the fourth quarter and fiscal year 2018 and first quarter fiscal year 2019 in our earnings materials posted to our investor relations website to reflect these adjustments.