Symantec 2009 Annual Report Download - page 88

(c)
We acquired Veritas Software Corporation on July 2, 2005 and its results of operations are included from the
date of acquisition.
(d)
During fiscal 2009, we recorded a non-cash goodwill impairment charge of $7.4 billion. For more information,
see Note 6 of the Notes to the Consolidated Financial Statements in this annual report.
(e)
In fiscal 2006, in connection with our acquisition of Veritas, we assumed $520 million of 0.25% convertible
subordinated notes. These notes were paid off in their entirety in August 2006.
(f)
In fiscal 2007, we issued $1.1 billion principal amount of 0.75% Convertible Senior Notes and $1.0 billion
principal amount of 1.00% Convertible Senior Notes. For more information, see Note 8 of the Notes to
Consolidated Financial Statements in this annual report.
(g)
Beginning in fiscal 2008 we entered into OEM placement fee contracts, which is the primary driver for the
increase in liabilities.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
OVERVIEW
Our Business
Symantec is a global leader in providing security, storage and systems management solutions to help
businesses and consumers secure and manage their information. We provide customers worldwide with software
and services that protect, manage and control information risks related to security, data protection, storage,
compliance, and systems management. We help our customers manage cost, complexity and compliance by
protecting their IT infrastructure as they seek to maximize value from their IT investments.
We have a 52/53-week fiscal year ending on the Friday closest to March 31. Unless otherwise stated,
references to fiscal years in this report relate to fiscal year and periods ended April 3, 2009, March 28, 2008 and
March 30, 2007. Fiscal 2008 and 2007 each consisted of 52 weeks while fiscal 2009 consisted of 53 weeks. Our
2010 fiscal year will consist of 52 weeks and will end on April 2, 2010.
Our Operating Segments
Our operating segments are significant strategic business units that offer different products and services,
distinguished by customer needs. Since the March 2008 quarter, we have operated in five operating segments:
Consumer, Security and Compliance, Storage and Server Management, Services, and Other. During the June 2008
quarter, we changed our reporting segments to better align our operating structure, resulting in the Altiris services
that were formerly included in the Security and Compliance segment being moved to the Services segment. We
revised the segment information for the prior year to conform to the new presentation.
For further descriptions of our operating segments, see Note 12 of the Notes to Consolidated Financial
Statements in this annual report. Our reportable segments are the same as our operating segments.
Financial Results and Trends
Revenue for fiscal 2009 was $6.1 billion, or 5% higher than revenue for fiscal 2008. For fiscal 2009, we
realized revenue growth in the Americas and Asia Pacific Japan as compared to fiscal 2008 and experienced revenue
growth in all of our segments. Revenue growth in our EMEA geography was relatively flat from fiscal 2008 to fiscal
2009. Foreign currency fluctuations had relatively little overall impact on our international revenue growth for fiscal
2009 compared to fiscal 2008. In fiscal 2008, foreign currency fluctuations positively impacted our revenue growth
internationally compared to fiscal 2007. We are unable to predict the extent to which revenues in future periods will
be impacted by changes in foreign currency exchange rates. If international sales become a greater portion of our
total sales in the future, changes in foreign exchange rates may have a greater impact on our revenues and operating
results.
In fiscal 2009 the global economic slowdown increased competitive pricing pressures and led to longer lead
times in the sales of some of our products and may have otherwise adversely affected purchase decisions in our
28