Symantec 2010 Annual Report Download - page 7

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Three Year Summary of Selected Financial Data
($ in millions, except per share data)
FY2010 FY2009 FY2008
Non-GAAP Financial Results
Net Revenues $5,985 $6,150 $5,874
Operating Income 1,692 1,823 1,513
Operating Margin
28.3% 29.6% 25.8%
Net Income $1,220 $1,283 $1,087
Diluted Earnings Per Share $1.49 $1.52 $1.23
Diluted Weighted-Average Shares Outstanding 819 842 884
GAAP Financial Results
Net Revenues $5,985 $6,150 $5,874
Operating Income (Loss) 933 (6,470) 602
Net Income (Loss) $714 $(6,786) $410
Diluted Earnings Per Share $0.87 $(8.17) $0.46
Diluted Weighted-Average Shares Outstanding 819 831 884
Cash Position (including short-term investments) $3,044 $1,992 $2,427
Total Assets $11,232 $10,638 $18,085
Deferred Revenue $3,206 $3,063 $3,077
Long-term Debt $1,871 $1,766 $1,669
Total Stockholders’ Equity $4,548 $4,147 $11,229
Cash Flow from Operations $1,693 $1,671 $1,819
Reconciliation of Non-GAAP Adjustments
Operating Income (Loss)
Stock-based compensation $155 $157 $164
Amortization of acquired product rights 233 353 349
Amortization of other intangible assets 247 233 225
Restructuring 94 96 74
Impairment of goodwill - 7,419 -
Impairment of assets held for sale 30 45 96
Executive incentive bonuses - - 3
Patent settlement - (10) -
Total Operating Income (Loss) adjustment $759 $8,293 $911
Net Income (Loss)
Operating Income (Loss) adjustment $759 $8,293 $911
Net (gain) on legal entity liquidations (43) - -
Non-cash interest expense 105 98 91
Gain on sale of assets (4) - (3)
Settlements of litigation - 3 (59)
Impairment of marketable securities - 4 -
Joint venture: Amortization of other intangible
assets/stock-based compensation 8 7 -
Income tax effect on above items (246) (336) (263)
Tax related adjustments:
Release of pre-acquisition tax contingencies (62) - -
Release of valuation allowance (11) - -
Total Net Income (Loss) adjustment $506 $8,069 $677
Diluted Earnings Per Share
Stock-based compensation adjustment per share, net of tax $0.11 $0.13 $0.14
Other non-GAAP adjustments per share, net of tax 0.51 9.56 0.63
Total Diluted Earnings Per Share adjustment $0.62 $9.69 $0.77
Our GAAP results of operations have undergone significant change due to a goodwill impairment, acquisitions, the impact of SFAS 123(R) and other corporate events. To help our
readers understand our past and future financial performance, we supplement the financials that we provide in accordance with generally accepted accounting principles (GAAP) with
non-GAAP financial measures. Management regularly uses our non-GAAP measures to understand, manage and evaluate our business and make operating decisions. These non-GAAP
measures are among the primary factors management uses in planning for and forecasting future periods. Investors are encouraged to review the reconciliation of our non-GAAP
financial measures to the comparable GAAP results, which is provided above, attached to our quarterly earnings release and available on our Web site at www.symantec.com/invest.
These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by
other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
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