Symantec 2016 Annual Report Download - page 119
Download and view the complete annual report
Please find page 119 of the 2016 Symantec annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109 -
110 -
111 -
112 -
113 -
114 -
115 -
116 -
117 -
118 -
119 -
120 -
121 -
122 -
123 -
124 -
125 -
126 -
127 -
128 -
129 -
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
 |
 |
Net revenues decreased $356 million for fiscal 2016 as compared to fiscal 2015, primarily due to
unfavorable foreign currency fluctuations, declines in our consumer security revenue, and the impact of the
additional week from the 53-week fiscal 2015 year.
Gross margin increased to 83% for fiscal 2016 compared to 82% for fiscal 2015, primarily driven by
decreases in OEM royalty fees and service related and content delivery expenses.
Operating income increased $303 million year over year as the reduction in our operating expenses was
greater than the decline in our net revenues. The lower operating expenses were primarily due to a decrease in
corporate charges previously allocated to our information management business but not classified within
discontinued operations. These corporate charges were included in cost of revenues and expenses from
continuing operations and include legal, accounting, real estate, information technology services, treasury,
human resources and other corporate infrastructure expenses (“unallocated corporate charges”). See Note 8 of the
Notes to Consolidated Financial Statements in this annual report for more information on unallocated corporate
charges. We anticipate that we will not have unallocated corporate charges in fiscal 2017 and therefore our fiscal
2017 operating income will benefit from a reduction of unallocated corporate charges as compared to fiscal 2016.
We expect our operating margins to fluctuate in future periods as a result of a number of factors, including our
operating results and the timing and amount of expenses incurred.
Net cash provided by operating activities was $1.5 billion for fiscal 2016 due to increases in deferred
income taxes of $1.1 billion and income taxes payable of $693 million. These amounts were partially offset by a
loss from continuing operations, net of income taxes of $821 million, including non-cash items depreciation and
amortization charges of $304 million and stock-based compensation expense of $161 million.
Total deferred revenue decreased from $2.9 billion in fiscal 2015 to $2.6 billion in fiscal 2016 primarily
driven by a decline in sales and the amortization of retained contracts associated with Veritas.
31