2015 Q2 Form 10-K Financial Statement

#000084939915000007 Filed on May 22, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 2014 Q1
Revenue $899.0M $3.956B $1.625B
YoY Change -5.43% -7.04%
Cost Of Revenue $176.0M $727.0M $282.0M
YoY Change -8.09% -8.44%
Gross Profit $723.0M $3.229B $1.343B
YoY Change -4.81% -6.74%
Gross Profit Margin 80.42% 81.62% 82.65%
Selling, General & Admin $471.0M $2.012B $704.0M
YoY Change -7.96% -12.76%
% of Gross Profit 65.15% 62.31% 52.42%
Research & Development $208.0M $812.0M $278.0M
YoY Change 12.47% 4.12%
% of Gross Profit 28.77% 25.15% 20.7%
Depreciation & Amortization $174.0M $355.0M $114.0M
YoY Change 50.42% -27.39%
% of Gross Profit 24.07% 10.99% 8.49%
Operating Expenses $700.0M $3.075B $1.010B
YoY Change -5.33% -11.79%
Operating Profit $23.00M $154.0M $333.0M
YoY Change 6.94% 12.88%
Interest Expense -$17.00M -$67.00M -$16.00M
YoY Change -6.94% -52.94%
% of Operating Profit -73.91% -43.51% -4.8%
Other Income/Expense, Net $8.000M $14.00M $8.000M
YoY Change -61.11% -33.33%
Pretax Income -$58.00M $101.0M $298.0M
YoY Change -5.61% 27.9%
Income Tax -$113.0M -$8.000M $81.00M
% Of Pretax Income -7.92% 27.18%
Net Earnings $176.0M $878.0M $217.0M
YoY Change -2.23% 14.21%
Net Earnings / Revenue 19.58% 22.19% 13.35%
Basic Earnings Per Share $1.27
Diluted Earnings Per Share $256.6K $1.26 $310.9K
COMMON SHARES
Basic Shares Outstanding 680.7M shares 689.0M shares
Diluted Shares Outstanding 696.0M shares

Balance Sheet

Concept 2015 Q2 2015 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.860B $3.860B $4.084B
YoY Change -5.48% -13.97%
Cash & Equivalents $2.843B $2.843B $3.695B
Short-Term Investments $1.017B $1.017B $377.0M
Other Short-Term Assets $295.0M $862.0M $304.0M
YoY Change 57.59% -3.49%
Inventory $14.00M
Prepaid Expenses
Receivables $700.0M $700.0M $1.007B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.422B $5.422B $5.652B
YoY Change -4.07% -11.91%
LONG-TERM ASSETS
Property, Plant & Equipment $950.0M $950.0M $1.116B
YoY Change -14.87% -0.53%
Goodwill $3.146B $3.151B
YoY Change -46.05%
Intangibles $525.0M $768.0M
YoY Change -21.39%
Long-Term Investments $10.00M
YoY Change
Other Assets $70.00M $3.190B $124.0M
YoY Change 2100.0% 0.81%
Total Long-Term Assets $7.811B $7.811B $7.887B
YoY Change -0.96% -2.53%
TOTAL ASSETS
Total Short-Term Assets $5.422B $5.422B $5.652B
Total Long-Term Assets $7.811B $7.811B $7.887B
Total Assets $13.23B $13.23B $13.54B
YoY Change -2.26% -6.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $169.0M $169.0M $282.0M
YoY Change -40.07% -15.57%
Accrued Expenses $232.0M $232.0M $365.0M
YoY Change -36.44% -13.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $350.0M $350.0M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $4.453B $4.453B $4.306B
YoY Change 3.41% -22.65%
LONG-TERM LIABILITIES
Long-Term Debt $1.746B $1.746B $2.095B
YoY Change -16.66% 0.05%
Other Long-Term Liabilities $79.00M $791.0M $83.00M
YoY Change -13.65% 38.33%
Total Long-Term Liabilities $1.825B $2.537B $2.178B
YoY Change -15.74% 1.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.453B $4.453B $4.306B
Total Long-Term Liabilities $1.825B $2.537B $2.178B
Total Liabilities $7.298B $7.298B $7.742B
YoY Change -5.73% -13.84%
SHAREHOLDERS EQUITY
Retained Earnings -$270.0M -$1.148B
YoY Change -43.89%
Common Stock $7.000M $7.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.935B $5.935B $5.797B
YoY Change
Total Liabilities & Shareholders Equity $13.23B $13.23B $13.54B
YoY Change -2.26% -6.68%

Cashflow Statement

Concept 2015 Q2 2015 2014 Q1
OPERATING ACTIVITIES
Net Income $176.0M $878.0M $217.0M
YoY Change -2.23% 14.21%
Depreciation, Depletion And Amortization $174.0M $355.0M $114.0M
YoY Change 50.42% -27.39%
Cash From Operating Activities $488.0M $1.312B $449.0M
YoY Change 2.42% -26.63%
INVESTING ACTIVITIES
Capital Expenditures -$132.0M $303.0M -$77.00M
YoY Change 56.19% -15.38%
Acquisitions $19.00M
YoY Change 11.76%
Other Investing Activities -$19.00M $0.00 -$298.0M
YoY Change 7350.0%
Cash From Investing Activities -$151.0M -$1.154B -$375.0M
YoY Change 97.94% 294.74%
FINANCING ACTIVITIES
Cash Dividend Paid $413.0M
YoY Change -1.2%
Common Stock Issuance & Retirement, Net $500.0M
YoY Change 0.0%
Debt Paid & Issued, Net $21.00M
YoY Change -98.23%
Cash From Financing Activities -189.0M -$811.0M -187.0M
YoY Change -52.63% -879.17%
NET CHANGE
Cash From Operating Activities 488.0M $1.312B 449.0M
Cash From Investing Activities -151.0M -$1.154B -375.0M
Cash From Financing Activities -189.0M -$811.0M -187.0M
Net Change In Cash 148.0M -$653.0M -113.0M
YoY Change -35.6% -120.89%
FREE CASH FLOW
Cash From Operating Activities $488.0M $1.312B $449.0M
Capital Expenditures -$132.0M $303.0M -$77.00M
Free Cash Flow $620.0M $1.009B $526.0M
YoY Change -7.18% -25.18%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A significant portion of our revenue and net income is derived from international sales and independent agents and distributors. Fluctuations of the U.S.&#160;dollar against foreign currencies, changes in local regulatory or economic conditions, piracy, or nonperformance by independent agents or distributors could adversely affect operating results.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents, short-term investments, and trade accounts receivable. Our investment policy limits the amount of credit risk exposure to any one issuer and to any one country. We are exposed to credit risks in the event of default by the issuers to the extent of the amount recorded in our Consolidated Balance Sheets. The credit risk in our trade accounts receivable is substantially mitigated by our credit evaluation process, reasonably short collection terms, and the geographical dispersion of sales transactions. We maintain reserves for potential credit losses and such losses have been within management&#8217;s expectations. See </font><font style="font-family:inherit;font-size:10pt;">Note 9</font><font style="font-family:inherit;font-size:10pt;"> for details of significant customers.</font></div></div>
CY2015 us-gaap Fiscal Period
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We have a 52/53-week fiscal year ending on the Friday closest to March&#160;31. Our fiscal </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;"> was a 53-week year whereas our fiscal </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;"> were 52-week years</font></div></div>
CY2015 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are based upon historical factors, current circumstances and the experience and judgment of management. Management evaluates its assumptions and estimates on an ongoing basis and may engage outside subject matter experts to assist in its valuations. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include those related to the allocation of revenue recognized and deferred amounts, valuation of goodwill, intangible assets and long-lived assets, valuation of stock-based compensation, contingencies and litigation, and the recognition and measurement of current and deferred income taxes (including the measurement of uncertain tax positions).</font></div></div>

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symc-20150403_pre.xml Edgar Link unprocessable
symc4315-10k.htm Edgar Link pending
symca01.jpg Edgar Link pending