|
þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
77-0181864
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
350 Ellis Street, Mountain View, California
|
|
94043
|
(Address of principal executive offices)
|
|
(Zip code)
|
Title of each class
|
Trading symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $0.01 per share
|
SYMC
|
The Nasdaq Stock Market LLC
|
|
|
|
Page
|
PART I
|
||
Item 1.
|
||
Item 1A.
|
||
Item 1B.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
PART II
|
||
Item 5.
|
||
Item 6.
|
||
Item 7.
|
||
Item 7A.
|
||
Item 8.
|
||
Item 9.
|
||
Item 9A.
|
||
Item 9B.
|
||
PART III
|
||
Item 10.
|
||
Item 11.
|
||
Item 12.
|
||
Item 13.
|
||
Item 14.
|
||
PART IV
|
||
Item 15.
|
||
Item 16.
|
||
•
|
Our product development teams built extensive point-to-point integrations across endpoint, network, cloud, and email security products,
responding to customer demand to consolidate vendors and enhance their security posture across control points.
|
•
|
We further extended our Integrated Cyber Defense (ICD) Platform through application programming interfaces (APIs) and engineering-level integration with more than 120 certified technology partners that have developed or are in the process of developing over 250 integrations of complementary products and services to expand our
ecosystem, helping businesses implement a coordinated and robust approach to threat protection, detection, and response that improves security outcomes and drives down cost and complexity.
|
•
|
We expanded the marketing of bundled offerings of cyber safety services for consumers through the integration of our Norton-branded security services with LifeLock-branded identity theft protection services, to help individuals and families combat ever-evolving cyberthreats. Bundling these solutions enables us to combine our Norton and LifeLock demand generation and customer relationship management programs to drive new customer acquisition, improve retention, and cross-sell within our large installed base.
|
•
|
We launched significant new products to advance our portfolio and competitive position:
|
◦
|
Symantec Advanced EDR Tools and Managed EDR:
We introduced Symantec’s Advanced Endpoint Detection and Response (EDR) tools and fully managed EDR (MEDR) service, enabling security teams around the world to stay ahead of threats. EDR improves incident response, threat hunting, and forensics, fortifying teams with investigation expertise and threat intelligence from a world-class team of security operations center analysts. MEDR detects stealthy attacks and examines suspicious activity for faster incident validation and response.
|
◦
|
Cloud Security Portfolio Enhancements:
We expanded our cloud security portfolio to help organizations protect cloud applications and related infrastructure. Our ICD Platform offers robust cloud protection, providing visibility and control for virtually any cloud app, and integrations with CloudSOC CASB, Cloud Workload Protection (CWP), and Data Loss Protection (DLP), while enabling customers to track more risk attributes and scan cloud applications and repositories with new API Integrations.
|
◦
|
Data Loss Prevention Enhancements for Office 365:
We introduced new features to protect data, whether at rest or in transit, on-premises or in the cloud, and everywhere it flows through a single management console.
|
◦
|
Cloud-based Network Security with Web Isolation:
We introduced industry-first Web Isolation technology that integrates into our Web Security Service (WSS) and enables web browsing, nearly eliminating the risk of infection by zero-day malware or advanced threats.
|
◦
|
Cloud-based Network Security with Integrated Endpoint Protection
: We introduced improved network-to-endpoint protection with the integration of Symantec Endpoint Protection (SEP) and SEP Mobile into WSS, allowing web traffic re-directs to WSS for enforcement of network security policies while consequently eliminating the need for a separate agent to manage traffic flow. Our new SD-Cloud Connector enables customers to combine the performance and reliability of Software Defined WAN (SD-WAN) technology with our
|
◦
|
Targeted Attack Analytics:
We expanded our Advanced Threat Protection (ATP) offering to include our targeted attack technology. This feature enables ATP customers to leverage advanced machine learning to automate the discovery of targeted attacks, one of the most dangerous intrusions in corporate networks.
|
•
|
Consistent with our strategy of acquiring companies with complementary technology to enhance our products, services, and solutions and speed time to market, we completed several acquisitions during our fiscal year 2019, including the following:
|
◦
|
Appthority.
With this acquisition,
we are able to provide mobile application security to our Consumer Cyber Safety customers, enabling them to analyze mobile apps for both malicious capabilities and unsafe and unwanted behaviors, such as vulnerabilities, risk of sensitive data loss, and privacy-invasive actions.
|
◦
|
Javelin
. This acquisition brings advanced software technology to our Enterprise Security solutions, enabling enterprises to defend against Active Directory-based (AD) attacks through detection of AD misconfigurations and backdoors to help prevent AD reconnaissance and credentials misuse by authorized devices and applications.
|
◦
|
Luminate.
With this acquisition, our solutions now incorporate software defined perimeter and zero trust technology enabling us to deliver private secure application access to all users, regardless of device, location, or infrastructure, extending the power of our ICD Platform to users and significantly extending our leadership in cloud security beyond alternative approaches.
|
•
|
We expanded our strategic partnerships in our Enterprise Security and Consumer Cyber Safety segments, including:
|
◦
|
Fortinet
. We entered into an expansive partnership agreement with Fortinet in an effort to provide customers with comprehensive and robust firewall security solutions. Under this arrangement, we intend to integrate Fortinet’s Next-Generation Firewall (NGFW) capabilities into our cloud-delivered WSS and to integrate our endpoint protection solutions into the Fortinet Security Fabric platform. This technology partnership is designed to provide essential security controls across endpoint, network, and cloud environments that are critical to enforcing the zero trust security framework, a model built on the reality that threats everywhere, both inside and outside an organization, require a multi-layered approach to prevention, detection, and response.
|
◦
|
AON
. We entered into a strategic partnership with AON, as part of our longer-term strategy to drive consumer adoption through business-to-business-to-consumer relationships. AON offers solutions to help high net worth individuals defend their assets against cyber criminals. The partnership provides that we will offer to AON customers features across our Consumer Cyber Safety solutions. We believe Cyber Safety is synergistic with many brands globally, such as insurers, banks, telecom providers and other organizations. As we expand Cyber Safety internationally and to address a growing array of vertical needs, we believe partnerships such as AON will expand the value we bring customers and the revenue potential for our consumer business.
|
•
|
Advanced Security Services
|
•
|
Advanced Threat Protection:
Multiple layers of threat prevention, detection, and forensic technology provide a robust view of malicious activities across control points, enabling users to contain, investigate, and remediate threats.
|
•
|
Information Protection:
Encryption, data loss prevention, multi-factor authentication, tagging, and analytics enable businesses and governments to protect confidential information and IT assets while managing compliance requirements and restricting access to authenticated users.
|
•
|
Identity Management:
Cloud-based authentication service with multi-factor authentication to cloud apps, network, and Virtual Private Network (VPN) to reduce the risk of breaches and unauthorized access.
|
•
|
Compliance enforcement:
A suite of governance, risk, and compliance tools help customers inventory their IT assets, evaluate vulnerabilities, govern information access, and automate compliance reporting for more than 100 regulatory and best-practice frameworks including GDPR, HIPAA, NIST, PCI, and SWIFT.
|
•
|
Third-party applications:
Over 250 TIPP (Technology Integration Partner Program) certified integrations enhance productivity for security operations and incident response teams while extending the value of current cyber investments.
|
•
|
Control Points
|
•
|
Endpoint Security:
A single agent architecture delivers multi-layered security across endpoints - desktop, server, mobile, and IoT - and enables customers to protect enterprise and mobile workforces, regardless of operating system, device, or network security approaches.
|
•
|
Network Security:
Cloud and on-premises network security solutions, based on an advanced proxy architecture, provide superior defense against advanced threats, enable users to protect critical business information, and help ensure secure and compliant use of cloud applications and the web.
|
•
|
Email Security:
Multiple layers of protection (including threat isolation and advanced analytics) against ransomware, spear phishing, and enterprise email compromise help identify targeted attacks and enable users to protect email against user error and data leakage.
|
•
|
Cloud Application Security:
Advanced solutions that secure cloud access, cloud infrastructure, and cloud applications, providing in-depth visibility, data security, and threat protection to safeguard users, information, and workloads across public and private clouds.
|
•
|
Cyber Security Services
|
•
|
An integrated portfolio including Managed Security Services, Incident Response, and Deep Sight Threat Intelligence, driven by our private network of cyber security analysts within our global security operations centers.
|
•
|
ICD Platform Foundations
|
•
|
Threat Intelligence:
The world’s largest civilian threat intelligence network applies deep security research, expert analysis, and artificial intelligence to monitor and synthesize nine trillion rows of telemetry daily, helping discover and block targeted attacks and cybercrime that would otherwise go undetected.
|
•
|
AI and Machine Learning Services:
Artificial intelligence and machine learning analyze massive amounts of control point data and sift through our entire telemetry data set to help identify potential threats and accelerate response and remediation.
|
•
|
API and ICD Exchange Services:
APIs and ICD Exchange (ICDx) vastly simplify integrations with ICD, providing enhanced protection, investigation, and remediation across Symantec endpoints, networks, email, cloud applications, and third-party products.
|
•
|
ICD Manager Services:
A shared management console provides a single point of control for policy management, monitoring, and reporting.
|
•
|
Automation:
Built-in automation simplifies investigation, accelerates response times, and minimizes damages from attacks, while reducing manual processes and cost of security operations.
|
•
|
Open Ecosystem
|
•
|
An expansive set of open APIs with over 100 certified technology partners creating the broadest ecosystem in cyber security, enabling a coordinated and best-in-class approach to threat protection, detection, and response.
|
•
|
Consulting Services:
We provide the experience, expertise, and industry intelligence to assist enterprises to better architect, design, implement, and optimize their security software, people, and processes. Symantec consultants guide enterprises toward solutions that meet their business goals and leave them with the knowledge to maintain and enhance their security environment.
|
•
|
Premium Support Services:
Our premium support services for enterprises focus on timely and accurate issue resolution by placing a product family expert at the center of a tailored support experience, who provides technical support, manages escalations, delivers case and system reviews, oversees environmental health checks, and provides proactive services such as upgrade planning and feature optimization.
|
•
|
Cyber Security Services:
We provide continual threat monitoring, customized guidance, and 24x7 personalized service within an enterprise’s security environment through our Managed Security Services, Deep Sight Intelligence, and Incident Response Services.
|
•
|
Norton Security:
Our Norton Security solutions are available as a subscription service providing protection for devices against malware, viruses, adware, and ransomware on multiple platforms: Windows, Mac, Android, and iOS. Users also have access to a password manager, parental controls, and safe web browsing that blocks malicious sites and filters browser search results. Users also can perform secure cloud backups of photos, financial files, and other important documents on Windows, providing additional protection in the event ransomware attacks make these files unavailable. For mobile devices, Norton Security also filters risky apps, enables stolen device recovery, provides contact recovery, and blocks unwanted spam texts and calls. Norton Security includes 24x7 support by trained support agents who are available to assist customers.
|
•
|
LifeLock Identity Theft Protection:
Our LifeLock identity theft protection solution provides identity monitoring, alerts, and restoration to our customers. LifeLock puts users in control of their identity elements, including social security numbers, bank accounts, email addresses, physical addresses, and driver’s license and phone numbers. The service alerts users on key events and recommends actions to prevent unauthorized access. If an identity theft takes place, LifeLock’s identity experts work with the user to restore their identities, managing interaction with various governmental agencies, financial institutions, and merchants - and addressing legal fees, wage loss, and associated damages.
|
•
|
Norton Wi-Fi Privacy VPN:
Our Norton Wi-Fi Privacy VPN service offers a protected way to connect to the Internet, encrypting data users send over internet connections and enhancing levels of privacy online. With this service, users can confidently access private information such as passwords, bank details, and credit card numbers when using public Wi-Fi on PC, Mac, or mobile device without risk of compromise. Users can also connect globally to their favorite apps, websites, and online streaming by changing their virtual location. This service also limits the ability of websites to track users, thereby eliminating persistent personalized ads based on browsing history.
|
•
|
Endpoint security competitors include McAfee LLC (McAfee), Microsoft, CrowdStrike, Inc., and Carbon Black, Inc., as well as several point-product competitors, freeware providers, and regional security companies.
|
•
|
Network security competitors include Palo Alto Networks Inc. (Palo Alto), FireEye Inc. (FireEye), Cisco Systems, Inc. (Cisco), McAfee, Forcepoint LLC (Forcepoint), and Zscaler, Inc., as well as other established and emerging companies.
|
•
|
Cloud security competitors include Cisco, McAfee, Microsoft, and Netskope, Inc., as well as other established and emerging companies. We expect additional competition as the market for security-as-a-service continues to develop and expand.
|
•
|
Email security competitors include Proofpoint, Inc. and Microsoft.
|
•
|
Advanced threat protection competitors include McAfee, Palo Alto, FireEye, International Business Machines Corporation (IBM), and Dell EMC, as well as Niksun Inc. and Trend Micro Inc. (Trend Micro). As new IT budgets are created to address next-generation threats, we expect to compete with additional specialized vendors, as well as larger vendors that may continue to acquire or bundle their products.
|
•
|
Information protection competitors include RSA (a Dell Technologies business), McAfee, Forcepoint, Digital Guardian, Inc., and Microsoft.
|
•
|
Cyber security services and managed security services competitors include FireEye, IBM, and SecureWorks Corporation, as well as other additional established and emerging companies.
|
•
|
Fluctuations in our revenue due to the transition of our sales contracts to a higher mix of products subject to ratable versus point-in-time revenue recognition;
|
•
|
Fluctuations in demand for our solutions;
|
•
|
Entry of new competition into our markets;
|
•
|
Our ability to achieve targeted operating income and margins and revenues;
|
•
|
Competitive pricing pressure for one or more of our classes of our solutions;
|
•
|
Our ability to timely complete the release of new or enhanced versions of our solutions;
|
•
|
The number, severity, and timing of threat outbreaks (e.g. worms, viruses, malware, ransomware, and other malicious threats) and cyber security incidents (e.g., large scale data breaches);
|
•
|
Our resellers making a substantial portion of their purchases near the end of each quarter;
|
•
|
Customers’ tendency to negotiate licenses and other agreements near the end of each quarter;
|
•
|
Cancellation, deferral, or limitation of orders by customers;
|
•
|
Loss of customers or strategic partners;
|
•
|
Changes in the mix or type of products and subscriptions sold and changes in the renewal rates for our subscriptions;
|
•
|
The rate of adoption of new technologies, new releases of operating systems, and new business processes;
|
•
|
Consumer confidence and spending changes, which could be impacted by market changes and general economic conditions, among other reasons;
|
•
|
Political and military instability caused by war or other events, which could slow spending within our target markets, delay sales cycles, and otherwise adversely affect our ability to generate revenues and operate effectively;
|
•
|
The timing, rate and pricing of customer purchases to replace older versions of our hardware products that have reached end of life;
|
•
|
The impact of litigation, regulatory inquiries, or investigations;
|
•
|
The timing and extent of significant restructuring charges;
|
•
|
The impact of acquisitions and our ability to achieve expected synergies;
|
•
|
Disruptions in our business operations or target markets caused by, among other things, terrorism or other intentional acts, outbreaks of disease, or earthquakes, floods, or other natural disasters;
|
•
|
Fluctuations in foreign currency exchange rates;
|
•
|
Movements in interest rates; and
|
•
|
Changes in tax laws, rules, and regulations.
|
•
|
Lengthy development cycles;
|
•
|
Evolving industry standards and technological developments by our competitors and customers;
|
•
|
Evolving platforms, operating systems, and hardware products, such as mobile devices, and related product and service interoperability challenges;
|
•
|
Entering into new or unproven markets;
|
•
|
Executing new product and service strategies;
|
•
|
Trade compliance difficulties;
|
•
|
Developing or expanding efficient sales channels; and
|
•
|
Obtaining sufficient licenses to technology and technical access to operating system software.
|
•
|
Continuing to innovate and bring to market compelling cloud-based solutions that generate increasing traffic and market share; and
|
•
|
Ensuring that our cloud offerings meet the reliability expectations of our customers and maintain the security of their data.
|
•
|
Complexity, time, and costs associated with managing these transactions, including the integration of acquired business operations, workforce, products, IT systems, and technologies;
|
•
|
Diversion of management time and attention;
|
•
|
Loss or termination of employees, including costs associated with the termination or replacement of those employees;
|
•
|
Assumption of liabilities of the acquired business or assets, including pending or future litigation, investigations or claims related to the acquired business or assets;
|
•
|
The addition of acquisition-related debt;
|
•
|
Increased or unexpected costs and working capital requirements;
|
•
|
Dilution of stock ownership of existing stockholders;
|
•
|
Unanticipated delays or failure to meet contractual obligations; and
|
•
|
Substantial accounting charges for acquisition-related costs, amortization of intangible assets, and higher levels of stock-based compensation expense.
|
•
|
Longer sales cycles associated with direct sales efforts;
|
•
|
Difficulty in hiring, retaining, and motivating our direct sales force, particularly through periods of transition in our organization;
|
•
|
Substantial amounts of training for sales representatives to become productive in selling our solutions, including regular updates to
our products, and associated delays and difficulties in recognizing the expected benefits of investments in new products and updates;
|
•
|
Increased administrative costs in processing orders and increased credit risk in pursuing payment from each end user; and
|
•
|
Increased responsibility for custom and export activities that may result in added costs.
|
•
|
Our resellers and distributors are generally not subject to minimum sales requirements or any obligation to market our solutions to their customers;
|
•
|
Our reseller and distributor agreements are generally nonexclusive and may be terminated at any time without cause;
|
•
|
Our lack of control over the timing of delivery of our solutions to end-users;
|
•
|
Our resellers and distributors may violate applicable law or regulatory requirements or otherwise cause damage to our reputation through their actions;
|
•
|
Our resellers and distributors frequently market and distribute competing solutions and may, from time to time, place greater emphasis on the sale of these solutions due to pricing, promotions, and other terms offered by our competitors; and
|
•
|
Any consolidation of electronics retailers can continue to increase their negotiating power with respect to software providers such as us.
|
•
|
Our lack of control over the volume of products delivered and the timing of such delivery;
|
•
|
Most of our OEM partners are not subject to minimum sales requirements. Generally, our OEM partners do not have any obligation to market our products to their customers;
|
•
|
Our OEM partners may terminate or renegotiate their arrangements with us and new terms may be less favorable due to competitive conditions in our markets and other factors;
|
•
|
Sales through our OEM partners are subject to changes in general economic conditions, strategic direction, competitive risks, and other issues that could result in a reduction of OEM sales;
|
•
|
The development work that we must generally undertake under our agreements with our OEM partners may require us to invest significant resources and incur significant costs with little or no assurance of ever receiving associated revenues;
|
•
|
The time and expense required for the sales and marketing organizations of our OEM partners to become familiar with our solutions may make it more difficult to introduce those solutions to the market; and
|
•
|
Our OEM partners may develop, market, and distribute their own solutions and market and distribute products of our competitors, which could reduce our sales.
|
•
|
Potential loss of proprietary information due to misappropriation or laws that may be less protective of our intellectual property rights than U.S. laws or that may not be adequately enforced;
|
•
|
Requirements of foreign laws and other governmental controls, including tariffs, trade barriers and labor restrictions, and related laws that reduce the flexibility of our business operations;
|
•
|
Potential changes in trade relations arising from policy initiatives or other political factors;
|
•
|
Regulations or restrictions on the use, import, or export of encryption technologies that could delay or prevent the acceptance and use of encryption products and public networks for secure communications;
|
•
|
Local business and cultural factors that differ from our normal standards and practices, including business practices that we are prohibited from engaging in by the Foreign Corrupt Practices Act and other anti-corruption laws and regulations;
|
•
|
Central bank and other restrictions on our ability to repatriate cash from our international subsidiaries or to exchange cash in international subsidiaries into cash available for use in the U.S.;
|
•
|
Fluctuations in currency exchange rates, economic instability, and inflationary conditions could reduce our customers’ ability to obtain financing for our products or could make our products more expensive or could increase our costs of doing business in certain countries;
|
•
|
Limitations on future growth or inability to maintain current levels of revenues from international sales if we do not invest sufficiently in our international operations;
|
•
|
Longer payment cycles for sales in foreign countries and difficulties in collecting accounts receivable;
|
•
|
Difficulties in staffing, managing, and operating our international operations;
|
•
|
Difficulties in coordinating the activities of our geographically dispersed and culturally diverse operations;
|
•
|
Seasonal reductions in business activity in the summer months in Europe and in other periods in other countries;
|
•
|
Costs and delays associated with developing software and providing support in multiple languages; and
|
•
|
Political unrest, war, or terrorism, or regional natural disasters, particularly in areas in which we have facilities.
|
•
|
Changes to the U.S. federal income tax laws, including impacts of the Tax Cuts and Jobs Act (H.R.1) (the 2017 Tax Act) arising from future interpretations of the 2017 Tax Act;
|
•
|
Changes to other tax laws, regulations, and interpretations in multiple jurisdictions in which we operate, including actions resulting from the Organisation for Economic Co-operation and Development’s base erosion and profit shifting project, proposed actions by international bodies such as digital services taxation, as well as the requirements of certain tax rulings;
|
•
|
Changes in the relative proportions of revenues and income before taxes in the various jurisdictions in which we operate that have differing statutory tax rates;
|
•
|
The tax effects of purchase accounting for acquisitions and restructuring charges that may cause fluctuations between reporting periods; and
|
•
|
Tax assessments, or any related tax interest or penalties, that could significantly affect our income tax expense for the period in which the settlements take place.
|
•
|
We must use a substantial portion of our cash flow from operations to pay interest and principal on the term loans and revolving credit facility, our existing senior notes, and other indebtedness, which reduces funds available to us for other purposes such as working capital, capital expenditures, other general corporate purposes, and potential acquisitions;
|
•
|
We may be unable to refinance our indebtedness or to obtain additional financing for working capital, capital expenditures, acquisitions, or general corporate purposes;
|
•
|
We are exposed to fluctuations in interest rates because borrowings under our senior credit facilities bear interest at variable rates;
|
•
|
Our leverage may be greater than that of some of our competitors, which may put us at a competitive disadvantage and reduce our flexibility in responding to current and changing industry and financial market conditions;
|
•
|
We may be more vulnerable to an economic downturn and adverse developments in our business;
|
•
|
We may be unable to comply with financial and other covenants in our debt agreements, which could result in an event of default that, if not cured or waived, may result in acceleration of certain of our debt and would have an adverse effect on our business and prospects and could force us into bankruptcy or liquidation; and
|
•
|
Changes by any rating agency to our outlook or credit rating could negatively affect the value of our debt and/or our common stock, adversely affect our access to debt markets, and increase the interest we pay on outstanding or future debt.
|
•
|
Incur additional debt;
|
•
|
Create liens on certain assets to secure debt;
|
•
|
Enter into certain sale and leaseback transactions;
|
•
|
Pay dividends on or make other distributions in respect of our capital stock or make other restricted payments; and
|
•
|
Consolidate, merge, sell or otherwise dispose of all or substantially all of our assets.
|
(In millions, except per share data)
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Program
|
|
Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
|
||||||
December 29, 2018 to January 25, 2019
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
800
|
|
January 26, 2019 to February 22, 2019
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
1,300
|
|
February 23, 2019 to March 29, 2019
|
11
|
|
|
$
|
22.68
|
|
|
11
|
|
|
$
|
1,048
|
|
Total number of shares repurchased
|
11
|
|
|
|
|
11
|
|
|
|
|
Summary of Operations:
|
Year Ended
(1)
|
||||||||||||||||||
(In millions, except per share data)
|
March 29, 2019
(2)
|
|
March 30, 2018
(3)
|
|
March 31, 2017
(4)
|
|
April 1, 2016
(5)
|
|
April 3,
2015 |
||||||||||
Net revenues
|
$
|
4,731
|
|
|
$
|
4,834
|
|
|
$
|
4,019
|
|
|
$
|
3,600
|
|
|
$
|
3,956
|
|
Operating income (loss)
|
$
|
380
|
|
|
$
|
49
|
|
|
$
|
(100
|
)
|
|
$
|
457
|
|
|
$
|
154
|
|
Income (loss) from continuing operations
(3)
|
$
|
16
|
|
|
$
|
1,127
|
|
|
$
|
(236
|
)
|
|
$
|
(821
|
)
|
|
$
|
109
|
|
Income from discontinued operations, net of income taxes
(5)
|
$
|
15
|
|
|
$
|
11
|
|
|
$
|
130
|
|
|
$
|
3,309
|
|
|
$
|
769
|
|
Net income (loss)
|
$
|
31
|
|
|
$
|
1,138
|
|
|
$
|
(106
|
)
|
|
$
|
2,488
|
|
|
$
|
878
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) per share - basic:
(6)
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.03
|
|
|
$
|
1.83
|
|
|
$
|
(0.38
|
)
|
|
$
|
(1.23
|
)
|
|
$
|
0.16
|
|
Discontinued operations
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
$
|
0.21
|
|
|
$
|
4.94
|
|
|
$
|
1.12
|
|
Net income (loss) per share - basic
|
$
|
0.05
|
|
|
$
|
1.85
|
|
|
$
|
(0.17
|
)
|
|
$
|
3.71
|
|
|
$
|
1.27
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) per share - diluted:
(6)
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.02
|
|
|
$
|
1.69
|
|
|
$
|
(0.38
|
)
|
|
$
|
(1.23
|
)
|
|
$
|
0.16
|
|
Discontinued operations
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
$
|
0.21
|
|
|
$
|
4.94
|
|
|
$
|
1.10
|
|
Net income (loss) per share - diluted
|
$
|
0.05
|
|
|
$
|
1.70
|
|
|
$
|
(0.17
|
)
|
|
$
|
3.71
|
|
|
$
|
1.26
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends declared per common share
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
$
|
4.60
|
|
|
$
|
0.60
|
|
Consolidated Balance Sheets Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
|
April 1,
2016 |
|
April 3, 2015
|
||||||||||
Cash, cash equivalents and short-term investments
|
$
|
2,043
|
|
|
$
|
2,162
|
|
|
$
|
4,256
|
|
|
$
|
6,025
|
|
|
$
|
3,860
|
|
Total assets
|
$
|
15,938
|
|
|
$
|
15,759
|
|
|
$
|
18,174
|
|
|
$
|
11,767
|
|
|
$
|
13,233
|
|
Long-term debt
|
$
|
3,961
|
|
|
$
|
5,026
|
|
|
$
|
6,876
|
|
|
$
|
2,207
|
|
|
$
|
1,746
|
|
Total stockholders’ equity
|
$
|
5,738
|
|
|
$
|
5,023
|
|
|
$
|
3,487
|
|
|
$
|
3,676
|
|
|
$
|
5,935
|
|
|
(1)
|
We have a 52/53-week fiscal year. Our fiscal 2019, 2018, 2017, and 2016 each consisted of 52 weeks, whereas fiscal 2015 was a 53-week year.
|
(2)
|
We adopted the new revenue recognition accounting standard on a modified retrospective basis during the first quarter of fiscal 2019. The results for fiscal 2019 are presented under the new revenue recognition accounting standard, while prior years are not adjusted.
|
(3)
|
In fiscal 2018, we sold Website Security (WSS) and Public Key Infrastructure (PKI) solutions and recognized a gain of
$653 million
before income taxes associated with the sale (see
Note 4
to the Consolidated Financial Statements), and we recognized an income tax benefit of $659 million as a result of the enactment of the Tax Cuts and Jobs Act (H.R.1) (the 2017 Tax Act) (see
Note 11
to the Consolidated Financial Statements).
|
(4)
|
In fiscal 2017, we acquired Blue Coat and LifeLock, and the results of operations of those entities were included from their respective dates of acquisition (see
Note 4
to the Consolidated Financial Statements).
|
(5)
|
In fiscal 2016, we recorded $1.1 billion in income tax expense related to unremitted earnings of foreign subsidiaries from the proceeds of the sale of our Veritas information management business. This charge was presented in loss from continuing operations in the Consolidated Statements of Operations. As a result of the sale, a net gain of $3.0 billion was presented as part of income from discontinued operations, net of income taxes.
|
(6)
|
Net income per share amounts may not add due to rounding.
|
•
|
Enterprise Security.
Our Enterprise Security segment focuses on providing our Integrated Cyber Defense solutions to help business and government customers unify cloud and on-premises security to
deliver a more effective cyber defense solution, while driving down cost and complexity
.
|
•
|
Consumer Cyber Safety.
Our Consumer Cyber Safety segment focuses on providing cyber safety solutions under our Norton LifeLock brand to help consumers protect their devices, online privacy, identities, and home networks.
|
(In millions, except for percentages and per share amounts)
|
Fiscal 2019
|
|
Fiscal 2018
|
||||
Net revenues
|
$
|
4,731
|
|
|
$
|
4,834
|
|
Operating income
|
$
|
380
|
|
|
$
|
49
|
|
Net income
|
$
|
31
|
|
|
$
|
1,138
|
|
Net income per share - diluted
|
$
|
0.05
|
|
|
$
|
1.70
|
|
Net cash provided by operating activities
|
$
|
1,495
|
|
|
$
|
950
|
|
|
|
|
|
||||
|
As of
|
||||||
|
March 29, 2019
|
|
March 30, 2018
|
||||
Cash, cash equivalents and short-term investments
|
$
|
2,043
|
|
|
$
|
2,162
|
|
Contract liabilities
|
$
|
3,056
|
|
|
$
|
3,103
|
|
•
|
Net revenues decreased
2%
primarily due to the divestiture of our website security (WSS) and public key infrastructure (PKI) solutions in fiscal 2018, partially offset by increased revenue from our identity and information protection solutions.
|
•
|
Operating income increased
$331 million
primarily due to increased revenue from our identity and information protection solutions in our Consumer Cyber Safety segment, lower stock-based compensation expense, and lower restructuring, transition, and other costs, partially offset by the negative impact to Enterprise Security segment operating income due to the fiscal 2018 divestiture of WSS and PKI solutions.
|
•
|
Net income and diluted net income per share decreased primarily due to the absence in fiscal 2019 of the gain on the divestiture of WSS and PKI solutions and a net income tax benefit as a result of the passage of the 2017 Tax Act, both of which occurred during fiscal 2018.
|
•
|
Net cash provided by operating activities increased
$545 million
due to higher net income adjusted for non-cash items, partially offset by unfavorable net changes in operating assets and liabilities.
|
•
|
Cash, cash equivalents and short-term investments decreased
$119 million
compared to
March 30, 2018
, primarily due to cash used for repayment of debt, stock repurchases, and payments of dividends, partially offset by cash from operations.
|
•
|
Contract liabilities decreased
$47 million
compared to
March 30, 2018
, primarily due to a decrease of $169 million in the March 30, 2018 balances as a result of the adoption of the new revenue recognition standard, partially offset by higher billings versus recognized revenue during fiscal 2019.
|
|
Fiscal Year
|
||||
|
2019
|
|
2018
|
||
Net revenues
|
100
|
%
|
|
100
|
%
|
Cost of revenues
|
22
|
|
|
21
|
|
Gross profit
|
78
|
|
|
79
|
|
Operating expenses:
|
|
|
|
||
Sales and marketing
|
32
|
|
|
33
|
|
Research and development
|
19
|
|
|
20
|
|
General and administrative
|
9
|
|
|
12
|
|
Amortization of intangible assets
|
4
|
|
|
5
|
|
Restructuring, transition and other costs
|
5
|
|
|
8
|
|
Total operating expenses
|
70
|
|
|
78
|
|
Operating income
|
8
|
|
|
1
|
|
Interest expense
|
(4
|
)
|
|
(5
|
)
|
Gain on divestiture
|
—
|
|
|
14
|
|
Other expense, net
|
(1
|
)
|
|
—
|
|
Income from continuing operations before income taxes
|
2
|
|
|
9
|
|
Income tax expense (benefit)
|
2
|
|
|
(14
|
)
|
Income from continuing operations
|
—
|
|
|
23
|
|
Income from discontinued operations, net of income taxes
|
—
|
|
|
—
|
|
Net income
|
1
|
%
|
|
24
|
%
|
|
|
Fiscal Year
|
|
Variance in
|
|||||||||||
(In millions, except for percentages)
|
2019
|
|
2018
|
|
Dollars
|
|
Percent
|
|||||||
Net revenues
|
$
|
4,731
|
|
|
$
|
4,834
|
|
|
$
|
(103
|
)
|
|
(2
|
)%
|
|
Fiscal Year
|
|
Variance in
|
|||||||||||
(In millions, except for percentages)
|
2019
|
|
2018
|
|
Dollars
|
|
Percent
|
|||||||
Cost of revenues
|
$
|
1,050
|
|
|
$
|
1,032
|
|
|
$
|
18
|
|
|
2
|
%
|
|
Fiscal Year
|
|
Variance in
|
|||||||||||
(In millions, except for percentages)
|
2019
|
|
2018
|
|
Dollars
|
|
Percent
|
|||||||
Sales and marketing
|
$
|
1,493
|
|
|
$
|
1,593
|
|
|
$
|
(100
|
)
|
|
(6
|
)%
|
Research and development
|
913
|
|
|
956
|
|
|
(43
|
)
|
|
(4
|
)%
|
|||
General and administrative
|
447
|
|
|
574
|
|
|
(127
|
)
|
|
(22
|
)%
|
|||
Amortization of intangible assets
|
207
|
|
|
220
|
|
|
(13
|
)
|
|
(6
|
)%
|
|||
Restructuring, transition and other costs
|
241
|
|
|
410
|
|
|
(169
|
)
|
|
(41
|
)%
|
|||
Total
|
$
|
3,301
|
|
|
$
|
3,753
|
|
|
$
|
(452
|
)
|
|
(12
|
)%
|
|
Fiscal Year
|
|
Variance in
|
||||||||
(In millions)
|
2019
|
|
2018
|
|
Dollars
|
||||||
Interest expense
|
$
|
(208
|
)
|
|
$
|
(256
|
)
|
|
$
|
48
|
|
Gain on divestiture
|
—
|
|
|
653
|
|
|
(653
|
)
|
|||
Interest income
|
42
|
|
|
24
|
|
|
18
|
|
|||
Loss from equity interest
|
(101
|
)
|
|
(26
|
)
|
|
(75
|
)
|
|||
Foreign exchange loss
|
(18
|
)
|
|
(28
|
)
|
|
10
|
|
|||
Other
|
13
|
|
|
21
|
|
|
(8
|
)
|
|||
Total other income (expense), net
|
$
|
(272
|
)
|
|
$
|
388
|
|
|
$
|
(660
|
)
|
|
Fiscal Year
|
||||||
(In millions, except for percentages)
|
2019
|
|
2018
|
||||
Income from continuing operations before income taxes
|
$
|
108
|
|
|
$
|
437
|
|
Provision for (benefit from) income taxes
|
$
|
92
|
|
|
$
|
(690
|
)
|
Effective tax rate on income from continuing operations
|
85
|
%
|
|
(158
|
)%
|
|
Fiscal Year
|
|
Variance in
|
|||||||||||
(In millions, except for percentages)
|
2019
|
|
2018
|
|
Dollars
|
|
Percent
|
|||||||
Net revenues
|
$
|
2,323
|
|
|
$
|
2,554
|
|
|
$
|
(231
|
)
|
|
(9
|
)%
|
Percentage of total net revenues
|
49
|
%
|
|
53
|
%
|
|
|
|
|
|||||
Operating income
|
$
|
269
|
|
|
$
|
473
|
|
|
$
|
(204
|
)
|
|
(43
|
)%
|
Operating margin
|
12
|
%
|
|
19
|
%
|
|
|
|
|
|
Fiscal Year
|
|
Variance in
|
|||||||||||
(In millions, except for percentages)
|
2019
|
|
2018
|
|
Dollars
|
|
Percent
|
|||||||
Net revenues
|
$
|
2,408
|
|
|
$
|
2,280
|
|
|
$
|
128
|
|
|
6
|
%
|
Percentage of total net revenues
|
51
|
%
|
|
47
|
%
|
|
|
|
|
|||||
Operating income
|
$
|
1,145
|
|
|
$
|
1,111
|
|
|
$
|
34
|
|
|
3
|
%
|
Operating margin
|
48
|
%
|
|
49
|
%
|
|
|
|
|
(In millions, except for per user amounts and percentages)
|
Fiscal 2019
|
|
Fiscal 2018
|
|||
Average direct customer count
|
20.7
|
|
|
21.2
|
|
|
Direct average revenue per user (ARPU)
|
$
|
8.74
|
|
|
$7.99/$8.23
(1)
|
|
Annual retention rate
|
85
|
%
|
|
83
|
%
|
|
(In millions, except for percentages and per share amounts)
|
Fiscal 2018
|
|
Fiscal 2017
|
||||
Net revenues
|
$
|
4,834
|
|
|
$
|
4,019
|
|
Operating income (loss)
|
$
|
49
|
|
|
$
|
(100
|
)
|
Income (loss) from continuing operations
|
$
|
1,127
|
|
|
$
|
(236
|
)
|
Income (loss) per share from continuing operations - diluted
|
$
|
1.69
|
|
|
$
|
(0.38
|
)
|
Net cash provided by (used in) continuing operating activities
|
$
|
957
|
|
|
$
|
(145
|
)
|
|
|
|
|
||||
|
As of
|
||||||
|
March 30, 2018
|
|
March 31, 2017
|
||||
Cash, cash equivalents and short-term investments
|
$
|
2,162
|
|
|
$
|
4,256
|
|
Deferred revenue
|
$
|
3,103
|
|
|
$
|
2,787
|
|
•
|
Net revenues grew 20% in fiscal 2018 compared to fiscal 2017 primarily as a result of the inclusion of revenue from our Consumer Cyber Safety segment identity and information protection products acquired through our LifeLock acquisition at the end of fiscal 2017 for a full year and increased revenues from sales of our Enterprise Security segment network and web security solutions which included products acquired in our fiscal 2017 acquisition of Blue Coat, partially offset by a decrease in revenue as a result of the divestiture of our Enterprise Security segment WSS and PKI solutions.
|
•
|
Operating income increased primarily as a result of increased net revenues and our cost reduction initiatives and integration synergy program we announced in fiscal 2017. This increase was partially offset by increased operating expenses as a result of our fiscal 2017 acquisitions, including stock-based compensation, amortization of intangible assets, and advertising and promotional expenses. The increase in operating income was also partially offset by increased transition costs primarily due to costs related to our enterprise resource planning and supporting systems and separation costs related to the divestiture of our WSS and PKI solutions.
|
•
|
Income from continuing operations and diluted income per share from continuing operations increased primarily as a result of the $653 million gain on the divestiture of our WSS and PKI solutions and a net tax benefit of $690 million primarily as a result of the 2017 Tax Act. Partially offsetting the increase in the diluted income per share from continuing operations was a higher diluted share count due to including the dilutive effect of potentially issuable common shares under our equity award programs and convertible debt. Such potentially issuable common shares were excluded from our net loss per share computation in fiscal 2017 as they would have been anti-dilutive.
|
•
|
Cash, cash equivalents and short-term investments decreased primarily as a result of our $3.2 billion of debt repayments as part of our plan to deleverage our balance sheet and $401 million paid for acquisitions, partially offset by $933 million in net cash proceeds from the divestiture of our WSS and PKI solutions and cash flow from continuing operating activities of $957 million.
|
•
|
Cash flow from continuing operating activities increased primarily due to a one-time tax payment of $887 million related to the gain on sale from the divestiture of our Veritas information management business in fiscal 2017 and an increase in deferred revenue.
|
•
|
Deferred revenue increased $316 million primarily due to our shift in sales contracts to a higher mix of solutions subject to ratable versus point in time revenue recognition and longer contract duration in our Enterprise Security segment
,
which resulted in less in-period revenue recognized, and due to higher billings towards the end of the fiscal year, reflecting seasonal sales cycles in that segment. These factors were partially offset by a decrease of $319 million in deferred revenue as a result of the divestiture of our WSS and PKI solutions.
|
|
Fiscal Year
|
|
Variance in
|
|||||||||||
(In millions, except for percentages)
|
2018
|
|
2017
|
|
Dollars
|
|
Percent
|
|||||||
Net revenues
|
$
|
2,554
|
|
|
$
|
2,355
|
|
|
$
|
199
|
|
|
8
|
%
|
Percentage of total net revenues
|
53
|
%
|
|
59
|
%
|
|
|
|
|
|||||
Operating income
|
$
|
473
|
|
|
$
|
187
|
|
|
$
|
286
|
|
|
153
|
%
|
Operating margin
|
19
|
%
|
|
8
|
%
|
|
|
|
|
|
Fiscal Year
|
|
Variance in
|
|||||||||||
(In millions, except for percentages)
|
2018
|
|
2017
|
|
Dollars
|
|
Percent
|
|||||||
Net revenues
|
$
|
2,280
|
|
|
$
|
1,664
|
|
|
$
|
616
|
|
|
37
|
%
|
Percentage of total net revenues
|
47
|
%
|
|
41
|
%
|
|
|
|
|
|||||
Operating income
|
$
|
1,111
|
|
|
$
|
839
|
|
|
$
|
272
|
|
|
32
|
%
|
Operating margin
|
49
|
%
|
|
50
|
%
|
|
|
|
|
|
Fiscal Year
|
||||||
(In millions)
|
2019
|
|
2018
|
||||
Net cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
1,495
|
|
|
$
|
957
|
|
Investing activities
|
$
|
(241
|
)
|
|
$
|
(21
|
)
|
Financing activities
|
$
|
(1,209
|
)
|
|
$
|
(3,475
|
)
|
Increase (decrease) in cash and cash equivalents
|
$
|
17
|
|
|
$
|
(2,473
|
)
|
(In millions)
|
March 29, 2019
|
||
Senior Term Loans
|
$
|
500
|
|
Senior Notes
|
2,250
|
|
|
Convertible Senior Notes
|
1,750
|
|
|
Total debt
|
$
|
4,500
|
|
|
Payments Due by Period
|
||||||||||||||||||
(In millions)
|
Total
|
|
Less than 1 Year
|
|
1 - 3 Years
|
|
3 - 5 Years
|
|
Over 5 Years
|
||||||||||
Debt
(1)
|
$
|
4,500
|
|
|
$
|
—
|
|
|
$
|
3,000
|
|
|
$
|
400
|
|
|
$
|
1,100
|
|
Interest payments on debt
(2)
|
609
|
|
|
170
|
|
|
239
|
|
|
118
|
|
|
82
|
|
|||||
Purchase obligations
(3)
|
1,071
|
|
|
525
|
|
|
320
|
|
|
217
|
|
|
9
|
|
|||||
Long-term income taxes payable
(4)
|
703
|
|
|
65
|
|
|
134
|
|
|
294
|
|
|
210
|
|
|||||
Operating leases
(5)
|
244
|
|
|
55
|
|
|
89
|
|
|
58
|
|
|
42
|
|
|||||
Total
|
$
|
7,127
|
|
|
$
|
815
|
|
|
$
|
3,782
|
|
|
$
|
1,087
|
|
|
$
|
1,443
|
|
|
(1)
|
See
Note 8
to the Consolidated Financial Statements for further information on our debt.
|
(2)
|
Interest payments were calculated based on the contractual terms of the related Senior Notes, Convertible Senior Notes, and Senior Term Facility. Interest on variable rate debt was calculated using the interest rate in effect as of
March 29, 2019
. See
Note 8
to the Consolidated Financial Statements for further information on the Senior Notes, Convertible Senior Notes, and Senior Term Facility.
|
(3)
|
These amounts are associated with agreements for purchases of goods or services generally including agreements that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. The table above also includes agreements to purchase goods or services that have cancellation provisions requiring little or no payment. The amounts under such contracts are included in the table above because management believes that cancellation of these contracts is unlikely, and we expect to make future cash payments according to the contract terms or in similar amounts for similar materials.
|
(4)
|
These amounts represent the transition tax on previously untaxed foreign earnings of foreign subsidiaries under the 2017 Tax Act which may be paid through July 2025. See
Note 11
to the Consolidated Financia
l Statements for further information on our income taxes and the impact from the recently enacted legislation.
|
(5)
|
We have entered into various non-cancelable operating lease agreements that expire on various dates through fiscal 2029. The amounts in the table above exclude expected sublease income.
|
|
Fiscal 2019
|
|
Fiscal 2018
|
||||||||||||||||||||||||||||
(In millions, except per share data)
|
Fourth Quarter
|
|
Third Quarter
|
|
Second Quarter
|
|
First Quarter
|
|
Fourth Quarter
|
|
Third Quarter
(1)
|
|
Second Quarter
|
|
First Quarter
|
||||||||||||||||
Net revenues
|
$
|
1,189
|
|
|
$
|
1,211
|
|
|
$
|
1,175
|
|
|
$
|
1,156
|
|
|
$
|
1,210
|
|
|
$
|
1,209
|
|
|
$
|
1,240
|
|
|
$
|
1,175
|
|
Gross profit
|
910
|
|
|
945
|
|
|
919
|
|
|
907
|
|
|
946
|
|
|
960
|
|
|
978
|
|
|
918
|
|
||||||||
Operating income (loss)
|
107
|
|
|
169
|
|
|
102
|
|
|
2
|
|
|
6
|
|
|
96
|
|
|
(9
|
)
|
|
(44
|
)
|
||||||||
Income tax expense (benefit)
|
22
|
|
|
38
|
|
|
36
|
|
|
(4
|
)
|
|
(7
|
)
|
|
(606
|
)
|
|
(53
|
)
|
|
(24
|
)
|
||||||||
Income (loss) from continuing operations
|
30
|
|
|
59
|
|
|
(8
|
)
|
|
(65
|
)
|
|
(58
|
)
|
|
1,311
|
|
|
(16
|
)
|
|
(110
|
)
|
||||||||
Income (loss) from discontinued operations, net of income taxes
|
4
|
|
|
6
|
|
|
—
|
|
|
5
|
|
|
(1
|
)
|
|
31
|
|
|
4
|
|
|
(23
|
)
|
||||||||
Net income (loss)
|
34
|
|
|
65
|
|
|
(8
|
)
|
|
(60
|
)
|
|
(59
|
)
|
|
1,342
|
|
|
(12
|
)
|
|
(133
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income (loss) per share - basic:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Continuing operations
|
$
|
0.05
|
|
|
$
|
0.09
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
2.12
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.18
|
)
|
Discontinued operations
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
—
|
|
|
$
|
0.01
|
|
|
$
|
(0.00
|
)
|
|
$
|
0.05
|
|
|
$
|
0.01
|
|
|
$
|
(0.04
|
)
|
Net income (loss) per share - basic
|
$
|
0.05
|
|
|
$
|
0.10
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
2.17
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.22
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income (loss) per share - diluted:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Continuing operations
|
$
|
0.05
|
|
|
$
|
0.09
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
1.97
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.18
|
)
|
Discontinued operations
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
—
|
|
|
$
|
0.01
|
|
|
$
|
(0.00
|
)
|
|
$
|
0.05
|
|
|
$
|
0.01
|
|
|
$
|
(0.04
|
)
|
Net income (loss) per share - diluted
|
$
|
0.05
|
|
|
$
|
0.10
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
2.01
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.22
|
)
|
|
(1)
|
During the third quarter of fiscal 2018, we recognized a gain on divestiture of our WSS and PKI solutions of $658 million and an income tax benefit of $810 million as a result of the enactment of the 2017 Tax Act.
|
(2)
|
Net income (loss) per share amounts may not add due to rounding.
|
|
|
Page
|
1.
|
Consolidated Financial Statements:
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
Financial statement schedules have been omitted since they are either not required, not applicable, or the information is otherwise included.
|
|
2.
|
|
March 29, 2019
|
|
March 30, 2018
|
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,791
|
|
|
$
|
1,774
|
|
Short-term investments
|
252
|
|
|
388
|
|
||
Accounts receivable, net
|
708
|
|
|
809
|
|
||
Other current assets
|
435
|
|
|
522
|
|
||
Total current assets
|
3,186
|
|
|
3,493
|
|
||
Property and equipment, net
|
790
|
|
|
778
|
|
||
Intangible assets, net
|
2,250
|
|
|
2,643
|
|
||
Goodwill
|
8,450
|
|
|
8,319
|
|
||
Other long-term assets
|
1,262
|
|
|
526
|
|
||
Total assets
|
$
|
15,938
|
|
|
$
|
15,759
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
165
|
|
|
$
|
168
|
|
Accrued compensation and benefits
|
257
|
|
|
262
|
|
||
Current portion of long-term debt
|
491
|
|
|
—
|
|
||
Contract liabilities
|
2,320
|
|
|
2,368
|
|
||
Other current liabilities
|
533
|
|
|
372
|
|
||
Total current liabilities
|
3,766
|
|
|
3,170
|
|
||
Long-term debt
|
3,961
|
|
|
5,026
|
|
||
Long-term contract liabilities
|
736
|
|
|
735
|
|
||
Deferred income tax liabilities
|
577
|
|
|
592
|
|
||
Long-term income taxes payable
|
1,076
|
|
|
1,126
|
|
||
Other long-term liabilities
|
84
|
|
|
87
|
|
||
Total liabilities
|
10,200
|
|
|
10,736
|
|
||
Commitments and contingencies (Note 16)
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $0.01 par value: 1 shares authorized; 0 shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock and additional paid-in capital, $0.01 par value: 3,000 shares authorized; 630 and 624 shares issued and outstanding as of March 29, 2019 and March 30, 2018, respectively
|
4,812
|
|
|
4,691
|
|
||
Accumulated other comprehensive income (loss)
|
(7
|
)
|
|
4
|
|
||
Retained earnings
|
933
|
|
|
328
|
|
||
Total stockholders’ equity
|
5,738
|
|
|
5,023
|
|
||
Total liabilities and stockholders’ equity
|
$
|
15,938
|
|
|
$
|
15,759
|
|
|
Year Ended
|
||||||||||
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Net revenues
|
$
|
4,731
|
|
|
$
|
4,834
|
|
|
$
|
4,019
|
|
Cost of revenues
|
1,050
|
|
|
1,032
|
|
|
853
|
|
|||
Gross profit
|
3,681
|
|
|
3,802
|
|
|
3,166
|
|
|||
Operating expenses:
|
|
|
|
|
|
||||||
Sales and marketing
|
1,493
|
|
|
1,593
|
|
|
1,459
|
|
|||
Research and development
|
913
|
|
|
956
|
|
|
823
|
|
|||
General and administrative
|
447
|
|
|
574
|
|
|
564
|
|
|||
Amortization of intangible assets
|
207
|
|
|
220
|
|
|
147
|
|
|||
Restructuring, transition and other costs
|
241
|
|
|
410
|
|
|
273
|
|
|||
Total operating expenses
|
3,301
|
|
|
3,753
|
|
|
3,266
|
|
|||
Operating income (loss)
|
380
|
|
|
49
|
|
|
(100
|
)
|
|||
Interest expense
|
(208
|
)
|
|
(256
|
)
|
|
(208
|
)
|
|||
Gain on divestiture
|
—
|
|
|
653
|
|
|
—
|
|
|||
Other income (expense), net
|
(64
|
)
|
|
(9
|
)
|
|
46
|
|
|||
Income (loss) from continuing operations before income taxes
|
108
|
|
|
437
|
|
|
(262
|
)
|
|||
Income tax expense (benefit)
|
92
|
|
|
(690
|
)
|
|
(26
|
)
|
|||
Income (loss) from continuing operations
|
16
|
|
|
1,127
|
|
|
(236
|
)
|
|||
Income from discontinued operations, net of income taxes
|
15
|
|
|
11
|
|
|
130
|
|
|||
Net income (loss)
|
$
|
31
|
|
|
$
|
1,138
|
|
|
$
|
(106
|
)
|
|
|
|
|
|
|
||||||
Income (loss) per share - basic:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.03
|
|
|
$
|
1.83
|
|
|
$
|
(0.38
|
)
|
Discontinued operations
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
$
|
0.21
|
|
Net income (loss) per share - basic
|
$
|
0.05
|
|
|
$
|
1.85
|
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
|
||||||
Income (loss) per share - diluted:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.02
|
|
|
$
|
1.69
|
|
|
$
|
(0.38
|
)
|
Discontinued operations
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
$
|
0.21
|
|
Net income (loss) per share - diluted
(1)
|
$
|
0.05
|
|
|
$
|
1.70
|
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
|
||||||
Weighted-average shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
632
|
|
|
616
|
|
|
618
|
|
|||
Diluted
|
661
|
|
|
668
|
|
|
618
|
|
|
|
Year Ended
|
||||||||||
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Net income (loss)
|
$
|
31
|
|
|
$
|
1,138
|
|
|
$
|
(106
|
)
|
Other comprehensive income (loss), net of taxes:
|
|
|
|
|
|
||||||
Foreign currency translation adjustments:
|
|
|
|
|
|
||||||
Translation adjustments
|
(13
|
)
|
|
(4
|
)
|
|
(8
|
)
|
|||
Reclassification adjustments for net loss included in net income (loss)
|
—
|
|
|
5
|
|
|
—
|
|
|||
Net foreign currency translation adjustments
|
(13
|
)
|
|
1
|
|
|
(8
|
)
|
|||
Unrealized gain (loss) on available-for-sale securities:
|
|
|
|
|
|
||||||
Unrealized gain (loss)
|
3
|
|
|
(5
|
)
|
|
(2
|
)
|
|||
Reclassification adjustments for gain included in net income (loss)
|
—
|
|
|
(4
|
)
|
|
—
|
|
|||
Net unrealized gain (loss) on available-for-sale securities
|
3
|
|
|
(9
|
)
|
|
(2
|
)
|
|||
Other comprehensive loss from equity method investee
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Other comprehensive loss, net of taxes
|
(11
|
)
|
|
(8
|
)
|
|
(10
|
)
|
|||
Comprehensive income (loss)
|
$
|
20
|
|
|
$
|
1,130
|
|
|
$
|
(116
|
)
|
|
Common Stock and Additional Paid-In Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Retained Earnings (Accumulated Deficit)
|
|
Total Stockholders’ Equity
|
|||||||||||
|
Shares
|
|
Amount
|
|
|
|
||||||||||||
Balance as of April 1, 2016
|
612
|
|
|
$
|
4,309
|
|
|
$
|
22
|
|
|
$
|
(655
|
)
|
|
$
|
3,676
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(106
|
)
|
|
(106
|
)
|
||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
||||
Common stock issued under employee stock incentive plans
|
17
|
|
|
95
|
|
|
—
|
|
|
—
|
|
|
95
|
|
||||
Shares withheld for taxes related to vesting of restricted stock units
|
(3
|
)
|
|
(65
|
)
|
|
—
|
|
|
—
|
|
|
(65
|
)
|
||||
Common stock issued in connection with acquisitions
|
3
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
38
|
|
||||
Equity awards assumed in acquisitions
|
—
|
|
|
112
|
|
|
—
|
|
|
—
|
|
|
112
|
|
||||
Repurchases of common stock
|
(21
|
)
|
|
(500
|
)
|
|
—
|
|
|
—
|
|
|
(500
|
)
|
||||
Cash dividends declared ($0.30 per share of common stock) and dividend equivalents accrued
|
—
|
|
|
(191
|
)
|
|
—
|
|
|
—
|
|
|
(191
|
)
|
||||
Equity component of convertible notes issued
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
12
|
|
||||
Stock-based compensation
|
—
|
|
|
410
|
|
|
—
|
|
|
—
|
|
|
410
|
|
||||
Income tax benefit from employee stock incentive plans
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
11
|
|
||||
Other
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||
Balance as of March 31, 2017
|
608
|
|
|
4,236
|
|
|
12
|
|
|
(761
|
)
|
|
3,487
|
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,138
|
|
|
1,138
|
|
||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
||||
Common stock issued under employee stock incentive plans
|
22
|
|
|
121
|
|
|
—
|
|
|
—
|
|
|
121
|
|
||||
Shares withheld for taxes related to vesting of restricted stock units
|
(4
|
)
|
|
(107
|
)
|
|
—
|
|
|
—
|
|
|
(107
|
)
|
||||
Equity awards assumed in acquisitions
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Repurchases of common stock
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Cash dividends declared ($0.30 per share of common stock) and dividend equivalents accrued
|
—
|
|
|
(144
|
)
|
|
—
|
|
|
(49
|
)
|
|
(193
|
)
|
||||
Stock-based compensation
|
—
|
|
|
584
|
|
|
—
|
|
|
—
|
|
|
584
|
|
||||
Balance as of March 30, 2018
|
624
|
|
|
4,691
|
|
|
4
|
|
|
328
|
|
|
5,023
|
|
||||
Cumulative effect from adoption of accounting standards
|
—
|
|
|
—
|
|
|
—
|
|
|
939
|
|
|
939
|
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
31
|
|
||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
||||
Common stock issued under employee stock incentive plans
|
24
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
19
|
|
||||
Shares withheld for taxes related to vesting of restricted stock units
|
(8
|
)
|
|
(173
|
)
|
|
—
|
|
|
—
|
|
|
(173
|
)
|
||||
Repurchases of common stock
|
(10
|
)
|
|
(84
|
)
|
|
—
|
|
|
(168
|
)
|
|
(252
|
)
|
||||
Cash dividends declared ($0.30 per share of common stock) and dividend equivalents accrued
|
—
|
|
|
—
|
|
|
—
|
|
|
(197
|
)
|
|
(197
|
)
|
||||
Stock-based compensation
|
—
|
|
|
359
|
|
|
—
|
|
|
—
|
|
|
359
|
|
||||
Balance as of March 29, 2019
|
630
|
|
|
$
|
4,812
|
|
|
$
|
(7
|
)
|
|
$
|
933
|
|
|
$
|
5,738
|
|
|
Year Ended
|
||||||||||
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
31
|
|
|
$
|
1,138
|
|
|
$
|
(106
|
)
|
Income from discontinued operations, net of income taxes
|
(15
|
)
|
|
(11
|
)
|
|
(130
|
)
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Amortization and depreciation
|
615
|
|
|
640
|
|
|
492
|
|
|||
Impairments of long-lived assets
|
10
|
|
|
81
|
|
|
49
|
|
|||
Stock-based compensation expense
|
352
|
|
|
610
|
|
|
440
|
|
|||
Loss from equity interest
|
101
|
|
|
26
|
|
|
—
|
|
|||
Deferred income taxes
|
(70
|
)
|
|
(1,848
|
)
|
|
(168
|
)
|
|||
Gain on divestiture
|
—
|
|
|
(653
|
)
|
|
—
|
|
|||
Other
|
(14
|
)
|
|
45
|
|
|
32
|
|
|||
Changes in operating assets and liabilities, net of acquisitions and divestiture:
|
|
|
|
|
|
||||||
Accounts receivable, net
|
113
|
|
|
(170
|
)
|
|
45
|
|
|||
Accounts payable
|
6
|
|
|
(4
|
)
|
|
(67
|
)
|
|||
Accrued compensation and benefits
|
2
|
|
|
(33
|
)
|
|
20
|
|
|||
Contract liabilities
|
215
|
|
|
541
|
|
|
125
|
|
|||
Income taxes payable
|
67
|
|
|
880
|
|
|
(871
|
)
|
|||
Other assets
|
(32
|
)
|
|
(199
|
)
|
|
84
|
|
|||
Other liabilities
|
114
|
|
|
(86
|
)
|
|
(90
|
)
|
|||
Net cash provided by (used in) continuing operating activities
|
1,495
|
|
|
957
|
|
|
(145
|
)
|
|||
Net cash used in discontinued operating activities
|
—
|
|
|
(7
|
)
|
|
(64
|
)
|
|||
Net cash provided by (used in) operating activities
|
1,495
|
|
|
950
|
|
|
(209
|
)
|
|||
INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Purchases of property and equipment
|
(207
|
)
|
|
(142
|
)
|
|
(70
|
)
|
|||
Payments for acquisitions, net of cash acquired
|
(180
|
)
|
|
(401
|
)
|
|
(6,736
|
)
|
|||
Proceeds from divestiture, net of cash contributed and transaction costs
|
—
|
|
|
933
|
|
|
7
|
|
|||
Purchases of short-term investments
|
—
|
|
|
(436
|
)
|
|
—
|
|
|||
Proceeds from maturities and sales of short-term investments
|
139
|
|
|
49
|
|
|
31
|
|
|||
Proceeds from sale of property
|
26
|
|
|
—
|
|
|
—
|
|
|||
Other
|
(19
|
)
|
|
(24
|
)
|
|
2
|
|
|||
Net cash used in investing activities
|
(241
|
)
|
|
(21
|
)
|
|
(6,766
|
)
|
|||
FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Repayments of debt
|
(600
|
)
|
|
(3,210
|
)
|
|
(90
|
)
|
|||
Proceeds from issuance of debt, net of issuance costs
|
—
|
|
|
—
|
|
|
6,069
|
|
|||
Net proceeds from sales of common stock under employee stock incentive plans
|
19
|
|
|
121
|
|
|
95
|
|
|||
Tax payments related to restricted stock units
|
(173
|
)
|
|
(107
|
)
|
|
(65
|
)
|
|||
Dividends and dividend equivalents paid
|
(217
|
)
|
|
(211
|
)
|
|
(222
|
)
|
|||
Repurchases of common stock
|
(234
|
)
|
|
—
|
|
|
(500
|
)
|
|||
Payment for dissenting LifeLock shareholder settlement
|
—
|
|
|
(68
|
)
|
|
—
|
|
|||
Other
|
(4
|
)
|
|
—
|
|
|
(7
|
)
|
|||
Net cash provided by (used in) financing activities
|
(1,209
|
)
|
|
(3,475
|
)
|
|
5,280
|
|
|||
Effect of exchange rate fluctuations on cash and cash equivalents
|
(28
|
)
|
|
73
|
|
|
(41
|
)
|
|||
Change in cash and cash equivalents
|
17
|
|
|
(2,473
|
)
|
|
(1,736
|
)
|
|||
Beginning cash and cash equivalents
|
1,774
|
|
|
4,247
|
|
|
5,983
|
|
|||
Ending cash and cash equivalents
|
$
|
1,791
|
|
|
$
|
1,774
|
|
|
$
|
4,247
|
|
•
|
Level 1: Quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets or model-derived valuations. All significant inputs used in our valuations, such as discounted cash flows, are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities.
|
•
|
Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We monitor and review the inputs and results of these valuation models to help ensure the fair value measurements are reasonable and consistent with market experience in similar asset classes.
|
|
March 29, 2019
|
|
March 30, 2018
|
||
Customer A
|
16
|
%
|
|
22
|
%
|
Customer B
|
15
|
%
|
|
15
|
%
|
|
As of March 29, 2019
|
||||||||||
(In millions)
|
As Reported
|
|
Balances Without Adoption of New Standard
|
|
Effect of Change
|
||||||
Accounts receivable, net
|
$
|
708
|
|
|
$
|
657
|
|
|
$
|
51
|
|
Other current assets
(1)
|
$
|
435
|
|
|
$
|
421
|
|
|
$
|
14
|
|
Other long-term assets
(2)
|
$
|
1,262
|
|
|
$
|
1,213
|
|
|
$
|
49
|
|
Total assets
|
$
|
15,938
|
|
|
$
|
15,824
|
|
|
$
|
114
|
|
|
|
|
|
|
|
||||||
Short-term contract liabilities
|
$
|
2,320
|
|
|
$
|
2,437
|
|
|
$
|
(117
|
)
|
Other current liabilities
|
$
|
533
|
|
|
$
|
494
|
|
|
$
|
39
|
|
Long-term contract liabilities
|
$
|
736
|
|
|
$
|
837
|
|
|
$
|
(101
|
)
|
Deferred income tax liabilities
|
$
|
577
|
|
|
$
|
526
|
|
|
$
|
51
|
|
Total liabilities
|
$
|
10,200
|
|
|
$
|
10,328
|
|
|
$
|
(128
|
)
|
|
|
|
|
|
|
||||||
Accumulated other comprehensive loss
|
$
|
(7
|
)
|
|
$
|
(2
|
)
|
|
$
|
(5
|
)
|
Retained earnings
|
$
|
933
|
|
|
$
|
686
|
|
|
$
|
247
|
|
Total stockholders’ equity
|
$
|
5,738
|
|
|
$
|
5,496
|
|
|
$
|
242
|
|
|
(1)
|
As reported includes short-term deferred commissions of
$92 million
. The balance without adoption of new standard includes short-term deferred commissions of
$81 million
.
|
(2)
|
As reported includes long-term deferred commissions of
$93 million
. The balance without adoption of new standard includes long-term deferred commissions of
$44 million
.
|
(in millions)
|
Balance as of March 30, 2018
|
|
Revenue Recognition Guidance
|
|
Accounting for Income Taxes Guidance
|
|
Opening Balance as of March 31, 2018
|
||||||||
Accounts receivable, net
|
$
|
809
|
|
|
$
|
24
|
|
|
$
|
—
|
|
|
$
|
833
|
|
Other current assets
(1)
|
$
|
522
|
|
|
$
|
(8
|
)
|
|
$
|
(8
|
)
|
|
$
|
506
|
|
Other long-term assets
(2)
|
$
|
526
|
|
|
$
|
57
|
|
|
$
|
750
|
|
|
$
|
1,333
|
|
Total assets
|
$
|
15,759
|
|
|
$
|
73
|
|
|
$
|
742
|
|
|
$
|
16,574
|
|
|
|
|
|
|
|
|
|
||||||||
Short-term contract liabilities
|
$
|
2,368
|
|
|
$
|
(107
|
)
|
|
$
|
—
|
|
|
$
|
2,261
|
|
Other current liabilities
|
$
|
372
|
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
370
|
|
Long-term contract liabilities
|
$
|
735
|
|
|
$
|
(62
|
)
|
|
$
|
—
|
|
|
$
|
673
|
|
Deferred income tax liabilities
|
$
|
592
|
|
|
$
|
47
|
|
|
$
|
—
|
|
|
$
|
639
|
|
Total liabilities
|
$
|
10,736
|
|
|
$
|
(124
|
)
|
|
$
|
—
|
|
|
$
|
10,612
|
|
|
|
|
|
|
|
|
|
||||||||
Retained earnings
|
$
|
328
|
|
|
$
|
197
|
|
|
$
|
742
|
|
|
$
|
1,267
|
|
|
(1)
|
The balance as of March 30, 2018, includes income tax receivable and prepaid income taxes of
$107 million
and short-term deferred commissions of
$94 million
. The opening balance as of March 31, 2018, includes income tax receivable and prepaid income taxes of
$99 million
and short-term deferred commissions of
$86 million
.
|
(2)
|
The balance as of March 30, 2018, includes long-term deferred commissions of
$35 million
, long-term income tax receivable and prepaid income taxes of
$61 million
and deferred income tax assets of
$46 million
. The opening balance as of March 31, 2018, includes long-term deferred commissions of
$92 million
, long-term income tax receivable and prepaid income taxes of
$29 million
, and deferred income tax assets of
$828 million
.
|
Performance Obligation
|
|
When Performance Obligations are Typically Satisfied
|
Products and services transferred at a point in time:
|
|
|
License with distinct deliverables
|
|
When software activation keys have been made available for download
|
Hardware with distinct deliverables
|
|
When control of the product passes to the customer, typically upon shipment
|
Products and services transferred over time:
|
|
|
License with interrelated deliverables
|
|
Primarily term-based license subscriptions recognized over the expected performance term, beginning on the date that software activation keys are made available to the customer
|
Cloud hosted solutions
|
|
Over the contract term, beginning on the date that service is made available to the customer
|
Support and maintenance
|
|
Ratably over the course of the service term
|
Professional services
|
|
As the services are provided
|
(In millions)
|
As Reported
|
|
Amounts Without Adoption of New Standard
|
|
Effect of Change
|
||||||
Enterprise Security:
|
|
|
|
|
|
||||||
Products and services transferred at a point in time
|
$
|
462
|
|
|
$
|
266
|
|
|
$
|
196
|
|
Products and services transferred over time
|
$
|
1,861
|
|
|
$
|
2,010
|
|
|
$
|
(149
|
)
|
Consumer Cyber Safety:
|
|
|
|
|
|
||||||
Products and services transferred at a point in time
|
$
|
49
|
|
|
$
|
48
|
|
|
$
|
1
|
|
Products and services transferred over time
|
$
|
2,359
|
|
|
$
|
2,360
|
|
|
$
|
(1
|
)
|
Total
|
|
|
|
|
|
||||||
Products and services transferred at a point in time
|
$
|
511
|
|
|
$
|
314
|
|
|
$
|
197
|
|
Products and services transferred over time
|
$
|
4,220
|
|
|
$
|
4,370
|
|
|
$
|
(150
|
)
|
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
||||
Enterprise Security
|
$
|
2,002
|
|
|
$
|
2,010
|
|
Consumer Cyber Safety
|
1,054
|
|
|
1,093
|
|
||
Total
|
$
|
3,056
|
|
|
$
|
3,103
|
|
|
Total Remaining Performance Obligations
|
|
Percent Expected to be Recognized as Revenue
|
||||||||||||
(In millions, except percentages)
|
|
0 - 12 Months
|
|
13 - 24 Months
|
|
25 - 36 Months
|
|
Over 36 Months
|
|||||||
Enterprise Security
|
$
|
2,059
|
|
|
65
|
%
|
|
24
|
%
|
|
10
|
%
|
|
2
|
%
|
Consumer Cyber Safety
|
549
|
|
|
95
|
%
|
|
4
|
%
|
|
1
|
%
|
|
—
|
%
|
|
Total
|
$
|
2,608
|
|
|
71
|
%
|
|
19
|
%
|
|
8
|
%
|
|
1
|
%
|
|
(In millions, except useful lives)
|
Fair Value
|
|
Weighted-Average Estimated Useful Life
|
||
Developed technology
|
$
|
30
|
|
|
3.0 years
|
Customer relationships
|
3
|
|
|
5.0 years
|
|
Goodwill
|
112
|
|
|
|
|
Other liabilities
|
(6
|
)
|
|
|
|
Total purchase price
|
$
|
139
|
|
|
|
(In millions, except useful lives)
|
Fair Value
|
|
Weighted-Average Estimated Useful Life
|
||
Developed technology
|
$
|
123
|
|
|
5.5 years
|
Customer relationships
|
11
|
|
|
7.0 years
|
|
Goodwill
|
247
|
|
|
|
|
Deferred income tax liabilities
|
(35
|
)
|
|
|
|
Other liabilities
|
(1
|
)
|
|
|
|
Total purchase price
|
$
|
345
|
|
|
|
(In millions)
|
Blue Coat
|
|
LifeLock
|
|
Total
|
||||||
Goodwill
|
$
|
4,084
|
|
|
$
|
1,397
|
|
|
$
|
5,481
|
|
Intangible assets
|
1,608
|
|
|
1,247
|
|
|
2,855
|
|
|||
Net liabilities assumed
|
(1,019
|
)
|
|
(361
|
)
|
|
(1,380
|
)
|
|||
Total purchase price
|
$
|
4,673
|
|
|
$
|
2,283
|
|
|
$
|
6,956
|
|
|
Year Ended
|
||||||
(In millions)
|
March 30, 2018
|
|
March 31, 2017
|
||||
Income before income taxes
|
$
|
66
|
|
|
$
|
206
|
|
(In millions)
|
Enterprise Security
|
|
Consumer Cyber Safety
|
|
Total
|
||||||
Balance as of March 31, 2017
|
$
|
6,078
|
|
|
$
|
2,549
|
|
|
$
|
8,627
|
|
Acquisitions
|
256
|
|
|
39
|
|
|
295
|
|
|||
Divestiture of WSS and PKI solutions
|
(606
|
)
|
|
—
|
|
|
(606
|
)
|
|||
Other adjustments
|
6
|
|
|
(3
|
)
|
|
3
|
|
|||
Balance as of March 30, 2018
|
5,734
|
|
|
2,585
|
|
|
8,319
|
|
|||
Acquisitions
|
132
|
|
|
6
|
|
|
138
|
|
|||
Other adjustments
|
(5
|
)
|
|
(2
|
)
|
|
(7
|
)
|
|||
Balance as of March 29, 2019
|
$
|
5,861
|
|
|
$
|
2,589
|
|
|
$
|
8,450
|
|
|
March 29, 2019
|
|
March 30, 2018
|
||||||||||||||||||||
(In millions)
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net
Carrying Amount |
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net
Carrying Amount |
||||||||||||
Customer relationships
|
$
|
1,425
|
|
|
$
|
(515
|
)
|
|
$
|
910
|
|
|
$
|
1,462
|
|
|
$
|
(357
|
)
|
|
$
|
1,105
|
|
Developed technology
|
1,039
|
|
|
(555
|
)
|
|
484
|
|
|
1,037
|
|
|
(361
|
)
|
|
676
|
|
||||||
Finite-lived trade names and other
|
6
|
|
|
(2
|
)
|
|
4
|
|
|
13
|
|
|
(8
|
)
|
|
5
|
|
||||||
Total finite-lived intangible assets
|
2,470
|
|
|
(1,072
|
)
|
|
1,398
|
|
|
2,512
|
|
|
(726
|
)
|
|
1,786
|
|
||||||
Indefinite-lived trade names
|
852
|
|
|
—
|
|
|
852
|
|
|
852
|
|
|
—
|
|
|
852
|
|
||||||
In-process research and development
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||||
Total intangible assets
|
$
|
3,322
|
|
|
$
|
(1,072
|
)
|
|
$
|
2,250
|
|
|
$
|
3,369
|
|
|
$
|
(726
|
)
|
|
$
|
2,643
|
|
|
Year Ended
|
|
Statements of Operations Classification
|
||||||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
|
|||||||
Customer relationships and other
|
$
|
207
|
|
|
$
|
220
|
|
|
$
|
147
|
|
|
Operating expenses
|
Developed technology
|
236
|
|
|
233
|
|
|
145
|
|
|
Cost of revenues
|
|||
Total
|
$
|
443
|
|
|
$
|
453
|
|
|
$
|
292
|
|
|
|
(In millions)
|
March 29, 2019
|
|||
2020
|
|
$
|
448
|
|
2021
|
|
338
|
|
|
2022
|
|
275
|
|
|
2023
|
|
224
|
|
|
2024
|
|
110
|
|
|
Thereafter
|
|
3
|
|
|
Total
|
|
$
|
1,398
|
|
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
||||
Cash
|
$
|
376
|
|
|
$
|
1,016
|
|
Cash equivalents
|
1,415
|
|
|
758
|
|
||
Total cash and cash equivalents
|
$
|
1,791
|
|
|
$
|
1,774
|
|
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
||||
Accounts receivable
|
$
|
713
|
|
|
$
|
814
|
|
Allowance for doubtful accounts
|
(5
|
)
|
|
(5
|
)
|
||
Accounts receivable, net
|
$
|
708
|
|
|
$
|
809
|
|
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
||||
Prepaid expenses
|
$
|
162
|
|
|
$
|
177
|
|
Income tax receivable and prepaid income taxes
|
61
|
|
|
107
|
|
||
Value-added tax receivable and other tax receivables
|
69
|
|
|
24
|
|
||
Short-term deferred commissions
|
92
|
|
|
94
|
|
||
Assets held for sale
|
—
|
|
|
26
|
|
||
Other
|
51
|
|
|
94
|
|
||
Total other current assets
|
$
|
435
|
|
|
$
|
522
|
|
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
||||
Land
|
$
|
66
|
|
|
$
|
66
|
|
Computer hardware and software
|
1,159
|
|
|
1,081
|
|
||
Office furniture and equipment
|
118
|
|
|
110
|
|
||
Buildings
|
364
|
|
|
365
|
|
||
Leasehold improvements
|
372
|
|
|
339
|
|
||
Construction in progress
|
30
|
|
|
29
|
|
||
Total property and equipment, gross
|
2,109
|
|
|
1,990
|
|
||
Accumulated depreciation and amortization
|
(1,319
|
)
|
|
(1,212
|
)
|
||
Total property and equipment, net
|
$
|
790
|
|
|
$
|
778
|
|
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
||||
Cost method investments
|
$
|
184
|
|
|
$
|
175
|
|
Equity method investment
|
32
|
|
|
134
|
|
||
Long-term income tax receivable and prepaid income taxes
|
34
|
|
|
61
|
|
||
Deferred income tax assets
|
830
|
|
|
46
|
|
||
Long-term deferred commissions
|
93
|
|
|
35
|
|
||
Other
|
89
|
|
|
75
|
|
||
Total other long-term assets
|
$
|
1,262
|
|
|
$
|
526
|
|
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
||||
Deferred revenue
|
$
|
1,815
|
|
|
$
|
2,368
|
|
Customer deposit liabilities
|
505
|
|
|
—
|
|
||
Total short-term contract liabilities
|
$
|
2,320
|
|
|
$
|
2,368
|
|
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
||||
Deemed repatriation tax payable
|
$
|
703
|
|
|
$
|
824
|
|
Uncertain tax positions (including interest and penalties)
|
373
|
|
|
302
|
|
||
Total long-term income taxes payable
|
$
|
1,076
|
|
|
$
|
1,126
|
|
|
Year Ended
|
||||||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Interest income
|
$
|
42
|
|
|
$
|
24
|
|
|
$
|
21
|
|
Loss from equity interest
|
(101
|
)
|
|
(26
|
)
|
|
—
|
|
|||
Foreign exchange loss
|
(18
|
)
|
|
(28
|
)
|
|
(2
|
)
|
|||
Other
|
13
|
|
|
21
|
|
|
27
|
|
|||
Total other income (expense), net
|
$
|
(64
|
)
|
|
$
|
(9
|
)
|
|
$
|
46
|
|
|
Year Ended
|
||||||||||
(In millions)
|
March 29, 2019
|
|
|
March 30, 2018
|
|
|
March 31, 2017
|
||||
Non-cash Investing and Financing Activities:
|
|
|
|
|
|
||||||
Purchases of property and equipment in current liabilities
|
$
|
23
|
|
|
$
|
26
|
|
|
$
|
33
|
|
Equity investment received as consideration in divestitures
|
$
|
—
|
|
|
$
|
160
|
|
|
$
|
—
|
|
Fair value of equity awards assumed in acquisitions
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
112
|
|
Common stock issued in connection with acquisitions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
38
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
||||||
Income taxes paid, net of refunds
|
$
|
112
|
|
|
$
|
354
|
|
|
$
|
1,081
|
|
Interest expense paid
|
$
|
183
|
|
|
$
|
199
|
|
|
$
|
143
|
|
|
March 29, 2019
|
|
March 30, 2018
|
||||||||||||||||||||
(In millions)
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market funds
|
$
|
1,415
|
|
|
$
|
1,415
|
|
|
$
|
—
|
|
|
$
|
679
|
|
|
$
|
679
|
|
|
$
|
—
|
|
Certificates of deposit
|
—
|
|
|
—
|
|
|
—
|
|
|
79
|
|
|
—
|
|
|
79
|
|
||||||
Short-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Corporate bonds
|
251
|
|
|
—
|
|
|
251
|
|
|
374
|
|
|
—
|
|
|
374
|
|
||||||
Commercial paper
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||
Certificates of deposit
|
1
|
|
|
—
|
|
|
1
|
|
|
12
|
|
|
—
|
|
|
12
|
|
||||||
Total
|
$
|
1,667
|
|
|
$
|
1,415
|
|
|
$
|
252
|
|
|
$
|
1,146
|
|
|
$
|
679
|
|
|
$
|
467
|
|
(In millions)
|
Fair Value
|
||
Due in one year or less
|
$
|
79
|
|
Due after one year through five years
|
173
|
|
|
Total
|
$
|
252
|
|
(In millions)
|
December 31, 2018
|
|
December 31, 2017
|
||||
Current assets
|
$
|
168
|
|
|
$
|
261
|
|
Long-term assets
|
$
|
1,641
|
|
|
$
|
1,810
|
|
Current liabilities
|
$
|
331
|
|
|
$
|
246
|
|
Long-term liabilities
|
$
|
1,862
|
|
|
$
|
1,868
|
|
(In millions)
|
Year Ended
December 31, 2018
|
|
Two Months Ended
December 31, 2017
|
||||
Revenue
|
$
|
313
|
|
|
$
|
38
|
|
Gross profit
|
$
|
250
|
|
|
$
|
33
|
|
Net loss
|
$
|
(342
|
)
|
|
$
|
(90
|
)
|
(In millions, except percentages)
|
March 29, 2019
|
|
March 30, 2018
|
|
Effective
Interest Rate |
|||||
Senior Term Loan A-2 due August 1, 2019
|
$
|
—
|
|
|
$
|
600
|
|
|
LIBOR plus
(1)
|
|
4.2% Senior Notes due September 15, 2020
|
750
|
|
|
750
|
|
|
4.25
|
%
|
||
2.5% Convertible Senior Notes due April 1, 2021
|
500
|
|
|
500
|
|
|
3.76
|
%
|
||
Senior Term Loan A-5 due August 1, 2021
|
500
|
|
|
500
|
|
|
LIBOR plus
(1)
|
|
||
2.0% Convertible Senior Notes due August 15, 2021
|
1,250
|
|
|
1,250
|
|
|
2.66
|
%
|
||
3.95% Senior Notes due June 15, 2022
|
400
|
|
|
400
|
|
|
4.05
|
%
|
||
5.0% Senior Notes due April 15, 2025
|
1,100
|
|
|
1,100
|
|
|
5.23
|
%
|
||
Total principal amount
|
4,500
|
|
|
5,100
|
|
|
|
|||
Less: unamortized discount and issuance costs
|
(48
|
)
|
|
(74
|
)
|
|
|
|||
Total debt
|
4,452
|
|
|
5,026
|
|
|
|
|||
Less: current portion
|
(491
|
)
|
|
—
|
|
|
|
|||
Total long-term portion
|
$
|
3,961
|
|
|
$
|
5,026
|
|
|
|
|
(1)
|
The senior term facilities bear interest at a rate equal to the London InterBank Offered Rate (LIBOR) plus a margin based on the current debt rating of our non-credit-enhanced, senior unsecured long-term debt, and our underlying loan agreements. The interest rates for the outstanding senior term loans are as follows:
|
|
March 29, 2019
|
|
March 30, 2018
|
||
Senior Term Loan A-2 due August 1, 2019
|
N/A
|
|
|
3.31
|
%
|
Senior Term Loan A-5 due August 1, 2021
|
4.24
|
%
|
|
3.54
|
%
|
|
Year Ended
|
||||||||||
(In millions)
|
March 29, 2019
|
|
|
March 30, 2018
|
|
|
March 31, 2017
|
||||
Contractual interest expense
|
$
|
38
|
|
|
$
|
38
|
|
|
$
|
29
|
|
Amortization of debt discount and issuance costs
|
$
|
16
|
|
|
$
|
16
|
|
|
$
|
13
|
|
|
Year Ended
|
||||||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Foreign exchange forward contracts gain (loss)
|
$
|
(37
|
)
|
|
$
|
25
|
|
|
$
|
(17
|
)
|
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
||||
Net investment hedges
|
|
|
|
||||
Foreign exchange forward contracts sold
|
$
|
116
|
|
|
$
|
—
|
|
Balance sheet contracts
|
|
|
|
||||
Foreign exchange forward contracts purchased
|
$
|
963
|
|
|
$
|
697
|
|
Foreign exchange forward contracts sold
|
$
|
122
|
|
|
$
|
151
|
|
|
Year Ended
|
||||||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Severance and termination benefit costs
|
$
|
28
|
|
|
$
|
61
|
|
|
$
|
76
|
|
Other exit and disposal costs
|
15
|
|
|
52
|
|
|
80
|
|
|||
Asset write-offs
|
2
|
|
|
25
|
|
|
23
|
|
|||
Transition costs
|
196
|
|
|
272
|
|
|
94
|
|
|||
Total restructuring, transition and other costs
|
$
|
241
|
|
|
$
|
410
|
|
|
$
|
273
|
|
|
Year Ended
|
||||||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
73
|
|
|
$
|
1,011
|
|
|
$
|
108
|
|
State
|
15
|
|
|
40
|
|
|
6
|
|
|||
International
|
74
|
|
|
107
|
|
|
68
|
|
|||
Total
|
162
|
|
|
1,158
|
|
|
182
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
(52
|
)
|
|
(1,664
|
)
|
|
(177
|
)
|
|||
State
|
(2
|
)
|
|
(151
|
)
|
|
(17
|
)
|
|||
International
|
(16
|
)
|
|
(33
|
)
|
|
(14
|
)
|
|||
Total
|
(70
|
)
|
|
(1,848
|
)
|
|
(208
|
)
|
|||
Income tax expense (benefit)
|
$
|
92
|
|
|
$
|
(690
|
)
|
|
$
|
(26
|
)
|
|
Year Ended
|
|||||||
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
|||
U.S. federal statutory income tax rate
|
21.0
|
%
|
|
31.6
|
%
|
|
35.0
|
%
|
|
Year Ended
|
||||||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Federal statutory tax expense (benefit)
|
$
|
22
|
|
|
$
|
138
|
|
|
$
|
(92
|
)
|
Foreign earnings not considered indefinitely reinvested, net
|
3
|
|
|
—
|
|
|
12
|
|
|||
State taxes, net of federal benefit
|
(2
|
)
|
|
(26
|
)
|
|
(11
|
)
|
|||
Foreign earnings taxed at other than the federal rate
|
17
|
|
|
(156
|
)
|
|
34
|
|
|||
Transition tax
|
(57
|
)
|
|
893
|
|
|
—
|
|
|||
Federal research and development credit
|
(9
|
)
|
|
(12
|
)
|
|
(9
|
)
|
|||
Valuation allowance increase (decrease)
|
31
|
|
|
7
|
|
|
(1
|
)
|
|||
Change in uncertain tax positions
|
53
|
|
|
(6
|
)
|
|
(24
|
)
|
|||
Nondeductible transaction costs
|
—
|
|
|
—
|
|
|
11
|
|
|||
Write-off of tax attributes due to restructuring
|
—
|
|
|
—
|
|
|
52
|
|
|||
Stock-based compensation
|
17
|
|
|
(44
|
)
|
|
—
|
|
|||
Effect of tax rate change on deferred taxes
|
—
|
|
|
(131
|
)
|
|
—
|
|
|||
Re-assessment of deferred taxes on foreign earnings
|
—
|
|
|
(1,420
|
)
|
|
—
|
|
|||
Nondeductible officer compensation
|
3
|
|
|
11
|
|
|
7
|
|
|||
Nondeductible goodwill
|
—
|
|
|
59
|
|
|
—
|
|
|||
Other U.S. permanent differences
|
5
|
|
|
—
|
|
|
—
|
|
|||
Return to provision adjustment
|
5
|
|
|
—
|
|
|
—
|
|
|||
Other, net
|
4
|
|
|
(3
|
)
|
|
(5
|
)
|
|||
Income tax expense (benefit)
|
$
|
92
|
|
|
$
|
(690
|
)
|
|
$
|
(26
|
)
|
|
As of
|
||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
||||
Deferred tax assets:
|
|
|
|
||||
Tax credit carryforwards
|
$
|
54
|
|
|
$
|
30
|
|
Net operating loss carryforwards of acquired companies
|
51
|
|
|
32
|
|
||
Other accruals and reserves not currently tax deductible
|
64
|
|
|
66
|
|
||
Deferred revenue
|
54
|
|
|
94
|
|
||
Intangible assets
|
384
|
|
|
—
|
|
||
Loss on investments not currently tax deductible
|
35
|
|
|
9
|
|
||
Stock-based compensation
|
87
|
|
|
141
|
|
||
Other
|
25
|
|
|
18
|
|
||
Gross deferred tax assets
|
754
|
|
|
390
|
|
||
Valuation allowance
|
(105
|
)
|
|
(19
|
)
|
||
Deferred tax assets, net of valuation allowance
|
$
|
649
|
|
|
$
|
371
|
|
Deferred tax liabilities:
|
|
|
|
||||
Property and equipment
|
$
|
(17
|
)
|
|
$
|
(5
|
)
|
Goodwill
|
(13
|
)
|
|
(20
|
)
|
||
Intangible assets
|
—
|
|
|
(459
|
)
|
||
Unremitted earnings of foreign subsidiaries
|
(316
|
)
|
|
(396
|
)
|
||
Prepaids and deferred expenses
|
(43
|
)
|
|
(23
|
)
|
||
Discount on convertible debt
|
(7
|
)
|
|
(14
|
)
|
||
Deferred tax liabilities
|
(396
|
)
|
|
(917
|
)
|
||
Net deferred tax assets (liabilities)
|
$
|
253
|
|
|
$
|
(546
|
)
|
|
Year Ended
|
||||||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Balance at beginning of year
|
$
|
378
|
|
|
$
|
248
|
|
|
$
|
197
|
|
Settlements with tax authorities
|
(3
|
)
|
|
(4
|
)
|
|
(23
|
)
|
|||
Lapse of statute of limitations
|
(17
|
)
|
|
(3
|
)
|
|
(9
|
)
|
|||
Increase related to prior period tax positions
|
16
|
|
|
35
|
|
|
21
|
|
|||
Decrease related to prior period tax positions
|
(11
|
)
|
|
—
|
|
|
(9
|
)
|
|||
Increase related to current year tax positions
|
75
|
|
|
98
|
|
|
38
|
|
|||
Increase due to acquisition
|
8
|
|
|
4
|
|
|
33
|
|
|||
Net increase
|
68
|
|
|
130
|
|
|
51
|
|
|||
Balance at end of year
|
$
|
446
|
|
|
$
|
378
|
|
|
$
|
248
|
|
(In millions)
|
Foreign Currency
Translation Adjustments
|
|
Unrealized Gain (Loss) On Available-For-Sale Securities
|
|
Equity Method Investee
|
|
Total AOCI
|
||||||||
Balance as of March 31, 2017
|
$
|
7
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
12
|
|
Other comprehensive loss before reclassifications
|
(4
|
)
|
|
(5
|
)
|
|
—
|
|
|
(9
|
)
|
||||
Reclassification to net income (loss)
|
5
|
|
|
(4
|
)
|
|
—
|
|
|
1
|
|
||||
Balance as of March 30, 2018
|
8
|
|
|
(4
|
)
|
|
—
|
|
|
4
|
|
||||
Other comprehensive income (loss) before reclassifications
|
(13
|
)
|
|
3
|
|
|
(1
|
)
|
|
(11
|
)
|
||||
Balance as of March 29, 2019
|
$
|
(5
|
)
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
$
|
(7
|
)
|
(In millions, except per share and year data)
|
Number of
Shares |
|
Weighted-
Average Grant Date Fair Value |
|
Weighted-
Average Remaining Contractual Term (Years) |
|
Aggregate Intrinsic
Value |
|||||
Outstanding at March 30, 2018
|
19
|
|
|
$
|
25.06
|
|
|
|
|
|
||
Granted
|
15
|
|
|
$
|
21.77
|
|
|
|
|
|
||
Vested
|
(10
|
)
|
|
$
|
23.91
|
|
|
|
|
|
||
Forfeited
|
(3
|
)
|
|
$
|
24.24
|
|
|
|
|
|
||
Outstanding and unvested at March 29, 2019
|
21
|
|
|
$
|
23.36
|
|
|
1.0
|
|
$
|
493
|
|
(In millions, except per share and year data)
|
Number of
Shares |
|
Weighted-
Average Grant Date Fair Value |
|
Weighted-
Average Remaining Contractual Term (Years) |
|
Aggregate Intrinsic
Value |
|||||
Outstanding and unvested at March 30, 2018
|
3
|
|
|
$
|
30.00
|
|
|
|
|
|
||
Granted
|
2
|
|
|
$
|
21.30
|
|
|
|
|
|
||
Performance adjustment
|
(1
|
)
|
|
$
|
28.74
|
|
|
|
|
|
||
Vested
|
(1
|
)
|
|
$
|
21.78
|
|
|
|
|
|
||
Forfeited
|
(1
|
)
|
|
$
|
31.15
|
|
|
|
|
|
||
Unvested at March 29, 2019
|
2
|
|
|
$
|
27.04
|
|
|
1.2
|
|
$
|
53
|
|
Vested and unreleased at March 29, 2019
|
1
|
|
|
|
|
|
|
|
|
|||
Outstanding at March 29, 2019
|
3
|
|
|
|
|
|
|
|
|
Year Ended
|
||||||||||
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Expected term
|
2.7 years
|
|
|
2.8 years
|
|
|
N/A
|
|
|||
Expected volatility
|
34.2
|
%
|
|
23.2
|
%
|
|
N/A
|
|
|||
Risk-free interest rate
|
2.7
|
%
|
|
1.5
|
%
|
|
N/A
|
|
|||
Expected dividend yield
|
—
|
|
|
—
|
|
|
N/A
|
|
|||
Weighted-average grant date fair value of PRUs
|
$
|
21.30
|
|
|
$
|
32.78
|
|
|
$
|
19.99
|
|
|
(In millions, except per share and year data)
|
Number of
Shares |
|
Weighted-
Average Exercise Price |
|
Weighted-
Average Remaining Contractual Term (Years) |
|
Aggregate Intrinsic
Value |
|||||
Outstanding at March 30, 2018
|
14
|
|
|
$
|
8.53
|
|
|
|
|
|
||
Assumed in acquisitions
|
1
|
|
|
$
|
0.53
|
|
|
|
|
|
||
Exercised
|
(2
|
)
|
|
$
|
10.10
|
|
|
|
|
|
||
Forfeited and expired
|
(1
|
)
|
|
$
|
13.12
|
|
|
|
|
|
||
Outstanding at March 29, 2019
|
12
|
|
|
$
|
7.83
|
|
|
|
|
|
||
Exercisable at March 29, 2019
|
11
|
|
|
$
|
7.94
|
|
|
5.8
|
|
$
|
165
|
|
|
Year Ended
|
||||||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Cost of revenues
|
$
|
17
|
|
|
$
|
28
|
|
|
$
|
21
|
|
Sales and marketing
|
114
|
|
|
165
|
|
|
107
|
|
|||
Research and development
|
134
|
|
|
200
|
|
|
110
|
|
|||
General and administrative
|
87
|
|
|
217
|
|
|
202
|
|
|||
Total stock-based compensation expense
|
$
|
352
|
|
|
$
|
610
|
|
|
$
|
440
|
|
Income tax benefit for stock-based compensation expense
|
$
|
(73
|
)
|
|
$
|
(116
|
)
|
|
$
|
(149
|
)
|
(In millions)
|
Unrecognized compensation cost
|
|
Weighted-average remaining years
|
||
RSUs
|
$
|
252
|
|
|
1.7
|
PRUs
|
22
|
|
|
1.2
|
|
Options
|
14
|
|
|
1.8
|
|
Restricted stock
|
19
|
|
|
1.3
|
|
Liability-classified awards settled in shares
|
32
|
|
|
2.1
|
|
ESPP
|
14
|
|
|
0.9
|
|
Total
|
$
|
353
|
|
|
|
|
Year Ended
|
||||||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
401(k) matching contributions
|
$
|
23
|
|
|
$
|
25
|
|
|
$
|
19
|
|
|
Year Ended
|
||||||||||
(In millions, except per share amounts)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Income (loss) from continuing operations
|
$
|
16
|
|
|
$
|
1,127
|
|
|
$
|
(236
|
)
|
Income from discontinued operations, net of income taxes
|
15
|
|
|
11
|
|
|
130
|
|
|||
Net income (loss)
|
$
|
31
|
|
|
$
|
1,138
|
|
|
$
|
(106
|
)
|
Income (loss) per share - basic:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.03
|
|
|
$
|
1.83
|
|
|
$
|
(0.38
|
)
|
Discontinued operations
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
$
|
0.21
|
|
Net income (loss) per share - basic
|
$
|
0.05
|
|
|
$
|
1.85
|
|
|
$
|
(0.17
|
)
|
Income (loss) per share - diluted:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.02
|
|
|
$
|
1.69
|
|
|
$
|
(0.38
|
)
|
Discontinued operations
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
$
|
0.21
|
|
Net income (loss) per share - diluted
(1)
|
$
|
0.05
|
|
|
$
|
1.70
|
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
|
||||||
Weighted-average outstanding shares - basic
|
632
|
|
|
616
|
|
|
618
|
|
|||
Dilutive potentially issuable shares:
|
|
|
|
|
|
||||||
Convertible debt
|
10
|
|
|
32
|
|
|
—
|
|
|||
Employee equity awards
|
19
|
|
|
20
|
|
|
—
|
|
|||
Weighted-average shares outstanding - diluted
|
661
|
|
|
668
|
|
|
618
|
|
|||
|
|
|
|
|
|
||||||
Anti-dilutive shares excluded from diluted net income (loss) per share calculation:
|
|
|
|
|
|
||||||
Convertible debt
|
—
|
|
|
—
|
|
|
91
|
|
|||
Employee equity awards
|
6
|
|
|
1
|
|
|
50
|
|
|||
Total
|
6
|
|
|
1
|
|
|
141
|
|
|
•
|
Enterprise Security.
Our Enterprise Security segment focuses on providing our Integrated Cyber Defense solutions to help business and government customers unify cloud and on-premises security to deliver a more effective cyber defense solution, while driving down cost and complexity.
|
•
|
Consumer Cyber Safety.
Our Consumer Cyber Safety segment focuses on providing cyber safety solutions under our Norton LifeLock brand to help consumers protect their devices, online privacy, identities, and home networks.
|
|
Year Ended
|
||||||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Total segments:
|
|
|
|
|
|
||||||
Net revenues
|
$
|
4,731
|
|
|
$
|
4,834
|
|
|
$
|
4,019
|
|
Operating income
|
$
|
1,414
|
|
|
$
|
1,584
|
|
|
$
|
1,026
|
|
Enterprise Security:
|
|
|
|
|
|
||||||
Net revenues
|
$
|
2,323
|
|
|
$
|
2,554
|
|
|
$
|
2,355
|
|
Operating income
|
$
|
269
|
|
|
$
|
473
|
|
|
$
|
187
|
|
Consumer Cyber Safety:
|
|
|
|
|
|
||||||
Net revenues
|
$
|
2,408
|
|
|
$
|
2,280
|
|
|
$
|
1,664
|
|
Operating income
|
$
|
1,145
|
|
|
$
|
1,111
|
|
|
$
|
839
|
|
|
Year Ended
|
||||||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Total segment operating income
|
$
|
1,414
|
|
|
$
|
1,584
|
|
|
$
|
1,026
|
|
Reconciling items:
|
|
|
|
|
|
||||||
Stock-based compensation expense
|
352
|
|
|
610
|
|
|
440
|
|
|||
Amortization of intangible assets
|
443
|
|
|
453
|
|
|
293
|
|
|||
Restructuring, transition and other costs
|
241
|
|
|
410
|
|
|
273
|
|
|||
Acquisition-related costs
|
3
|
|
|
60
|
|
|
120
|
|
|||
Other
|
(5
|
)
|
|
2
|
|
|
—
|
|
|||
Total consolidated operating income (loss) from continuing operations
|
$
|
380
|
|
|
$
|
49
|
|
|
$
|
(100
|
)
|
|
Year Ended
|
||||||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Enterprise Security:
|
|
|
|
|
|
||||||
Endpoint and information protection
|
$
|
1,027
|
|
|
$
|
983
|
|
|
$
|
947
|
|
Network and web security
|
748
|
|
|
782
|
|
|
451
|
|
|||
WSS and PKI
|
—
|
|
|
238
|
|
|
422
|
|
|||
Other products and services
|
548
|
|
|
551
|
|
|
535
|
|
|||
Total Enterprise Security
|
$
|
2,323
|
|
|
$
|
2,554
|
|
|
$
|
2,355
|
|
Consumer Cyber Safety:
|
|
|
|
|
|
||||||
Consumer security
|
$
|
1,471
|
|
|
$
|
1,504
|
|
|
$
|
1,527
|
|
Identity and information protection
|
937
|
|
|
776
|
|
|
137
|
|
|||
Total Consumer Cyber Safety
|
2,408
|
|
|
2,280
|
|
|
1,664
|
|
|||
Total net revenues
|
$
|
4,731
|
|
|
$
|
4,834
|
|
|
$
|
4,019
|
|
|
Year Ended
|
||||||||||
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
||||||
Americas
|
$
|
3,028
|
|
|
$
|
3,031
|
|
|
$
|
2,329
|
|
EMEA
|
1,002
|
|
|
1,048
|
|
|
955
|
|
|||
APJ
|
701
|
|
|
755
|
|
|
735
|
|
|||
Total net revenues
|
$
|
4,731
|
|
|
$
|
4,834
|
|
|
$
|
4,019
|
|
|
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
||||
U.S.
|
$
|
1,544
|
|
|
$
|
858
|
|
International
|
499
|
|
|
1,304
|
|
||
Total cash, cash equivalents and short-term investments
|
$
|
2,043
|
|
|
$
|
2,162
|
|
(In millions)
|
March 29, 2019
|
|
March 30, 2018
|
||||
U.S.
|
$
|
671
|
|
|
$
|
677
|
|
International
(1)
|
119
|
|
|
101
|
|
||
Total property and equipment, net
|
$
|
790
|
|
|
$
|
778
|
|
|
(1)
|
No individual country represented more than 10% of the respective totals.
|
|
Year Ended
|
|||||
|
March 29, 2019
|
|
March 30, 2018
|
|
March 31, 2017
|
|
HNA Group Co., Ltd.
|
10
|
%
|
|
N/A
|
|
N/A
|
(In millions)
|
March 29, 2019
|
|||
2020
|
|
$
|
55
|
|
2021
|
|
49
|
|
|
2022
|
|
40
|
|
|
2023
|
|
32
|
|
|
2024
|
|
26
|
|
|
Thereafter
|
|
42
|
|
|
Total minimum future lease payments
|
244
|
|
||
Sublease income
|
(6
|
)
|
||
Total minimum future lease payments, net
|
$
|
238
|
|
(In millions)
|
March 29, 2019
|
|||
2020
|
|
$
|
525
|
|
2021
|
|
175
|
|
|
2022
|
|
145
|
|
|
2023
|
|
136
|
|
|
2024
|
|
81
|
|
|
Thereafter
|
|
9
|
|
|
Total purchase obligations
|
|
$
|
1,071
|
|
(In millions)
|
March 29, 2019
|
|||
2020
|
|
$
|
65
|
|
2021
|
|
67
|
|
|
2022
|
|
67
|
|
|
2023
|
|
126
|
|
|
2024
|
|
168
|
|
|
Thereafter
|
|
210
|
|
|
Total obligations
|
|
$
|
703
|
|
Exhibit
Number
|
|
|
|
Incorporated by Reference
|
|
Filed
Herewith
|
||||||
Exhibit Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
|||
2.01(§)
|
|
|
8-K
|
|
000-17781
|
|
2.01
|
|
8/13/2015
|
|
|
|
2.02
|
|
|
8-K
|
|
000-17781
|
|
2.01
|
|
1/20/2016
|
|
|
|
2.03(§)
|
|
|
8-K
|
|
000-17781
|
|
2.01
|
|
6/14/2016
|
|
|
|
2.04
|
|
|
8-K
|
|
000-17781
|
|
2.02
|
|
6/14/2016
|
|
|
|
2.05
|
|
|
10-Q
|
|
000-17781
|
|
2.03
|
|
8/5/2016
|
|
|
|
2.06(§)(**)
|
|
|
8-K
|
|
001-35671
|
|
2.01
|
|
11/21/2016
|
|
|
Exhibit
Number
|
|
|
|
Incorporated by Reference
|
|
Filed
Herewith
|
||||||
Exhibit Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
|||
2.07(**)
|
|
|
8-K
|
|
001-35671
|
|
2.01
|
|
1/17/2017
|
|
|
|
2.08
|
|
|
8-K
|
|
000-17781
|
|
2.02
|
|
11/21/2016
|
|
|
|
2.09(§)
|
|
|
10-Q
|
|
000-17781
|
|
2.01
|
|
11/3/2017
|
|
|
|
3.01
|
|
|
S-8
|
|
333-119872
|
|
4.01
|
|
10/21/2004
|
|
|
|
3.02
|
|
|
S-8
|
|
333-126403
|
|
4.03
|
|
7/6/2005
|
|
|
|
3.03
|
|
|
10-Q
|
|
000-17781
|
|
3.01
|
|
8/5/2009
|
|
|
|
3.04
|
|
|
8-K
|
|
000-17781
|
|
3.01
|
|
6/26/2015
|
|
|
|
3.05
|
|
|
10-K
|
|
000-17781
|
|
3.05
|
|
5/19/2017
|
|
|
|
4.01
|
|
|
S-3ASR
|
|
333-139230
|
|
4.07
|
|
12/11/2006
|
|
|
|
4.02
|
|
|
8-K
|
|
000-17781
|
|
4.01
|
|
9/16/2010
|
|
|
|
4.03
|
|
|
8-K
|
|
000-17781
|
|
4.04
|
|
9/16/2010
|
|
|
|
4.04
|
|
|
8-K
|
|
000-17781
|
|
4.03
|
|
6/14/2012
|
|
|
|
4.05
|
|
|
8-K
|
|
000-17781
|
|
4.04
|
|
6/14/2012
|
|
|
|
4.06
|
|
|
8-K
|
|
000-17781
|
|
10.02
|
|
3/7/2016
|
|
|
|
4.07
|
|
|
10-Q
|
|
000-17781
|
|
4.02
|
|
8/5/2016
|
|
|
Exhibit
Number
|
|
|
|
Incorporated by Reference
|
|
Filed
Herewith
|
||||||
Exhibit Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
|||
4.08
|
|
|
10-Q
|
|
000-17781
|
|
4.03
|
|
8/5/2016
|
|
|
|
4.09
|
|
|
10-Q
|
|
000-17781
|
|
4.04
|
|
8/5/2016
|
|
|
|
4.10
|
|
|
10-Q
|
|
000-17781
|
|
4.05
|
|
8/5/2016
|
|
|
Exhibit
Number
|
|
|
|
Incorporated by Reference
|
|
Filed
Herewith
|
||||||
Exhibit Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
|||
4.11
|
|
|
10-Q
|
|
000-17781
|
|
4.01
|
|
2/3/2017
|
|
|
|
4.12
|
|
|
10-Q
|
|
000-17781
|
|
4.02
|
|
2/3/2017
|
|
|
|
4.13
|
|
|
10-Q
|
|
000-17781
|
|
4.03
|
|
2/3/2017
|
|
|
Exhibit
Number
|
|
|
|
Incorporated by Reference
|
|
Filed
Herewith
|
||||||
Exhibit Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
|||
4.14
|
|
|
8-K
|
|
000-17781
|
|
4.01
|
|
2/9/2017
|
|
|
|
4.15
|
|
|
8-K
|
|
000-17781
|
|
4.02
|
|
2/9/2017
|
|
|
|
10.01(*)
|
|
|
8-K
|
|
000-17781
|
|
10.01
|
|
1/23/2006
|
|
|
|
10.02(*)
|
|
|
8-K
|
|
000-17781
|
|
10.03
|
|
3/7/2016
|
|
|
|
10.03(*)
|
|
|
10-K
|
|
000-17781
|
|
10.05
|
|
5/24/2010
|
|
|
|
10.04(*)
|
|
|
10-Q
|
|
000-17781
|
|
10.01
|
|
11/1/2011
|
|
|
|
10.05(*)
|
|
|
10-K
|
|
000-17781
|
|
10.10
|
|
5/20/2016
|
|
|
|
10.06(*)
|
|
|
S-8
|
|
333-148107
|
|
99.03
|
|
12/17/2007
|
|
|
|
10.07(*)
|
|
|
10-K
|
|
000-17781
|
|
10.13
|
|
5/20/2016
|
|
|
|
10.08(*)
|
|
|
10-K
|
|
000-17781
|
|
10.08
|
|
10/26/2018
|
|
|
|
10.09(*)
|
|
|
8-K
|
|
000-17781
|
|
10.01
|
|
12/3/2018
|
|
|
|
10.10(*)
|
|
|
10-K
|
|
000-17781
|
|
10.10
|
|
10/26/2018
|
|
|
|
10.11(*)
|
|
|
S-8
|
|
333-212847
|
|
99.01
|
|
8/2/2016
|
|
|
|
10.12(*)
|
|
|
S-8
|
|
333-212847
|
|
99.02
|
|
8/2/2016
|
|
|
|
10.13(*)
|
|
|
S-8
|
|
333-216132
|
|
99.02
|
|
2/17/2017
|
|
|
|
10.14(*)
|
|
|
S-8
|
|
333-219714
|
|
99.01
|
|
8/4/2017
|
|
|
|
10.15(*)
|
|
|
S-8
|
|
333-219714
|
|
99.02
|
|
8/4/2017
|
|
|
|
10.16(*)
|
|
|
S-8
|
|
333-219714
|
|
99.03
|
|
8/4/2017
|
|
|
Exhibit
Number
|
|
|
|
Incorporated by Reference
|
|
Filed
Herewith
|
||||||
Exhibit Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
|||
10.17(*)
|
|
|
8-K
|
|
000-17781
|
|
10.03
|
|
10/25/2013
|
|
|
|
10.18(*)
|
|
|
10-K
|
|
000-17781
|
|
10.18
|
|
10/26/2018
|
|
|
|
10.19(*)
|
|
|
10-K
|
|
000-17781
|
|
10.19
|
|
10/26/2018
|
|
|
|
10.20(*)
|
|
|
10-Q
|
|
000-17781
|
|
10.03
|
|
8/5/2016
|
|
|
|
10.21(*)
|
|
|
10-Q
|
|
000-17781
|
|
10.04
|
|
8/5/2016
|
|
|
|
10.22(*)
|
|
|
8-K
|
|
000-17781
|
|
10.01
|
|
11/4/2016
|
|
|
|
10.23(*)
|
|
|
10-K
|
|
000-17781
|
|
10.25
|
|
10/26/2018
|
|
|
|
10.24(*)
|
|
|
10-K
|
|
000-17781
|
|
10.26
|
|
10/26/2018
|
|
|
|
10.25 (§§)
|
|
Assignment of Copyright and Other Intellectual Property Rights, by and between Peter Norton and Peter Norton Computing, Inc., dated August 31, 1990.
|
|
S-4
|
|
33-35385
|
|
10.37
|
|
6/13/1990
|
|
|
10.26(†)
|
|
|
S-1/A
|
|
333-83777
|
|
10.27
|
|
8/6/1999
|
|
|
|
10.27
|
|
|
10-Q
|
|
000-17781
|
|
10.01
|
|
8/7/2007
|
|
|
|
10.28
|
|
|
10-Q
|
|
000-17781
|
|
10.01
|
|
2/2/2011
|
|
|
|
10.29
|
|
|
8-K
|
|
000-17781
|
|
10.01
|
|
2/9/2016
|
|
|
|
10.30
|
|
|
8-K
|
|
000-17781
|
|
10.01
|
|
3/7/2016
|
|
|
|
10.31
|
|
|
8-K
|
|
000-17781
|
|
10.01
|
|
9/17/2018
|
|
|
|
10.32
|
|
|
10-Q
|
|
000-17781
|
|
10.01
|
|
11/16/2018
|
|
|
|
10.33
|
|
|
10-Q
|
|
000-17781
|
|
10.02
|
|
11/16/2018
|
|
|
Exhibit
Number
|
|
|
|
Incorporated by Reference
|
|
Filed
Herewith
|
||||||
Exhibit Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
|||
10.34(*)
|
|
|
8-K
|
|
000-17781
|
|
10.01
|
|
11/29/2018
|
|
|
|
10.35(*)
|
|
|
10-Q
|
|
000-17781
|
|
10.04
|
|
2/4/2019
|
|
|
|
10.36(*)
|
|
|
10-Q
|
|
000-17781
|
|
10.05
|
|
2/4/2019
|
|
|
|
10.37(*)
|
|
|
8-K
|
|
000-17781
|
|
10.01
|
|
5/9/2019
|
|
|
|
10.38(*)
|
|
|
8-K
|
|
000-17781
|
|
10.02
|
|
5/9/2019
|
|
|
|
21.01
|
|
|
|
|
|
|
|
|
|
|
X
|
|
23.01
|
|
|
|
|
|
|
|
|
|
|
X
|
|
24.01
|
|
|
|
|
|
|
|
|
|
|
X
|
|
31.01
|
|
|
|
|
|
|
|
|
|
|
X
|
|
31.02
|
|
|
|
|
|
|
|
|
|
|
X
|
|
32.01(††)
|
|
|
|
|
|
|
|
|
|
|
X
|
|
32.02(††)
|
|
|
|
|
|
|
|
|
|
|
X
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
|
|
|
|
|
|
X
|
101.SCH
|
|
XBRL Taxonomy Schema Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.CAL
|
|
XBRL Taxonomy Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.LAB
|
|
XBRL Taxonomy Labels Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.PRE
|
|
XBRL Taxonomy Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.DEF
|
|
XBRL Taxonomy Definition Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
|
*
|
Indicates a management contract, compensatory plan or arrangement.
|
**
|
Filed by LifeLock, Inc.
|
§
|
The exhibits and schedules to this agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant agrees to furnish supplementally copies of any such exhibits and schedules to the SEC upon request.
|
§§
|
Paper filing.
|
†
|
Filed by Veritas Software Corporation.
|
††
|
This exhibit is being furnished, rather than filed, and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S-K.
|
|
SYMANTEC CORPORATION
|
|
|
|
|
|
By:
|
/s/ Richard S. Hill
|
|
|
Richard S. Hill
Interim President and Chief Executive Officer and Director
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Richard S. Hill
|
|
Interim President and Chief Executive Officer and Director
(Principal Executive Officer)
|
|
May 24, 2019
|
Richard S. Hill
|
|
|
||
|
|
|
|
|
/s/ Nicholas R. Noviello
|
|
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
|
May 24, 2019
|
Nicholas R. Noviello
|
|
|
||
|
|
|
|
|
/s/ Matthew Brown
|
|
Vice President, Finance and Chief Accounting Officer
(Principal Accounting Officer)
|
|
May 24, 2019
|
Matthew Brown
|
|
|
||
|
|
|
|
|
/s/ Daniel H. Schulman
|
|
Chairman of the Board
|
|
May 24, 2019
|
Daniel H. Schulman
|
|
|
||
|
|
|
|
|
/s/ Sue Barsamian
|
|
Director
|
|
May 24, 2019
|
Sue Barsamian
|
|
|
||
|
|
|
|
|
/s/ Frank E. Dangeard
|
|
Director
|
|
May 24, 2019
|
Frank E. Dangeard
|
|
|
||
|
|
|
|
|
/s/ Peter A. Feld
|
|
Director
|
|
May 24, 2019
|
Peter A. Feld
|
|
|
||
|
|
|
|
|
/s/ Dale L. Fuller
|
|
Director
|
|
May 24, 2019
|
Dale L. Fuller
|
|
|
||
|
|
|
|
|
/s/ Kenneth Y. Hao
|
|
Director
|
|
May 24, 2019
|
Kenneth Y. Hao
|
|
|
||
|
|
|
|
|
/s/ David W. Humphrey
|
|
Director
|
|
May 24, 2019
|
David W. Humphrey
|
|
|
||
|
|
|
|
|
/s/ David L. Mahoney
|
|
Director
|
|
May 24, 2019
|
David L. Mahoney
|
|
|
||
|
|
|
|
|
/s/ Anita M. Sands
|
|
Director
|
|
May 24, 2019
|
Anita M. Sands
|
|
|
||
|
|
|
|
|
/s/ V. Paul Unruh
|
|
Director
|
|
May 24, 2019
|
V. Paul Unruh
|
|
|
||
|
|
|
|
|
/s/ Suzanne M. Vautrinot
|
|
Director
|
|
May 24, 2019
|
Suzanne M. Vautrinot
|
|
|
|
/s/ RICHARD S. HILL
|
|
Richard S. Hill
|
|
Interim President and Chief Executive Officer and Director
|
|
/s/ NICHOLAS R. NOVIELLO
|
|
Nicholas R. Noviello
|
|
Executive Vice President and Chief Financial Officer
|
|
/s/ RICHARD S. HILL
|
|
Richard S. Hill
|
|
Interim President and Chief Executive Officer and Director
|
|
/s/ NICHOLAS R. NOVIELLO
|
|
Nicholas R. Noviello
|
|
Executive Vice President and Chief Financial Officer
|