Press Release Details

Symantec Announces Next Phase of $5.5 Billion Capital Return Program


Launches $1.0 Billion Accelerated Share Repurchase Transaction; First in Series of Share Buyback Transactions Totaling $2.3 Billion

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Symantec Corp. (NASDAQ:SYMC) today announced the next phase of its $5.5 billion capital return program by launching a $1.0 billion accelerated share repurchase (ASR) transaction. This transaction is the first of what will be a series of buyback transactions totaling $2.3 billion that the Symantec Board is committed to executing between March 2016 and March 2017.

As previously announced in February 2016, and consistent with its commitment to returning significant capital to shareholders, the Symantec Board declared a special dividend of $4.00 per share, equaling approximately $2.7 billion, which is payable today, March 22nd, 2016, out of the earnings and profits of the company, to shareholders of record as of the close of business on March 8th, 2016.

Following payment of the $4.00 special dividend and completion of the $1.0 billion ASR transaction, the total amount of capital returned to shareholders under the $5.5 billion capital return program will equal $4.2 billion. This includes the $500 million ASR transaction that was completed in January 2016. Symantec will return the remaining $1.3 billion under the capital program through a series of share buyback transactions by the end of March 2017.

Today’s announced ASR transaction and previously announced special dividend will be funded through a combination of cash on hand and proceeds from the $500 million Silver Lake investment which closed on March 4th, 2016.

Michael A. Brown, Symantec president and CEO, said, “The Symantec Board and management team remain committed to returning the full $5.5 billion in capital to shareholders by the end of March 2017. To that end, any acquisition opportunity we may pursue will not be at the expense of our capital return plans. In addition, any material acquisition opportunity will also have to meet the strict criteria of both accelerating our Unified Security strategy and creating a clear return for shareholders. The series of share buyback transactions announced today reinforces this commitment and demonstrates the Board’s confidence in Symantec’s long-term prospects.”

Brown added, “Our management team has already taken significant steps to improve operating margins and return our enterprise security business to revenue growth as part of our three-year transformation to a focused security company. As we look ahead, we believe we are well-positioned to continue this momentum of improving operating margins and achieving our targeted cost savings of $400 million by the end of our fiscal year 2018.”

In connection with these cost reduction efforts, Symantec has retained AlixPartners, a leading global business advisory firm, to assist the Company as it works to improve productivity and identify areas for cost savings.

About Symantec

Symantec Corporation (NASDAQ:SYMC) is the global leader in cybersecurity. Operating one of the world’s largest cyber intelligence networks, we see more threats, and protect more customers from the next generation of attacks. We help companies, governments and individuals secure their most important data wherever it lives.

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Symantec and the Symantec Logo are trademarks or registered trademarks of Symantec Corporation or its affiliates in the U.S. and other countries. Other names may be trademarks of their respective owners.

Forward-Looking Statements

This press release contains forward looking statements regarding the Company’s expected capital return, targeted cost savings and future revenue growth, which may be considered forward-looking within the meaning of the U.S. federal securities laws. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from results expressed or implied herein. Such risk factors include general economic conditions; fluctuations and volatility in the Company’s stock price; the ability of the Company to successfully execute strategic plans, including acquisitions or strategic transactions; maintaining customer and partner relationships; the competitive environment in the software industry, fluctuations in tax rates and currency exchange rates; the timing and market acceptance of new product releases and upgrades; the successful development of new products, and the degree to which these products and businesses gain market acceptance. The Company assumes no obligation, and does not intend, to update these forward-looking statements prior to reporting its fourth quarter and fiscal year 2016 results. Additional information concerning risks that could cause actual results to differ from current expectations is contained in Risk Factors, set forth in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended April 3, 2015.

Source: Symantec Corporation


Symantec Corp.

Kristen Batch, 503-516-6297



Symantec Corp.

Jonathan Doros, 650-527-5523