Symantec 2015 Annual Report Download - page 118
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reserves for our uncertain tax positions due to changing facts and circumstances, such as the closing of a tax
audit, the refinement of estimates, or the realization of earnings or deductions that differ from our estimates. To
the extent that the final outcome of these matters is different than the amounts recorded, such differences will
impact our tax provision in our Consolidated Statements of Income in the period in which such determination is
made.
We must also assess the likelihood that deferred tax assets will be realized from future taxable income and,
based on this assessment establish a valuation allowance, if required. The determination of our valuation
allowance involves assumptions, judgments and estimates, including forecasted earnings, future taxable income,
and the relative proportions of revenue and income before taxes in the various domestic and international
jurisdictions in which we operate. To the extent we establish a valuation allowance or change the valuation
allowance in a period, we reflect the change with a corresponding increase or decrease to our tax provision in our
Consolidated Statements of Income.
Recently issued authoritative guidance
See Note 1 of the Notes to Consolidated Financial Statements in this annual report for recently issued
authoritative guidance, including the respective expected dates of adoption and effects on our results of
operations and financial condition.
RESULTS OF OPERATIONS
The following table sets forth certain Consolidated Statements of Income data as a percentage of net
revenue for the fiscal years indicated below:
2015 2014 2013
Net revenue:
Content, subscription, and maintenance 88% 89% 87%
License 12% 11% 13%
Total net revenue 100% 100% 100%
Cost of revenue:
Content, subscription, and maintenance 15% 15% 15%
License 2% 1% 1%
Amortization of intangible assets 1% 1% 1%
Total cost of revenue 18% 17% 17%
Gross profit 82% 83% 83%
Operating expenses:
Sales and marketing 36% 37% 40%
Research and development 18% 16% 15%
General and administrative 6% 7% 6%
Amortization of intangible assets 2% 2% 4%
Restructuring, separation, and transition 4% 4% 1%
Total operating expenses 65% 65% 67%
Operating income 18% 18% 16%
Non-operating expense, net (1)% -% (1)%
The total percentages may not add due to rounding.
40