filings.toolsItem 8. Financial Statements and Supplementary Data
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Item 8. Financial Statements and Supplementary Data
The Consolidated Financial Statements and related disclosures included in Part IV, Item 15 of this annual report are incorporated by reference into this Item 8.
Selected Quarterly Financial Data (Unaudited)
| Fiscal 2020 | Fiscal 2019 | ||||||||||||||||||||||||||||||
| (In millions, except per share data) | Fourth Quarter (1) | Third Quarter (2) | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||||||
| Net revenues | $ | 614 | $ | 618 | $ | 608 | $ | 650 | $ | 617 | $ | 615 | $ | 612 | $ | 612 | |||||||||||||||
| Gross profit | $ | 517 | $ | 515 | $ | 511 | $ | 554 | $ | 493 | $ | 505 | $ | 499 | $ | 504 | |||||||||||||||
| Operating income (loss) | $ | 44 | $ | 62 | $ | 109 | $ | 140 | $ | 72 | $ | 62 | $ | 48 | $ | (24 | ) | ||||||||||||||
| Income tax expense (benefit) | $ | 108 | $ | 57 | $ | 22 | $ | 54 | $ | (17 | ) | $ | 10 | $ | 34 | $ | (24 | ) | |||||||||||||
| Income (loss) from continuing operations | $ | 149 | $ | 353 | $ | 38 | $ | 38 | $ | 37 | $ | (19 | ) | $ | (61 | ) | $ | (67 | ) | ||||||||||||
| Income (loss) from discontinued operations | $ | 82 | $ | 2,492 | $ | 747 | $ | (12 | ) | $ | (3 | ) | $ | 84 | $ | 53 | $ | 7 | |||||||||||||
| Net income (loss) | $ | 231 | $ | 2,845 | $ | 785 | $ | 26 | $ | 34 | $ | 65 | $ | (8 | ) | $ | (60 | ) | |||||||||||||
| Income (loss) per share - basic: (2) | |||||||||||||||||||||||||||||||
| Continuing operations | $ | 0.25 | $ | 0.57 | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | (0.03 | ) | $ | (0.10 | ) | $ | (0.11 | ) | ||||||||||||
| Discontinued operations | $ | 0.14 | $ | 4.01 | $ | 1.20 | $ | (0.02 | ) | $ | — | $ | 0.13 | $ | 0.08 | $ | 0.01 | ||||||||||||||
| Net income (loss) per share - basic | $ | 0.39 | $ | 4.58 | $ | 1.27 | $ | 0.04 | $ | 0.05 | $ | 0.10 | $ | (0.01 | ) | $ | (0.10 | ) | |||||||||||||
| Income (loss) per share - diluted: (2) | |||||||||||||||||||||||||||||||
| Continuing operations | $ | 0.23 | $ | 0.55 | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | (0.03 | ) | $ | (0.10 | ) | $ | (0.11 | ) | ||||||||||||
| Discontinued operations | $ | 0.13 | $ | 3.85 | $ | 1.16 | $ | (0.02 | ) | $ | — | $ | 0.13 | $ | 0.08 | $ | 0.01 | ||||||||||||||
| Net income (loss) per share - diluted | $ | 0.36 | $ | 4.40 | $ | 1.22 | $ | 0.04 | $ | 0.05 | $ | 0.10 | $ | (0.01 | ) | $ | (0.10 | ) |
| (1) | During the fourth quarter of fiscal 2020, we recognized a pre-tax gain of $250 million on our divestiture of ID Analytics solutions, which is presented as part of income (loss) from continuing operations. |
| (2) | During the third quarter of fiscal 2020, we completed the sale of certain assets and the assumption of certain liabilities of our Enterprise Security business to Broadcom for a net gain of $2.6 billion, which is presented as part of income (loss) from discontinued operations. In addition, we recognized a pre-tax gain of $379 million on our sale of our DigiCert equity method investment, which is presented as part of income (loss) from continuing operations. |
| (3) | Net income (loss) per share amounts may not add due to rounding. |
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