SlideShare ist ein Scribd-Unternehmen logo
1 von 37
Downloaden Sie, um offline zu lesen
Investor Presentation
February 2017
The New
DISCLAIMER
This presentation contains "forward-looking" statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, our results may
differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited
to, regarding Symantec’s anticipated scale, growth and profitability, Symantec’s operating efficiencies and the anticipated benefits therefrom, the pace of Symantec’s deleveraging plan, Symantec’s
acquisition of LifeLock and the expected benefits of the acquisition to Symantec, including without limitation expected revenue and subscriber growth, product integration, improvements to total
addressable market and value proposition, earnings accretion and cost savings, statements regarding cost reduction, integration and synergy efforts, and the potential benefits to be derived therefrom,
any statements of the anticipated benefits of the Blue Coat acquisition, and the size and growth outlook of the Consumer Security and Enterprise Security businesses, and any statements of assumptions
underlying any of the items mentioned. These statements are based on estimates and information available to us at the time of this presentation and are not guarantees of future performance. Actual
results could differ materially from our current expectations as a result of many factors, including but not limited to: general economic conditions; the ability of Symantec to successfully execute strategic
plans and maintain customer and partner relationships, including retention rates; lower than anticipated growth of certain market segments; fluctuations in tax rates and currency exchange rates; the
timing and market acceptance of new product releases and upgrades; challenges associated with integration of acquired businesses, including the products and services therefrom; and other risks that
may impact our business are set forth in the section entitled “Risk Factors” of Symantec's Form 10-K for the fiscal year ended April 1, 2016 and the Quarterly Report on Form 10-Q for the fiscal quarter
ended September 30, 2016. We assume no obligation to, and do not currently intend to, update any such forward-looking statements.
Items identified as “pro forma” throughout this presentation are provided for illustrative purposes. The amounts referred to as “pro forma” are calculated as footnoted to enable the reader to better
understand the combined businesses and may not comply with the definition of “pro forma” under U.S. generally accepted accounting principles, or GAAP, or ASC standards. Unless otherwise indicated
herein, all financial measures described as “LTM” are presented as the sum of (x) the applicable financial measure for the twelve months ended December 30, 2016 as adjusted to give pro forma effect to
Symantec’s acquisition of Blue Coat, Inc. as if it had occurred on April 4, 2015, plus (y) the midpoint of preliminary range for the corresponding LifeLock, Inc. financial measure for the year ended
December 31, 2016 as reported in the Form 8-K furnished to Securities and Exchange Commission by LifeLock, Inc. on February 1, 2017.
This presentation includes non-GAAP financial measures. The most directly comparable GAAP information and a reconciliation of the GAAP financial measures to the non-GAAP financial measures are
provided in the Appendix. The method we use to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies. Non-GAAP financial measures
are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements
prepared in accordance with GAAP. Our management team uses these non-GAAP financial measures in assessing Symantec’s operating results, as well as when planning, forecasting and analyzing future
periods.
Copyright © 2017 Symantec Corporation
2
Experienced Management Team with Proven Operational
Success and Deep Cybersecurity Knowledge
3
Greg Clark, CEO Nicholas Noviello, CFO
• CEO, Blue Coat
• CEO, E2OPEN
• CEO, Mincom
• Founder, Dascom
(IBM Tivoli Security)
• Distinguished Engineer,
IBM
• Security Systems AT&T
• AT&T Bell Labs
• CFO, Blue Coat
• CFO, NetApp
• CFO, Honeywell (2 Global Strategic Business Units)
• Audit, Tax & M&A PwC
Michael Fey,
President & COO
• President & COO, Blue
Coat
• CTO, Intel Security
• EVP / GM, McAfee
Enterprise Business
• SVP, Opsware Field
Engineering
Fran Rosch, EVP &
GM of Norton
• EVP, User Protection and
Productivity, Symantec
• VP, Identity and
Authentication Services,
Symantec
• VP, Authentication,
VeriSign
Roxane Divol, EVP &
GM Website Security
• Board Member,
Wolverine Worldwide
• Board Member, Global
Fund for Women
• Partner, McKinsey
Symantec | At a Glance
175M endpoints
under protection
9 SOCs threat
response centers
3,500+
R&D engineers
350,000+
customers worldwide
$5.0B
LTM* non-GAAP revenue1 2,100+ patents
* See slide 2 (Disclaimer) for a description of this term.
1. LTM pro forma financials calculated as the sum of $4,299mm standalone Symantec (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016 plus $668mm preliminary estimated LifeLock
financial metric for the year ended December 31, 2016. See appendix for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure.
4
Summary
5
Global cybersecurity leader protecting enterprises, governments and consumers
• Largest pure-play cybersecurity company in the world,1 with leadership positions in enterprise and consumer cybersecurity
• Integrated Enterprise Cyber Defense platform across web, users, information, and messaging
• Digital Safety Platform protecting consumers’ information, devices and identity
Technology leader across multiple segments, with unmatched breadth of cybersecurity capabilities
• Leader in four of Gartner’s magic quadrants for enterprise cybersecurity2
• Combining the leading identity protection solution (LifeLock) with the leading consumer security suite (Norton)
Attractive growth outlook driven by differentiated capabilities and strong secular trends
• Focused on cybersecurity end market which is expected to benefit from strong secular growth drivers
• Growth trajectory accelerated by Blue Coat and LifeLock acquisitions3
Strong financial profile4
• Operating at scale globally, with LTM* non-GAAP revenue of $5.0bn and adj. EBITDA of $1.6bn
• Large, diversified install base with highly predictable revenue model
Disciplined capital structure
• Conservative financial policies with expectation of rapid deleveraging
* See slide 2 (Disclaimer) for a description of this term.
1. As measured by revenue. Source: Gartner 2015.
2. Source: Gartner Magic Quadrants for Endpoint Prevention, Secure Web Gateway, Data Loss Prevention, and Managed Security Services markets, 2015-2016.
3. LifeLock acquisition expected to close in the 1st calendar quarter of 2017.
4. LTM pro forma revenue calculated as the sum of $4,299mm standalone Symantec (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016 plus $668mm preliminary estimated LifeLock
financial metric for the year ended December 31, 2016. LTM pro forma adj. EBITDA calculated as the sum of $1,468mm standalone Symantec (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30,
2016 plus $93mm preliminary estimated LifeLock financial metric for the year ended December 31, 2016. See appendix for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure.
Symantec Overview
6
Market Leading Security & Safety Platforms
7
Consumer Digital Safety Platform
Protects Information Across PC’s, Macs and Mobile
Monitors, Alerts and Restores Your Identity
Protects the Connected Home and Family
Shared Telemetry Across Major Control Points
Positioned To Help Enterprise Securely Move to the Cloud
Integrated For Faster Detection and Remediation of Threats
Enterprise Security Platform
 Consumer Digital Safety market is approximately a $10bn2 opportunity
 Norton is the market share leader of paid consumer endpoint security4
 LifeLock is a leading provider of identity protection6
 Combined customer base of ~50mm consumers
 Over 95%8 of revenue recognized ratably leading to high visibility
 Broad portfolio addressing the over $80bn1 spent annually on enterprise security
 Symantec is the leader in Gartner Magic Quadrants in DLP, MSS and EPP3
 Blue Coat is market share leader and a leader in Gartner Magic Quadrant in SWG5
 Over 350k customers including ~90% of Fortune 1000
 85%7 of revenue recognized ratably leading to high visibility
1. Source: Gartner 2016.
2. Source: Company estimates for 2021, Gartner, McKinsey.
3. Source: Gartner Magic Quadrants for Data Loss Prevention, Managed Security Services and Endpoint Protection
markets 2015-2016.
4. Source: Gartner 2015.
5. Source: IDC 2016. Gartner Magic Quadrant for Secure Web Gateway 2015-2016.
6. Source: Market research, McKinsey analysis.
7. Based on non-GAAP LTM Enterprise revenue pro forma for the Blue Coat acquisition as of fiscal Q1’17.
8. Adjusted to include preliminary estimated revenue of LifeLock as of fiscal Q1’17.
Acquisition
LTM* Non-GAAP Revenue:
$2.3bn2
8
1 2 3
Improve Enterprise
Security Business
Refocused on
Cybersecurity
Two leading business segments with scale, focused
management teams, and strong financial profiles
(growth, profitability, cash flow)
Transforming Enterprise Security
with Integrated Cyber Defense Platform
Divested Security & Storage
• Leadership across information, users,
web, and messaging
• Blue Coat is the market share leader
in Secure Web Gateway
• $150mm of projected cost synergies
• Continuing partnership with
SilverLake & Bain
Enabled Symantec to focus on growing
its security business
• $400mm projected net cost
savings
• Streamlining operational
processes
• Eliminating stranded costs post-
Veritas divestiture
• Partnering with SilverLake to
drive financial discipline
4
Acquisition
Transforming Consumer Security
to a Digital Safety Platform
• ~50mm combined customer base
• Leading market share
• $80mm of projected cost synergies
• Bundle Norton & LifeLock products
Symantec’s Transformation
Driving operational improvement
following the divestiture of Veritas
LTM* Non-GAAP Revenue:
$2.7bn1
* See slide 2 (Disclaimer) for a description of this term. See appendix for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure.
1. $2.7 bn LTM pro forma revenue represents $2,688mm standalone Symantec Enterprise business segment (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016.
2. $2.3bn LTM pro forma revenue calculated as the sum of $1,611mm standalone Symantec Consumer business segment for the twelve months ended December 30, 2016 plus $668mm preliminary estimated LifeLock financial metric for
the year ended December 31, 2016.
9
Enterprise Security Platform
Expanding Enterprise Network
Evolving Attack Surface
Encrypted Network
Multi-Phased and Multi-Staged Attacks
10
Expanding Enterprise Network
Regional
Office
Headquarters
Data Center
Security Stack
11
Expanding Enterprise Network
Regional
Office
Headquarters
Data Center
Roaming
Users
Personal Devices
Security Stack
12
Evolving Attack Surface
Regional
Office
Headquarters
Data Center
Roaming
Users
Personal Devices
Security Stack
13
Encrypted Network
Direct Connect Creates Expanded Networks to Protect
Regional
Office
Headquarters
Data Center
Roaming
Users
SSL Encryption
IOT DevicesPersonal Devices
SSL Encryption
Security Stack
SSL Encryption
14
Multi-Phased and Multi-Staged Attacks
Regional
Office
Headquarters
Data Center
Roaming
Users
Security Stack
SSL Encryption
SSL Encryption
SSL Encryption
IOT DevicesPersonal Devices
15
Innovation for the Cloud Generation:
Ensuring Safe Cloud Usage
Regional
Office
Headquarters
Data Center
Roaming
Users
IOT DevicesPersonal Devices
16
17
Consumer Digital Safety Platform
Protecting your information, devices, identity and ~50mm consumers every day
Monitors, Alerts and Restores Your Identity
Protects the Connected Home and Family
18
689 million people globally
were victims of cybercrime
Identity theft has been a top FTC complaint in the
U.S. for the last 15 years, with complaints up 47% to
a combined 27% of all consumer complaints to the
FTC between ID Theft and Imposter Scams
new account fraud
doubled in 2015
Total Reported
Identities Exposed
Every
2 seconds
someone is a victim of identity theft
429
million
39% of Americans
experienced cybercrime
in the past year
Cybercrime is a Large and Growing Problem For Consumers
~$10 billion Digital Safety TAM growing at 7% a year1
Source: Symantec ISTR, Javeline (2016), FTC (2015), ID Theft Center (2015).
1. CAGR over the next four years. Includes Endpoint Security, Identity Protection, Private VPN and Connected Home Security markets.
Symantec’s Consumer Security Journey
19
Protecting all Consumer Devices
against Malware, Ransomware,
Phishing Scams and Trojans
Protecting online activity and information
across Microsoft, Android, Mac and iOS
devices
IoT and Connected Home
Protecting homes and family
Consumer Digital Safety Platform
Identity and Fraud Protection
Protecting personal information and identity
across the device, network, and cloud
Known and Trusted Brand
Strong Security Expertise
Deep Technology
Leadership
Outstanding
Service & Support
20
LifeLock is a Leading Provider of Identity Protection
Compelling Value Proposition, Competitive Differentiation, High Retention, Scale & Growth
Implied
Customer Life
6.7 year
Retention
Rate3
85.5%
ARPU1
$147 $668mm
2016
Total Revenue4
(up from $587mm5
in 2015)
Million
Members in
the U.S.
4.4
Enterprises
Leveraging
Data Analytics
400+
Monitor Alert Restore
Detect identity
related incidents
Alert members of
suspicious activity
Addresses fraud-related issues
on behalf of victims
ID Analytics proprietary Data Platform powers LifeLock Identity Protection offerings
Constantly increasing the value to members and to the financial and insurance institutions contributing content to the platform
Net Promoter
Score2
64
Note: This information is based on information provided in the LifeLock public filings. Information is derived from internal analysis by LifeLock’s management.
1. Source: LifeLock SEC filings: the product of 12 multiplied by the monthly average revenue per member reported as of September 30, 2016.
2. Source: NPS® Benchmarks 2015.
3. Source: LifeLock SEC filings: member retention rate is the percentage of members on the last day of the prior year period who remain members on the last day of the current year period.
4. LifeLock SEC filings: represent preliminary estimated year-end December 31, 2016 revenue, adjusted EBITDA, and free cash flow and are calculated based on the mid-point of range provided in the 8-K filed on February 1, 2017.
5. Source: LifeLock SEC filings.
6. Financial metrics are non-GAAP.
$93mm
2016
Adj. EBITDA4,6
(up from $72mm5
in 2015)
$91mm
2016
Free Cash
Flow4,6
(up from $89mm5
in 2015)
82.7%
87.1% 87.8% 87.7% 86.5% 85.5%
2011 2012 2013 2014 2015 First 3Q 2016
Value Proposition Has Driven Strong Member Growth and High Retention
21
Subscriber Profile Growing Members…with Robust Retention Rate
40+
3 Credit Cards
~$80K Income
Auto Insurance
Years Old
Homeowner’s
Insurance
Children
1.5
2.0
2.5
3.0
3.5
4.0
4.5
2010 2011 2012 2013 2014 2015 2016
Cumulative Ending Members (mm)1
4.4mm members in
Q3 2016
Member Retention Rate2
Note: This information is based on information provided in the LifeLock public filings. Information is derived from internal analysis by LifeLock’s management.
1. Source: LifeLock SEC filings.
2. Source: LifeLock SEC filings: member retention rate is the percentage of members on the last day of the prior year period who remain members on the last day of the current year period.
Creating the First Comprehensive Digital Safety Platform
22
Protects and Monitors Your Digital Life
Alerts You to Malicious Activity
Restores Your Identity When Compromised
• Identity Protection
• Identity Threat Notification
Consumer Digital Safety Platform
Protects Information Across PC’s, Macs and Mobile
Monitors, Alerts and Restores Your Identity
Protects the Connected Home and Family
• Multi-Device Security
supporting Microsoft,
Mac, Android and iOS
platforms
• Parental controls
• Consumer IoT
• Private VPN
• Backup
• Credit Reports
• Service Guarantee
Prevents, detects, and remediates malware
across PCs, laptops, and mobile
Secure multi-device VPN
Protects consumer IoT devices
Identity protection from fraudulent activity*
Monitors identity in “dark web”
Provides identity remediation services
Note: LifeLock does not monitor all transactions at all businesses. No one can prevent all identity theft.
Transforming Symantec’s Consumer Business
23
Expands Consumer
Market Opportunity
• Digital Safety Platform protecting your information, devices and identity
• Accelerating position in identity protection with acquisition of LifeLock
• Combines the leading consumer security and identity protection providers to serve ~50 million
consumers globally
Additional Upside
Opportunities
• Cross-sell identity protection into large Norton US customer base
• Optimize retention of LifeLock customer base by adding cyber defense value from Norton
security offerings
• International expansion of LifeLock offering
Consumer Security
Revenue Growth
Expectations
• Improving revenue growth
• High visibility, subscription revenue model
Strong Margin
Expectations
• Estimated $30 million annual cost synergies by end of FY18, expected to increase to
$80 million by end of FY20
• Incremental operating income and healthy margins
• Meaningful leverage across operations and overhead
Financial Summary
24
Financial Transformation of Symantec
25
• Pure play cyber security company
• $5.0bn LTM* non-GAAP revenue and $1.6bn adj. EBITDA1
• Highly recurring and predictable revenue model and industry-leading profitability
• Strong and sustainable cash flow generation with significant liquidity and strong balance sheet
• $4.4bn of pre-payable or maturing debt; expect to pay down debt rapidly
• Blue Coat acquisition accelerates transformation of enterprise business
• Integrated cyber defense platform of $2.7bn2 in LTM* non-GAAP revenue
• Substantial improvement in profitability
• Benefiting from $400mm cost savings and $150mm Blue Coat synergies
• LifeLock acquisition enables transformation of consumer business to growth
• Consumer digital safety platform of $2.3bn2 in LTM* non-GAAP revenue
• Incremental operating income and healthy margins
• $80mm expected synergies from LifeLock acquisition
* See slide 2 (Disclaimer) for a description of this term.
1. LTM pro forma revenue calculated as the sum of $4,299mm standalone Symantec (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016 plus $668mm preliminary estimated LifeLock
financial metric for the year ended December 31, 2016. LTM pro forma adj. EBITDA calculated as the sum of $1,468mm standalone Symantec (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30,
2016 plus $93mm preliminary estimated LifeLock financial metric for the year ended December 31, 2016. See appendix for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure.
2. $2.7 bn LTM pro forma revenue represents $2,688mm standalone Symantec Enterprise business segment (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016. $2.3bn LTM pro forma
revenue calculated as the sum of $1,611mm standalone Symantec Consumer business segment for the twelve months ended December 30, 2016 plus $668mm preliminary estimated LifeLock financial metric for the year ended December
31, 2016.
Transition to Profitable Growth at Scale
26
$3,986
$3,600
$4,299
$4,967
FY15A FY16A LTM
Non-GAAP Revenue1 ($mm)
$1,548
$1,239
$1,468
$1,561
FY15A FY16A LTM
Adj. EBITDA1,2 ($mm)
33
LTM Pro Forma for LTM Pro Forma for
Standalone
Standalone
1. Historical amounts in USD. All amounts and adjustments are from continuing operations (excluding the impact of Veritas).
2. Adj. EBITDA is calculated as Non-GAAP operating income plus depreciation.
3. LTM pro forma revenue calculated as the sum of $4,299mm standalone Symantec (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016 plus $668mm preliminary estimated LifeLock
financial metric for the year ended December 31, 2016. LTM pro forma adj. EBITDA calculated as the sum of $1,468mm standalone Symantec (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30,
2016 plus $93mm preliminary estimated LifeLock financial metric for the year ended December 31, 2016. See appendix for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure.
4. Source: LifeLock SEC filings: represent preliminary estimated year-end December 31, 2016 revenue and adjusted EBITDA are calculated based on mid-point of range provided in the 8-K filed on February 1, 2017.
3 3
4
4
Symantec + LifeLock: Well Balanced, Highly Predictable Revenue Model
27
Source: Symantec SEC filings, 8-K filed on February 1, 2017; please refer to the 10-Q when it is available. See appendix for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure.
1. Historical amounts in USD and are on a non-GAAP basis. All amounts are from continuing operations, excluding the impacts of Veritas.
2. Fiscal Q3’17 metrics, pro forma for LifeLock financials as reported by the company (LifeLock SEC filings: represents preliminary estimated quarter-end December 31, 2016 revenue and is calculated as based on mid-point of range
provided in the 8-K filed on February 1, 2017).
3. Based on LTM Enterprise non-GAAP revenue pro forma for the Blue Coat acquisition as of fiscal Q1’17.
4. Adjusted to include preliminary estimated revenue of LifeLock as of fiscal Q1’17.
5. LifeLock SEC filings.
45%
55%
Enterprise Consumer
Most Recent Quarter Revenue1,2
Enterprise:
• Large install base with 350K+ customers
• Strong renewal rates
• Significant deferred revenue
• Up-sell/cross-sell opportunity
• 85%3 of revenue ratably recognized
Consumer:
• Combined customer base of ~50mm consumers
• High visibility, subscription revenue model
• Auto-renewals driving strong retention
• 95%4 of revenue ratably recognized
• LifeLock retention rate 85%+5
Highly Predictable Revenue Model
Cost Savings & Synergies Initiatives
28
Transaction Cost Synergies
Standalone Cost Savings
(announced Q4 FY16)
$400 million $150 million $80 million
Committed Transaction Cost Synergies
Cost Savings Initiatives and Blue Coat Integration on Track
TSA & Stranded Costs
Procurement
Headcount
Real Estate Utilization
Source: Company press release, earnings call.
Sales and
Marketing
G&A and
Facilities
Products IT
Financial Philosophy
29
• Committed to strong balance sheet
• Expected to have total liquidity of $5.2bn1 at close including $1.0bn under revolving credit facility
• Conservative financial policies with expectation of rapid deleveraging
• Majority of capital return extended / redeployed to fund LifeLock
• Maintain $0.30 annual dividend
• Strategy not dependent on future acquisitions, focus on integrating Blue Coat and LifeLock
• Disciplined approach when evaluating future acquisition opportunities
Balance Sheet
Rapid
Deleveraging
Capital Allocation
M&A
1. Adjusted for the portion of the LifeLock equity purchase price, net of LifeLock cash and cash equivalents as of September 30, 2016, estimated to be financed with cash on hand and for estimated transaction fees and expenses. Not adjusted
for the $500M ASR to be completed in Q4’FY17.
Capital Structure and Debt Maturity Profile
30
1,800
$45
$180 $180
$380
$180
$990$600 $750
$400
$1,100
$500
$1,250
$1,000
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
US Term Loan A
Int'l Term Loan A
Bonds
Convertible Notes
Revolver
$mm
Q3’FY17 PF Q3’FY17
(ex. ASR)
Cash and cash equivalents $5,575 $4,2191
Notes 1,750 2,850
Pre-payable loans 3,755 3,755
Convertible notes 1,750 1,750
Total debt $7,255 $8,355
Net Debt $1,680 $3,936
Source: Symantec SEC filings, 8-K filed on February 1, 2017; please refer to the 10-Q when it is available. See appendix for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure.
1. Adjusted for the portion of the LifeLock equity purchase price, net of LifeLock cash and cash equivalents as of September 30, 2016, estimated to be financed with cash on hand and for estimated transaction fees and expenses. Not adjusted
for the $500mm ASR to be completed in Q4’FY17.
Current Debt Maturity Profile
Summary
31
Global cybersecurity leader protecting enterprises, governments and consumers
Technology leader across multiple segments, with unmatched breadth of
cybersecurity capabilities
Attractive growth outlook driven by differentiated capabilities and strong secular
trends
Strong financial profile and disciplined capital structure
Experienced management team with deep cybersecurity background and vision
Appendix
32
Symantec Net Revenue Reconciliation
$mm
33
Year ended Six months ended
($mm) 01-Apr-16 03-Apr-15 28-Mar-14 30-Sep-16 02-Oct-15
Net revenues $3,600 $3,956 $4,183 $1,863 $1,818
Adjustments:
Deferred revenue fair value adjustment – – – 36 –
GSA investigation – – 25 – –
EDS & NDI contingency – 30 – – –
Non-GAAP net revenues $3,600 $3,986 $4,208 $1,899 $1,818
Symantec Adj. EBITDA Reconciliation
$mm
34
Year ended Six months ended
($mm) 01-Apr-16 03-Apr-15 28-Mar-14 30-Sep-16 02-Oct-15
Income (loss) from continuing operations (821) 109 91 (3) 78
Net interest expense 65 67 73 70 34
Income tax expense (benefit) 1,213 (8) 16 50 69
Depreciation and amortization 299 351 367 190 151
EBITDA 756 519 547 307 332
Adjustments:
Stock-based compensation expense 161 131 105 134 80
Other corporate expenses(1)
322 868 897 185 252
Impact of purchase accounting(2)
– – – 47 –
Significant litigation charges(3)
– 30 25 – –
Adjusted EBITDA 1,239 1,548 1,574 673 664
1. Represent restructuring, separation and transition costs, unallocated corporate charges, acquisition and integration costs, financial sponsor and debt financing fees and debt extinguishment and refinancing costs.
2. Represents the non-cash effects of acquisition fair value adjustments, including for deferred revenue and inventory.
3. Represents costs related to certain extraordinary litigation. See Note 7 to our consolidated financial statements included in our Annual Report on Form 10-K..
Symantec Pro Forma non-GAAP Revenue Reconciliation
$mm
35
Twelve months ended Nine months ended Twelve months ended
($mm) 1-Apr-16 30-Dec-16 01-Jan-16 30-Dec-16
Consumer Security net revenues 1,670 1,205 1,264 1,611
Enterprise Security net revenues 2,528 1,922 1,888 2,562
Adjustments:
Deferred revenue fair value adjustment(1)
157 104 135 126
Non-GAAP Enterprise Security revenue 2,685 2,025 2,023 2,688
1. Reflects deferred revenue fair value adjustments related to the Blue Coat Acquisition by us on August 1, 2016 and the acquisition of Blue Coat by affiliates of Bain Capital Investors, LLC on May 22, 2015.
Symantec Pro Forma Adj. EBITDA Reconciliation
$mm
36
Twelve months ended Nine months ended Twelve months ended
($mm) 1-Apr-16 30-Dec-16 01-Jan-16 30-Dec-16
Loss from continuing operations 1,270 160 162 1,268
Net interest expense 177 153 132 198
Income tax expense (benefit) 1,051 (12) (38) 1,077
Depreciation and amortization 617 437 464 590
EBITDA 575 418 396 598
Adjustments:
Stock-based compensation expense 309 264 226 347
Other corporate expenses(1)
398 301 365 334
Impact of purchase accounting(2)
185 128 164 149
Significant litigation charges(3)
– 40 – 40
Adjusted EBITDA 1,467 1,152 1,150 1,468
1. Represents restructuring, separation and transition costs, unallocated corporate charges, acquisition and integration costs, financial sponsor and debt financing fees, debt extinguishment and refinancing costs.
2. Represents the non-cash effects of acquisition fair value adjustments, including for deferred revenue and inventory.
3. Represents costs related to certain extraordinary litigation. See Note 7 to our consolidated financial statements included in our Annual Report on Form 10-K.
CY15 CY16
Revenue $587 $667 - $668
Net income (loss) (51) 14 - 15
Depreciation and amortization 19 22
Stock-based compensation 27 34
Income tax (benefit) expense (33) 8
Legal reserves and settlement 99 6
Expenses related to the FTC litigation 10 4
Acquisition related expenses 3 5
Adjusted EBITDA $72 $92 - $93
Net cash provided by (used in) operating activities $(4) $77 - $78
Acquisition of property and equipment (14) (14)
Legal settlement 100 21
Expenses paid for the FTC litigation 7 6
Adjusted FCF $89.5 $90 - $91
LifeLock non-GAAP Reconciliation
$mm
37

Weitere ähnliche Inhalte

Was ist angesagt?

Investor presentation sept.oct_2010_r
Investor presentation sept.oct_2010_rInvestor presentation sept.oct_2010_r
Investor presentation sept.oct_2010_rIntact
 
Investor presentation-november-2014 v001-j60qin
Investor presentation-november-2014 v001-j60qinInvestor presentation-november-2014 v001-j60qin
Investor presentation-november-2014 v001-j60qinIntact
 
Ifc investor-presentation-(november-2016)
Ifc investor-presentation-(november-2016)Ifc investor-presentation-(november-2016)
Ifc investor-presentation-(november-2016)Intact
 
Investor Presentation April 2015
Investor Presentation April 2015Investor Presentation April 2015
Investor Presentation April 2015Intact
 
Csod investor deck first quarter fina lv3
Csod investor deck first quarter fina lv3Csod investor deck first quarter fina lv3
Csod investor deck first quarter fina lv3ircornerstone
 
Investor presentation-may-2015 v001-p70xic
Investor presentation-may-2015 v001-p70xicInvestor presentation-may-2015 v001-p70xic
Investor presentation-may-2015 v001-p70xicIntact
 
Q2 fy17 earnings slides final no guidance1
Q2 fy17 earnings slides   final no guidance1Q2 fy17 earnings slides   final no guidance1
Q2 fy17 earnings slides final no guidance1ir_cisco
 
Investor presentation-february-2015 v001-x550w6
Investor presentation-february-2015 v001-x550w6Investor presentation-february-2015 v001-x550w6
Investor presentation-february-2015 v001-x550w6Intact
 
Investor presentation-march-2016
Investor presentation-march-2016Investor presentation-march-2016
Investor presentation-march-2016Intact
 
Shopify investor deck 11022016
Shopify investor deck 11022016Shopify investor deck 11022016
Shopify investor deck 11022016shopifyInvestors
 
Investor Presentation for December 2015
Investor Presentation for December 2015Investor Presentation for December 2015
Investor Presentation for December 2015Intact
 
Csod investor deck first quarter 2015 final
Csod investor deck first quarter 2015   finalCsod investor deck first quarter 2015   final
Csod investor deck first quarter 2015 finalircornerstone
 
Investor Presentation August 2013
Investor Presentation August 2013Investor Presentation August 2013
Investor Presentation August 2013Intact
 
BURL Investor Presentation March 2017
BURL Investor Presentation March 2017BURL Investor Presentation March 2017
BURL Investor Presentation March 2017investorsburlington
 
Box investor thesis q3 fy17
Box investor thesis q3 fy17Box investor thesis q3 fy17
Box investor thesis q3 fy17box2016ir
 
Presentation aux investisseurs (anglais seulement) mai 2013
Presentation aux investisseurs (anglais seulement) mai 2013Presentation aux investisseurs (anglais seulement) mai 2013
Presentation aux investisseurs (anglais seulement) mai 2013Intact
 
Csod investor deck first quarter
Csod investor deck first quarterCsod investor deck first quarter
Csod investor deck first quarterircornerstone
 
Ifc investor presentation (march 6 2017)
Ifc investor presentation (march 6 2017)Ifc investor presentation (march 6 2017)
Ifc investor presentation (march 6 2017)Intact
 

Was ist angesagt? (20)

Investor presentation sept.oct_2010_r
Investor presentation sept.oct_2010_rInvestor presentation sept.oct_2010_r
Investor presentation sept.oct_2010_r
 
Investor presentation-november-2014 v001-j60qin
Investor presentation-november-2014 v001-j60qinInvestor presentation-november-2014 v001-j60qin
Investor presentation-november-2014 v001-j60qin
 
Ifc investor-presentation-(november-2016)
Ifc investor-presentation-(november-2016)Ifc investor-presentation-(november-2016)
Ifc investor-presentation-(november-2016)
 
Investor Presentation April 2015
Investor Presentation April 2015Investor Presentation April 2015
Investor Presentation April 2015
 
Csod investor deck first quarter fina lv3
Csod investor deck first quarter fina lv3Csod investor deck first quarter fina lv3
Csod investor deck first quarter fina lv3
 
Investor presentation-may-2015 v001-p70xic
Investor presentation-may-2015 v001-p70xicInvestor presentation-may-2015 v001-p70xic
Investor presentation-may-2015 v001-p70xic
 
Q2 fy17 earnings slides final no guidance1
Q2 fy17 earnings slides   final no guidance1Q2 fy17 earnings slides   final no guidance1
Q2 fy17 earnings slides final no guidance1
 
March Investor Presentation
March Investor PresentationMarch Investor Presentation
March Investor Presentation
 
Investor presentation-february-2015 v001-x550w6
Investor presentation-february-2015 v001-x550w6Investor presentation-february-2015 v001-x550w6
Investor presentation-february-2015 v001-x550w6
 
Investor presentation-march-2016
Investor presentation-march-2016Investor presentation-march-2016
Investor presentation-march-2016
 
Shopify investor deck 11022016
Shopify investor deck 11022016Shopify investor deck 11022016
Shopify investor deck 11022016
 
Investor Presentation for December 2015
Investor Presentation for December 2015Investor Presentation for December 2015
Investor Presentation for December 2015
 
Csod investor deck first quarter 2015 final
Csod investor deck first quarter 2015   finalCsod investor deck first quarter 2015   final
Csod investor deck first quarter 2015 final
 
Investor Presentation August 2013
Investor Presentation August 2013Investor Presentation August 2013
Investor Presentation August 2013
 
February Investor Presentation
February Investor PresentationFebruary Investor Presentation
February Investor Presentation
 
BURL Investor Presentation March 2017
BURL Investor Presentation March 2017BURL Investor Presentation March 2017
BURL Investor Presentation March 2017
 
Box investor thesis q3 fy17
Box investor thesis q3 fy17Box investor thesis q3 fy17
Box investor thesis q3 fy17
 
Presentation aux investisseurs (anglais seulement) mai 2013
Presentation aux investisseurs (anglais seulement) mai 2013Presentation aux investisseurs (anglais seulement) mai 2013
Presentation aux investisseurs (anglais seulement) mai 2013
 
Csod investor deck first quarter
Csod investor deck first quarterCsod investor deck first quarter
Csod investor deck first quarter
 
Ifc investor presentation (march 6 2017)
Ifc investor presentation (march 6 2017)Ifc investor presentation (march 6 2017)
Ifc investor presentation (march 6 2017)
 

Andere mochten auch

Tackle Unknown Threats with Symantec Endpoint Protection 14 Machine Learning
Tackle Unknown Threats with Symantec Endpoint Protection 14 Machine LearningTackle Unknown Threats with Symantec Endpoint Protection 14 Machine Learning
Tackle Unknown Threats with Symantec Endpoint Protection 14 Machine LearningSymantec
 
Investor roadshow presentation february 2017 final
Investor roadshow presentation   february 2017 finalInvestor roadshow presentation   february 2017 final
Investor roadshow presentation february 2017 finalTrueBlueInc
 
Symantec Investor Presentation November 2016
Symantec Investor Presentation November 2016Symantec Investor Presentation November 2016
Symantec Investor Presentation November 2016InvestorSymantec
 
2017 First Quarter Earnings Presentation
2017 First Quarter Earnings Presentation2017 First Quarter Earnings Presentation
2017 First Quarter Earnings Presentationsanmina2017ir
 
Rockwell Automation Company Overview February 2017
Rockwell Automation Company Overview February 2017Rockwell Automation Company Overview February 2017
Rockwell Automation Company Overview February 2017RockwellAutomationIR
 
Q4 Slides 020917
Q4 Slides 020917Q4 Slides 020917
Q4 Slides 020917wuir
 
Symantec investor presentation may 2015 final
Symantec investor presentation may 2015 finalSymantec investor presentation may 2015 final
Symantec investor presentation may 2015 finalInvestorSymantec
 
Annual Stockholder Meeting Presentation
 Annual Stockholder Meeting Presentation Annual Stockholder Meeting Presentation
Annual Stockholder Meeting PresentationInvestorSymantec
 
Cw 4 q16 earnings presentation final
Cw 4 q16 earnings presentation finalCw 4 q16 earnings presentation final
Cw 4 q16 earnings presentation finalq4curtisswright
 
Boston 2016 slides master slides - draft sept2 v2
Boston 2016 slides   master slides - draft sept2 v2Boston 2016 slides   master slides - draft sept2 v2
Boston 2016 slides master slides - draft sept2 v2molsoncoorsir
 
Psx 2017 baml conference presentation final for posting
Psx 2017 baml conference presentation final for postingPsx 2017 baml conference presentation final for posting
Psx 2017 baml conference presentation final for postinginvestor_phillips66
 
Symantec investor presentation february 2017
Symantec investor presentation february 2017Symantec investor presentation february 2017
Symantec investor presentation february 2017InvestorSymantec
 
Ir deck 4 q16 final
Ir deck 4 q16 finalIr deck 4 q16 final
Ir deck 4 q16 finalIR_HubSpot
 
Symantec investor presentation august 2016
Symantec investor presentation august 2016Symantec investor presentation august 2016
Symantec investor presentation august 2016InvestorSymantec
 
Sem group investor presentation post 4Q and FY 2016 earnings final
Sem group investor presentation post 4Q and FY 2016 earnings finalSem group investor presentation post 4Q and FY 2016 earnings final
Sem group investor presentation post 4Q and FY 2016 earnings finalSemGroupCorporation
 
Symantec investor presentation march 2016
Symantec investor presentation march 2016 Symantec investor presentation march 2016
Symantec investor presentation march 2016 InvestorSymantec
 

Andere mochten auch (20)

Dreamforce 2016 Investor Day
Dreamforce 2016 Investor DayDreamforce 2016 Investor Day
Dreamforce 2016 Investor Day
 
Mar 1 2017 ir marketing final
Mar 1 2017 ir marketing finalMar 1 2017 ir marketing final
Mar 1 2017 ir marketing final
 
Discover 4Q16 Earnings
Discover 4Q16 EarningsDiscover 4Q16 Earnings
Discover 4Q16 Earnings
 
Tackle Unknown Threats with Symantec Endpoint Protection 14 Machine Learning
Tackle Unknown Threats with Symantec Endpoint Protection 14 Machine LearningTackle Unknown Threats with Symantec Endpoint Protection 14 Machine Learning
Tackle Unknown Threats with Symantec Endpoint Protection 14 Machine Learning
 
Investor roadshow presentation february 2017 final
Investor roadshow presentation   february 2017 finalInvestor roadshow presentation   february 2017 final
Investor roadshow presentation february 2017 final
 
Symantec Investor Presentation November 2016
Symantec Investor Presentation November 2016Symantec Investor Presentation November 2016
Symantec Investor Presentation November 2016
 
Q4 2016 investor deck
Q4 2016 investor deckQ4 2016 investor deck
Q4 2016 investor deck
 
2017 First Quarter Earnings Presentation
2017 First Quarter Earnings Presentation2017 First Quarter Earnings Presentation
2017 First Quarter Earnings Presentation
 
Rockwell Automation Company Overview February 2017
Rockwell Automation Company Overview February 2017Rockwell Automation Company Overview February 2017
Rockwell Automation Company Overview February 2017
 
Q4 Slides 020917
Q4 Slides 020917Q4 Slides 020917
Q4 Slides 020917
 
Symantec investor presentation may 2015 final
Symantec investor presentation may 2015 finalSymantec investor presentation may 2015 final
Symantec investor presentation may 2015 final
 
Annual Stockholder Meeting Presentation
 Annual Stockholder Meeting Presentation Annual Stockholder Meeting Presentation
Annual Stockholder Meeting Presentation
 
Cw 4 q16 earnings presentation final
Cw 4 q16 earnings presentation finalCw 4 q16 earnings presentation final
Cw 4 q16 earnings presentation final
 
Boston 2016 slides master slides - draft sept2 v2
Boston 2016 slides   master slides - draft sept2 v2Boston 2016 slides   master slides - draft sept2 v2
Boston 2016 slides master slides - draft sept2 v2
 
Psx 2017 baml conference presentation final for posting
Psx 2017 baml conference presentation final for postingPsx 2017 baml conference presentation final for posting
Psx 2017 baml conference presentation final for posting
 
Symantec investor presentation february 2017
Symantec investor presentation february 2017Symantec investor presentation february 2017
Symantec investor presentation february 2017
 
Ir deck 4 q16 final
Ir deck 4 q16 finalIr deck 4 q16 final
Ir deck 4 q16 final
 
Symantec investor presentation august 2016
Symantec investor presentation august 2016Symantec investor presentation august 2016
Symantec investor presentation august 2016
 
Sem group investor presentation post 4Q and FY 2016 earnings final
Sem group investor presentation post 4Q and FY 2016 earnings finalSem group investor presentation post 4Q and FY 2016 earnings final
Sem group investor presentation post 4Q and FY 2016 earnings final
 
Symantec investor presentation march 2016
Symantec investor presentation march 2016 Symantec investor presentation march 2016
Symantec investor presentation march 2016
 

Ähnlich wie Symantec investor presentation february 2017

Symantec investor presentation november 2015 final
Symantec investor presentation november 2015 finalSymantec investor presentation november 2015 final
Symantec investor presentation november 2015 finalInvestorSymantec
 
Symantec investor presentation november 2014 final
Symantec investor presentation november 2014 finalSymantec investor presentation november 2014 final
Symantec investor presentation november 2014 finalInvestorSymantec
 
Symantec at Morgan Stanley Technology, Media & Telecom Conference
Symantec at Morgan Stanley Technology, Media & Telecom ConferenceSymantec at Morgan Stanley Technology, Media & Telecom Conference
Symantec at Morgan Stanley Technology, Media & Telecom ConferenceInvestorSymantec
 
Symantec Corporate Presentation
Symantec Corporate PresentationSymantec Corporate Presentation
Symantec Corporate PresentationInvestorSymantec
 
Symantec Corporate Presentation May 31, 2013
Symantec Corporate Presentation May 31, 2013Symantec Corporate Presentation May 31, 2013
Symantec Corporate Presentation May 31, 2013InvestorSymantec
 
Symantec investor presentation february 2015
Symantec investor presentation february 2015Symantec investor presentation february 2015
Symantec investor presentation february 2015InvestorSymantec
 
Symantec investor presentation march 2016
Symantec investor presentation march 2016Symantec investor presentation march 2016
Symantec investor presentation march 2016InvestorSymantec
 
Symantec investor presentation august 2014
Symantec investor presentation august 2014Symantec investor presentation august 2014
Symantec investor presentation august 2014InvestorSymantec
 
Citi Global Technology Conference
Citi Global Technology ConferenceCiti Global Technology Conference
Citi Global Technology ConferenceTEConnectivityltd
 
Symantec corporate presentation 3 28-14
Symantec corporate presentation 3 28-14Symantec corporate presentation 3 28-14
Symantec corporate presentation 3 28-14InvestorSymantec
 
Symantec to-acquire-blue-coat-investor-presentation
Symantec to-acquire-blue-coat-investor-presentationSymantec to-acquire-blue-coat-investor-presentation
Symantec to-acquire-blue-coat-investor-presentationInvestorSymantec
 
Ubs presentation nov 2015 final (1)
Ubs presentation   nov 2015 final (1)Ubs presentation   nov 2015 final (1)
Ubs presentation nov 2015 final (1)TEConnectivityltd
 
Investor deck march 2017 sidoti
Investor deck march 2017 sidotiInvestor deck march 2017 sidoti
Investor deck march 2017 sidotisynacor2016ir
 
Investor deck march 2017 sidoti v2
Investor deck march 2017 sidoti v2Investor deck march 2017 sidoti v2
Investor deck march 2017 sidoti v2synacor2016ir
 
Investor deck for website 5-16-14 v3
Investor deck for website 5-16-14 v3Investor deck for website 5-16-14 v3
Investor deck for website 5-16-14 v3InvestorSymantec
 
Investor deck november 2017 final
Investor deck november 2017 finalInvestor deck november 2017 final
Investor deck november 2017 finalsynacor2016ir
 
Investor deck march 2017 sidoti
Investor deck march 2017 sidotiInvestor deck march 2017 sidoti
Investor deck march 2017 sidotisynacor2016ir
 

Ähnlich wie Symantec investor presentation february 2017 (20)

Symantec investor presentation november 2015 final
Symantec investor presentation november 2015 finalSymantec investor presentation november 2015 final
Symantec investor presentation november 2015 final
 
Symantec investor presentation november 2014 final
Symantec investor presentation november 2014 finalSymantec investor presentation november 2014 final
Symantec investor presentation november 2014 final
 
Symantec at Morgan Stanley Technology, Media & Telecom Conference
Symantec at Morgan Stanley Technology, Media & Telecom ConferenceSymantec at Morgan Stanley Technology, Media & Telecom Conference
Symantec at Morgan Stanley Technology, Media & Telecom Conference
 
Symantec Corporate Presentation
Symantec Corporate PresentationSymantec Corporate Presentation
Symantec Corporate Presentation
 
Symantec Corporate Presentation May 31, 2013
Symantec Corporate Presentation May 31, 2013Symantec Corporate Presentation May 31, 2013
Symantec Corporate Presentation May 31, 2013
 
Symantec investor presentation february 2015
Symantec investor presentation february 2015Symantec investor presentation february 2015
Symantec investor presentation february 2015
 
Symantec investor presentation march 2016
Symantec investor presentation march 2016Symantec investor presentation march 2016
Symantec investor presentation march 2016
 
Symantec investor presentation august 2014
Symantec investor presentation august 2014Symantec investor presentation august 2014
Symantec investor presentation august 2014
 
01 ceo fad v40 final
01 ceo fad v40 final01 ceo fad v40 final
01 ceo fad v40 final
 
01 ceo fad v40 final
01 ceo fad v40 final01 ceo fad v40 final
01 ceo fad v40 final
 
Citi Global Technology Conference
Citi Global Technology ConferenceCiti Global Technology Conference
Citi Global Technology Conference
 
Symantec corporate presentation 3 28-14
Symantec corporate presentation 3 28-14Symantec corporate presentation 3 28-14
Symantec corporate presentation 3 28-14
 
Bernstein Conference
Bernstein ConferenceBernstein Conference
Bernstein Conference
 
Symantec to-acquire-blue-coat-investor-presentation
Symantec to-acquire-blue-coat-investor-presentationSymantec to-acquire-blue-coat-investor-presentation
Symantec to-acquire-blue-coat-investor-presentation
 
Ubs presentation nov 2015 final (1)
Ubs presentation   nov 2015 final (1)Ubs presentation   nov 2015 final (1)
Ubs presentation nov 2015 final (1)
 
Investor deck march 2017 sidoti
Investor deck march 2017 sidotiInvestor deck march 2017 sidoti
Investor deck march 2017 sidoti
 
Investor deck march 2017 sidoti v2
Investor deck march 2017 sidoti v2Investor deck march 2017 sidoti v2
Investor deck march 2017 sidoti v2
 
Investor deck for website 5-16-14 v3
Investor deck for website 5-16-14 v3Investor deck for website 5-16-14 v3
Investor deck for website 5-16-14 v3
 
Investor deck november 2017 final
Investor deck november 2017 finalInvestor deck november 2017 final
Investor deck november 2017 final
 
Investor deck march 2017 sidoti
Investor deck march 2017 sidotiInvestor deck march 2017 sidoti
Investor deck march 2017 sidoti
 

Mehr von InvestorSymantec

Symantec investor presentation february 2016 final
Symantec investor presentation february 2016 finalSymantec investor presentation february 2016 final
Symantec investor presentation february 2016 finalInvestorSymantec
 
Symantec investor presentation august 2015 v_final
Symantec investor presentation august 2015 v_finalSymantec investor presentation august 2015 v_final
Symantec investor presentation august 2015 v_finalInvestorSymantec
 
Separation strategy presentation
Separation  strategy presentationSeparation  strategy presentation
Separation strategy presentationInvestorSymantec
 
Investor deck for website 5-16-14 v4
Investor deck for website 5-16-14 v4Investor deck for website 5-16-14 v4
Investor deck for website 5-16-14 v4InvestorSymantec
 
Nasdaq OMX International Investor Program
Nasdaq OMX International Investor ProgramNasdaq OMX International Investor Program
Nasdaq OMX International Investor ProgramInvestorSymantec
 
UBS Global Technology Conference
UBS Global Technology ConferenceUBS Global Technology Conference
UBS Global Technology ConferenceInvestorSymantec
 
Symantec Corporate Presentation
Symantec Corporate PresentationSymantec Corporate Presentation
Symantec Corporate PresentationInvestorSymantec
 
Symantec 2013 Annual Stockholder Meeting
Symantec 2013 Annual Stockholder MeetingSymantec 2013 Annual Stockholder Meeting
Symantec 2013 Annual Stockholder MeetingInvestorSymantec
 
Symantec Corporate Presentation
Symantec Corporate PresentationSymantec Corporate Presentation
Symantec Corporate PresentationInvestorSymantec
 
Financial Analyst Day 2012
Financial Analyst Day 2012Financial Analyst Day 2012
Financial Analyst Day 2012InvestorSymantec
 

Mehr von InvestorSymantec (11)

Symantec CEO Presentation
Symantec CEO PresentationSymantec CEO Presentation
Symantec CEO Presentation
 
Symantec investor presentation february 2016 final
Symantec investor presentation february 2016 finalSymantec investor presentation february 2016 final
Symantec investor presentation february 2016 final
 
Symantec investor presentation august 2015 v_final
Symantec investor presentation august 2015 v_finalSymantec investor presentation august 2015 v_final
Symantec investor presentation august 2015 v_final
 
Separation strategy presentation
Separation  strategy presentationSeparation  strategy presentation
Separation strategy presentation
 
Investor deck for website 5-16-14 v4
Investor deck for website 5-16-14 v4Investor deck for website 5-16-14 v4
Investor deck for website 5-16-14 v4
 
Nasdaq OMX International Investor Program
Nasdaq OMX International Investor ProgramNasdaq OMX International Investor Program
Nasdaq OMX International Investor Program
 
UBS Global Technology Conference
UBS Global Technology ConferenceUBS Global Technology Conference
UBS Global Technology Conference
 
Symantec Corporate Presentation
Symantec Corporate PresentationSymantec Corporate Presentation
Symantec Corporate Presentation
 
Symantec 2013 Annual Stockholder Meeting
Symantec 2013 Annual Stockholder MeetingSymantec 2013 Annual Stockholder Meeting
Symantec 2013 Annual Stockholder Meeting
 
Symantec Corporate Presentation
Symantec Corporate PresentationSymantec Corporate Presentation
Symantec Corporate Presentation
 
Financial Analyst Day 2012
Financial Analyst Day 2012Financial Analyst Day 2012
Financial Analyst Day 2012
 

Kürzlich hochgeladen

Terna Capital Markets Day 2024 Presentation
Terna Capital Markets Day 2024 PresentationTerna Capital Markets Day 2024 Presentation
Terna Capital Markets Day 2024 PresentationTerna SpA
 
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDFWWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDFMichael Claudio
 
Advancing Discovery New Craigmont Project’s High-grade Copper Potential
Advancing Discovery New Craigmont Project’s High-grade Copper PotentialAdvancing Discovery New Craigmont Project’s High-grade Copper Potential
Advancing Discovery New Craigmont Project’s High-grade Copper Potentialnicola_mining
 
Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24Deutsche EuroShop AG
 
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024Osisko Gold Royalties Ltd
 
Nicola Mining Inc. Corporate Presentation March 2024
Nicola Mining Inc. Corporate Presentation March 2024Nicola Mining Inc. Corporate Presentation March 2024
Nicola Mining Inc. Corporate Presentation March 2024nicola_mining
 

Kürzlich hochgeladen (7)

Terna Capital Markets Day 2024 Presentation
Terna Capital Markets Day 2024 PresentationTerna Capital Markets Day 2024 Presentation
Terna Capital Markets Day 2024 Presentation
 
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDFWWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
 
Advancing Discovery New Craigmont Project’s High-grade Copper Potential
Advancing Discovery New Craigmont Project’s High-grade Copper PotentialAdvancing Discovery New Craigmont Project’s High-grade Copper Potential
Advancing Discovery New Craigmont Project’s High-grade Copper Potential
 
Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023
 
Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24
 
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
 
Nicola Mining Inc. Corporate Presentation March 2024
Nicola Mining Inc. Corporate Presentation March 2024Nicola Mining Inc. Corporate Presentation March 2024
Nicola Mining Inc. Corporate Presentation March 2024
 

Symantec investor presentation february 2017

  • 2. DISCLAIMER This presentation contains "forward-looking" statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, regarding Symantec’s anticipated scale, growth and profitability, Symantec’s operating efficiencies and the anticipated benefits therefrom, the pace of Symantec’s deleveraging plan, Symantec’s acquisition of LifeLock and the expected benefits of the acquisition to Symantec, including without limitation expected revenue and subscriber growth, product integration, improvements to total addressable market and value proposition, earnings accretion and cost savings, statements regarding cost reduction, integration and synergy efforts, and the potential benefits to be derived therefrom, any statements of the anticipated benefits of the Blue Coat acquisition, and the size and growth outlook of the Consumer Security and Enterprise Security businesses, and any statements of assumptions underlying any of the items mentioned. These statements are based on estimates and information available to us at the time of this presentation and are not guarantees of future performance. Actual results could differ materially from our current expectations as a result of many factors, including but not limited to: general economic conditions; the ability of Symantec to successfully execute strategic plans and maintain customer and partner relationships, including retention rates; lower than anticipated growth of certain market segments; fluctuations in tax rates and currency exchange rates; the timing and market acceptance of new product releases and upgrades; challenges associated with integration of acquired businesses, including the products and services therefrom; and other risks that may impact our business are set forth in the section entitled “Risk Factors” of Symantec's Form 10-K for the fiscal year ended April 1, 2016 and the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016. We assume no obligation to, and do not currently intend to, update any such forward-looking statements. Items identified as “pro forma” throughout this presentation are provided for illustrative purposes. The amounts referred to as “pro forma” are calculated as footnoted to enable the reader to better understand the combined businesses and may not comply with the definition of “pro forma” under U.S. generally accepted accounting principles, or GAAP, or ASC standards. Unless otherwise indicated herein, all financial measures described as “LTM” are presented as the sum of (x) the applicable financial measure for the twelve months ended December 30, 2016 as adjusted to give pro forma effect to Symantec’s acquisition of Blue Coat, Inc. as if it had occurred on April 4, 2015, plus (y) the midpoint of preliminary range for the corresponding LifeLock, Inc. financial measure for the year ended December 31, 2016 as reported in the Form 8-K furnished to Securities and Exchange Commission by LifeLock, Inc. on February 1, 2017. This presentation includes non-GAAP financial measures. The most directly comparable GAAP information and a reconciliation of the GAAP financial measures to the non-GAAP financial measures are provided in the Appendix. The method we use to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management team uses these non-GAAP financial measures in assessing Symantec’s operating results, as well as when planning, forecasting and analyzing future periods. Copyright © 2017 Symantec Corporation 2
  • 3. Experienced Management Team with Proven Operational Success and Deep Cybersecurity Knowledge 3 Greg Clark, CEO Nicholas Noviello, CFO • CEO, Blue Coat • CEO, E2OPEN • CEO, Mincom • Founder, Dascom (IBM Tivoli Security) • Distinguished Engineer, IBM • Security Systems AT&T • AT&T Bell Labs • CFO, Blue Coat • CFO, NetApp • CFO, Honeywell (2 Global Strategic Business Units) • Audit, Tax & M&A PwC Michael Fey, President & COO • President & COO, Blue Coat • CTO, Intel Security • EVP / GM, McAfee Enterprise Business • SVP, Opsware Field Engineering Fran Rosch, EVP & GM of Norton • EVP, User Protection and Productivity, Symantec • VP, Identity and Authentication Services, Symantec • VP, Authentication, VeriSign Roxane Divol, EVP & GM Website Security • Board Member, Wolverine Worldwide • Board Member, Global Fund for Women • Partner, McKinsey
  • 4. Symantec | At a Glance 175M endpoints under protection 9 SOCs threat response centers 3,500+ R&D engineers 350,000+ customers worldwide $5.0B LTM* non-GAAP revenue1 2,100+ patents * See slide 2 (Disclaimer) for a description of this term. 1. LTM pro forma financials calculated as the sum of $4,299mm standalone Symantec (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016 plus $668mm preliminary estimated LifeLock financial metric for the year ended December 31, 2016. See appendix for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure. 4
  • 5. Summary 5 Global cybersecurity leader protecting enterprises, governments and consumers • Largest pure-play cybersecurity company in the world,1 with leadership positions in enterprise and consumer cybersecurity • Integrated Enterprise Cyber Defense platform across web, users, information, and messaging • Digital Safety Platform protecting consumers’ information, devices and identity Technology leader across multiple segments, with unmatched breadth of cybersecurity capabilities • Leader in four of Gartner’s magic quadrants for enterprise cybersecurity2 • Combining the leading identity protection solution (LifeLock) with the leading consumer security suite (Norton) Attractive growth outlook driven by differentiated capabilities and strong secular trends • Focused on cybersecurity end market which is expected to benefit from strong secular growth drivers • Growth trajectory accelerated by Blue Coat and LifeLock acquisitions3 Strong financial profile4 • Operating at scale globally, with LTM* non-GAAP revenue of $5.0bn and adj. EBITDA of $1.6bn • Large, diversified install base with highly predictable revenue model Disciplined capital structure • Conservative financial policies with expectation of rapid deleveraging * See slide 2 (Disclaimer) for a description of this term. 1. As measured by revenue. Source: Gartner 2015. 2. Source: Gartner Magic Quadrants for Endpoint Prevention, Secure Web Gateway, Data Loss Prevention, and Managed Security Services markets, 2015-2016. 3. LifeLock acquisition expected to close in the 1st calendar quarter of 2017. 4. LTM pro forma revenue calculated as the sum of $4,299mm standalone Symantec (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016 plus $668mm preliminary estimated LifeLock financial metric for the year ended December 31, 2016. LTM pro forma adj. EBITDA calculated as the sum of $1,468mm standalone Symantec (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016 plus $93mm preliminary estimated LifeLock financial metric for the year ended December 31, 2016. See appendix for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure.
  • 7. Market Leading Security & Safety Platforms 7 Consumer Digital Safety Platform Protects Information Across PC’s, Macs and Mobile Monitors, Alerts and Restores Your Identity Protects the Connected Home and Family Shared Telemetry Across Major Control Points Positioned To Help Enterprise Securely Move to the Cloud Integrated For Faster Detection and Remediation of Threats Enterprise Security Platform  Consumer Digital Safety market is approximately a $10bn2 opportunity  Norton is the market share leader of paid consumer endpoint security4  LifeLock is a leading provider of identity protection6  Combined customer base of ~50mm consumers  Over 95%8 of revenue recognized ratably leading to high visibility  Broad portfolio addressing the over $80bn1 spent annually on enterprise security  Symantec is the leader in Gartner Magic Quadrants in DLP, MSS and EPP3  Blue Coat is market share leader and a leader in Gartner Magic Quadrant in SWG5  Over 350k customers including ~90% of Fortune 1000  85%7 of revenue recognized ratably leading to high visibility 1. Source: Gartner 2016. 2. Source: Company estimates for 2021, Gartner, McKinsey. 3. Source: Gartner Magic Quadrants for Data Loss Prevention, Managed Security Services and Endpoint Protection markets 2015-2016. 4. Source: Gartner 2015. 5. Source: IDC 2016. Gartner Magic Quadrant for Secure Web Gateway 2015-2016. 6. Source: Market research, McKinsey analysis. 7. Based on non-GAAP LTM Enterprise revenue pro forma for the Blue Coat acquisition as of fiscal Q1’17. 8. Adjusted to include preliminary estimated revenue of LifeLock as of fiscal Q1’17.
  • 8. Acquisition LTM* Non-GAAP Revenue: $2.3bn2 8 1 2 3 Improve Enterprise Security Business Refocused on Cybersecurity Two leading business segments with scale, focused management teams, and strong financial profiles (growth, profitability, cash flow) Transforming Enterprise Security with Integrated Cyber Defense Platform Divested Security & Storage • Leadership across information, users, web, and messaging • Blue Coat is the market share leader in Secure Web Gateway • $150mm of projected cost synergies • Continuing partnership with SilverLake & Bain Enabled Symantec to focus on growing its security business • $400mm projected net cost savings • Streamlining operational processes • Eliminating stranded costs post- Veritas divestiture • Partnering with SilverLake to drive financial discipline 4 Acquisition Transforming Consumer Security to a Digital Safety Platform • ~50mm combined customer base • Leading market share • $80mm of projected cost synergies • Bundle Norton & LifeLock products Symantec’s Transformation Driving operational improvement following the divestiture of Veritas LTM* Non-GAAP Revenue: $2.7bn1 * See slide 2 (Disclaimer) for a description of this term. See appendix for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure. 1. $2.7 bn LTM pro forma revenue represents $2,688mm standalone Symantec Enterprise business segment (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016. 2. $2.3bn LTM pro forma revenue calculated as the sum of $1,611mm standalone Symantec Consumer business segment for the twelve months ended December 30, 2016 plus $668mm preliminary estimated LifeLock financial metric for the year ended December 31, 2016.
  • 10. Expanding Enterprise Network Evolving Attack Surface Encrypted Network Multi-Phased and Multi-Staged Attacks 10
  • 12. Expanding Enterprise Network Regional Office Headquarters Data Center Roaming Users Personal Devices Security Stack 12
  • 13. Evolving Attack Surface Regional Office Headquarters Data Center Roaming Users Personal Devices Security Stack 13
  • 14. Encrypted Network Direct Connect Creates Expanded Networks to Protect Regional Office Headquarters Data Center Roaming Users SSL Encryption IOT DevicesPersonal Devices SSL Encryption Security Stack SSL Encryption 14
  • 15. Multi-Phased and Multi-Staged Attacks Regional Office Headquarters Data Center Roaming Users Security Stack SSL Encryption SSL Encryption SSL Encryption IOT DevicesPersonal Devices 15
  • 16. Innovation for the Cloud Generation: Ensuring Safe Cloud Usage Regional Office Headquarters Data Center Roaming Users IOT DevicesPersonal Devices 16
  • 17. 17 Consumer Digital Safety Platform Protecting your information, devices, identity and ~50mm consumers every day Monitors, Alerts and Restores Your Identity Protects the Connected Home and Family
  • 18. 18 689 million people globally were victims of cybercrime Identity theft has been a top FTC complaint in the U.S. for the last 15 years, with complaints up 47% to a combined 27% of all consumer complaints to the FTC between ID Theft and Imposter Scams new account fraud doubled in 2015 Total Reported Identities Exposed Every 2 seconds someone is a victim of identity theft 429 million 39% of Americans experienced cybercrime in the past year Cybercrime is a Large and Growing Problem For Consumers ~$10 billion Digital Safety TAM growing at 7% a year1 Source: Symantec ISTR, Javeline (2016), FTC (2015), ID Theft Center (2015). 1. CAGR over the next four years. Includes Endpoint Security, Identity Protection, Private VPN and Connected Home Security markets.
  • 19. Symantec’s Consumer Security Journey 19 Protecting all Consumer Devices against Malware, Ransomware, Phishing Scams and Trojans Protecting online activity and information across Microsoft, Android, Mac and iOS devices IoT and Connected Home Protecting homes and family Consumer Digital Safety Platform Identity and Fraud Protection Protecting personal information and identity across the device, network, and cloud Known and Trusted Brand Strong Security Expertise Deep Technology Leadership Outstanding Service & Support
  • 20. 20 LifeLock is a Leading Provider of Identity Protection Compelling Value Proposition, Competitive Differentiation, High Retention, Scale & Growth Implied Customer Life 6.7 year Retention Rate3 85.5% ARPU1 $147 $668mm 2016 Total Revenue4 (up from $587mm5 in 2015) Million Members in the U.S. 4.4 Enterprises Leveraging Data Analytics 400+ Monitor Alert Restore Detect identity related incidents Alert members of suspicious activity Addresses fraud-related issues on behalf of victims ID Analytics proprietary Data Platform powers LifeLock Identity Protection offerings Constantly increasing the value to members and to the financial and insurance institutions contributing content to the platform Net Promoter Score2 64 Note: This information is based on information provided in the LifeLock public filings. Information is derived from internal analysis by LifeLock’s management. 1. Source: LifeLock SEC filings: the product of 12 multiplied by the monthly average revenue per member reported as of September 30, 2016. 2. Source: NPS® Benchmarks 2015. 3. Source: LifeLock SEC filings: member retention rate is the percentage of members on the last day of the prior year period who remain members on the last day of the current year period. 4. LifeLock SEC filings: represent preliminary estimated year-end December 31, 2016 revenue, adjusted EBITDA, and free cash flow and are calculated based on the mid-point of range provided in the 8-K filed on February 1, 2017. 5. Source: LifeLock SEC filings. 6. Financial metrics are non-GAAP. $93mm 2016 Adj. EBITDA4,6 (up from $72mm5 in 2015) $91mm 2016 Free Cash Flow4,6 (up from $89mm5 in 2015)
  • 21. 82.7% 87.1% 87.8% 87.7% 86.5% 85.5% 2011 2012 2013 2014 2015 First 3Q 2016 Value Proposition Has Driven Strong Member Growth and High Retention 21 Subscriber Profile Growing Members…with Robust Retention Rate 40+ 3 Credit Cards ~$80K Income Auto Insurance Years Old Homeowner’s Insurance Children 1.5 2.0 2.5 3.0 3.5 4.0 4.5 2010 2011 2012 2013 2014 2015 2016 Cumulative Ending Members (mm)1 4.4mm members in Q3 2016 Member Retention Rate2 Note: This information is based on information provided in the LifeLock public filings. Information is derived from internal analysis by LifeLock’s management. 1. Source: LifeLock SEC filings. 2. Source: LifeLock SEC filings: member retention rate is the percentage of members on the last day of the prior year period who remain members on the last day of the current year period.
  • 22. Creating the First Comprehensive Digital Safety Platform 22 Protects and Monitors Your Digital Life Alerts You to Malicious Activity Restores Your Identity When Compromised • Identity Protection • Identity Threat Notification Consumer Digital Safety Platform Protects Information Across PC’s, Macs and Mobile Monitors, Alerts and Restores Your Identity Protects the Connected Home and Family • Multi-Device Security supporting Microsoft, Mac, Android and iOS platforms • Parental controls • Consumer IoT • Private VPN • Backup • Credit Reports • Service Guarantee Prevents, detects, and remediates malware across PCs, laptops, and mobile Secure multi-device VPN Protects consumer IoT devices Identity protection from fraudulent activity* Monitors identity in “dark web” Provides identity remediation services Note: LifeLock does not monitor all transactions at all businesses. No one can prevent all identity theft.
  • 23. Transforming Symantec’s Consumer Business 23 Expands Consumer Market Opportunity • Digital Safety Platform protecting your information, devices and identity • Accelerating position in identity protection with acquisition of LifeLock • Combines the leading consumer security and identity protection providers to serve ~50 million consumers globally Additional Upside Opportunities • Cross-sell identity protection into large Norton US customer base • Optimize retention of LifeLock customer base by adding cyber defense value from Norton security offerings • International expansion of LifeLock offering Consumer Security Revenue Growth Expectations • Improving revenue growth • High visibility, subscription revenue model Strong Margin Expectations • Estimated $30 million annual cost synergies by end of FY18, expected to increase to $80 million by end of FY20 • Incremental operating income and healthy margins • Meaningful leverage across operations and overhead
  • 25. Financial Transformation of Symantec 25 • Pure play cyber security company • $5.0bn LTM* non-GAAP revenue and $1.6bn adj. EBITDA1 • Highly recurring and predictable revenue model and industry-leading profitability • Strong and sustainable cash flow generation with significant liquidity and strong balance sheet • $4.4bn of pre-payable or maturing debt; expect to pay down debt rapidly • Blue Coat acquisition accelerates transformation of enterprise business • Integrated cyber defense platform of $2.7bn2 in LTM* non-GAAP revenue • Substantial improvement in profitability • Benefiting from $400mm cost savings and $150mm Blue Coat synergies • LifeLock acquisition enables transformation of consumer business to growth • Consumer digital safety platform of $2.3bn2 in LTM* non-GAAP revenue • Incremental operating income and healthy margins • $80mm expected synergies from LifeLock acquisition * See slide 2 (Disclaimer) for a description of this term. 1. LTM pro forma revenue calculated as the sum of $4,299mm standalone Symantec (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016 plus $668mm preliminary estimated LifeLock financial metric for the year ended December 31, 2016. LTM pro forma adj. EBITDA calculated as the sum of $1,468mm standalone Symantec (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016 plus $93mm preliminary estimated LifeLock financial metric for the year ended December 31, 2016. See appendix for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure. 2. $2.7 bn LTM pro forma revenue represents $2,688mm standalone Symantec Enterprise business segment (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016. $2.3bn LTM pro forma revenue calculated as the sum of $1,611mm standalone Symantec Consumer business segment for the twelve months ended December 30, 2016 plus $668mm preliminary estimated LifeLock financial metric for the year ended December 31, 2016.
  • 26. Transition to Profitable Growth at Scale 26 $3,986 $3,600 $4,299 $4,967 FY15A FY16A LTM Non-GAAP Revenue1 ($mm) $1,548 $1,239 $1,468 $1,561 FY15A FY16A LTM Adj. EBITDA1,2 ($mm) 33 LTM Pro Forma for LTM Pro Forma for Standalone Standalone 1. Historical amounts in USD. All amounts and adjustments are from continuing operations (excluding the impact of Veritas). 2. Adj. EBITDA is calculated as Non-GAAP operating income plus depreciation. 3. LTM pro forma revenue calculated as the sum of $4,299mm standalone Symantec (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016 plus $668mm preliminary estimated LifeLock financial metric for the year ended December 31, 2016. LTM pro forma adj. EBITDA calculated as the sum of $1,468mm standalone Symantec (pro forma adjusted for Blue Coat financial metric) for the twelve months ended December 30, 2016 plus $93mm preliminary estimated LifeLock financial metric for the year ended December 31, 2016. See appendix for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure. 4. Source: LifeLock SEC filings: represent preliminary estimated year-end December 31, 2016 revenue and adjusted EBITDA are calculated based on mid-point of range provided in the 8-K filed on February 1, 2017. 3 3 4 4
  • 27. Symantec + LifeLock: Well Balanced, Highly Predictable Revenue Model 27 Source: Symantec SEC filings, 8-K filed on February 1, 2017; please refer to the 10-Q when it is available. See appendix for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure. 1. Historical amounts in USD and are on a non-GAAP basis. All amounts are from continuing operations, excluding the impacts of Veritas. 2. Fiscal Q3’17 metrics, pro forma for LifeLock financials as reported by the company (LifeLock SEC filings: represents preliminary estimated quarter-end December 31, 2016 revenue and is calculated as based on mid-point of range provided in the 8-K filed on February 1, 2017). 3. Based on LTM Enterprise non-GAAP revenue pro forma for the Blue Coat acquisition as of fiscal Q1’17. 4. Adjusted to include preliminary estimated revenue of LifeLock as of fiscal Q1’17. 5. LifeLock SEC filings. 45% 55% Enterprise Consumer Most Recent Quarter Revenue1,2 Enterprise: • Large install base with 350K+ customers • Strong renewal rates • Significant deferred revenue • Up-sell/cross-sell opportunity • 85%3 of revenue ratably recognized Consumer: • Combined customer base of ~50mm consumers • High visibility, subscription revenue model • Auto-renewals driving strong retention • 95%4 of revenue ratably recognized • LifeLock retention rate 85%+5 Highly Predictable Revenue Model
  • 28. Cost Savings & Synergies Initiatives 28 Transaction Cost Synergies Standalone Cost Savings (announced Q4 FY16) $400 million $150 million $80 million Committed Transaction Cost Synergies Cost Savings Initiatives and Blue Coat Integration on Track TSA & Stranded Costs Procurement Headcount Real Estate Utilization Source: Company press release, earnings call. Sales and Marketing G&A and Facilities Products IT
  • 29. Financial Philosophy 29 • Committed to strong balance sheet • Expected to have total liquidity of $5.2bn1 at close including $1.0bn under revolving credit facility • Conservative financial policies with expectation of rapid deleveraging • Majority of capital return extended / redeployed to fund LifeLock • Maintain $0.30 annual dividend • Strategy not dependent on future acquisitions, focus on integrating Blue Coat and LifeLock • Disciplined approach when evaluating future acquisition opportunities Balance Sheet Rapid Deleveraging Capital Allocation M&A 1. Adjusted for the portion of the LifeLock equity purchase price, net of LifeLock cash and cash equivalents as of September 30, 2016, estimated to be financed with cash on hand and for estimated transaction fees and expenses. Not adjusted for the $500M ASR to be completed in Q4’FY17.
  • 30. Capital Structure and Debt Maturity Profile 30 1,800 $45 $180 $180 $380 $180 $990$600 $750 $400 $1,100 $500 $1,250 $1,000 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 US Term Loan A Int'l Term Loan A Bonds Convertible Notes Revolver $mm Q3’FY17 PF Q3’FY17 (ex. ASR) Cash and cash equivalents $5,575 $4,2191 Notes 1,750 2,850 Pre-payable loans 3,755 3,755 Convertible notes 1,750 1,750 Total debt $7,255 $8,355 Net Debt $1,680 $3,936 Source: Symantec SEC filings, 8-K filed on February 1, 2017; please refer to the 10-Q when it is available. See appendix for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure. 1. Adjusted for the portion of the LifeLock equity purchase price, net of LifeLock cash and cash equivalents as of September 30, 2016, estimated to be financed with cash on hand and for estimated transaction fees and expenses. Not adjusted for the $500mm ASR to be completed in Q4’FY17. Current Debt Maturity Profile
  • 31. Summary 31 Global cybersecurity leader protecting enterprises, governments and consumers Technology leader across multiple segments, with unmatched breadth of cybersecurity capabilities Attractive growth outlook driven by differentiated capabilities and strong secular trends Strong financial profile and disciplined capital structure Experienced management team with deep cybersecurity background and vision
  • 33. Symantec Net Revenue Reconciliation $mm 33 Year ended Six months ended ($mm) 01-Apr-16 03-Apr-15 28-Mar-14 30-Sep-16 02-Oct-15 Net revenues $3,600 $3,956 $4,183 $1,863 $1,818 Adjustments: Deferred revenue fair value adjustment – – – 36 – GSA investigation – – 25 – – EDS & NDI contingency – 30 – – – Non-GAAP net revenues $3,600 $3,986 $4,208 $1,899 $1,818
  • 34. Symantec Adj. EBITDA Reconciliation $mm 34 Year ended Six months ended ($mm) 01-Apr-16 03-Apr-15 28-Mar-14 30-Sep-16 02-Oct-15 Income (loss) from continuing operations (821) 109 91 (3) 78 Net interest expense 65 67 73 70 34 Income tax expense (benefit) 1,213 (8) 16 50 69 Depreciation and amortization 299 351 367 190 151 EBITDA 756 519 547 307 332 Adjustments: Stock-based compensation expense 161 131 105 134 80 Other corporate expenses(1) 322 868 897 185 252 Impact of purchase accounting(2) – – – 47 – Significant litigation charges(3) – 30 25 – – Adjusted EBITDA 1,239 1,548 1,574 673 664 1. Represent restructuring, separation and transition costs, unallocated corporate charges, acquisition and integration costs, financial sponsor and debt financing fees and debt extinguishment and refinancing costs. 2. Represents the non-cash effects of acquisition fair value adjustments, including for deferred revenue and inventory. 3. Represents costs related to certain extraordinary litigation. See Note 7 to our consolidated financial statements included in our Annual Report on Form 10-K..
  • 35. Symantec Pro Forma non-GAAP Revenue Reconciliation $mm 35 Twelve months ended Nine months ended Twelve months ended ($mm) 1-Apr-16 30-Dec-16 01-Jan-16 30-Dec-16 Consumer Security net revenues 1,670 1,205 1,264 1,611 Enterprise Security net revenues 2,528 1,922 1,888 2,562 Adjustments: Deferred revenue fair value adjustment(1) 157 104 135 126 Non-GAAP Enterprise Security revenue 2,685 2,025 2,023 2,688 1. Reflects deferred revenue fair value adjustments related to the Blue Coat Acquisition by us on August 1, 2016 and the acquisition of Blue Coat by affiliates of Bain Capital Investors, LLC on May 22, 2015.
  • 36. Symantec Pro Forma Adj. EBITDA Reconciliation $mm 36 Twelve months ended Nine months ended Twelve months ended ($mm) 1-Apr-16 30-Dec-16 01-Jan-16 30-Dec-16 Loss from continuing operations 1,270 160 162 1,268 Net interest expense 177 153 132 198 Income tax expense (benefit) 1,051 (12) (38) 1,077 Depreciation and amortization 617 437 464 590 EBITDA 575 418 396 598 Adjustments: Stock-based compensation expense 309 264 226 347 Other corporate expenses(1) 398 301 365 334 Impact of purchase accounting(2) 185 128 164 149 Significant litigation charges(3) – 40 – 40 Adjusted EBITDA 1,467 1,152 1,150 1,468 1. Represents restructuring, separation and transition costs, unallocated corporate charges, acquisition and integration costs, financial sponsor and debt financing fees, debt extinguishment and refinancing costs. 2. Represents the non-cash effects of acquisition fair value adjustments, including for deferred revenue and inventory. 3. Represents costs related to certain extraordinary litigation. See Note 7 to our consolidated financial statements included in our Annual Report on Form 10-K.
  • 37. CY15 CY16 Revenue $587 $667 - $668 Net income (loss) (51) 14 - 15 Depreciation and amortization 19 22 Stock-based compensation 27 34 Income tax (benefit) expense (33) 8 Legal reserves and settlement 99 6 Expenses related to the FTC litigation 10 4 Acquisition related expenses 3 5 Adjusted EBITDA $72 $92 - $93 Net cash provided by (used in) operating activities $(4) $77 - $78 Acquisition of property and equipment (14) (14) Legal settlement 100 21 Expenses paid for the FTC litigation 7 6 Adjusted FCF $89.5 $90 - $91 LifeLock non-GAAP Reconciliation $mm 37