Gen Digital (GEN) 6 Aug 202021 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Fiscal 1Q '21 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today Soohwan Kim, Head of Investor Relations. sir. ahead, go Please

to Relations otherwise pleased first you results. NortonLifeLock's quarter materials Officer; our all the I'm their supplemental materials for our Relations like I'd non-GAAP discussed call unless on refer GAAP press the together to in Chief Vincent are We comparable when call our measures measures, discuss on on meaningful earnings Investor of supplemental website to are to slides everyone our our posted note fiscal Please and non-GAAP that We information Natalie the Pilette, webpage. to financial provide this our to you. Speakers to today's non-GAAP taken welcome call financial posted events financial of Thank Financial measures will final Please presentation believe call non-GAAP, Investor 'XX website. This measures reasons Chief the on for available materials our supplemental regarding metrics. release Executive referenced below. references performance metrics definitions to be replay and our for Derse, financial Officer. reconciled stated. via with GAAP corresponding further webcast website. operating remind during posted are earnings

uses our of call that assets are future assumptions We on comparisons our for accordance believe periods. Those materially COVID-XX on from as statements impact prior should in a Our risks may particular, In measures actual we our involve assessing based Non-GAAP Please and be benefits measures. differ our and financial and with of financial as contains forecasting and the considered our based business our and also risks. and presented statements benefit industry, subject on our statements to these substitute this facilitate variety Security financial date, see. current statement and investors regarding the cause for pandemic expectations, measures conditions financial a in ongoing team non-GAAP to information results of financial beliefs, understanding non-GAAP with information. forward-looking our press periods well our currently speak cautionary in current management cost sale planning to not that the uncertainties transaction release operating Enterprise GAAP. Today's supplemental as are Broadcom, results from to expectations. only such of when refer current the as from are any reductions performance sale measures our as to and non-GAAP such, associated more anticipated of

You will and filings and for the particular, the reports recently XX-Q. quarterly detailed a find SEC our fiscal April risk in discussion our Xrd, in on report Form with annual Form filed also on ended our XXXX XX-K of year factors

turn Let Vincent. the to me call over now

NortonLifeLock, completed Thanks customer us deliver business, closed Since revenue we cost sustainable the Soohwan, growth, sales drive to and return growth, the enterprise afternoon, everyone. our at X%, quarter growth good of EPS with XXXX, billings and delivered results X%, In a we first of better-than-expected quarter of healthy reported XX% growth fiscal our just the committed today. to Thanks we overhaul growth profit. revenue of and for structure full year-over-year. of of second year joining strong

month, long-term X% Revenue our delivered QX, meaningfully sequential and since a mid cyber the and we one our our initially we quarter safety we another set of growth the solely for margin done of sights objective expect As this sustainably first eliminated XX% of the single-digits. business commitment. on XX% the included reached plan. year-over-year growing stranded we customer to one single-digit and just XX new count revenue consumers. operating company, full of up end growth of June, for in stranded, We the second focused meeting building points year-over-year potential we ahead and mid In XXX,XXX cost, both net QX, NortonLifeLock, and September, in In on be of by in customers created to the delivering At XX% was believe we quarter. XXXX. expect the reach personal

stranded consumer the operating exclude XX%. you If above business target cost, than running has been better of margin our the XX%

expect our program included Our above from can QX up annualized impact all and margin XXX the which some by fiscal revenue EPS them. buyback was year-over-year. year, or $X.XX the a of at of $X.XX $X.XX million By of a achieved utilizing business remaining is share target cost be we $X.XX, or stranded to combination of XX% or virtue growth, this operating run EPS, mid end of single-digit which any

we Finally, the annualized run company to transition at free cash million after the period. flow projected XXX

While we stranded on spend have at level QX been that cost. and are in cash excluding running

half are second trucking the are this stranded our once clean to financials We year. for in reflected those statement, cost levels our be cash fiscal of of flow in

demonstrated the want with to operational priority leadership made our build a operate, out to we As team. continue which to post-transition discipline it we we

deep bring us tremendous world. uniquely This added Natalie, cyber skills you positioned is technology. around a believe are Overall, technology companies. a mindset. brings and seize hear joining who leaders in quarter welcomed opportunity. to We growth we mission will the new from growth seasoned These safety with in minute company the we operational accomplished experience leaders every with consumer a consumer consumer successful from to to very for leaders the

educate of growth level to consumers initial our know solutions. to the our you spend, restart and main Our new benefits way to was which our on as increase the them marketing reach is

market, a the messaging level As saw in we we increased maintain consistent efficacy.

rates own to marketing related cost channels not just from digital but from continue to shift ad new social customer lower overall benefit and to Our spend including digital to acquisition media, our search, COVID, also video. initiatives

those are years. marketing reversed in of younger cohorts. the Norton we customer year efforts strategic brand, our strength are We to The in recent marketing we QX from despite in shift that not we the broadened international in investments. progress reach beginning terms have reach and our invested results fiscal In global the of in and 'XX steady making and see had international reaching

of increase million represents products of customers end we net our sequentially This our through in an XX.X who e-commerce year-over-year. buy platform. services or As customer the count QX, XXX,XXX directly by and XXX,XXX

security increase Our U.S. with broad U.S. and categories year-over-year regions. grow grew international saw growth home, portfolio, like time. a both in another across based in geographies. all QX a Supported sequentially and the count in the another growth was identity from work virtual outpace very and We both online board, and the that and first The time product across and our long trends shopping in customer the by the meetings, transacting, in internationally here. long we first

revenue or additions. user net average strong strong Our remained at ARPU $X.XX per recorded we month per as even

remained customers at suggesting with that XX% well long the for us retention strong as and around value Our recognize stay very time.

operating In traditional year-over-year. addition we hours. XX% about to new in XX% limited we to partner organization offset weakness ways revenue a performance from which stores our our In retail, other individuals. our of have e-tailers for of developing or QX, business, and with accounts indirect also In distributing Amazon our shut grew down direct the being revenue, our offering

partner from fastest indirect also channel. of sales employee benefited strong benefit performance Our the growing programs, our

marketing within in strong are long-term in takes from up we develop to our and consistently relationships. greater and new with ramp the them report still and while early ARP. believe to Furthermore, channels of time new messaging are potential existing through pleased our forms stages, We to participation it reach employee acquisitions the new like TELUS partnerships I'm progress long-term employers. continue growth value and and seeing in Growing partnerships We also organizations proposition important. various Also extremely to expand our to is and grow.

over passion around we out sales and his Officer, has lifetime. new Our at His the reason experience indirect That experience journey partners customer building our direct, his consistently significant throughout and Chief the Commercial under Clarkson leadership. regrouped global tenure the organization and is delivering PayPal. is customer Robert renewal platforms

for These and world safe. the believe is of products comprehensive and are vast our our majority starting new to the seamlessly to Title from and new integrated now to vision with experience and customers. Our like The see people the provide customers to coming the engagement impetus innovative are XXX the end our it offer XXX of of was installed important us at of That of it. protect Norton is QX as of the directly believe penetration We XX% increase cyber to base with the the common the end as lives. customers vision is cyber it we everyone Norton platform retention over Protection and control solutions platform responsibility QX. Home with our keep approximately to safety and on to Norton around features And to one was XX% digital creating XXX. up enables upgrade

Some company. our of as features VPN, sense standalone Last we continue of an it a and as of our product. standalone offered our makes quarter, to about products growth for platform where accelerate talked be help SurfEasy the might customers example

constantly digitalize. to a This at that highly new quarter protect are dynamic share I demonstrates looking how to and new ways we want people example the

your response find we seen available not your It's such taking LifeLock own better can for customers. you over service you identifiable assistant. the help they agents public and data combined website. information complex. lives. our most and popular good your we personal by see of software want good value that the also is numbers. will how tremendous our have want our on reasonable our and differentiate the protecting Privacy often fee Serve limiting secure a how But early, websites. likely customer as accessible glove all name, data. a there a of a data that we so Wouldn't called competitors. and at and of can on capability age, the consumer is a still pay This It's and fulfill developed XXX control far, phone Recognizing you example people web this our from Monitor, this think where tedious broker with but lot this out for best for as Monitor by of have customers control available stands delete software Some may It's with feature is to vision product which personal search white us is readily a availability personal information. of a this digital Norton positive need, addresses Privacy the capability continue we enhancing personally PII with tested to assisted PII service or has too example information the

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live back our is Natalie me to across over before about world our digital taking minute we pass to learn, safety cyber and how mission vision shop the the was step was I relevant a Before world deliver it lives. take as the our Even globe. let every starting basically to to person work, to talk and turmoil

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cyber our QX that is And pass let meet mission everyone. it Our give you to me that to need details on Natalie with to safety and financials. provide more to

Thanks Vincent.

let bring worldwide energized Before inspired I consumers that first cyber results, join how new role. to me NortonLifeLock. dive am my into I drive I'm excited our I'm in mission mission and to by our to to help safety say

intrinsic brand on the chosen leaders people to to everyday of to focused Black were & different course I've on to value customers. with where and and and trust Over the helping delivering built in GE Decker are in now my These industries. all the establishing career albeit companies NortonLifeLock lives. brands join eBay their their mission From

we to our to our our their This commitment what to deliver must on aspirations. growth strategic drive lives. working safe look forward to accelerating NortonLifeLock. achieve and Here opportunity business control model, me to at combined with with to commitment team I continue our then is consumer digital NortonLifeLock an keeping incredible drew

billings Now supported third of non-GAAP our the year-over-year. balance. count at better-than-expected focusing contract and growth by growth and reported point performance customer exceeded five up in FX strong of execution was of let our results. revenue in $X.XX, consecutive in years. was impact ending me cost. Diluted count customer This $XXX both year-over-year X% net adds customer quarter XXX,XXX line positive year-over-year. Billings million, driven approximately quarter-over-quarter with XX% QX our removal first over from growth our our was EPS was range year-over-year stranded QX growth up two up -- in year-over-year on and was and quarter on by liability customer top increasing X% share QX guidance

stranded first months continuing approximately XX% stranded both will total is lowering proceeds are stranded over stranded costs. total projection million cash cumulative over business of our XX% margin will be through this we quarter last in operating our quarter. strong with at we operating non-GAAP $X Therefore process costs started said below sales $XXX QX, and we $XXX XX% cash our costs, forecasted. by burdened With company projecting the QX than the million cost With were headcount the related asset down cash estimate notable For transition was with eight excluding costs from million cost $XX quarter last billion When ago, X,XXX. operations on approximately company cash are margin to operating of moved costs. for the stranded sales financials. now more execution initially deliver fund to from

reach sale underutilized of the proceeds. in of remaining ability goal total billion $X.X our assets, for remain to we cash As confident our

on sale which We City $XXX closed of are estate, XXth announce pleased to recent for million. the our real July Culver

$XXX our undrawn return We cash flow in our free strong cash our we continue was significantly fair revolver. over by balance diluted We realizing quarter quarter. flow to only and ending from convertible stranded on is balance are tax Cash lowered approximately of billion billion million average $XXX As which partially of million of We cash $X.X the costs, our sheet million QX business cash of payments. on $XXX some this well the another with based burdened in by and quarter and basis. and cash conversion billion operating monetizing another $X flow. at these by most Adjusting of flow, items, value. underutilized shareholders million $X.XXX which to the believe for generated focused count price. principal rates million cash assets, flow cash items debt reduced remaining non-recurring and $XXX With note, capitalized on share QX our to one-time remain spent we for generating were timing of an settled cash offset about annualized market certain operations million had and patient this strong shares yet CapEx. our stock $X We XX we our

$XXX still it of $X.X left we approximately million opportunistically. reminder use have buyback continue our and billion a share to we'll authorization As

our Now turning outlook. to QX

million of ID QX normalizing to $XXX for We non-GAAP range to divestiture. expect X% $XXX Analytics revenue representing after in the the growth X%

share of to non-GAAP We be $X.XX business XX% per per the profit in expect QX EPS the to $X.XX cost. margin excluding share range when with at approximately operating stranded

team and results leadership the the strong thank and execution the I to the their consistent through Finally, over financial delivering entire building for to have would shareholders. his for look past for months. Matt period thank foundation eight on we Brown I like forward our interim

me back comments. closing for Vincent let to Now the turn call

In leader competitive with the last Natalie. into we distinct turned advantages. eight have NortonLifeLock Thanks months, a growing

have costs. We eliminated stranded

We have leadership build a team. consumer-centric

I'm model on reinvested initial We we have on execution we commitments, go-to into our reinvigorated product capabilities, all where our and constantly have proud development threats. grown our also say our set mission. cyber beset delivered have our market ambitions our our increased to team. evolving have are sight but Consumers as of by

platform of scratching what safety on current our the done just on vision. innovating be surface singularly and can we consumer is focused Our now cyber

see and to things flow your revenue customer innovation with a Operator? and happy high financial have significant optimistic are long-term technology take margins about Combined we growth our potential. large these with that recurring and engaged pipeline and why terrific We base, future resources. I'm and capabilities, significant you And super questions. can cash now

Keith from question first Weiss. comes of Your the line Instructions] [Operator

XXX,XXX, is platform. we've subscribers The the some biggest in added that increase headline number from my sequential to seen course, perspective, That's new the of time. almost quite

this help particularly like of from equation into guys extent, would of bundling spending later place you marketing programmatic you delayed can like us kind maybe the the is stuff of bit of international the to to it with people on you a so put you and than do start side because don't see the understand from reaction a out, this And is home just guys sort work kind little to or certain because other OEMs.

more there So it's and out PCs do marketing more of your about sort getting them. guys against you

you a could you in think and us just that screen kind going customers came durable how of of be understand is it terms of the on help adding platform? much basis do where If go-forward from to to guys

have for we slowly we for everyone the focus and to to security cyber will I where business When be safety been we broke important Yes, we It more identity, how that do and right. move also on you restore safety and and that, just to go coming activities when decided tedious out more to back of including cyber your online. for it can't from, and prevented. doesn't as privacy, consumer become as are more more our protecting security device, services security, your mean And data. means has

we still a of it's long-term. So have in and overall need to up the know building we are There rollout -- category. fill applications are fields the in we that and that we build lot portfolio a

long thesis is believe one. you the we if structural So want

a our that's the as So at we invested as in the raised past an we number $XXX We annual in one. not re-accelerated Number consumers. under marketing two to by marketing way our time to is and marketing on basis. envelope communicate had message the million division discussed Symantec

then new in we has market. And to you to that market of new where deliver time to marketing, past. tweak example, started that over starting in and investment, we as in to we investment, spend of to had efficacy marketed and moving want, if up the that for Europe, the said regions also We marketing show marketing channels moving not consistently

a And you April first want, the security, that privacy, our identity for very it's if in fee attractive pillars most rolling the one still function. I up it COVID-XX the we know change are hey, return membership people entire Is is and operate those growth. the access In last awareness XXX to a step of want the of all overall you the launched umbrella but for building out. the happened those to creating and adopt four way Norton view a of of restoration peak said, addressing protection growth. 'XX version integrated don't our So portfolio and peace then of it or change believe and and family product. we long-term to an And is we I and and having having process to contributors, mind. for believe it then is definitely consumer in that online. are we areas drive important the platform if homes

what And guess the sold? to you what sales. like the like in those asset expected left the of remaining proceeds XXX me I and the assets the are remind Can underutilized million just is then terms be

take Keith. I'll This Yes, is Natalie, one. that

for our sale one on sheet well have campuses We View three in as have few held we in that Dublin. balance including assets as Mountain here the

price parties we it's balance very We value, those the have active on note current albeit hard interested sales. and discussions right given of the and of striking conditions. Please with timing to between especially are timing sales the predict focused

any the on side we of the think the then making on hiring like kind where FY'XX you guys equation. operating pace of about would looking for to we How pace and expect you guys investments of to through are see where hiring great? indications should sort be should the And of

Absolutely. Yes.

business have pace, at of on months don't of there So quarter put ahead to want business that and we we're doubters. at you I model a plan. model the grow single-digit to that the I to we XX% mid remind operating the and were business out say, hey, think going least I before say, people operate at margin ago delivered eight majority We a and

the about makes energizing company shifted from hiring we it levels. at right skill for talent, operate company time, can hiring in XX,XXX for to it's headcount where model definitely our right We the the we've long And from a tell these first around Symantec the I XXXX. talent business talk you, where time think today to set. I restructuring people, the And be the sense. entire reduced we proven should can

where prototype and hiring engineers threat hiring in trying there to are We are in create are Dublin we we over a analytics.

are the So we building functions. definitely up

new few and investment the can Both has have And We customer accelerate Robert in to growth. came passion Natalie his tell I you coming to up around them I machine a here. for are I'm mentioned passion leaders. with life the a learning. cycle. Gagan and proposal happy have super around of

So match I term CFO she set and my of will our skill to to partner found prioritize accelerate investment performance. in and those trying I

And ahead. question comes from your UBS. next go from the line of Fatima Please Boolani

Thank Natalie in you with start drill forward for can taking Maybe the strength questions, look working indirect on you. just the if to to and welcome I the onto side.

some out to of mechanisms investments help called wondering benefits sort have or specifically I couple programs this follow-ups. have vertical. took revitalize that place to drive to of and I'm or a and the from were growth continue what employee strength of actually You subscriber you have then what channel you steps in the sustainably

No, absolutely. Yes.

the or of been channel program employee us has channel few for So us quarters. all for grower first growing for benefit a a

employee course. a activity. is benefit million XX take employers programs few a company at are there is U.S. one. it if There identity right security macro overall on billion Today I that a thousand. quarter level. big performance X.X spent you offers The element XXX also employee of and benefits. strong very was The that address weakness proposal protection This the with retail your physical the think offset Norton overall the very number

the at more very bring and and basic and a to after solutions to want obviously it's on really unique platform, new employers we level about sales coverage. upgrading sales So

in that you'll area. us So see continue

year-over-year. of demographic age and socioeconomic are on then provided rate count to assumptions how the of retention move lot And factors better these that your backdrop just more wanted that very a terms subs a the we understanding to in new of get growth family. subscriber the mean the sequentially. into Norton potentially I both I forward as

you in the wanted I ecosystem Thank this just better me. the it relative had the of Norton the get that's the to to the front understanding of coming strength past and So outside made from subscribers from you. new comments subscriber into of that's you profile a with international some

absolutely. No,

it quarters. a said for few now we So

and safety Our number one was expand metrics our company one more growth can program. cyber attract they objective to was number to the customers, the so return priority the to in

Moving into if geographies you objective. to new pyramid want term new demographics in an as age of was as important well

then in reaching As of Europe, and in we Canada and are TELUS with you some demography marketing partner know out. we

traditional it. of trends. are into looking long videos. looking always social out, quarter in from I at moving map form years new We two the marketing time I reform cannot media quarter was obviously But digital was you

X newer boomers If XX% Today the you look XX% that around plus group at XXXX, our and baby Gen our over were of total into is customers. rest cohorts.

needs are in to We all of out to have mind we'll going continue cohorts. that in gaming trend that we effort. we'll and continue this launched with So reach programs a addition Norton XXX as to develop we

of the next ahead. from your from go Saket Barclays. And comes question Please line Kalia

taking you. for maybe Thanks for my Vincent, first here. questions

into can questions. subscriber I a of U.S.. couple But think outside on the you've touched we drill other in this just acquisition

typically Just internationally over working the bone the lead internationally? well you Norton over a LifeLock meat do markets just with little more what bit are terms little bundle the more and in doing on of a what's bit

There and Yes, we're Germany, to last and quarter Australia quarters. awareness, still pushing competitive where that overall way under come when This but New refining details, I build over say but We us. to we get performance charge couple Japan, standalone XXX. it's main of program, definitely lead Norton value Norton is one everyone ability marketing with our can last and offer our unique Asia, products in more Zealand a message digital to that's countries cyber safety We specific. where to XXX. market U.K. into in and France, that consumers blanket is that go was the cases high The it's some prop. mature are for ensure would our Specific can vision Europe, lives full advantage specific pace. we

market do about guess in is, you, for anti-virus the follow-up share of Vincent. talk we're of separately parts the in my how the changes I identity maybe are business together and how the it. sort here importantly, of sort sustainable or thinking want question you And to And that about are protection both share. company you terms market at like the making more you feel of

Yes.

not said and market Frankly, seen especially major security somewhat frontier we pillar, market. and still you trying but by set they innovation the Privacy new the that's share our identity working, the done because privacy. there pillars, you about focus. vision. focus a I'm by we and to are up are continue So to own as of have have market forming our XX%, standalone build and traditional is we then we today once that customers defined upset you that the pillar improve safety security or have we acquiring portfolio waste have of really building way the retention If that continue good those new delighting of of on we've job with cyber to you've security

want the that's to think ways I run. we

of comes your Please Citi. next go question from the Instructions] Walter from Pritchard [Operator line And ahead.

to Natalie. good to the for Vincent, Hi, you talk and here first time

How the domestically. to and -- terms us can marketing it effective you're what How international, of as does in sort assume the other effectiveness in seeing seen versus marketing In lags. of words help relative that you're U.S.? understand you've internationally I still you effectiveness. measurement the your On lag what much

for role, interested we you. if you're have job think I a in FP&A

totally, the quarters from forms mentioned. being building we you've invested do CAG. had seen leading up to are traditional in countries it. new ago, moving forms features quarter now monitoring started digital mature We're I We return. more international good ahead. We're to Two right, playing still feature out and web You're Norton we in we with identity U.S., first international, XXX directly started the expanding media, and as Asia digital into into Europe. privacy and charge dark new social We next

we very U.S., and up faster international So the are that building it's focused behind on we definitely are growing presence. but

huge us opportunity the for it's think I forward. moving

Is it XX% margin. about growth? thinking you're harder How the the higher Is step. curious you thinking achieved earlier terms growth And on you step? philosophically single-digit I noticed next you I a optimal the, marginal of the as you know, you've the in how goal. from are sort just preserve at the getting about thinking cost? mid to are margin? just of mean the about Is how to it that's to level, next that push

So we have point, do? a was achieving new of them What What's is opportunity. team for go? leadership This okay. do single-digit mid you next. Where the and we full can fantastic entry vision

and And to agreed and more so accelerating the making we one our more mission. that our number and growth available we is consumers discussed complete solution

consumer the operating the running not going to above are I'm slightly we change target. current business margin Now it.

of bounded think percentage, we that it, intend to would still an I will accelerating spend fund growing we growth. line some the run segment won't faster EPS than to We it's than to growing is business by to operational growing ratio to try we'll we be the if and revenue. have say So faster EPS growth We immediate in accelerate a able reaction efficiencies. at but the the top have don't of and accelerate be I ideas quarter and about metric. XX% find really revenues new our we're plenty long-term to

And Please your next question line go Yi ahead. comes from Oppenheimer. Fu Lee from the

hope my last congrats Welcome from question guess is just for taking you and a question Thank on results. the everybody question. Natalie strong my safe. the follow-up I and

wondering juncture. the of the would you EMEA, it last understand presence. growth of for data in international terms is this in Latin say America the is to the market I NortonLifeLock In invested most which you at TELUS. I critical quarters whether couple APAC, invest was

Well, and the up global portfolio indirect digital I the in mindset, building opportunity invest in the and analytical. I employee has help channel. but and you, with growth programs to have to media a very can sales we developing I invest marketing she tell I the developing on leaders. think, and have Natalie's are and

growing those So and very would investments. use for difficulty] space are huge all is I data huge penetrating where opportunity when you opportunity say a internationally us. Canada fast identity the to [technical digital prioritize identity

I maybe really Again terms it process. or our follow-up, understand one the of would then ahead it's restructuring target. be And in Vincent of ahead plan more Natalie and

investments of areas? portfolio to add this If you future want the spent investment be in to the dollars on the where the in M&A your you other were or spend would large to dollar terms

organically. Sure. Look, growth of or give target. earned at we've also I'll you looking main inorganically the credibility

market the build business. becomes all with the then whether we the are cyber capabilities build the it's And other process have our What developed it applications end we gaps then matches a to versus portfolio to of exists, and needs the a can at fully already really day product start real-time So market financial the decisions. time prototype what safety. in on up or on. or And of organic assessment

earned we've think credibility. the I

team, including We have chart all from on whole the focused the management growth sites. the on and team operational Board leadership is company

queue. And this this conference Thank I for you no Ladies at participating. gentlemen, call. have Instructions] and in questions today's concludes time [Operator further

You disconnect. may now