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    Symantec’s Strategic Direction Presentation Symantec’s Strategic Direction Presentation Document Transcript

    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/20131Symantec’s Strategic Direction and 3Q 2013 Earnings PresentationJanuary 23, 2013WelcomeHelyn CorcosVice President Investor Relations2
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201322133Q FY13 Earnings HighlightStrategic Direction and Operational PlanQuestions & Answers3Forward Looking Statements This presentation contains statements regarding our intention to execute a new strategy, implement operational and organizational changes and our projected financial and business results, as well as our intention to return cash to shareholdersthrough dividends and continued share buyback activity, which may be considered forward‐looking within the meaning of the U.S. federal securities laws. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this presentation. Such risk factors include those related to: maintaining customer and partner relationships; the anticipated growth of certain market segments, particularly with regard to security and storage; the competitive environment in the softwareindustry; changes to operating systems and product strategy by vendors of operating systems; fluctuations in currency exchange rates; the timing and market acceptance of new product releases and upgrades; the successful development of new products and integration of acquired businesses; and the degree to which these products and businesses gain market acceptance. Actual results may differ materially from those contained in the forward‐looking statements in this presentation. Additional information concerning these and other risk factors is contained in the Risk Factors section of our Form 10‐K for the year ended March 30, 2012 and in our Form 8‐K filed on June 11, 2012.Any information regarding pre‐release Symantec offerings, future updates or other planned modifications is subject to ongoing evaluation by Symantec and therefore subject to change. This information is provided without warranty of any kind, express orimplied.  Customers who purchase Symantec offerings should make their purchase decision based upon features that are currently available.We assume no obligation to update any forward‐looking information contained in this presentation.44
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/20133Use of GAAP and Non‐GAAP Financial InformationOur results of operations have undergone significant changes due to a series of acquisitions, the impact of SFAS 123(R), impairment charges and other corporate events. To help our readers understand our past financial performance and our future results, we supplement the financial results that we provide in accordance with generally accepted accounting principles, or GAAP, with non‐GAAP financial measures. 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. Our non‐GAAP results are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.Our management regularly uses our non‐GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non‐GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Investors are encouraged to review the reconciliation of our non‐GAAP financial measures to the comparable GAAP results, which is attached to the financial review presentation, and which can also be found, along with other financial information, on the investor relations page of our website at www.symantec.com/invest.53Q13 Earnings HighlightsJames BeerChief Financial Officer66
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/20134Better than Expected Results for 3Q13• Revenue Drivers– Constant currency adjusted revenue grew 5% Y/Y– Organic, constant currency revenue grew 4% Y/Y– Strength in EMEA, Information Management and Trust Services– License, constant currency revenue grew 8% Y/Y driven by strength in Information Management solutions– Subscription, constant currency revenue grew 5% and maintenance revenue grew 5% Y/Y… Enterprise, constant currency subscription revenue grew 12%• Profitability Drivers– Operating margin and EPS driven by higher revenue and lower spending3Q’13 3Q’12As Reported Growth Y/YRevenue $1,791m $1,715m 4%Non‐GAAP Operating Margin 25.6% 26.2% ‐60 bpNon‐GAAP EPS $0.45 $0.42 7%77Solid Revenue Results by Segment3Q’13 3Q’12FX AdjustedGrowth Y/YConsumer $530m $525m 2%Security and Compliance $527m $510m 4%Storage and Server Management $666m $618m 9%Services $68m $62m 9%• Consumer… up‐selling to premium suites and growing emerging backup, NortonLive services and mobile • Security and Compliance… strength in Trust Services, MSS and Encryption• Storage and Server Management– Information Management revenue grew 12% Y/Y driven by double digit growth in NetBackup– Storage Management revenue grew 1% Y/Y as customers continue to deploy more mission critical applications on Linux and virtualized infrastructures• Services… driven by Business Critical Services88
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/20135Strong Cash Generation3Q’13 3Q’12As Reported Growth Y/YCash From Operating Activities $463m $403m 15%Cash, Cash Equivalents and Short Term Investments Balance$4,252m $2,380m 79%• 43% of cash on shore… ~ 26% excluding $1 billion allocated to maturity of June 2013 convertible notes • $200m to repurchase 11m shares at average price  $17.94… $283m remaining in the current board authorized share repurchase plan99• ~73% or $1.26b of March quarter revenue coming from balance sheet• Guidance assumes – FX rate of $1.32 per Euro – 24.6% effective tax rate and 702m CSE… R&D tax credit drives down our tax rate in 4Q134Q FY13 Guidance4Q’13 Expected Y/Y GrowthFX AdjustedGrowth Y/YRevenue $1.70 to $1.74b 1 – 4% 1 – 3%GAAP EPS 18¢ to 19¢ ‐ (75 – 76)% naNon‐GAAP EPS 37¢ to 38¢ ‐ 2.6 – 0% naDeferred Revenue $4.01 to $4.07b 1 – 2% 1 – 3%10
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/20136Symantec 4.0 ‐ StrategySteve BennettPresident and Chief Executive Officer1111Symantec 4.0 Financial ThemeOrganic growth focused companyComplemented by accretive acquisitions… that add value to customersGrowing operating margins and cash flowDisciplined approach to capital allocation1212
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/20137Strategy and Operating Plan AgendaLearning JourneyCustomers and Market OverviewOffering StrategyGo‐to‐Market StrategyOrganizationResource AllocationFinancial View1313Culver CityCulver CitySpringfieldSpringfieldHeathrowHeathrowDublinDublinPunePuneChennaiChennaiChengduChengduBeijingBeijingTokyoTokyoSydneySydneyOver 8000 employees in town hall and small team meetingsRosevilleRosevilleLondonLondonParisParisReadingReadingBarcelonaBarcelonaSingaporeSingaporeWashington DCWashington DCNew YorkNew YorkBaltimoreBaltimoreBostonBostonMore than 1300 customers, including presenting at VISION Barcelona36 Analyst meetings across all regions, speaking to Gartner, IDC, Forrester and others78 financial analysts including attending Citi Investor Conference251 partners at the Baltimore Partner ExchangeMeetings with various House and Senate members, including General Alexander and presenting to over 900attendees at the Symantec Government SymposiumMountain ViewMountain View14
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/20138Key Learnings… StrengthsStrong AssetsDeep Expertise and CapabilityPortfolio of Leading ProductsStrong Brands Reach and Installed Base1515Key Learnings… OpportunitiesProducts andServicesGTM andGlobalStrategyPeople andOrganization1616
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/20139Evolution1717A Revolution1818
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201310Market Trends, CompetitiveLandscape and Product OfferingsStephen GillettCOOFrancis deSouzaPresident of Products & Services1919Voice of the Customer• Global economic uncertainty and enterprise security• Full Emergence of Digital and Social Media• Explosive data and intelligence growth• Enterprise IT will need to adapt and evolve20
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201311Enterprise Security• Redefined boundaries between consumer and business• Enterprise attack sophistication is increasing• Technology realm transfer• Dispersion of authority 21Countries and Government• Governments are responsible for protecting their nations critical infrastructure• Attacks on citizens and institutions increasing in complexity• Cyber has become the fifth domain for warfare — after land, sea, air, and space22
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201312Changing Landscape and Market TrendsInternet of “Things” MobilityComputing EcosystemsDigital & Social Life23Changing Market Requires a New Model For ProtectionCorporate NetworkData CenterPCs24
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201313SpecialistIntegratedStack ProvidersStartups25How We WinBest of NeedScaleIntegrationCross Platform26
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201314We Will Strengthen Our Offerings: More R&DLeverage InnovationZero‐based mindsetMore Innovation• Whole company scope• Resource best growth opportunities• Eliminate redundancy• Increase R&D spend• Redeploy and hire• Advanced researchFile SystemDLPSecurity IntelligenceCenters of ExcellenceBetter and Easier Customer ExperienceRight‐for‐Me OfferingsNew OfferingsBetter meet customer needs…faster organic growthEncryptionEndpointProtectionMore R&D27We Will Strengthen Our Offerings: Better and Easier Customer Experience• Focus product teams on end‐to‐end customer use experience• Simplified licensing• Self‐healing technologyTo Use, Upgrade and MaintainTo Get Help and Support• Simplified support options• Expanded support channels ex. Web, chat, community support • Knowledge managementMore R&DBetter and Easier Customer ExperienceRight‐for‐Me OfferingsNew OfferingsBetter meet customer needs…faster organic growth28
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201315We Will Strengthen Our Offerings: Right‐For‐Me OfferingsTailored OfferingsChoice of Deployment Option • Consumers• Small Businesses• Large Enterprise• Governments• Software• Appliance• Cloud• Hybrids• Geographies• Specific Industries…verticalsMore R&DBetter and Easier Customer ExperienceRight‐for‐Me OfferingsNew OfferingsBetter meet customer needs…faster organic growth29New Offerings Will Address Broader Customer Needs• Integrated, modular, solving bigger jobs •Customer can buy existing products OR new integrated offerings• Turn on new capability as neededMore R&DBetter and Easier Customer ExperienceRight‐for‐Me OfferingsNew OfferingsBetter meet customer needs…faster organic growth30
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201316Symantec Addresses Unmet, Underserved Needs In Three AreasMake it simple for me to be productive& protected at home and workKeep my business safe and compliantKeep my business information andapplications up and runningUser Productivity & ProtectionInformation SecurityInformation Management: Availability & Scalability31How Current Offerings Map to Customer JobsCurrent Offering ExamplesNorton 360Norton Mobile SecurityNorton Data ServicesEndpoint ProtectionEnterprise MobilityEndpoint EncryptionUser AuthenticationManaged Security ServicesData Loss PreventionMail and Web SecurityO3Control Compliance SuiteCritical System ProtectionTrust ServicesStorage Foundation HANetBackupEnterprise Vault/eDiscoveryBackup ExecBE.cloudFileStoreUser Productivity & ProtectionInformation SecurityInformation Management: Availability & Scalability32
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201317We Will Deliver New Integrated, Modular Offerings Over the Next 6‐24 MonthsUser Productivity & ProtectionInformation SecurityInformation Management: Availability & ScalabilityNew Higher‐Value OfferingsMobile Workforce ProductivityNorton ProtectionNorton CloudInformation Security ServiceIdentity/Content‐awareSecurity GatewayData Center SecurityBusiness ContinuityIntegrated BackupCloud‐based Info ManagementObject Storage Platform33Enables authorized users to access corporate resources from any corporate or personal mobile device, PC or Mac while protecting data, applications, devices and identitiesNew Higher‐Value Offering: Mobile Workforce ProductivityEmployee Owned/BYODCorporate OwnedEnterprise ApplicationsCloud Services• Endpoint protection• Corporate• Personal• Mobile device management• Mobile container• Mobile application Management• Enterprise app store• Endpoint encryption• Endpoint DLP • User authenticationIntegratedSolves an important customer problem and builds competitive advantage34
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201318Provides visibility into, and comprehensive protection from, advanced threats leveraging Symantec and 3rd‐party productsNew Higher‐Value Offering: Information Security ServiceEnterprise AppsSymantec Security Offerings3rd‐Party Products and ToolsSymantec Global Security Intelligence Network• Analysis• Correlation• Visibility• Dashboard• Threat Detection• Prioritization and  Workflow• Incident Management• Risk ManagementIntegratedSolves an important customer problem and builds competitive advantage35New Higher‐Value Offering: Business ContinuityApplicationsPlatformsStorage• Windows Backup• Unix/Linux Backup• Virtual Backup• Clustering• Virtual HA• Replication• Disaster Recovery• Service OrchestrationIntegratedSolves an important customer problem and builds competitive advantageDelivers high availability, performance, and scalability for business applications in virtual, private cloud environments36
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201319Examples of New or Expanded Centers of ExcellenceCloud Platform & CapabilitiesHardwareSupply ChainInformation FabricGlobal Security Intelligence Network37Solve Bigger ProblemsBetter and EasierRight‐for‐Me OfferingsHow This Benefits CustomersHow They Want to Buy38
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201320• Evaluated entire portfolio• Two key criteria– Stand‐alone offering or part of a larger, modular future offering– Asset to solve new, important customer problems?Symantec 4.0 Portfolio Strategy• Portfolio review continues over time• Will deal with anything that doesn’t fitNothing to announce today39Applied “Right for GEO” mannerCustomer SegmentCommercialGlobalConsumer andSmall BusinessEnterprise• Global & Enterprise… Symantec direct + Customer led channel involvement• New Verticals business… Telco/ISPs, SIs, XaaS, National Public Sector• Channel‐led… dedicated Symantec team supports• Combination of direct through e‐business and channel‐ledSimplified Go‐to‐Market (GTM) Strategy40
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201321• Expanded high quality/ lower cost models‐ Telesales‐ e‐Business‐ In product• New business growth‐ Field paid only on new over time‐ Separate renewals org• New global sales and partner enablement organizationNew Marketing and Sales Capabilities• New, enhanced partner program‐ More selective based on capabilities‐ Better enablement & Symantec support‐ New performance‐based incentives• Expanded Marketing‐ Total customer experience‐ New centers of excellence‐ Strategic Pricing & LicensingOfferings CustomersBeyondCurrentPointProducts toIntegratedOfferingsBeyondShort-TermBookings toLastingCustomerValue41Organizational StrategyJuly 25th to Present • Common company level objectives• Financial results + customers + partners + employees• New staff performance objectives• Changed staff meeting cycle• Trained 95% of directors and VPs on SYMC 4.0 leadership  Today• Symantec 4.0 strategy and plan• New org structure and leadership team• New organization simplification initiative• Splitting Chairman and CEO roles42
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201322New Organization Design: ObjectivesImprove Teamwork Increase Customer Focus Functionalize Upgrade Growth Capability• Office of the CEO• Senior leadership decision on talent + collaboration skills• Consumer & business world merging• Customer jobs vs. segments• Break up BU structure that created silos• Global in thinking and actions… GEO leaders• Upgrade process capability• Consolidation for leverage– Centers of excellence– Eliminate redundancies• Right talent… Fewer, bigger roles for our best and brightest• Marketing• Sales process management • IT • Cloud Ops• HRStrengthen leadership… Improve Organic Growth Capabilities… Minimize Execution Risk43Creation of the Office of the CEO New Roles or Major ChangesOffice of the CEO• COO• President Products & Services• CFO4444
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201323New Structure 11 Direct Reports to the CEO New Roles or Major ChangesProduct & ServicesCOO Verticals BusinessStrategic SalesNA Enterprise SalesEMEAAPJCFO HR LegalStrategy & CorpDevCEO45President of Products and Services OrganizationCEONew Roles or Major ChangesProductsMobileInformationSecurityInformationManagementCTOBusiness Critical ServicesEnterprise & Norton Endpoint PDEducationEnterprise & Norton Endpoint PMGlobal/Vertical Offering Integration46
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201324COO OrganizationCEOCOOConsumer SalesRenewalse‐BusinessCIOCloud OpsCMOSales Process & EnablementCustomer CareCommunicationsNew Roles or Major Changes47Operational PlanJames BeerChief Financial Officer48
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201325Opportunities to Drive Efficiency & Redeploy ResourcesCompany‐wide OpportunitiesDroveDuplication and ComplexityPartially integrated acquisitionsSiloed organization; redundancyToo much management49Opportunities to Drive Efficiency & Redeploy Resources Product Development2 Significant duplication today… 24 cloud service platforms and 54 data center locations1 Consolidated $1.8 billion spending pool3 Align point product spending with market opportunity50
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201326Opportunities to Drive Efficiency & Redeploy Resources Sales & Marketing1 Simplify pricing & licensing … 31 price lists and 41 license meters5 Field sales real estate consolidation34 Streamline route to market structure … 23 distinct sales channels6 Fewer individualized compensation plans2 Build high performance and cost effective renewals teamConsolidate worldwide marketing spend51Opportunities to Drive Efficiency & Redeploy Resources Cross‐companyManagement ranks have expanded steadily• High cost• Slow decision making, removed from front line realityOrganization Simplification Initiative• Move from 10 layers of management to 6‐7 • Move from average of 4 spans to ~81252
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201327Existing offeringsNew integrated offeringsProduct delivery capabilities• Cloud infrastructure platform• Hardware Supply Chain• Information Fabric• Global security intelligence networkIT a strategic enabler• Insource some activity• Applications and infrastructureHR… building talent and organizational capabilityProcess capabilityMarketing• Pricing resources• Customer analytics• Brand buildingSales• Process improvements• Renewals team• e‐Business expansionInvestments to Build Organic Growth EngineProduct DevelopmentGeneral & AdministrativeSales & MarketingPeople InfrastructureProducts53FY12A FY17E Median HighR&D 14% 16% 13% 17%S&M 41% 27% 28% 50%G&A 6% 5% 8% 13%Expense to Revenue RatiosBenchmark1Invest to drive faster organic growthSymantec1Benchmark includes 3 year averages for BMC, CA, CVLT, CRM, ORCL, MSFT, SAP, INTU, CTXS, ADBE 54
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201328Commitment to 5%+ organic revenue growth and 30%+ operating margins• Organic revenue… 5%+ CAGR FY15‐17• Operating margins… 30% goal in FY15Financial PlanFY14 ‐ A Transition Year… Expect• 0‐2% revenue growth• Operating margins grow 200 bps • Free cash flow impacted by• ~$275 million severance payments• Incremental CapEx $100‐$150 million55Capital Allocation• CapEx and acquisitions that support strategy + meet IRR hurdles• Return excess cash to shareholders• 15%+ IRR hurdle• Target returning 50% of free cash flow longer‐term• Over time, ~50/50 balance between dividends and repurchasesStrategyStrategy Elements56
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201329Capital Allocation• Initiating dividend with targeted yield of 2.5% in 1Q14• New $1B share repurchase authorization• Continue opportunistic buybacks• Expect to return $800m• Will invest $375‐425m for severance and CapEx investmentsAnnouncing TodayFY1457Symantec 4.0 Operating Theme… Better and EasierHow we play… As a Team… Making High Quality, Timely Decisions• Symantec‐wide objectives and performance metrics• One Symantec strategy with cascading organizational strategies and operational priorities• Individual accountability… to their role and the teamWhat we do… People and Partnerships… Internal and external… creating customer valueHow we think… Innovation + Execution…. Global and Local… Big and Small• Innovation everywhere with special focus on customer driven and technology innovation• Excellence in execution through people, process and technology• Act big where there is value… act small everywhere else• Eliminate complexity not valued by customers or partners• Create and leverage global centers of excellenceHow we organize… Simplified and Streamlined• Inverted triangle organizational philosophy• Lean and effective management structure• Culture of learning and sharing to make us better58
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/201330Symantec 4.0 Company ThemeEnabling people, businesses and countries… to protect and manage their digital information… so they can focus their time and energy achieving their aspirations59Appendix60
    • Symantecs Strategic Direction and 3Q 2013 Earnings Presentation1/23/2013314Q FY13 GuidanceRevenue GuidanceThree Month Ending March 29, 2013Year‐Over‐Year Growth RateRange Actual Constant CurrencyGAAP revenue range  $1.70 ‐ $1.74B  1% ‐ 4%  1% ‐ 3% Three Month Ending March 29, 2013Year‐Over‐Year Growth RateEarnings Per Share Guidance and Reconciliation Range ActualGAAP diluted earnings per share range $0.18 ‐ $0.19 (76)% ‐ (75)%Add back:Stock‐based compensation, net of tax $0.04Amortization of intangible assets, non‐cash interest expenseand transition & transformation expenses, net of tax $0.15Non‐GAAP diluted earnings per share range $0.37 ‐ $0.38 (3)% ‐ 0%Three Month Ending March 29, 2013Year‐Over‐Year Growth RateDeferred Revenue Guidance Range Actual Constant CurrencyGAAP deferred revenue range $4.01 ‐ $4.07B  1% ‐ 2%  1% ‐ 3% 61GAAP to Non‐GAAP Reconciliation($ In millions, except per share data) Three Months EndedYear-Over-YearNon-GAAP Growth RateDecember 28, 2012 December 30, 2011 ConstantGAAP Adj Non-GAAP GAAP Adj Non-GAAP Actual CurrencyNet revenue: $1,791 N/A $1,791 $1,715 N/A $1,715 4% 5%Gross profit: $1,492 $20 $1,512 $1,444 $26 $1,470 3% 4%Stock-based compensation 4 4Amortization of intangible assets 16 22Gross margin % 83.3% 84.4% 84.2% 85.7% -130 bps -110 bpsOperating expenses: $1,194 $140 $1,054 $1,144 $123 $1,021 3% 4%Stock-based compensation 38 42Amortization of intangible assets 71 73Restructuring and transition 27 5Acquisition/divestiture-related expenses 4 3Operating expenses as a % of revenue 66.7% 58.8% 66.7% 59.5% -70 bps -40 bpsOperating income $298 $160 $458 $300 $149 $449 2% 2%Operating margin % 16.6% 25.6% 17.5% 26.2% -60 bps -80 bpsNet income: $212 $101 $313 $240 $74 $314 0% N/AGross profit adjustment 20 26Operating expense adjustment 140 123Non-cash interest expense 15 12China VAT tax refund (24) -Income tax effect on above items (44) (45)Tax related adjustments:Release of pre-acquisition tax contingencies (6) (42)Diluted net income per share attributable toSymantec Corporation stockholders $0.30 $0.15 $0.45 $0.32 $0.10 $0.42 7% N/ADiluted weighted-average shares outstandingattributable to Symantec Corporation stockholders 702 702 740 740 -5% N/A62