Symantec presented its 3Q 2013 earnings and outlined its new strategic direction, Symantec 4.0. [The presentation highlighted 3Q earnings results, provided an overview of strategic priorities under Symantec 4.0, and outlined plans for new integrated offerings, go-to-market strategy, and organizational changes.]
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q3 2015 Earnings Call. For more information, check out http://investors.linkedin.com/.
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q2 2013 Earnings Call. For more information, check out http://investors.linkedin.com/.
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q1 2013 Earnings Call. For more information, check out http://investors.linkedin.com/.
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q3 2015 Earnings Call. For more information, check out http://investors.linkedin.com/.
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q2 2013 Earnings Call. For more information, check out http://investors.linkedin.com/.
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q1 2013 Earnings Call. For more information, check out http://investors.linkedin.com/.
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q3 2013 Earnings Call. For more information, check out http://investors.linkedin.com/.
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q4 2013 Earnings Call. For more information, check out http://investors.linkedin.com/.
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q2 2014 Earnings Call. For more information, check out http://investors.linkedin.com/.
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q1 2014 Earnings Call. For more information, check out http://investors.linkedin.com/.
This is Uber's first investor presentation (for Q4 2019) after going public in 2019.
We're compiling some of the investor presentations for technology start-ups. The purpose is to better understand the business as a point of reference or comparison.
I do not own this deck or any of its contents. The original deck can be found on Uber's Investor Relations webpage as part of its required reporting.
Presentation given by CEO Jeff Weiner, and CFO Steve Sordello, at LinkedIn Q1 2015 Earnings Call. For more information, check out http://investors.linkedin.com/.
4. Forward Looking Statements
4
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 shareholders
through 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 software
industry; 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 or
implied. 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.
5. Use of GAAP and Non-GAAP Financial Information
5
Our 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.
7. Better than Expected Results for 3Q13
7
• 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 spending
3Q’13 3Q’12
As Reported
Growth Y/Y
Revenue $1,791m $1,715m 4%
Non-GAAP Operating Margin 25.6% 26.2% -60 bp
Non-GAAP EPS $0.45 $0.42 7%
8. Solid Revenue Results by Segment
8
3Q’13 3Q’12
FX Adjusted
Growth Y/Y
Consumer $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 Services
9. Strong Cash Generation
9
3Q’13 3Q’12
As Reported
Growth Y/Y
Cash 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 plan
10. 10
• ~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 4Q13
4Q FY13 Guidance
4Q’13 Expected Y/Y Growth
FX Adjusted
Growth Y/Y
Revenue $1.70 to $1.74b 1 – 4% 1 – 3%
GAAP EPS 18¢ to 19¢ - (75 – 76)% na
Non-GAAP EPS 37¢ to 38¢ - 2.6 – 0% na
Deferred Revenue $4.01 to $4.07b 1 – 2% 1 – 3%
11. 12
Symantec 4.0 - Strategy
Steve Bennett
President and Chief Executive Officer
12. Symantec 4.0 Financial Theme
13
Organic growth focused company
Complemented by accretive acquisitions… that add
value to customers
Growing operating margins and cash flow
Disciplined approach to capital allocation
13. Strategy and Operating Plan Agenda
14
Learning Journey
Customers and Market Overview
Offering Strategy
Go-to-Market Strategy
Organization
Resource Allocation
Financial View
14. 15
Culver City
Springfield
Heathrow
Dublin
Pune
Chennai
Chengdu
Beijing
Tokyo
Sydney
Over 8000 employees in
town hall and small team
meetings
Roseville
London
ParisReading
Barcelona
Singapore
Washington DC
New York
Baltimore
Boston
More than 1300 customers,
including presenting at
VISION Barcelona
36 Analyst meetings across all
regions, speaking to Gartner,
IDC, Forrester and others
78 financial analysts
including attending Citi
Investor Conference
251 partners at the
Baltimore Partner Exchange
Meetings with various House and Senate members,
including General Alexander and presenting to over 900
attendees at the Symantec Government Symposium
Mountain View
15. Key Learnings… Strengths
16
Strong Assets
Deep Expertise
and Capability
Portfolio of
Leading
Products
Strong Brands
Reach and
Installed Base
20. Voice of the Customer
21
• 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 evolve
21. 22
Enterprise Security
• Redefined boundaries between
consumer and business
• Enterprise attack sophistication
is increasing
• Technology realm transfer
• Dispersion of authority
22. 23
Countries and Government
• Governments are responsible
for protecting their nation's
critical infrastructure
• Attacks on citizens and
institutions increasing in
complexity
• Cyber has become the fifth
domain for warfare — after
land, sea, air, and space
23. 24
Changing Landscape and Market Trends
Internet of “Things” Mobility
Computing EcosystemsDigital & Social Life
27. We Will Strengthen Our Offerings: More R&D
28
More R&D
Better and
Easier
Customer
Experience
Right-for-Me
Offerings
New
Offerings
Better meet
customer
needs…faster
organic growth
28. We Will Strengthen Our Offerings: More R&D
29
Leverage
Innovation
Zero-based
mindset
Encryption
More
Innovation
• Whole company scope
• Resource best growth opportunities
• Eliminate redundancy
• Increase R&D spend
• Redeploy and hire
• Advanced research
File System
DLP
Security Intelligence
Endpoint
Protection
Centers of
Excellence
More R&D
Better and
Easier
Customer
Experience
Right-for-Me
Offerings
New
Offerings
Better meet
customer
needs…faster
organic growth
29. We Will Strengthen Our Offerings: Better and Easier
Customer Experience
30
• Focus product teams on end-to-
end customer use experience
• Simplified licensing
• Self-healing technology
To Use, Upgrade
and Maintain
To Get Help and
Support
• Simplified support options
• Expanded support channels ex.
Web, chat, community support
• Knowledge management
More R&D
Better and
Easier
Customer
Experience
Right-for-Me
Offerings
New
Offerings
Better meet
customer
needs…faster
organic growth
30. We Will Strengthen Our Offerings: Right-For-Me Offerings
31
Tailored
Offerings
Choice of
Deployment
Option
• Consumers
• Small Businesses
• Large Enterprise
• Governments
• Software
• Appliance
• Cloud
• Hybrids
• Geographies
• Specific
Industries…verticals
More R&D
Better and
Easier
Customer
Experience
Right-for-Me
Offerings
New
Offerings
Better meet
customer
needs…faster
organic growth
31. New Offerings Will Address Broader Customer Needs
32
• Integrated, modular, solving bigger jobs
• Customer can buy existing products OR new
integrated offerings
• Turn on new capability as needed
More R&D
Better and
Easier
Customer
Experience
Right-for-Me
Offerings
New
Offerings
Better meet
customer
needs…faster
organic growth
32. Symantec Addresses Unmet, Underserved Needs In
Three Areas
33
Make it simple for me to be productive
& protected at home and work
Keep my business safe and compliant
Keep my business information and
applications up and running
User Productivity & Protection
Information Security
Information Management:
Availability & Scalability
33. How Current Offerings Map to Customer Jobs
Current Offering Examples
Norton 360
Norton Mobile Security
Norton Data Services
Endpoint Protection
Enterprise Mobility
Endpoint Encryption
User Authentication
Managed Security Services
Data Loss Prevention
Mail and Web Security
O3
Control Compliance Suite
Critical System Protection
Trust Services
Storage Foundation HA
NetBackup
Enterprise Vault/eDiscovery
Backup Exec
BE.cloud
FileStore
User Productivity & Protection
Information Security
Information Management:
Availability & Scalability
34
34. We Will Deliver New Integrated, Modular Offerings
Over the Next 6-24 Months
User Productivity & Protection
Information Security
Information Management:
Availability & Scalability
35
New Higher-Value Offerings
Mobile Workforce Productivity
Norton Protection
Norton Cloud
Information Security Service
Identity/Content-aware
Security Gateway
Data Center Security
Business Continuity
Integrated Backup
Cloud-based Info Management
Object Storage Platform
35. Enables authorized users to access corporate resources from any corporate or
personal mobile device, PC or Mac while protecting data, applications,
devices and identities
36
New Higher-Value Offering: Mobile Workforce Productivity
Employee Owned/BYOD
Corporate Owned
Enterprise Applications
Cloud Services
• Endpoint protection
• Corporate
• Personal
• Mobile device management
• Mobile container
• Mobile application
Management
• Enterprise app store
• Endpoint encryption
• Endpoint DLP
• User authentication
Integrated
Solves an important customer problem and builds competitive advantage
36. 37
Provides visibility into, and comprehensive protection from, advanced
threats leveraging Symantec and 3rd-party products
New Higher-Value Offering: Information Security Service
Enterprise Apps
Symantec Security Offerings
3rd-Party Products and Tools
Symantec Global Security
Intelligence Network
• Analysis
• Correlation
• Visibility
• Dashboard
• Threat Detection
• Prioritization and
Workflow
• Incident Management
• Risk Management
Integrated
Solves an important customer problem and builds competitive advantage
37. 38
New Higher-Value Offering: Business Continuity
Applications
Platforms
Storage
• Windows Backup
• Unix/Linux Backup
• Virtual Backup
• Clustering
• Virtual HA
• Replication
• Disaster Recovery
• Service Orchestration
Integrated
Solves an important customer problem and builds competitive advantage
Delivers high availability, performance, and scalability for business
applications in virtual, private cloud environments
38. Examples of New or Expanded Centers of Excellence
39
Cloud Platform &
Capabilities
Hardware
Supply Chain
Information Fabric
Global Security
Intelligence
Network
40. • Evaluated entire portfolio
• Two key criteria
– Stand-alone offering or part of a
larger, modular future offering
– Asset to solve new, important
customer problems?
41
Symantec 4.0 Portfolio Strategy
• Portfolio review continues over
time
• Will deal with anything that
doesn’t fit
Nothing to announce today
41. 42Applied “Right for GEO” manner
Customer Segment
Commercial
Global
Consumer and
Small Business
Enterprise
• 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-led
Simplified Go-to-Market (GTM) Strategy
42. 43
• 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 organization
New 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 & Licensing
Offerings Customers
Beyond
Current
Point
Products to
Integrated
Offerings
Beyond
Short-Term
Bookings to
Lasting
Customer
Value
43. Organizational Strategy
44
July 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 roles
44. New Organization Design: Objectives
45
Improve 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
• HR
Strengthen leadership… Improve Organic Growth Capabilities…
Minimize Execution Risk
45. Creation of the Office of the CEO
46
New Roles or
Major Changes
Office of the CEO
• COO
• President Products & Services
• CFO
46
46. New Structure 11 Direct Reports to the CEO
47
New Roles or
Major Changes
Product &
Services
COO Verticals Business
Strategic Sales
NA Enterprise
Sales
EMEA
APJ
CFO HR Legal
Strategy & Corp
Dev
CEO
47
47. President of Products and Services Organization
CEO
New Roles or
Major Changes
Products
Mobile
Information
Security
Information
Management
CTO
Business Critical
Services
Enterprise & Norton
Endpoint PD
Education
Enterprise & Norton
Endpoint PM
Global/Vertical
Offering Integration
48
50. Opportunities to Drive Efficiency & Redeploy Resources
51
Company-wide Opportunities
Drove
Duplication and
Complexity
Partially integrated acquisitions
Siloed organization; redundancy
Too much management
51. Opportunities to Drive Efficiency & Redeploy Resources
52
Product Development
2 Significant duplication today… 24 cloud service platforms and 54 data center locations
1 Consolidated $1.8 billion spending pool
3 Align point product spending with market opportunity
52. Opportunities to Drive Efficiency & Redeploy Resources
53
Sales & Marketing
1 Simplify pricing & licensing … 31 price lists and 41 license meters
5 Field sales real estate consolidation
3
4 Streamline route to market structure … 23 distinct sales channels
6 Fewer individualized compensation plans
2 Build high performance and cost effective renewals team
Consolidate worldwide marketing spend
53. Opportunities to Drive Efficiency & Redeploy Resources
Cross-company
54
Management ranks have expanded steadily
• High cost
• Slow decision making, removed from front line reality
Organization Simplification Initiative
• Move from 10 layers of management to 6-7
• Move from average of 4 spans to ~8
1
2
54. Existing offerings
New integrated offerings
Product delivery capabilities
• Cloud infrastructure platform
• Hardware Supply Chain
• Information Fabric
• Global security intelligence
network
IT a strategic enabler
• Insource some activity
• Applications and infrastructure
HR… building talent and
organizational capability
Process capability
Marketing
• Pricing resources
• Customer analytics
• Brand building
Sales
• Process improvements
• Renewals team
• e-Business expansion
55
Investments to Build Organic Growth Engine
Product Development
General &
Administrative
Sales & Marketing
People InfrastructureProducts
55. FY12A FY17E Median High
R&D 14% 16% 13% 17%
S&M 41% 27% 28% 50%
G&A 6% 5% 8% 13%
56
Expense to Revenue Ratios
Benchmark1
Invest to drive faster organic growth
Symantec
1Benchmark includes 3 year averages for BMC, CA, CVLT, CRM, ORCL, MSFT, SAP, INTU, CTXS, ADBE
56. Commitment to 5%+ organic revenue growth and 30%+ operating margins
• Organic revenue… 5%+ CAGR FY15-17
• Operating margins… 30% goal in FY15
Financial Plan
57
FY14 - 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 million
57. Capital Allocation
58
• 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 repurchases
Strategy
Strategy
Elements
58. Capital Allocation
59
• 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 investments
Announcing
Today
FY14
59. 60
Symantec 4.0 Operating Theme… Better and Easier
How 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 team
What we do… People and Partnerships… Internal and external… creating customer value
How 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 excellence
How we organize… Simplified and Streamlined
• Inverted triangle organizational philosophy
• Lean and effective management structure
• Culture of learning and sharing to make us better
60. Symantec 4.0 Company Theme
61
Enabling people, businesses and
countries… to protect and manage
their digital information… so they
can focus their time and energy
achieving their aspirations
Global CIO’s continue to be concerned global economic conditions and enterprise security threats.Full emergence of Digital & Social media real and present issue: Arab Spring, Wikileaks, IP one tweet away.Strategic big data: Organizations: Organizations need to focus on non-traditional data types and external data. Hadoop & noSQL gain momentum. Big data meets social. Social graph, intent graph, consumption graph, interest graph and mobile graph.Actionable Analytics: Cloud, packaged analytics and big data accelerate in 2013 +. Can now perform analytics and simulation on every action taken in business. Mobile devices will have access to the data, supporting business decision making.Enterprise App Stores: By 2014, there will be more than 70 billion mobile app downloads from app stores every year. Also by 2014, most organizations will deliver mobile apps to workers via private application stores.
Hybrid IT and Cloud Computing: Evolves role of IT. IT departments must play bigger role. Mobility: Smartphones & Tablets are driving the next wave of computing which are also expanding the surface protection needed. Enterprises are adjusting to this new reality and you see a convergence of traditional consumer realm technologies permeating the enterprise (e.g. mobile POS, Smart Meters) and traditional enterprise IT being adopted by consumers (e.g. encryption, identity management). We have all heard about the Consumerization of IT, but there is also an equal and even more powerful force with the ITization of the consumer.Gartner predicts CMOs by 2017 will control more IT spend than CIO’s.
Governments around the world are responsible for protecting their nation's critical infrastructure — an infrastructure that is largely owned and managed by the private sector.Governments must defend their cyber domain.In a situation where the mission cannot be cut or shortchanged, governments must deal with the economic climate by cutting non-mission oriented services, e.g., IT.Governments are trying to bring more services to the citizens (automated income tax returns, driver's licenses, medicaid/medicare information) -- while protecting the privacy of the citizens and the integrity of the data.Convergence of threats between individuals, corporations and governments are increasing. Interconnected world.
IOT: Original www content was from people (clicking, recording, taking pics). Not efficient. New era is devices connected directly, embedded sensors. RFID, 2D BarCodes, NFC. In 2012, over 50% of internet connections are not people but devices.Mobility: In 2013, mobile devices will pass PCs to be most common Web access tools. By 2015, over 80% of handsets in mature markets will be smart phones. By 2015, tablet shipments will be 50% of laptop shipments. Mobile commerce exploding. DL & Computing Ecosystems: Personal Cloud will be center of digital lives, for apps, content and preferences. Sync across devices. Services and information security become more important; devices become less important.
People doing the same thing in each silo as well as
Build effective renewals team with greater accountability (better performance more cost effective), higher renewals, more cost effective
Use the same format.
G&A > HR…invest in building our talent and capability
Not all same colors. All FY17 greens. Take off benchmark box for G&A. Take off Low benchmark.Investing in what is right for us to do. Invest to align with our strategy to drive fasterorganic growth.Should we have a note that shows who is part of the benchmark.