SYMC

Symantec Corporation (SYMC)

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Symantec (SYMC)

Q4 2011 Earnings Call

May 11, 2011 5:00 pm ET

Executives

Enrique Salem - Chief Executive Officer, President and Director

James Beer - Chief Financial Officer and Executive Vice President

Helyn Corcos - Vice President of Investors Relations

Analysts

Philip Rueppel

Adam Holt - Morgan Stanley

Heather Bellini - ISI Group Inc.

Brent Thill - UBS Investment Bank

John DiFucci - JP Morgan Chase & Co

Philip Winslow - Crédit Suisse AG

Walter Pritchard - Citigroup Inc

Brad Zelnick - Macquarie Research

Robert Breza - RBC Capital Markets, LLC

Kash Rangan - BofA Merrill Lynch

Presentation

Operator

Good day, everyone, and welcome to Symantec's Fourth Quarter 2011 Earnings Conference Call. Today's call is being recorded. At this time, I'd like to turn the call over to Ms. Helyn Corcos, Vice President of Investor Relation. Please go ahead, ma'am.

Helyn Corcos

Good afternoon, and thank you for joining our call to discuss fiscal fourth quarter and fiscal year 2011 financial results. With me today are Enrique Salem, Symantec's President and CEO; and James Beer, Symantec's Executive Vice President and CFO. In a moment, I will turn the call over to Enrique. He will discuss Symantec's execution during the quarter, James will provide highlights of our financial results as well as discuss our guidance assumptions as outlined in the press release, and then, Enrique will discuss our focus areas for fiscal year 2012. This will be followed by a question-and-answer session. Today's call is being recorded and will be available for replay on Symantec's Investor Relations website at symantec.com/invest. A copy of today's press release and supplemental financial information are posted on our website and a copy of today's prepared remarks will be available on our Investor Relations website shortly after the call is completed.

Before I begin, I'd like to remind you that we will review our financial results focusing on year-over-year, constant currency growth rates, unless otherwise stated. Sequential growth rates are based on as reported results. For the March quarter 2011, the actual weighted average exchange rate was $1.37 per euro and the end-of-period rate was $1.41 per euro compared to our guided rate of $1.35 per euro. For the March 2010 quarter, the actual weighted rate was $1.38 per euro and the end-of-period rate was $1.35 per euro. We've included a summary of the year-over-year constant currency and actual growth rates in our press release table and in our supplemental information, which are available on the website. Some of the information discussed on this call, including our projections regarding revenue, operating results, deferred revenue, cash flow from operations, amortization of acquisition-related intangibles and stock-based compensation for the coming quarter contain forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Additional information concerning these risks and uncertainties can be found in the company's most recent periodic reports filed with the U.S. Securities and Exchange Commission. Symantec assumes no obligation to update any forward-looking statements.

In addition to reporting financial results in accordance with Generally Accepted Accounting Principles or GAAP, Symantec reports non-GAAP financial results. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP results, which can be found in the press release and on our website. And now I would like to introduce our CEO, Mr. Enrique Salem.

Enrique Salem

Thank you, Helyn, and good afternoon, everyone. I'm pleased to report our third consecutive quarter of strong results. Bookings grew double digits again this quarter, resulting in record revenue and deferred revenue. Our performance was driven by market share gains as well as strength in Backup, SaaS, Data Loss Prevention and Consumer. In addition, our recently acquired businesses once again exceeded expectations and delivered strong results.

Now let's take a closer look at some of the highlights from the quarter. The Consumer business delivered its 10th consecutive quarter of year-over-year revenue growth. We continue to acquire and retain more customers given the strength of our product releases and the ongoing development of our e-commerce capabilities. Our new e-store enables us to upsell and cross sell more of our products and services. During the quarter, we successfully launched Norton 360 Version 5, which has received over 95 positive reviews and awards to date. Norton 360 now includes enhanced PC tuneup, along with access to features such as the Norton Cyber Crime Index, Norton Online Family and Norton Safe Web. Over the past several years, we've expanded our consumer offerings to address the evolving needs of users. We now offer several solutions beyond traditional security, such as live services, online backup and online safety services. Norton Online Family achieved a milestone, with over 1 million registered families worldwide. These new offerings contributed 1 percentage point of revenue growth for the Consumer business this quarter and accounted for 4% of total consumer revenue. We expanded distribution of our free Norton PC Checkup and Norton Security Scan services to include partners such as PcDrivers and the Ask Partner Network. Many consumers who take advantage of these solutions are not using traditional Norton products. This gives us the opportunity to expand the value we bring to these customers by introducing them to our full line of security suites and other services. We also expanded distribution of our traditional Norton products into alternative channels such as D-Link, Webster Bank, M&T back and TechAmerica. We continue to see opportunities beyond the PC through our Norton Everywhere initiative. We are offering Norton Mobile Security to customers around the globe through our broad multichannel distribution network. Recent partner wins include carriers such as T-Mobile Austria and KDDI, retailers such as Dixons and OEMs such as Samsung through its app store. All of these parters have chosen to include Norton Mobile Security, along with their Android phone and tablet offerings. A beta version of our mobile security offering is available in the Android market, allowing us to get valuable direct feedback from an increasing number of end users. While early days, I am pleased with the inroads we are making in providing customers a hassle-free online experience across mobile phones, tablets and smart devices.

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