Symantec Corporation (SYMC)

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Symantec Corp. (SYMC)

Q310 Earnings Call

January 27, 2010 5:00 pm ET


Helyn Corcos - VP IR

Enrique Salem - President and CEO

James Beer - CFO


Perry Wong (for Heather Bellini) - ISI Group

John Difucci - J.P. Morgan

Kash Rangan - Merrill Lynch

Sarah Friar - Goldman Sachs

Phil Winslow - Credit Suisse

Todd Raker - Deutsche Bank Securities

Rob Owens - Pacific Crest Securities

Reed in for Brent Phil – UBS

Brad Zelnick - Macquarie Research Equities

Katherine Egbert - Jefferies & Company

Brian Freed - Morgan, Keegan & Company, Inc.

Daniel Ives - Friedman, Billings, Ramsey & Co.

Steve Ashley - Robert W. Baird

Tim Cossel - Thomas Weisel Partners

Robert Breza - RBC Capital Markets



Good day and welcome to Symantec's third quarter 2010 earnings conference call. Today's call is being recorded.

At this time, I would like to turn the call over to Ms. Helyn Corcos, Vice President of Investor Relations. Please go ahead.

Helyn Corcos

Thank you and good afternoon. Thank you for joining our call to discuss fiscal third quarter 2010 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 how Symantec executed during the quarter. Then James will provide highlights of our financial results as well as discuss our guidance assumptions as outlined in the press release. 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 Relation’s website at A copy of today's press release and supplemental financial information are also posted on our website, and a copy of today's prepared remarks will be available on the website shortly after the call is completed.

Before we begin, I’d like to remind you that we will review our non-GAAP financial results focusing on year-over-year constant currency growth rates unless otherwise stated in the prepared remarks.

Sequential growth rates are based on as reported basis. For the December 2009 quarter, the actual weighted average exchange rate was $1.48 per Euro and the end of period rate was $1.43 per Euro, compared to our guided rate of $1.47 per Euro.

For the December 08 quarter, the actual weighted average rate was $1.32 per Euro and the end of period rate was $1.39 per Euro. We’ve included a summary and reconciliation of the year-over-year growth rate in our press release tables and in our supplemental information provided on the website. Given the rapidly fluctuating exchange rate environment, I’d like to remind everyone to apply the rules of thumb provided on our October 28th call as a guide to estimating the impact of currency fluctuations on our financial metrics.

Moving on, 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 quarter contain forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. Additional information concerning these risks and uncertainties can be found in the company's most recent periodic reports filed with the SEC. Symantec assumes no obligation to update any forward-looking statements.

In addition to reporting financial results in accordance with generally accepting accounting principals 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 you to our CEO, Mr. Enrique Salem.

Enrique Salem

Thank you, Helyn, and good afternoon, everyone. I'm very pleased with the solid execution by our team during the December quarter. Our focus on a few priorities enable us to achieve better than expected results.

We also benefited from a stabilizing economy and a moderate IT budget flush.

The continued strength of our consumer business along with our sales and product initiatives and our Enterprise security and compliance portfolio drove the strength of our results of this quarter.

Looking across the geographies, Europe generated strong bookings. The Americas saw continued demand in the government sector and Asia was driven by strength in China and Australia.

We also saw a rebound from customers in the financial services vertical worldwide.

Sales activity continue to improve as the sales force effectively utilized the broader Symantec portfolio to take advantage of up-sell and cross-sell opportunities.

During the quarter, 39% of our deals over a million dollars included sales from both our security and storage segments.

Our focused sales initiatives implemented over the last few quarters are starting to have a positive impact on our execution. Numerous competitive deals with companies in various industries and countries around the world.

Our security compliance business benefited from selling solutions rather than just point products. Data loss prevention and compliance solutions posted double digit bookings growth this quarter.

Barkley’s, a global leader in banking and asset management, signed a multi-year contract spanning our product portfolio. The deal allows Barkley’s to reduce cost by decreasing their vendor count, standardizing technology across multiple business lines, simplifying complex IT processes and taking advantage of both our on-premise and hosted solutions.

This is one of the many examples which illustrates that hosted services is an opportunity for us across Enterprises of all sizes.

In addition, we expand our security partnership with another global financial institution to include our data loss prevention, compliance, and end point security sweeps.

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