SYMANTEC CORPORATION 4Q13 and FY13 RESULTS PREPARED REMARKS

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1 Introduction Helyn Corcos, Vice President Investor Relations Good afternoon and thank you for joining our call to discuss our fourth quarter and fiscal year 2013 results. With me today are Steve Bennett, Symantec s President and CEO and James Beer, Executive Vice President and CFO. In a moment, I will turn the call over to Steve. He will discuss our execution during the quarter and fiscal year as well as provide some thoughts on FY14. Then, James will provide highlights of our financial results as well as outline our guidance assumptions. 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 A copy of today s press release and supplemental financial information are posted on our website. A copy of today s prepared remarks including guidance will be available on our investor relations website after the call is completed. Before we begin, I d like to remind you that we provide year over year constant currency growth rates in our prepared remarks unless otherwise stated. Earnings per share growth rates are provided on an as reported basis. We use our foreign currency rules of thumb in our guidance section for all constant currency year over year growth rates. For the March 2013 quarter, the actual weighted average exchange rate was $1.32 per Euro, and the end of period rate was $1.28 per Euro compared to our guided rate of $1.32 per Euro. For the March 2012 quarter, the actual weighted average rate was $1.31 per Euro, and the end of period rate was $1.33 per Euro. We ve included a summary of the year over year constant currency and actual growth rates in our press release tables and in our supplemental information which are available on our website. Some of the information discussed on this call, including our projections regarding revenue, operating results, deferred revenue, amortization of acquisition related intangibles and stockbased 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 the 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 web site. And now, I would like to introduce our CEO, Mr. Steve Bennett. Steve Bennett, President and CEO Thank you Helyn and good afternoon everyone. I continue to be amazed by the great work done by our talented and engaged employees. Our people are focused on execution and our delivering. They are also excited about the Symantec May 7,

2 4.0 strategy and mission to protect and manage information so everyone is free to focus on achieving their goals. We delivered better than expected results for the quarter and year. FY13 results were driven by our strong point solutions such as NetBackup, DLP, and other information security offerings, as well as continued growth in our Norton and SEP endpoint products. We grew 3% organically the largest organic growth rate in 5 years. FY13 was also the start of the transformation of Symantec. The only significant things that changed during the year were some executive transitions and the January announcement of our new strategy and organizational simplification initiative. FY14 will be different. Many critical things will be changing like completing the streamlining of our management structure, reallocating significant amounts of our development resources to focus on our most promising point solutions exciting new integrated offerings and some exciting new partnerships we haven t announced yet but expect to in the next 90 days. We are also changing our go-to-market strategy and many of the elements like the creation of a new renewals team focusing our sales organization on new business only changing our sales compensation program converting our generalist sales force to one that s specialized and focused on either information management or information security introducing a new channel strategy and set of partner programs and building a high powered marketing organization to mention a few of the most critical. I m certain that these will lead to significantly improved longer term performance for Symantec but in FY14 there s a bit more uncertainty than normal in our plan than there was in FY13. We are factoring this into our guidance as best we can. Let s talk in more detail about some of the changes We are in the middle of rightsizing our management structure. We have made significant progress and are expected to have the final structure completed and in place in July. We are reducing the number of layers, and increasing spans of control for our managers to industry standard levels in an effort to increase the speed of decision making and to improve accountability and execution. We expect to eliminate between 30-40% of the management positions. We will have fewer, bigger jobs for our best and brightest. We are also attracting world class external talent from some of the most recognized tech companies in the world. Over the next few months, you ll hear more about some great senior level talent coming to join and strengthen the Symantec leadership team. As the threat landscape evolves and the consumer and enterprise worlds continue to converge, we see real value in merging our Norton and SEP solutions to solve new customer problems and reduce redundant expenses. Moving from protecting the endpoint to protecting people and their information in a device independent way will help us transform this business. Especially when you think about all the new control points that will be added as we move into the era of the Internet of things with connected devices touching nearly every aspect of our lives. May 7,

3 Our Norton business has a large and loyal customer base. This gives us a great foundation to build on as we reinvent this important business. In the short term, we expect the Norton business to deliver flattish revenue growth given market dynamics including PC unit declines. As mentioned in January our FY15 to 17 planning assumption is for this market to be relatively flat over that time horizon despite that we are focused on innovation to define new market opportunities that grow the category. One example is leveraging the powerful Norton brand to help us better reach small businesses. Given how this market has evolved we are taking a rigorous look at every partnership deal. We will not sign any new agreements that don t make financial sense. Moving away from any OEM distribution partnership would put some pressure on our new customer acquisition in the short term, but would be materially accretive to the bottom line. With respect to FY 14 financials we remain committed to delivering 0-2% revenue growth and a 200 basis point improvement in non-gaap operating margin in constant currency for the year. Let me take a second to highlight two other things we feel good about. We are still guiding a 200 basis point improvement even though we delivered 60 basis points above expectations on a currency adjusted basis in the 4th quarter of FY13. James will provide more details but let me highlight that margin improvements are not balanced throughout the year. They are more backend loaded as the benefits from organization simplification don t really begin until the September quarter. Second we remain committed to returning excess capital to shareholders. With the stock price increase since January we are maintaining our 2.5% dividend and raising the quarterly amount from 13 to 15 cents per share. This amounts to an additional $70M on an annual basis. We will also maintain the share repurchase activity levels we talked about in January so in effect we are now planning to return more cash to shareholders than we announced in January James will provide more detail in a few minutes. In summary, we are happy with the FY13 performance in FY14 we will make significant progress transforming Symantec and building a solid foundation for future profitable growth. We will work hard to deliver solid results in FY14 while making these important and material changes. We are gaining momentum and customers, partners, and employees have responded well to our strategy. Our markets continue to grow and we have some exciting new offerings, partnerships and go to market changes that will accelerate revenue growth in FY15 and beyond. As stated in January we remain committed to delivering compounded annual organic revenue growth above 5% with greater than 30% margins in the FY15-FY17 time frame. Let me close by saying that after 9 months I ve never been more excited about our prospects and opportunities and confident about our ability to transform this company in a very positive way May 7,

4 to deliver at a much higher level for our employees customers partners and shareholders... We are making solid progress every day and getting better on many fronts. Thanks for your support and with that, I ll turn the call over to James. James Beer, EVP and CFO Thank you Steve, and good afternoon. I d like to start with a summary of our financial results for the March quarter and then review our performance during fiscal year We posted better than expected March quarter results including record revenue and deferred revenue that were driven by double digit growth in our backup business and continued strength in data loss prevention and our other information security products. Fourth quarter GAAP revenue grew 5% in constant currency to $1.75 billion. This result drove our organic, constant currency revenue growth to 4% for the March quarter year over year. Our better than expected revenue results, coupled with lower spending across the company, expanded our non-gaap operating margin by 140 basis points year over year to 23.9%. Consistent with the growth we are experiencing in our subscription and appliance businesses, non-gaap gross margins declined 90 basis points year over year. Non-GAAP net income of $314 million resulted in fully diluted non-gaap earnings per share of 44. Improved operating leverage from stronger than expected revenue performance positively impacted EPS by 4. In addition, lower OEM fees and other spending controls each accounted for approximately 1 of benefit to EPS. As expected, we received an R&D tax credit benefit while other one-time tax benefits positively impacted EPS by approximately 1. CSEs of 714 million were higher than expected as the increase in our stock price drove greater option exercises and dilution from our convertible notes of approximately 12 million shares. This negatively impacted EPS by 1 cent. Cash flow from operating activities for the March quarter totalled $612 million, down year over year due to payroll timing and higher spending on product development and restructuring. Now, I would like to review our financial results for fiscal We generated record revenue and deferred revenue, expanded non-gaap operating margins by 60 basis points, and delivered double digit EPS growth driven by our backup and information security businesses. NetBackup, which is the largest enterprise product in our portfolio, was one of our fastest growing businesses in fiscal 2013 driven by strong demand for our backup appliances. Overall, we drove organic, constant currency revenue growth of 3%. In FY13, 87% of total revenue was ratable and we continue to provide increased revenue predictability as much of the growth in our product portfolio is subscription based. In aggregate, content, maintenance and subscription revenue grew 5% while license revenue was flat year over May 7,

5 year. Subscription revenue, which includes our consumer, authentication, MSS and SaaS offerings, grew 6% and accounted for 44% of total revenue compared to 43% of revenue in fiscal Excluding the consumer business, our enterprise subscriptions grew 12% and accounted for 14% of total revenue as compared to 12% in the prior year. Turning now to our business segments, in FY13, the Storage and Server Management segment which consists of our backup, archiving, and storage and availability management businesses grew 5% and generated revenue of $2.48 billion. Specifically, revenue from our backup and archiving business grew 9% year over year and 6% organically driven by NetBackup. Revenue in our storage and availability management business decreased 4% year over year as headwinds continue from the decline in our customers use of the Solaris platform. The Security and Compliance segment grew 7% year over year and generated revenue of $2.05 billion. Organically, Security and Compliance grew 3% driven by our continued leadership in endpoint protection and double digit growth in our information security business. The Consumer business grew 2% year over year to $2.11 billion driven by up-selling customers to our premium suites and growing our emerging backup, NortonLive services and mobile businesses. Our Services business grew 7% year over year to $265 million driven by double digit growth in Business Critical Services as demand for high-touch infrastructure protection services continues to grow. Turning now to total company margins. Non-GAAP gross margin declined 100 basis points year over year driven by growth in our backup appliances and subscription businesses. Non-GAAP operating margin was 25.7%, up 60 basis points from the year ago period driven by our revenue growth and lower OEM fees. We generated $1.6 billion of cash flow from operations, down 16% year over year as reported, driven by reduced collections due to weak billings at the end of the March 2012 quarter, higher cost of goods sold, restructuring costs, and cash tax payments. Our total cash balance of $4.7 billion includes the $1 billion in net proceeds from our debt offering in June 2012 that will be used to retire our $1 billion convertible notes maturing next month on June 15th. Excluding this $1 billion, approximately 31% of our cash balance resides in the U.S. During the fiscal year, we spent $826 million to repurchase 49 million shares at an average share price of $16.98, reducing our common stock outstanding count by 7.0%, or a net 3.7% after adjusting for stock compensation. GUIDANCE: Now, I d like to spend a few minutes discussing our guidance. Starting in fiscal 2014, we will be providing annual guidance as well as quarterly guidance. We are replacing quarterly deferred May 7,

6 revenue guidance with operating margin guidance and adding EPS guidance for the year. This change will allow investors to better track our progress against our key financial measures. For FY14, we remain committed to our revenue guidance of 0-2% growth and non-gaap operating margin expansion of 200 basis points both on a constant currency basis. We are maintaining our operating margin target even though in FY13, on a constant currency basis, we delivered 60 basis points more than expected. We expect non-gaap EPS to grow between 5-7% in FY14. For the June 2013 quarter, we expect GAAP revenue to be in the range of $1.61 to $1.65 billion compared to $1.67 billion in the year ago period. Revenue is expected to be lower year over year for two reasons: first, the weak Yen is driving a projected foreign currency headwind of $15 million and second, our typical Q1 sequential revenue performance has been down about 2.5% versus the 1.7% reduction implied by consensus estimates. This difference equates to another $15 million. We expect GAAP operating margin to be in the range of 8.6% to 8.7% compared to 16.1% in the year ago period. Non-GAAP operating margin is expected to be in the range of 22.6% to 22.7% compared to 26.1% last year. GAAP earnings per share are estimated to be between 11 and 12 as compared to 24 in the year ago period. Non-GAAP earnings per share are estimated to be between 35 and 36 as compared to 43 in the year ago period. EPS is expected to be lower year over year driven by the revenue items just noted and higher spend year over year, each accounting for 3 of impact to EPS. Also, starting in the June quarter, we expect to implement a new commissions accounting methodology which would decrease EPS by 1 in the quarter. This methodology would more evenly distribute the impact of commission expenses across our quarters while more closely aligning our expenses to the timing of the associated recognized revenue. As part of our capital allocation strategy announced in January, we will distribute our first ever quarterly cash dividend of 15 per share, equivalent to a yield of approximately 2.5% based on the closing stock price of $24.35 on May 1, This is a significantly higher dividend payment than what we assumed in January given our recent stock price appreciation. Payment will occur on June 27th to shareholders of record on June 19th. In addition to paying dividends, we will continue to buy back our shares. Based on our recent stock performance, more of our outstanding options are in-the-money, and we are seeing an increased rate of employees exercising options. We plan to use the proceeds from exercised options to add to the previously projected total capital return of $800 millon for FY14. Depending on actual option exercise volumes, this could add $100 $150 million to our total capital returned to shareholders in FY14. Our guidance assumes an exchange rate of $1.31 per Euro versus the weighted average rate of $1.28 and the end of period rate of $1.27 per Euro in the June 2012 quarter. Our guidance for both the quarter and the full year assume an effective tax rate of 28%. We expect common stock equivalents for the quarter of approximately 710 million shares and expect our share count to remain flat for the full year. May 7,

7 And now, I ll turn it over to Helyn so that we can start taking some of your questions. Helyn for Q&A Thanks. Operator will you please begin polling for questions. While the operator is polling for questions, I d like to update you on our upcoming conference events. We will be presenting at the JP Morgan Investor Conference on May 15 th in Boston. Lastly, we will be reporting our fiscal first quarter results on July 30 th, For a complete schedule of our investor related events, please visit the events section of the investor relations website. Operator, we are ready for the first question. Thank you Please direct all questions to investor relations at May 7,

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