NLOK - Earnings call transcript Q3 2020

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Operator

Welcome to NortonLifeLock Fiscal Third Quarter 2020 Earnings Call. [Operator Instructions] Thank you.

I would now like to turn the call over to the Head of Investor Relations, Soohwan Kim. Thank you.

You may begin.

Soohwan Kim

you. Thank welcome year call XXXX to third discuss to fiscal quarter earnings you pleased to our our I'm results. We slides posted page. to and our Investor the Relations events earnings material web Kapuria Vincent NortonLifeLock are Interim call today's Matt Brown on CEO; Speakers Samir President; and CFO. Pilette, available be via replay will website. webcast call our for This on

As business NortonLifeLock. were condensed Security of for as corporate X, assets discontinued XXXX. changed operations connection our of results The Broadcom thus our our Enterprise of sale in presented. both results a classified to operations in and November the consolidated and Enterprise interest in Symantec our from all and reminder, with periods segment certain Security business of statements continuing excluded from We operations

we and which Security segment. On one Starting sale Analytics in solutions. XXXX, our operate the included included the in our in we associated ID completed Analytics reportable solutions, of remaining second Revenues our were ID formerly are now Enterprise in segment. XXXX, reportable segment quarter of XX, costs fiscal January the of

that non-GAAP to references the are stated. definitions to otherwise unless the financial refer like for remind our all to non-GAAP, website further materials Relations of Please posted everyone Investor metrics. supplemental on metrics I'd finished that

We understanding management accordance regarding facilitate financial with periods. during forecasting taken should meaningful provide non-GAAP non-GAAP measures our our Please financial prior the and when GAAP discussed with website. for Non-GAAP financial GAAP financial reconciled presentation posted information press believe materials measures, well this note measures measures measures and substitute performance benefit in financial corresponding for financial measures. of these assessing non-GAAP presented our financial uses of together release as our measures believe as operating from below information non-GAAP a supplemental operating to reasons financial financial referenced supplemental investors results that our We be our in comparisons are on in are non-GAAP periods call their comparable not the team and to our as performance measures considered and planning future GAAP. our also supplemental

forward-looking conditions on Those on and current current risks and only call we expectations, as Today's as currently may statements based the of and speak are assumptions our beliefs, such, cause date, materially contains differ see. that current uncertainties from results actual involve expectations. based to statements

a Please statements associated cost benefits In our anticipated and in sale Security refer our to sale transaction from particular, release regarding of with the Enterprise reductions assets Broadcom cautionary press to risks. and variety such of more subject to statement this our are information. any for our

March find recently ended risk will also a XXXX, discussion year filings and XX-K factors with particular for in on Form XX-Q. filed in the the detailed fiscal our about reports quarterly annual our SEC on report You our and Form in XX,

Let over me now to Vincent. turn the call

Vincent Pilette

Thank afternoon everyone. Soohwan good and you,

growth of execution I'm and the of very delivered by was expected supported of from a by better pleased $X.XX year X%. costs. high to as quarter up We EPS the end the driven NortonLifeLock and bookings QX, guidance, report a revenue well company. delivered that results than above standalone lower above first range, strong our in ago, stranded $X.XX, we

our the our consumer pure-play and annual have towards are transition we safety, We driving of become target accelerated to leader in EPS. cyber $X.XX

January of starting billion proceeds XXst, Broadcom from of the to returning sales dividend commitment than and on share in $XX a our our by of net on delivered Enterprise $X.X per more special the repurchase have program December. share We business XXX% paying

team. discipline our which is and testament Achieving in Enterprise the employees. our the I a to business Before thank I another to go in results into quarter of our sales more like would completed operational of we detail, of the these dedication all

have stranded speak to encouraging cost sales let cumulative of on were more stranded Previously, our of billion, post Xth, themselves. close give Enterprise our accelerated remove $XXX details. activities. of estimated $X.X cost we with pace. at close These removing business But the these cash November a me In you results been the few stranded cost for an million

'XX, accelerated our to billion our have in post QX fiscal transition cash. are $XXX be done in We to in than plan. million cost close which months and $X of Cumulative ahead of total, year trucking three stranded less

achieve rightsizing by the We company operating are the good the strides XX% transition end towards making period. to of margin target cost or total exiting base the for of

to costs. and $XXX We ID for to million underutilized significant the our closed recently than progress cash. made towards monetize we assets the offset dispose Analytics business more in of addition, sales our goal cash In stranded of

we of our for first Campus. addition, of bids properties Mountain received the the In be to vacated including round soon sales View our

on to the Enterprise combine less the to our When to the We business cost, $XX.X call. we last related $X.X assets earnings sales our the the of the significantly underutilized the in now than you in gross project approximately sales $XX.X of monetization assets. we with stranded or roughly proceeds be $X.X billion assets, $XXX indirectly Enterprise generate billion project cash from $X.X estimated higher million in previously of billion than proceeds billion billion, directly

cash return very now and sustainably our amount of consumer the are we form proud. would lower off Wow. substantial stock shareholders be our taxes, meaningful Even are left I business. and with capacity than buybacks, invest which initially grow in after to of dividends a the expected, and to know Rick

short When I started in key talked priorities term. CEO, about some to I the us for

we consistently delivering by say. First, established what on credibility

accelerate with long-term company. model XX% get Secondly, business a the quickly for to transition profitability the to

the said more company investment time the potential to business. full growth, and on importantly, reach to I up delivering full return sustainable a to consumer free that lastly, take stand-alone would of capacity And it potential. our also

the saying elimination of our the accelerating goes assets. business, of our on executing delivered maximizing think on of in underutilized the cost have that it of sales and stranded I we Enterprise commitments the without value terms

safety operating when cost. XX% growth ongoing delivered subscribers bookings in you this sequentially, quarter adds business, It net exclude we is quarter, the cyber X% over As customer for consumer first of the and long a margin stranded impact year-over-year of net while time. positive of increased by XX,XXX the maintaining

not But quarter to does a be fair, trend. make one

focused is long-term execution reprioritized count right stabilizing, us customer deliver While have growth. investments our sustainable to and on the path

is strategy working. Our

I will motions. Samir, pass partner, to now the my selling initiatives and on business our more call product over details for

Samir Kapuria

Thank you, Vincent.

Africa, In increasing a to our value Our by cyber-safety the set remain in memberships Pacific to EMEA, quarter, launching we Latin focused South expanded on broad worldwide and Mexico. members Norton deliver and membership momentum offering continues. We and NortonLifeLock Ireland, strategy third America, Australia our including of offerings Asia XXX solutions.

sequentially quarter, In the and revenue user ARPU month, average up third per X.X% or $X.XX year-over-year. per up to X.X% increased

More continued customer time two in more direct stabilization first saw than grew of importantly, We customer count count. the we for sequentially years. quarter our this

top customers new the maintaining had our high the at We of while rates. retention funnel,

Our strategy message safety invest service of in believe consumer to and is growth directly resonating our awareness from We customers. our the the drive customers results offering. of with value

is with direct the version we relationships outside through will benefits, service the through and In restoration of customers, employee indirect including time first also States. provider around bundling world, customers will large agreement millions One protect LifeLock, signed the of full which membership who we retailers a telcos, we've example new partnerships a e-tailers. established be addition by to partnership recent United powered be product includes of our LifeLock. launching will identity be telecom the our This

growth both how bring value their businesses to organizations customers. these cyber the safety in their see more can foundation contribute understand starting for We're much and These future. relationships more our of and to

to to threats We fast in address continuing are evolving product our a invest capabilities at that pace. cyber are

of quarter. December, This launched that additional to we launched of identity who Let protection. identity subscribe is our the to two U.S. me feature In alert. home in highlight highest examples the members available offerings we title level

their many records asset to and their valuable the and home recorder's We're county at tax fraud. is we're helping For from home it for changes now protect title Americans, monitoring office. their most

or our to identities victim's additional to liens identity out home. members when is security, focus scammers home one place innovation service, this of our continued of This financial across a privacy, deliver victim's on for alerted examples protection and With use take fraudulent benefit. members are to on many loans potential

the Japan. expanded offering theft the also identity dark in outside our our of web LifeLock with launch U.S. We powered by service monitoring

dark unindexed an is can web, buy take members' in web and our it alert they members, hotbed we of information. of so information dark the detect a action. is our the where activity part stolen When we The can Internet, and criminals criminal sell

pipeline of safe. good leading help we just and that product that in to around keep believe two but we This the hard adoption customers it of consumers cyber seen robust deliver working have a R&D are we our innovation, has globe. are Those to examples will products market

Let discuss the detail. Matt to QX results call more me turn over to in actual

Matthew Brown

Samir. Thanks

QX bit our review me results a Let more in detail.

Focusing non-GAAP primarily our guidance $X.XX, $XX QX included range Diluted was driven expected landed results, costs constant P&L. both X% in to and above million, million of revenue was for the our guidance, up our year-over-year Analytics was range revenue stranded better $XXX and million. in by and $XXX in guidance currency, ID EPS exceeding on $XXX quarter. actual at than our

our reduced go-forward count XX%, drove one XX.X%, performance was by margin the for head on estate footprint, business. real margin just reduced company by and In to We reducing 'XX. QX in strong making rightsizing Operating costs. XX.X% progress we substantial significantly compared stranded quarter, our our

included made, QX stranded operating $XX While approximately of operations progress million. continuing was expenses

on the EPS be transition burdened these associated costs, and will call, the operating quarters. next the transition, and impact margin will stated our cost with service location asset the agreements, transition we complex three our write-off our prior costs this net during the of earnings in of reporting P&L costs timing with and/or As structure for the quarter period, stranded

of complexity, and location below quarter or discontinued detail Relations excluded to underlying our in of they nature For income costs, approximate results expenses Investor these incurred the which expenses, from review. I which stranded Because of our be the or non-GAAP the posted altogether. restructuring, services our are are depending on providing this operations transition the earnings which operating of in or included we on other in amount costs example, in and invite are deck on continuing everyone operations website, recorded expense, line may

$XXX stranded was million. $XXX collections free cash from million, related costs our amounts continuing from operations QX, receivables which from also cash and flow quarter. flow discontinued These operations, of flow include of and the Enterprise with cash benefited in In includes

from flow The at the left in estimated be of By now the this quarter's be at QX time on billion, will operations. $X.X the the is way, of paid tax estimated deal. reflected is to versus the therefore the that 'XX Enterprise tax cash liability in sale majority $X.X estimated billion liability and

and total the cash ended $XX.X debt billion was unchanged level third at We and quarter with our investments short-term billion. of $X.X

share Our In to to $XXX flow amount cash shareholders. has our million a plan, shares we billion us enabled repurchased under QX, return $XX.X for cash. $X.X strong buyback million in cash significant of our

per recently $X.XXX in QX increased addition, quarterly share. we In of dividend regular paid our

the And lastly, $XX we completed share. per special recently dividend previously announced of

to our opportunities. invest while will to growth We ability return shareholders, our to in continue cash maintaining

assets. transition lower expected We the sale the be buyback of cash cash our dividend receipts expected the of of on expect transition cash costs, underutilized estimated a now lower Enterprise the higher to result as and expected $X.X from special our timing sale, on of cash due lower share cash over balance billion the end paid at to taxes

All told, the grow to additional invest the we this capital and and significantly as as business, create cash sustainably to well flexibility dilution. allows increased value as us has more option deploy to opportunistically manage our expectations, gives greater

our call to provide the to back turn now me QX Vincent Let outlook.

Vincent Pilette

Thanks Very Matt. clear.

$XXX for me quarter, now million, also fourth QX in $XXX in January. excluding Analytics, long-term outlook strategy expect the million growth revenue and range which our the of closed we NortonLifeLock. ID provide In Let to a discuss

continue later delivering will continue in expected quarters. We which to bookings ultimately revenue drive growth low growth, QX, for to yield digit business is the growth in to single

share based in costs. on $X.XX non-GAAP QX share XX% of when expect $X.XX flat of EPS the approximately, count, profit to operating assumptions sorry with range to the business be excluding We the margin per stranded

come full our approximately operating benefit we the period, annualized EPS buybacks, with to upon share elimination the As exit of XX% we expect and stranded transition the to from reach margin to $X.XX. cost, and

year Fiscal XXXX.

levels, So direct programs worldwide. U.S. turn investment in acquisition as targeted previous marketing and at to the we primarily

distribution and our We will continue invest to in roadmap. product

While these to time generate take initiatives revenue.

We consecutive billings see quarters X% of are two encouraged year-over-year. growth to

We cyber believe our positioned NortonLifeLock continue offering is reliable by market well a to leadership path safety. simple to

make to and digital connected protect our world the in customers' reflected Our lives our mission is safer. to commitment

Our transformation achieve remove is foundation the near-term to goals more on lay focused, stranded cost growth. for well are and underway. our We've nimble and and to customer become track much we

to mid opportunity and produce For generation cash consumers long-term strong growth, shareholders. and to goals, deliver excited our flow the by solutions our to revenue protect innovative with we're earnings sustained for

told all protecting path. the the along solutions. linear focus our a tremendous. not innovative be be on is and And I will delighting opportunity As challenges of employees, There it our with is way, consumers will but

that, And take your Samir I now and Matt, are happy to questions. with

Operator

[Operator Instructions] Our Fatima question of UBS. is line from first Boolani from Fatima?

Fatima Boolani

membership start you, maybe base. bundles a Samir, progress the I'll conversion get install of with to the update just on

have base membership data to the the a you You move year points about a as here, model.

us you're wondering as was to along how path? that of I sort could tracking So if update you

are little of they're a bucket And really the or landing, conversions then color maybe And would to low the bit follow-up bucket, the for a be Matt? can more that helpful. if us how very sort I have whether as in give you premium

Samir Kapuria

we as new family. safety last into as moving our acquiring that our that We've as solution. Both into of Thanks programs been Fatima. customers well. progressed Yes both combined we which out rolled April, includes as bucket, customer home and base and identity, cyber privacy have existing well security, which

I think annual this on and happy we results with basis, had very the data on year. that we the progression over are share we've an

out monitoring in customers So in restoration service identity that have percentage I of be country. and we protection we'll like to into the next be international have my Japan, the But soon also capabilities opening markets, to rolled web in quarter, moved new in that, identity sharing as dark remarks, existing mentioned addition released another in program. that threat

of in as is seen and we're well in today. we're capabilities and our the you've as resonating both with resulting our what seeing So, providing combination that's value the ARPU, customers retention reporting are

Fatima Boolani

kind very the dilution go mechanics the and But place. I'm come have convertible the will. notes for of notes, color around buyback balance the or wondering as with those around of Matt you, to helpful normalized a sheet in that capital the just And you if respect forward structure, the on that's result you given online

about of us through dilution you thinking Thank count we I'm can share step wondering if going kind how mechanics count should share forward? a and you. be

Matthew Brown

count remarks, quarter-over-quarter. we yes are his flat Sure in so as modeling Vincent mentioned outlook share

buyback the So and ability the expected converts incorporates as our of from we program. move our the offset manage as QX And through dilution our dilution share forward, guidance continues, with also have buybacks. that our share we to opportunistically additional

into built is model. that so And our

Operator

from our And question of line Barclays. next Saket Kalia from is the Saket?

Saket Kalia

Hi with so maybe just Vincent, you. and start

growth? this about of that we question team of marketing some the, the to in putting my the to we think or investments guess additional that that top can you investment are need of I that improved the sort in increase line. seeing bookings sustain you improvement the potentially of do some some them is, those think programs the type to leverage into talked You we're is help drive incremental

Vincent Pilette

we quarters, our with three investment right? There're we've increased prior investment. marketing mentioned done really back in levels. go to to so, as those prior of sets We've Yes actions

first from the other The initiative. been we was that's really marketing media one past long-form social areas in new had to in one to and not marketing move so, which

U.S. more really to was one second from being international. to be centric move mainly The

that to and of new Asia-Pacific, growing launch. support product been We've Europe. in growing been We've course is

provide we've investment value And the membership. rollout them to factor. those incremental customer structure, Norton XXX So of our marketing the of are the aware through our then making important aligned membership our we

go terms productivity level the want the improving you the a or the marketing those raised When way have you investments. market, in in of long the if of you to in noise awareness level, market

fiscal that, raised So while I it year gain from into those fiscal year investments do we believe here XXXX. productivity we've opportunity to in XXXX, have going

Saket Kalia

that Matt, when How for much or if those maybe the you brushes start TSAs? of broad When little kick follow-up agreements bit - start below - for my of of mentioned go you. talk a can? and for to in, the long sort you services in magnitude the just line. those what those about you do transition mechanics how kick sort to do Can

Matthew Brown

Sure.

close on services about transaction So months. began agreement the six those the November transition of continue X. our for right And after

down May and The So continue in down expect of services the expense. included offsetting income to transition that are are those expense, offset in income agreements until and X. Broadcom, expenses costs about those from reimbursements other are but the which other so

continue will all out through forward. of way expense going X, May we amounts other will those will at So, come And those income exit. which then the and point

Vincent Pilette

on we or or clear, depending the And countries. so we're Saket multiple have area agreements function the just TSA the

term we And into down. so over, stopping. OpEx timeline the cost shut in they shutdown, are normal back then service is of them different immediately come either or have Once [ph] the until

So we're the end making of XXX% sure transition towards getting eliminated. have those it's that definitely focusing a and been stranded of dynamic P&L, costs period, the mainly on

Matthew Brown

asked amounts. and $XX that we're down indicated investor as you included income expense, It Yes, specific by in around was the - Saket that other question and and income in a deck million, getting. is is at the offset relations we've

Operator

Suisse. of question from next from Brad our And Zelnick Credit Brad? line is

Brad Zelnick

My incremental seeing the demographics marketing if like can a bit, help the down understand us channels, first adding? better for the best that you're drill question to from, of I'd you're investments conversion you customers and into you, the which perhaps

Vincent Pilette

avenues. success of and now into continues off very you sign TV, that of we And cetera. some efficient, we been the going investment long-form early We so, CAGR newness, be Yes channels. Those low new want et media marketing if way. investment into [ph] and those redirected and strong and radio, have to have our have traditional other see social recurrent,

acquisition that to we channels. invest that learn as to continue customer cost, and Want anything, add our So Samir on optimize about to money those one? we'll

Samir Kapuria

and focused base, foremost. and just important the parts grow moment although dovetailing digital customer media. into new we're on And TV to first Yes of that truth added funnel, our we've radio investment are our marketing of and

and as in Europe engine optimization So in it's on marketing also And social, channels, those Vincent mobile. international also investing in our and shared search performance including but while is focus Asia. investing

very you Checkmark, have as the a brand. with we our NortonLifeLock know And and powerful

solutions around most investments that from that more to aware is, so channel people brand So safety take that. marketing and our drive are of cyber customer trust our it growth and

Brad Zelnick

now that's you it's I helpful. see I just could to Matt, less down us $X.X on help actually much, of come even billion. a is And versus here? ahead you original follow-up costs, than further $X Thank well understand so all very and plan maybe that Can stranded for how billion what's if are number changed, from eliminating Samir, the just suppose might estimate good you there of chance

Matthew Brown

already I we but to done, faster commit don't were to stranded than happy So, want accelerate able we've the elimination of I'm what to getting those that costs.

earlier seen now, And cumulative lower amounts forward we've think just we'll And the post expected. to for those been so the a what we've billion. result it where that's had some amount, under $X than I been now. able we've leave actions as as pulled of But transition to

Operator

Walter is the And Pritchard our line Citi. next question from of Walter. from

Walter Pritchard

any for acquiring you're growth OEM thinking OEM with curious as how our you if the an around saw one channel, any and customers. channel, - churn about going changes? the PC the questions, then, commentary couple I'm And there renewals avenue Vincent inverse or forward

Vincent Pilette

two we share share Yes that. things on every quarter, but so renewal, we

Overall, the that bucket extremely I rates renewal around two The XX%. ago under overall were quarters so, continued, think slightly renewal stabilization. to has stable. growth contributed have one been good or we

and around, comment of to distribution way into reach growth avenue let's or customers. call second every going The it the

look but to acquisition direct customer distribution aspect. company, a obviously mainly and We at all we

one we side, OEM two. the or On have

do always we As you options, look we know at making not anything. and overlook all sure that

to We all have reach look to plan but continue our ways no at specific share we'll today, to consumers. broadly

Operator

the Gregg? of Mizuho from Gregg next our from Securities. is line Moskowitz And question

Gregg Moskowitz

alluded Vincent, marketing by of XX which least you a a time wondering the probably But so, subscribers my as fiscal of you your be what the I'm guys would in XXXX. quarters. at of Brad's the to from say in subs the Hi at And primary This is will follow-up number remarks. count while to like it the the driver ROI bit in more just this improvement sounds question prepared increased focus in in sequentially, increased stage? a first seen in

Vincent Pilette

a so, couple of Yes comments.

if right, The first a if QX, one you there Equifax, when XXXX, the you is one, first was sees breach remember. with

very, market, are without very, So which the it's the driven say, I time very being event long specific is structurally a coin, I in a think would growing we that sequentially, first encouraging. very

Now, also I it would XX,XXX sequentially. still grew call it

of then kind the making been we our of investment review would and and of still the early aware success need where sign mode, stabilization call raising mainly consumers I the and products, like it has the product. are to marketing of marketing

we moving internationally. So moving into and that new discussed channels

fee. And the afterwards and a then Norton about product because new for talked company obviously continuously we Samir a membership are products new launching XXX, new of concept a functionalities,

You functionality can reception. of that good and access got portfolio on to all our the really

Gregg Moskowitz

And follow-up, you going a any realistic do on the then up selling to a as just of renewal, at showing higher opportunity take see forward? point that you progress or are

Vincent Pilette

move of that for our growing NortonXXX in really objective membership first us, adoption our and to of consumers, is the April. the We increase launched So outside structure.

and one-year to we're hit up-sell. life Fatima cycles, as of we to different So the to at renewal demonstrate have event. earlier, high point And going value mentioned continue the the opportunity

Operator

Our questions Stanley. [Operator Keith next Keith? of Weiss from Morgan Instructions] line

Keith Weiss

monetize going of the estimates some Thank or have stranded of a you in kind are of then to of on kind of questions the of assets on assets, again some result follow-up on what your able that Brad been I number kind remaining already, Is vein you've your but forward digging And revising nice and quarter. of of you that Zelnick going up. the and in, very basis. question? realize the for ability taking and terms these other the of kind One the side equation to question,

Vincent Pilette

Yes absolutely. so no,

revising ownership the for on in digital our sold assets, ID set then first the based for got those we at of which [technical we So we business, and plus that put price offers difficulty] most facilities Analytics, we sold the that partial we sales. of

Keith Weiss

the of of any unpack a you're then side sort on seeing you how ARPU of Could improvements bit of the those little on that core of And kind are just where coming durability less from the that of us from? is mix the shift you equation higher there. if towards sort comes business, absolute better How from much putting help What the So against of of solutions? coming price ARPU the increases get some you're price much any, – a increases? or against understanding of the promotions product, those product?

Samir Kapuria

it's Hi, Samir.

we cyber we do with And as a identity little focus. the privacy, offering combined have a higher of the shared that increase more rollout adopt and Vincent reflected that's has as ARPU. customers home the and add that security, And those earlier been as So, discuss that in membership well set, they retention capabilities, and ARPU solution we're earlier. safety as capabilities, of the our seeing and our comments more

growth our in above geographies. and multiple that user priority beyond, And is

But are be looking those we higher a cohorts users. at focus adopt might user lower to ARPU So specifically as high both volume of we also ARPU geographies. growth, on

Operator

Karl Deutsche our from And the next Bank. from is of Keirstead Karl? line question

Karl Keirstead

cash a and growth revenue a got both question. ask I'll at flow once. I've

business. in core catalyst you growth of question So a whether confidence of level for can that you your up be consecutive fiscal digits, that there second the And put guess you my XXXX the in I just your mid-single sometime now to growth segment consumer in is greater? X% is, revenue achieve highlighted, quarter billings

million, other OpEx can side, on on stranded cash tracking impact And what goal the the of outlined in that reported you. sense then cash the how the run impact was $XXX business $XXX you on some your So million you free flow $XXX towards a income, rate? of get is core Thank that combined cost and flow but million? we

Vincent Pilette

a quarters growth for very indicators line. Yes, X% now the start the mean an what business revenue two in questions. thanks gross for state which gross, the of two two the I'll count row. more it of accounting booking Customer line, with good the is future for are will and leading of

If balance And end we had you go year XX is on of back of those see the decline revenue decline, line customer impact ago. revenue and to what today we months XXXX, you had deferred we the a count metrics, fiscal had the – decline.

I sign two there obviously, definitely growth success. operational strategy. on say customer but yet are are for. So I sustainable to growth, call mentioned really we of booking would that And these not sign growth our we I results, and as are count deliver are the would path metrics achieving that them early driving encouraging on right

terms mentioned also which P&L, In restructuring, the of the operations you cost you flow, on operations have cash the discounted and continued flow. all of impact cash

enterprise the also from we're Broadcom we deal AR had from the [ph]. pre-closed the of And receivable take did in collection segment, accounts QX, the since this not quarter that the

cash or consumer really to the it look business, if of that. statement transition quarter, annualized and cash on for So track due we what's deliver was $XXX a flow flow you by period. want, free When the linked million our higher peel down to quarter our the well our we're end to

Operator

Eyal our And question of Oppenheimer is next from line from & Shaul Shaul? Company.

Shaul Eyal

one sustain of Vincent, if included, they starts of forward, performance can some your growth level of this that list. the the and providers, of legacy view? due change are that we the providers generation going displacing endpoints views in XX next of that stellar you the within to Should some expect is supporting Symantec

Vincent Pilette

much of offers are security our XXX identity we now security privacy for consumers. course sure devices, cyber safety it, want, to back offers exactly but provider, moves to, with you much if Norton an protection. it you a category And VPN, to I membership, really a and basic offer not category dark endpoint new but endpoint offering is more and creating web It offering monitoring. a company that to more what helping internationally I’m our your refer for want the view as to also view detach membership. is design

Shaul Eyal

product sensors are this And in it – utilized? you. my outlined, is web product that What's the product? the question. associated follow The exact analytics Is and with more more a in I'm that market up, web of you dark go-to Thank being your you're receiving these actually interested driven? related dark what's it strategy home-grown, the

Samir Kapuria

question. that's a great And

key identity world, is As the around the and web. asking. answer consumers the information you is for one on the But sauce our stolen growing know, protection And secret a you're need is dark the question exchanges of platforms yes.

At we end requires web. around to our monitor in stolen web. have potentially way customers sold to the We being bring being the which and capability robust all a able the dark globe different monitoring dark in in we of ways have day, PII the us to dark the are a which for web

And is and it. action that focus what to real-time information alerted to our on they're how we consumers so get on our able take

Operator

turn gentlemen, and back time ladies no Pilette I'd it at this we further over have to And like closing questions, remarks. Vincent to for

Vincent Pilette

joining Thank Thanks you. us today. for

am team to sustainable We keep make transformation not be the can feel a is need success. delight have and linear. good delivering innovative of on our our We ways to this solutions build there signs go lot early growth still cyber deliver will safe. to I While confident about, that to world to customers.

reach in journey NortonLifeLock. to leader us an you. It potential start exciting inspires Thank cyber play the quarter first is at full for as our This our safety. pure consumer

Operator

thank for earnings call. third you conclude today's joining us for XXXX gentlemen, NortonLifeLock's call. Ladies conference fiscal and quarter this We does

disconnect. You may now

Gen Digital (GEN) 6 Feb 202020 Q3 Earnings call transcript