NortonLifeLock Outlines Accelerated Long-Term Growth Strategy
11 May 2021 - 7:00AM
Business Wire
Company sets long-term non-GAAP targets of
double-digit revenue growth and ~$3 EPS
NortonLifeLock Inc. (NASDAQ: NLOK), a global leader in consumer
Cyber Safety, today kicked off its first Investor Day with
watch-on-demand presentations from the company’s leadership.
Available now, these presentations showcase NortonLifeLock’s
long-term strategy to transform the company for accelerated growth.
On Tuesday, May 11, 2021, at 9 a.m. PT / 12 p.m. ET, NortonLifeLock
will also host a live video Q&A webcast with CEO Vincent
Pilette, CFO Natalie Derse, and other members of the leadership
team.
“In our first Investor Day, we are sharing our long-term
strategy and commitments to accelerate growth to realize our vision
to protect and empower consumers to live their digital lives
safely,” said Vincent Pilette, CEO of NortonLifeLock. “Our future
is bright, and we’re excited about the endless opportunities
ahead.”
“We have positioned the company to take it to the next level,
and we are confident in our ability to continue to drive
accelerating growth and achieve our long-term targets,” said
Natalie Derse, CFO of NortonLifeLock. “We have a healthy business
model and strong financial discipline. We intend to leverage all
capabilities and resources in our relentless pursuit of our
long-term commitments.”
Non-GAAP Full Fiscal Year 2022 Guidance
- Revenue growth in the range of 8% to 10%+
- EPS in the range of $1.65 to $1.75
Non-GAAP Long-Term Objectives 3-5 Years
- Revenue growth of double-digits
- EPS of approximately $3
- Annual free cash flow of approximately $1 billion to grow
in-line with business
- Return 100% of free cash flow to shareholders, excluding
acquisitions
Share Repurchase Authorization Raised by $1.5B
NortonLifeLock’s Board of Directors has approved an incremental
share repurchase authorization of $1.5 billion. Along with the
current $274 million authorization remaining, this new
authorization increases the total share repurchase remaining to
approximately $1.8 billion. The authorization has no expiration
date.
2021 Virtual Investor Day Details
Investor.NortonLifeLock.com
- May 10, 2021: Watch-on-Demand presentations now available.
- May 11, 2021: Live video Q&A webcast with leadership team
at 9 a.m. PT / 12 p.m. ET.
For additional details regarding NortonLifeLock’s outlook,
please see the Earnings Presentation and the Supplemental
Information on the investor relations page of our website at
Investor.NortonLifeLock.com.
About NortonLifeLock Inc.
NortonLifeLock Inc. (NASDAQ: NLOK) is a global leader in
consumer Cyber Safety, protecting and empowering people to live
their digital lives safely. We are the consumer’s trusted ally in
an increasingly complex and connected world. Learn more about how
we’re transforming Cyber Safety at www.NortonLifeLock.com.
Forward-Looking Statements
This press release contains statements which may be considered
forward-looking within the meaning of the U.S. federal securities
laws. In some cases, you can identify these forward-looking
statements by the use of terms such as “expect,” “will,”
“continue,” or similar expressions, and variations or negatives of
these words, but the absence of these words does not mean that a
statement is not forward-looking. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements, including, but not limited to: the
statements under “Full Fiscal Year 2022 Guidance” and “Long-Term
Objectives 3-5 Years,” including expectations relating to non-GAAP
revenue growth, non-GAAP EPS, and free cash flow; the statements
contained in the quotations; and any statements of assumptions
underlying any of the foregoing. 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 press release. Such risk factors include, but are not
limited to, those related to: the current and future impact of the
COVID-19 pandemic on the Company’s business and industry; the
effect of the sale of substantially all of the Enterprise Security
assets on NortonLifeLock’s retained businesses and products;
retention of executive leadership team members; difficulties in
improving sales and product development during leadership
transitions; difficulties in executing the operating model for the
consumer cyber safety business; lower than anticipated returns from
the Company's investments in direct customer acquisition;
difficulties and delays in reducing run rate expenses and
monetizing underutilized assets; general business and economic
conditions; matters arising out of our completed Audit Committee
investigation and the ongoing U.S. Securities and Exchange
Commission investigation; fluctuations and volatility in
NortonLifeLock’s stock price; the ability of NortonLifeLock to
successfully execute strategic plans; the ability to maintain
customer and partner relationships; the ability of NortonLifeLock
to achieve its cost and operating efficiency goals; the anticipated
growth of certain market segments; NortonLifeLock’s sales and
business strategy; fluctuations in tax rates and foreign currency
exchange rates; the potential for corporate tax increases under the
new Biden Administration the timing and market acceptance of new
product releases and upgrades; and the successful development of
new products and the degree to which these products gain market
acceptance. Additional information concerning these and other risk
factors is contained in the Risk Factors sections of
NortonLifeLock’s most recent reports on Form 10-K and Form 10-Q.
NortonLifeLock assumes no obligation, and does not intend, to
update these forward-looking statements as a result of future
events or developments.
Use of Non-GAAP Financial Information
This press release contains references to non-GAAP earnings per
share, which is adjusted from results based on GAAP and exclude
certain expenses, gains and losses; non-GAAP revenue which excludes
revenues from our divested ID Analytics solutions; and free cash
flow, which is defined as cash flows from operating activities less
purchases of property and equipment. These non-GAAP financial
measures are provided to enhance the user’s understanding of our
prospects for the future. Our management team uses these non-GAAP
financial measures in assessing NortonLifeLock’s performance, as
well as in planning and forecasting future periods. These non-GAAP
financial measures are not computed according to GAAP and the
methods we use to compute them may differ from the methods used by
other companies. Non-GAAP financial measures are supplemental,
should not be considered a substitute for financial information
presented in accordance with GAAP and should be read only in
conjunction with our consolidated financial statements prepared in
accordance with GAAP. No reconciliation of the forecasted range for
non-GAAP EPS guidance is included in this release because most
non-GAAP adjustments pertain to events that have not yet occurred.
It would be unreasonably burdensome to forecast, therefore we are
unable to provide an accurate estimate.
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version on businesswire.com: https://www.businesswire.com/news/home/20210510005953/en/
Investor Contact Mary Lai NortonLifeLock Inc.
IR@NortonLifeLock.com
Media Contact Spring Harris NortonLifeLock Inc.
Press@NortonLifeLock.com
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