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Nortonlifelock Inc.
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About Nortonlifelock Inc.

NortonLifeLock offers security software for companies and consumers that protects against viruses, detects attempted intrusions, reduces spam, and filters unwanted content. The company's Norton Security and LifeLock Identity Theft Protection products help consumers protect their devices, identities, online privacy, and home networks. The company has more than 50 million consumers. In 2019, Symantec sold its enterprise security business and its name to Broadcom for $10.7 billion, and changed its corporate name from Symantec Corporation to NortonLifeLock Inc. About 75% of the revenue comes from the Americas region.

Operations

Prior to the Broadcom sale, NortonLifeLock operates two segments: Enterprise Security and Consumer Cyber Safety.

The Enterprise Security portfolio clusters under the Integrated Cyber Defense (ICD) Platform, which unifies cloud and on-premises security to provide advanced threat and information protection across endpoints, networks, email, and cloud applications.

For consumer cyber safety, the Norton product suite provides protection across a variety of internet-connected devices such as PCs, Apple Macs, smart phones, and networking gear. Its LifeLock product is one of the best-known identity theft protection services. NortonLifeLock maintains what it calls the largest civilian database of threat indicators, which allows it to reduce false positives and provide faster and better protection for customers.

NortonLifeLock's consumer security solution accounts for almost 60% of total sales. It includes products such as Norton security and Norton Secure VPN. The remaining sales are from identity and information protection (nearly 40%) and ID analytics (less than 5%).

Geographic Reach

Tempe, Arizona-based NortonLifeLock has operations throughout the Americas, Europe, the Middle East, Africa, Asia Pacific/Japan, and Latin America.

About 75% of revenue comes from the Americas (about 70% of that is from the US), roughly 15% from EMEA (Europe, Middle East, Africa), and the rest from the Asia/Pacific region.

Sales and Marketing

NortonLifeLock sells its products through an array of channels that include its direct sales force, distributors, and resellers. Its consumer products are sold to consumers through the company's e-commerce platform, and indirectly through partner relationships with retailers, telecom service providers, hardware original equipment manufacturers (OEMs), and employee benefit providers.

The company's sales and marketing expenses were $343 million, $279 million and $319 million for years 2020, 2019 and 2018, respectively.

Financial Performance

Symantec's revenue has been uneven over the past five years, reflecting a string of acquisitions and divestitures.

In 2020 (ended April), revenue rose to $2.5 billion, $34 million more than flowed into the company's coffers in 2019. The increase was primarily due to the favorable impact from the additional week in the fiscal 2020 which added approximately $44 million of revenues.

Symantec reported net income of $3.9 billion in 2020 compared to $31 million in 2019. Net income increased primarily due to higher income from both continuing operations and discontinued operations. Income from continuing operations increased $688 million primarily due to higher operating income and the gains on the sale of the DigiCert equity method investment and their ID Analytics solutions, partially offset by higher income tax expense. Income from discontinued operations increased $3.2 million primarily due to the gain on the Broadcom sale.

The company's cash holdings stood at $2.2 billion in 2020, a $386 million increase from last year's $1.8 billion. Operations used $861 million for its divestitures, and financing activities used another $10.1 billion for dividends paid and repurchases of common stock. Investing activities provided $11.4 billion from proceeds of divestitures and maturities and sales of short-term investments.

Strategy

Symantec's goal is to be the trusted cyber security partner for consumers across the globe and enable them to manage their digital lives safely. The cornerstone of Symantec's strategy is to provide consumers with a platform that brings together superior software and service capabilities to enable all facets of Cyber Safety, including device security, identity protection, online privacy, and home and family safety. By combining and leveraging its portfolio of Norton and LifeLock offerings, Symantec is able to deliver an industry-leading set of Cyber Safety solutions. The key elements of its strategy includes the following: extend its leadership position through continued enhancement of its solutions and services, grow its customer base, continue its focus on customer retention, and increase sales to existing customers.

Symantec plans to invest in increasing customer retention by optimizing and expanding the value we provide through actionable alerts, education on timely topics, and new capabilities. It aims to provide its customers with peach of mind and convenience, demonstrating the value of its solutions. In April 2019, it introduced Norton 360 with various tiers of membership, and is actively engaging with customers of standalone products to move them into a Norton 360 membership. Symantec also believes a substantial opportunity exists to increase the penetration of its premium-level consumer solutions. Over time, it plans to add additional offerings and services for its customer to drive further growth.

Mergers and Acquisitions

In early 2019, NortonLifeLock acquired Luminate Security, a privately held company with pioneering Software Defined Perimeter technology. Luminate's Secure Access Cloud technology further extends the power of Symantec's Integrated Cyber Defense Platform to users as they access workloads and applications regardless of where those workloads are deployed or what infrastructure they are accessed through.

Company Background

Artificial intelligence expert Gary Hendrix founded Symantec in 1982 with a focus in AI-related products. Gordon Eubanks, a former student of the late industry pioneer Gary Kildall and founder of C&E Software, was appointed CEO in 1983 and bought the company in 1984. Realizing that Symantec could not compete against Microsoft and Lotus, Eubanks began buying niche-market software firms. In 1990, a year after going public, Symantec merged with DOS utilities market leader Peter Norton Computing. It bought 13 companies between 1990 and 1994. Over time, the company transitioned to provide cyber-security related products.

Nortonlifelock Inc.

60 E Rio Salado Pkwy STE 1
Tempe, AZ 85281-9124
Phone: 1 (650) 527-8000

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: NLOK
Stock Exchange: , NASDAQ
CEO and Director: Gregory Clark
President and COO: Michael Fey
Chairman: Daniel H. Schulman
Employees (This Location): 400
Employees (All Locations): 3,600

Major Office Locations

Tempe, AZ

Other Locations

Mountain View, CA
Washington, DC
Miami, FL
Loganville, GA
Indianapolis, IN
Shawnee Mission, KS
Cambridge, MA
Bethesda, MD
Saint Paul, MN
Chesterfield, MO
Tinton Falls, NJ
Athens, NY
New York, NY
Dublin, OH
Independence, OH
Springfield, OR
Weatherly, PA
Dallas, TX
Houston, TX
Lindon, UT
Arlington, VA
Herndon, VA
Santiago, Chile
Bengaluru, India
Chennai, India
Mumbai, India
New Delhi, India
Pune, India
Raigad, India
Fukuoka, Japan
Kawasaki, Japan
Nagoya, Japan
Osaka, Japan
Calgary, Canada
Vancouver, Canada
Toulouse, France
Moscow, Russia
Machelen (Bt.), Belgium
Winchester, England
Frankfurt Am Main, Germany
München, Germany
Ratingen, Germany
Luchthaven Schiphol, The Netherlands