Record Revenue and Accelerating Growth for NortonLifeLock in Q4 Fiscal Year 2021

Rhea-AI Summary

NortonLifeLock Inc. (NASDAQ: NLOK) reported Q4 fiscal year 2021 results with GAAP revenue of $672 million, marking a 9% increase year-over-year. The GAAP diluted EPS rose 52% to $0.35, while non-GAAP revenue reached a record $677 million, up 11%. Operating margin improved to 50.5%, an increase of 900 basis points. The company added 2 million new customers and expects Q1 FY2022 non-GAAP revenue between $680-$690 million. A quarterly dividend of $0.125 was declared, and share repurchase authorization increased by $1.5 billion.

Positive

• Record non-GAAP revenue of $677 million, up 11% year-over-year.
• Record diluted EPS of $0.40, up 54%.
• Operating margin improved to 50.5%, up 900 basis points.
• 2 million new customers added in Q4.
• Fiscal 2022 Q1 revenue guidance of $680-$690 million, indicating 10-12% growth.

Negative

• None.

NortonLifeLock Inc. (NASDAQ: NLOK), a global leader in consumer Cyber Safety, today reported results for its fiscal year 2021 fourth quarter which ended April 2, 2021.

Q4 GAAP Financial Results YoY

Q4 GAAP revenue was $672 million, up 9% in USD. Q4 GAAP operating margin was 39.6%, up 32 points. Q4 GAAP diluted EPS from continuing operations was $0.35, up 52%. Q4 operating cash flow was $356 million.

Q4 Non-GAAP Financial Highlights and Commentary YoY

• Record revenue of $677 million, up 11% in USD
• Record diluted EPS of $0.40, up 54%
• Operating margin was 50.5%, up 900 bps
• Consumer reported billings was $748 million, up 17% in USD
• Direct customer count of 23 million, up 2.8 million

“We’re on a mission to bring Cyber Safety to everyone,” said Vincent Pilette, CEO of NortonLifeLock. “I’m proud of what the team achieved in our first fiscal year. We accelerated growth, expanded our international footprint, and added freemium capability. In the fourth quarter alone, we added 2 million new customers, and achieved record revenue and profit. This is possible because we are all driven by our vision to protect and empower people to live their digital lives safely. We are just getting started.”

Fiscal 2022 Q1 Guidance

• Non-GAAP Revenue is expected to be in the range of $680 to $690 million, translating to approximately 10 to 12% growth YoY
• Non-GAAP EPS is expected to be in the range of $0.40 to $0.42

Quarterly Cash Dividend

NortonLifeLock’s Board of Directors has declared a quarterly cash dividend of $0.125 per common share to be paid on June 23, 2021, to all shareholders of record as of the close of business on June 09, 2021.

Share Repurchase Authorization Raised by $1.5 Billion

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. As of April 2, 2021, the Company has returned $1.33 billion to shareholders t

FAQ

What were NortonLifeLock's Q4 fiscal year 2021 financial results?

NortonLifeLock reported Q4 GAAP revenue of $672 million, a 9% increase, and a GAAP diluted EPS of $0.35, up 52%.

What is the revenue guidance for NortonLifeLock in Q1 FY2022?

NortonLifeLock expects non-GAAP revenue in the range of $680 to $690 million for Q1 FY2022, translating to approximately 10-12% growth year-over-year.

How many new customers did NortonLifeLock add in Q4?

NortonLifeLock added 2 million new customers in Q4.

What is the quarterly dividend declared by NortonLifeLock?

NortonLifeLock declared a quarterly cash dividend of $0.125 per common share.

What is the total share repurchase authorization for NortonLifeLock?

NortonLifeLock's total share repurchase authorization has been raised to approximately $1.8 billion.