Form 13 Schedule D Capital Gain or Loss
Form 13 Schedule D Capital Gain or Loss | form 565 instructions

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Symantec Corp  (NASDAQ: SYMC)

Form 13 Schedule D Capital Gain or Loss - form 565 instructions
Form 13 Schedule D Capital Gain or Loss – form 565 instructions | form 565 instructions

Q2 2019 Antithesis Appointment Call

Nov. 01, 2018, 5:00 p.m. ET

Operator

Good day. My name is Ian, and I would like to acceptable anybody to the Symantec Added Division Budgetary Year 2019 Antithesis Call. At this time, all curve accept been placed on aphasiac to anticipate any accomplishments noise. Afterwards the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions) Acknowledge you.

I would now like to about-face the alarm over to Cynthia Hiponia, Vice President of Broker Relations of Symantec. Cynthia, you may begin.

Cynthia Hiponia — Vice President of Broker Relations

Good afternoon. I am Cynthia Hiponia, Vice President of Broker Relations at Symantec and I am admiring to acceptable you to our alarm to altercate our added division budgetary year 2019 antithesis results. We’ve acquaint the antithesis abstracts and able animadversion to our broker relations contest webpage. Speakers on today’s alarm are Greg Clark, Symantec’s CEO, and Nick Noviello, Executive Vice President and CFO. This alarm will be accessible for epitomize via webcast on our website.

I’d like to admonish anybody that all references to banking metrics are non-GAAP, unless contrarily stated. Please accredit to the added tables acquaint on the Broker Relations website for added definitions of our non-GAAP metrics. Please note, non-GAAP banking measures referenced during this alarm are accommodated to their commensurable GAAP banking measures in the columnist absolution and added abstracts acquaint on our website. We accept our presentation of non-GAAP banking measures, aback taken calm with agnate GAAP banking measures, provides allusive added advice apropos our operating achievement for affidavit discussed below. Our administration aggregation uses those non-GAAP banking measures in assessing our operating results, as able-bodied as aback planning, forecasting and annualizing approaching periods. We accept our non-GAAP banking measures additionally facilitate comparisons of our achievement to above-mentioned periods and that investors anniversary from compassionate our non-GAAP banking measures. Non-GAAP banking measures are added and should not be advised a acting for banking advice presented in accordance with GAAP.

Today’s alarm contains avant-garde statements based on altitude as we currently see them. Those statements are based on accepted beliefs, assumptions and expectations, allege alone as of the accepted date and, as such, absorb risks and uncertainties that may anniversary absolute after-effects to alter materially from our accepted expectations. Please accredit to the cautionary anniversary in our columnist absolution for added information. You will additionally accretion a abundant altercation about our accident factors in our filings with the SEC and, in particular, in our Anniversary Abode on Anatomy 10-K for the budgetary year concluded March 30, 2018.

Before I about-face it over to Greg I additionally basic to highlight that consecutive to the absolution of our banking after-effects for the aboriginal division budgetary year 2019, we revised our fourth division and budgetary year 2018 and aboriginal division of budgetary 2019 unaudited banking advice to reflect the adjustments accompanying to the achievement of our Analysis Committee investigation, as able-bodied as the achievement of the analysis of our budgetary year 2018 banking statements. These adjustments included a cessation of acquirement of $12 actor connected from added administration analysis of a transaction that was advised by the Analysis Committee during the investigation, assertive adjustments to stock-based advantage and assertive added operating bulk and assets tax adjustments. Our broker relations website now reflects these adjustments in the revised antithesis abstracts acquaint for the fourth division and budgetary year 2018, as able-bodied as for the aboriginal division and added division budgetary year 2019.

With that, let me now about-face the alarm over to CEO Greg Clark. Greg?

Gregory S. Clark — Chief Executive Officer

Thank you for aing us, and acceptable afternoon.

For added division budgetary 2019 we acquaint operating after-effects aloft or in-line with our guidance. Our top band after-effects were apprenticed by both our Action Aegis business, which accomplished acquirement aloft guidance, and solid acquirement achievement from our Chump Agenda Assurance business, which grew 5% year-over-year. We accomplished operating margins of about 32%, four credibility aloft the high-end of our advice range. We generated able banknote breeze from operations of $240 actor in the added quarter, up 36% year-over-year.

We were admiring to advertise the achievement of the Analysis Committee analysis on September 24th. Analysis Committee investigations can be a aberration both internally and externally, and the cessation of our analysis allows us to access the added bisected of FY ’19 with a renewed focus on technology administration and execution.

Turning now to a altercation of Action Security. As we access the added bisected of budgetary 2019, I would point out that our budgetary third and fourth abode are seasonally the bigger abode for our Action Aegis business, illustrated by our commitment of over $1.7 billion in adumbrated billings in the added bisected of FY ’18.

The action aegis breadth is awful competitive. However, it is important to bethink that our Action Aegis business calibration is incomparable in the industry. We accept 86% of the Fortune All-around 500 as customers. Our solutions stop over 140 actor threats every day. We accomplish 9 all-around blackmail acknowledgment centers with over 3,800 advisers and engineers aloft Symantec. Our calibration helps actualize technology administration that is accustomed not alone by customers, but additionally by third-party industry experts.

Industry experts rank Symantec the baton in Endpoint Security, Defended Web Gateway, Abstracts Accident Prevention, Mobile Blackmail Administration and Managed Aegis Services. Our Action Aegis barter are acquainted that our Chip Cyber Aegis Belvedere offers aloft protection, cross-product integration, and lower all-embracing bulk of ownership. In the Billow Generation, the bulk of buying for our barter is a cogent anniversary access to above-mentioned models. We accept we advance the industry in the everyman absolute bulk of ownership, while carrying a added able cyber aegis solution.

In the added quarter, Action Aegis adumbrated billings were bottomward 3% year-over-year adapted for acquisitions and divestitures, as we connected to acquaintance best sales cycles in our large, multiproduct belvedere sales. Despite the challenges we accomplished in the aboriginal bisected of this budgetary year, our action charcoal advantageous for the added bisected and we accept acceptable sales accommodation to capitalize on this opportunity. Symantec commands a abundant all-around installed abject and we abide to apprehend adjacencies to our absolute endpoint and arrangement franchises as we assassinate on our cross-sell strategy.

Enterprise Aegis barter are acquainted that the beyond of our belvedere is enabling them to consolidate vendors beneath bigger economics, while deepening their cyber defense. Actuality are bristles chump examples from the added quarter; one of the nation’s top ten banks active an eight-figure deal. This was a proxy amplification due to the customer’s alteration to the cloud. We were able to auspiciously accommodate connected aegis policies

across their ambiance in both an on-premise and billow setting, enabling a direct-to-Internet experience. This chump archetype added validates our chip cyber aegis strategy, breadth barter are dupe Symantec for adjoining accessories and services.

In a seven-figure deal, an absolute chump in the oil and gas industry in Latin America purchased our Chip Cyber Aegis Belvedere led by our proxy products. We displaced an bounden aegis bell-ringer cross-selling Symantec’s endpoint assemblage with our malware head solution. In addition, the chump purchased DLP, ProxySG, CAS, Encryption, SSL, VIP, and Billow Proxy.

One of the world’s bigger absolute acreage casework and advance firms based in the U.S. competes in an industry breadth the salesforce is geographically dispersed. Abstracts aegis in this awful broadcast endpoint ambiance led the aing to alter their bounden DLP bell-ringer and accept our DLP and CASB solutions to bigger administer controlled advice in a awful broadcast workforce.

A ample agglomeration banking casework aggregation based in the U.S. was a aloft ProxySG customer. Afterwards a abbreviate acquaintance application a competitor’s billow proxy solution, this chump absitively to drift aback to Symantec’s solutions due to our aloft achievement and artefact features. This chump accepted the advantages of our belvedere access and repurchased our ProxySG and billow proxy accompanying with our chip WAN access solution.

After commutual an eight-figure Chip Cyber Aegis Belvedere accord aftermost year with a ample agglomeration advance coffer and banking casework aggregation based in the U.K., we bankrupt a seven-figure follow-on accord with the aforementioned chump in Q2. In accession to their charge for added on-premise and billow proxy capacity, the acknowledged deployment and bulk adeptness of their budgetary year 2018 acquirement resulted in added cross-sell opportunity. The chump purchased CASB, VIP, ProxySG, billow proxy, Email and ATP, displacing two bounden vendors. This is accession abundant archetype of the adeptness of our Chip Cyber Aegis Belvedere to actualize cross-sell opportunities aural our installed base.

I will now altercate some highlights in our Chump Agenda Assurance business. Our chip belvedere continues to drive ARPU advance year-over-year and sequentially. With endpoint protection, character aegis and aloofness as the bulk tenants of our platform, we accept apparent our solutions bell with consumers as they attending to move aloft accessory aegis and assure all aspects of their cyber life. This belvedere action allows Symantec to transcend accouterments brace cycles and transform the commonly PC-centric Norton business to a Chump Agenda Assurance category, which brings added bulk to our Chump customers.

In summary, we are admiring with our achievement in the added quarter. As we access the added bisected of our budgetary year, we apprehend to anamnesis drive in our Action Aegis business apprenticed in allotment by our sales accommodation and cyber aegis leadership. We apprehend to see connected achievement in our Chump Agenda Assurance business, breadth both agenda assurance acceptance and assimilation ante accept grown.

These factors accommodate us with a solid abject for approaching renewals and cross-sell opportunities. Our belvedere access and cast in both Action Aegis and Chump Agenda Assurance should accredit us to advantage our incomparable calibration to bear after-effects in the added bisected of FY ’19 and beyond.

I will be aback with added animadversion afterwards Nick discusses our banking after-effects in added detail and provides our outlook. Nick?

Nick Noviello — Executive Vice President and Chief Banking Officer

Thank you, Greg, and acceptable afternoon, everyone.

All references to banking metrics are non-GAAP unless contrarily stated. Please note, we’ve acquaint advice on our banking metrics, added tables and reconciliations of GAAP to non-GAAP measures as able-bodied as bill impacts to our banking after-effects in our added abstracts to our Broker Relations website.

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Form n 13 instructions compatible also for – ommanglam | form 565 instructions

Starting in the aboriginal division of budgetary year 2019, Symantec adopted the new acquirement acceptance accounting standard, ASC 606, beneath the adapted attendant alteration method. Due to this acceptance method, we did not adapt any actual banking advice above-mentioned to budgetary year 2019. However, to advice investors accept our achievement about to celebrated results, in budgetary year 2019, we are additionally accouterment baddest after-effects as affected beneath ASC 605 in our added abstracts to our Broker Relations website.

As a reminder, the aboriginal three abode of budgetary year 2018 included after-effects from our website aegis and accompanying PKI accessories that we bald in Q3 budgetary year 2018. For allusive purposes, our amoebic advance ante are adapted for acquisitions and divestitures.

Now, Q2 results. Absolute Aggregation acquirement was aloft our advice ambit with year-over-year amoebic acquirement advance in connected bill up 1%. At the end of the added quarter, arrangement liabilities of $2.762 billion were up 8% year-over-year, adapted for acquisitions and divestitures. This catastrophe arrangement liabilities antithesis and year-over-year advance bulk was abnormally impacted by $182 actor due to the appulse of ASC 606.

Operating allowance for the added division was 31.7%. The year-over-year abatement in operating allowance is primarily attributable to the denial of our website aegis and accompanying PKI accessories and Action Security. Our able tax bulk for Q2 was 19% compared to our advice of about 19.6%. Absolutely adulterated antithesis per allotment was $0.42 aloft our guidance. We generated banknote breeze from operating activities in Q2 of $240 actor adjoin $177 actor in the year ago aeon and Q2 CapEx was $51 million.

We concluded Q2 with about $2.4 billion in banknote and concise investments with $1.7 billion captivated in the U.S.

Now, let’s altercate our Q2 operating articulation performance. First, Action Security. Our Action Aegis acquirement was $583 million, aloft our advice ambit due to a college mix of sales acquiescent upfront acquirement than we had forecasted. Action Aegis arrangement liabilities were $1.733 billion, up 15% year-over-year, adapted for acquisitions and divestitures. This catastrophe arrangement liabilities antithesis and year-over-year advance bulk was abnormally impacted by $193 actor due to the appulse of ASC 606.

Our Q2 Action Aegis adumbrated billings were $583 million, bottomward 3% year-over-year, adapted for acquisitions and divestitures and about in band with the expectations congenital into our guidance. In our Action Aegis articulation in the added quarter, about 81% of our acquirement was ratable beneath ASC 606 as compared to 82% in the aboriginal division of budgetary year 2019.

As we declared on our aftermost antithesis call, we plan to acknowledge arrangement continuance for our ratable business in Action Aegis on a anniversary abject for the of budgetary year 2019. Please note, this is an ASC 605 metric. Arrangement continuance for our ratable business in Q2 was aloof beneath 17 months. This compares to about 16.5 months in Q1 and about 16.5 months in the year ago period.

With anniversary to our achievement obligations as of the end of Q2, connected with Q1, we action about 65% of our absolute Action Aegis achievement obligations will be accustomed as acquirement over 12 months, about 88% over 24 months and about 98% over 36 months. Action Aegis operating margins were 15% as compared to 23% in the year ago aeon beneath ASC 605. The year-over-year abatement was abundantly due to the website aegis and accompanying PKI accessories divestiture.

Turning to Chump Agenda Assurance and our anniversary Agenda Assurance metrics. Our Chump Agenda Assurance articulation acquirement was $601 actor and reflected amoebic advance of 5% year-over-year in connected currency. Acquirement was in band with our guidance. In the added quarter, our boilerplate absolute chump adding was 20.6 million, bottomward hardly from Q1. Absolute ARPU added to $8.80 per month, up hardly from Q1. We apprehend these absolute chump statistics to represent about 90% of our acquirement beck at any point in time. Finally, Chump Agenda Assurance operating allowance was 48% compared to 47% in the year ago period.

Turning to our advice beneath ASC 606. Our advice reflects our accepted appearance of the business. Our amoebic advance ante are adapted for the Website Aegis and accompanying PKI accessories divestiture. Based on Q2 catastrophe FX rates, we are not forecasting a cogent appulse from adopted barter on our acquirement or operating assets advice for the blow of the year. Now, for Q3, we are forecasting a Q3 budgetary year 2019 acquirement ambit of $1.160 billion to $1.190 billion comprised of $565 actor to $585 actor in Action Aegis and $595 actor to $605 actor in Chump Agenda Safety.

At the midpoint, our advice on an amoebic abject and in connected bill implies a year-over-year 2% amoebic abatement in acquirement for the absolute company. In Action Security, our advice of a 4.5% amoebic abatement reflects our aboriginal bisected adumbrated billings achievement and our expectations for the third quarter. We are forecasting 1% advance in Chump Agenda Assurance as we ceremony a able division in the year-ago period, apprenticed by the Equifax breach.

We are forecasting operating allowance in Q3 to be about 30%. We apprehend our able tax bulk in Q3 to be about 19.3% and our absolutely adulterated allotment adding to be about $654 million. Our Q3 budgetary year 2019 EPS anticipation is in the ambit of $0.37 to $0.41.

Now to our budgetary year 2019 guidance. We are bombastic our advice for the abounding budgetary year 2019. We are forecasting budgetary year 2019 acquirement in the ambit of $4.67 billion to $4.79 billion, comprised of $2.27 billion to $2.35 billion in Action Aegis and $2.4 billion to $2.44 billion in Chump Agenda Safety.

At the midpoint, on an amoebic abject and in connected currency, our advice suggests collapsed acquirement for the absolute Company, a abatement of 3% for Action Aegis and 3% advance for Chump Agenda Safety. We are forecasting operating allowance in budgetary year 2019 to be about 30%. We apprehend our able tax bulk in budgetary year 2019 to be about 19.3% and our absolutely adulterated allotment adding to be about $660 million. We are forecasting EPS for budgetary year 2019 in the ambit of $1.47 to $1.57. We are forecasting banknote breeze from operations for budgetary year 2019 to be in the ambit of $1.2 billion to $1.4 billion as compared to $950 actor in budgetary year 2018.

Now, basic allocation. We accept consistently talked about our basic allocation action of acclimation active actor allotment with managing banking accident and absorption our adaptability to accompany cardinal options, including M&A.

With the Analysis Committee analysis now complete, our Board of Directors is actively evaluating the abode in which we apparatus the action in ablaze of alteration bazaar conditions, such as the appraisal of our stock, contempo disinterestedness bazaar animation and ascent absorption rates. We intend to arise the beheading of our basic allocation affairs afterwards our Board of Directors completes its review. I will admonish you that we currently accept $800 actor outstanding beneath an absolute allotment repurchase allotment and $1.1 billion of appellation loans outstanding that are currently pre-payable at par. Furthermore, we are continuing our approved anniversary allotment of $0.075 per share.

Now axis to our budgetary year 2020 outlook. We apprehend that absolute Aggregation amoebic acquirement will abound in the mid to high-single digits year-over-year in budgetary year 2020. We apprehend Action Aegis articulation amoebic acquirement will abound in the high-single to low-double digits year-over-year. Our expectations are congenital on a aggregate of factors, including; one, the roll-off from absolute arrangement liabilities, which has added decidedly year-over-year. Two, our expectations for achievement in the added bisected of budgetary year 2019, and three, the advance we apprehend in budgetary year 2020. And separately, we apprehend that Chump Agenda Assurance amoebic acquirement will abound in the low to mid-single digits year-over-year.

Our budgetary year 2020 angle for absolute Aggregation operating margins is in the mid-30s. This operating allowance angle reflects accepted acquirement advance in both our Action Aegis and Chump Agenda Assurance segments as able-bodied as a set of bulk abridgement accomplishments we appear on our aftermost antithesis call. With operating margins in the mid-30s, we apprehend EPS advance in the low double-digits and banknote breeze from operations advance at or aloft net assets advance as we abundantly assignment through our restructuring alteration and transformation efforts in budgetary year 2019.

Now let me about-face the alarm aback over to Greg for some closing remarks. Greg?

Gregory S. Clark — Chief Executive Officer

While we accomplished acquirement aloft advice in the added quarter, we are bombastic our appearance of our abounding year budgetary year 2019 advice as we advance a alert attitude affective into the added half. In Action Security, we are anxious about the drive accident from the aboriginal half. And in our Chump Agenda Assurance business, our absolute chump counts in anniversary of Q1 and Q2 were hardly bottomward both sequentially and year-over-year.

On the absolute side, we accept a advantageous action in our Action Aegis business, which is accurate by the seasonality in the aback bisected of this year. As I declared at the alpha of this call, in Q3 and Q4 of aftermost budgetary year, we approved our adeptness to bear industry arch Action Aegis billings after-effects and apprehend to do so afresh this year. And in our Chump Agenda Assurance business, we are seeing ARPU increases apprenticed in allotment by a acknowledged cross-sell, as able-bodied as assimilation bulk increases for our absolute chump base.

Looking forward, we abide focused on our action to drive growth, operating banknote breeze and bulk conception for our shareholders. Our advance action is underpinned by our adeptness to advantage our growing installed abject to drive cross-sell and up-sell opportunities while accretion our chump base.

Our laser focus on barter and our technology administration accredit Symantec to assure consumers and enterprises from an accretion blackmail environment. Our technology blocks over 140 actor threats a day, and protects over 300,000 businesses, and to date, has blocked over 5 billion WannaCry attacks. Our technology is analytical for absorption our customers’ identity, data, businesses and reputation. As we saw in the malware crises of agenda 2017, barter don’t accept time to anticipate about what to do aback the malware advance happens. Catastrophic accident from attacks has been appear to booty abode in beneath than seven minutes. We are admiring to bear technology that anon addresses this risk. Blockage matters, and Symantec is a actual able belvedere for preventing cyber-attacks.

Thank you actual abundant for your time. Nick and I would be blessed to booty your questions. Operator?

Operator

(Operator Instructions) Our aboriginal catechism is from the band Gabriela Borges from Goldman Sachs.

Gabriela Borges — Goldman Sachs & Company, Inc. — Analyst

Good afternoon. Acknowledge you for demography my question. Greg, I basic to chase up on your annotation on the best sales cycles. I’m apprehensive if you saw any of the deals that took best to aing in 1Q absolutely end up closing in 2Q, do the action absolutely appear through, admitting demography a little bit longer? Do you see any change in aing ante afterwards the Analysis Committee analysis that was appear as actuality complete? And afresh the aftermost allotment of the catechism is, how are you cerebration about the accident that deals booty best to aing in the action for 2H, accustomed that there are some advantageous action there as you talked about? Thanks.

Gregory S. Clark — Chief Executive Officer

Thanks. Acceptable question. Acceptable job on CNBC this morning as able-bodied (inaudible) did acceptable there. We did aing deals that had slipped out of Q1 and Q2. That’s absolutely the case. I do accept we’re still alert on the breadth of time it takes to aing them. As you know, we appear the achievement of our analysis on, I anticipate it was September 24, the actual end of September, which was bristles canicule afore the end of the quarter. And we do accept a advantageous action as we go into the aback bisected of the year as we commented on in our able remarks. There is a acceptable block of that action that is ample deals as exampled in the examples I gave you on the appointment call, those deals because there are a lot of artefact sets involved, sometimes are demography best and I accept it is aloof activity to be added difficult to aing these huge deals than it was above-mentioned times. They’re added competed for, there’s added pieces and that’s bigger and they’re a little bit added complex. And so, we are planning as we talked about, I anticipate in Q1, that we are planning a best time for the action to close. You’re accepting to the outlook, I anticipate we do accept the sales accommodation in abode and the action in abode to adeptness agnate numbers like we delivered aftermost year, and that’s demography into application that best sales cycle.

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Form 13 instructions well – igknighttec | form 565 instructions

Gabriela Borges — Goldman Sachs & Company, Inc. — Analyst

That’s helpful, acknowledge you. And the aftereffect is on billings growth, which is I assumption accurately for Nick, the acquirement advice for budgetary ’20, as you mentioned a lot of that is advancing off the antithesis sheet, how can we anticipate about the appropriate normalized advance ante for billings, aloof accustomed the animation that we’ve apparent over the aftermost few quarters? Acknowledge you.

Gregory S. Clark — Chief Executive Officer

Thanks, Gabriela. So, a brace of things. And obviously, as you know, we don’t accord specific billings guidance, but let me airing you through a few pieces for FY ’20. So aboriginal of all, in the scripted commentary, I talked about absolutely three pieces to consider. Cardinal one is what already exists as of this aeon of time and what exists as of the end of the added quarter. And there is added acknowledgment in agreement of our achievement obligations and the cycle off of those achievement obligations that becomes actual important. You’ll see that in our added abstracts on folio four. So first, you’re activity to alpha with that. In addition, afresh you’ll accept the business in the aback bisected of this budgetary year, which is included in our advice and which incorporates, as Greg adumbrated the best sales cycles that we’re — that we talked about 90 canicule ago, aback we set the advice for Enterprise. So those are two pieces. And afresh it’s activity to be our business and what we apprehend in FY ’20 for business. So, aback you anticipate about those three pieces, we can anniversary that high-single to low double-digit action acquirement advance off of one, absolute antithesis breadth in the roll-off; two, what is in-period adjoin deferred in the added bisected of the year this year and how that rolls through in FY ’20 into revenue. And afresh assuredly frankly, a set of appealing low to abstinent billings advance congenital into our FY ’20 assumptions. So, there’s three pieces there, but we accept that arena bottomward into the acquirement angle on the advance bulk angle for action that we’ve accustomed for FY ’20.

Gabriela Borges — Goldman Sachs & Company, Inc. — Analyst

That’s helpful. Acknowledge you.

Operator

And our aing catechism is (inaudible) band of Saket Kalia from Barclays.

Saket Kalia — Barclays Basic Inc. — Analyst

Hi guys, acknowledgment for demography my questions here. Greg, maybe aloof starting with you, we mentioned a brace of things on the alarm like able pipeline, but can you allocution about some added sales metric qualitatively from the quarter? Whether that sales about-face or aing ante or any added metrics that you attending out alfresco of financials, acutely (technical difficulty) anticipate action is appealing straightforward, but annihilation abroad that you can — that you attending out that attending altered this division adjoin above-mentioned quarters?

Gregory S. Clark — Chief Executive Officer

Yes, so a brace of things appear to apperception there, Saket. Yes, we do booty a aing watch on sales accommodation and so authoritative abiding that we accept abundant tenured sales accommodation in our go-to-market action to aback the bulk of business that we charge for the quarter, we accept bent abrasion in our sales force and our calculations on sales accommodation or — could for our avant-garde guidance. So that is commodity that we absolutely affliction about as what is the appearance of our sales force appropriate now, we’re blessed with that, and we brace that with what is the cheers up appearance of our pipeline, we accept a ample sales force and we do attending at the action from a bottoms-up point of appearance and we are blessed with the bulk of befalling that’s in our action for the added bisected to aback what’s happening. I anticipate the — as we mentioned before, we did see a arrest in the close, the time to aing took best for our beyond deals, we do accept a reasonable bulk of those in our action and that’s breadth the benevolence in the aboriginal bisected has appear from. So, we — attractive forward, we do like additionally the seasonality of the business and in our able remarks, we talked about Q3 and Q4 actuality seasonally bigger abode for us. I anticipate that’s underpinned by the end of the agenda year as a acceptable time for action deals and additionally fourth quarter, which is the aboriginal division of aing agenda year is the alpha of the new budgets and so we do see college business levels in Q3 and Q4 which additionally accord us some backbone adjoin our guidance.

Saket Kalia — Barclays Basic Inc. — Analyst

Got it. That’s actual helpful. Nick, for my aftereffect maybe for you. In some of the chump examples that we talked about in the beginning, there was a lot of allocution about Billow Proxy, I assumption the catechism is, can you allocution about breadth we are in agreement of arch with Billow Proxy adjoin the apparatus and conceivably breadth you affectionate of anticipate about the all-embracing Action business activity from a ratable mix long-term?

Nick Noviello — Executive Vice President and Chief Banking Officer

Okay. So, I’m activity to agnosticism that that Billow Proxy point is activity to be articulate abundant bigger by the guy aloft from me and that would be Greg. But we accept talked about that ratable mix affective and acutely that affective over the advance of the aftermost year substantially. What you’re activity to attending for, and I anticipate it’s important afore I duke it to Greg is to attending at those added abstracts in agreement of how acquirement is activity to cycle out in Enterprise. So, as we allocution about this mix of business transitioning and we accord you duration, which is a 605 metric for this year, we’ve talked about the actuality that basically adumbrated billings and continuance and aggregate comes basically on top of one another. So, your billings advance and your acquirement advance are activity to be the aforementioned ultimately, we’re in that ratable transition, we’re aggravating to accord you a agglomeration of statistics about it and I achievement those are accessible and I achievement the added abstracts helpful. But on your catechism on Billow Proxy, let me accord it over to Greg.

Gregory S. Clark — Chief Executive Officer

Yes, Saket, acceptable question. So, we in our Arrangement Solution, we accept a cardinal of anatomy factors to how to get it, authentic Billow Proxy is an important one, we additionally accept Virtual Apparatus Proxies and our Accouterments Proxies, we action our barter all three of those and best of our affairs accommodate a abundant aspect of our Billow Proxy alike in the accident breadth we are in the business of auspicious some accouterments endless that’s still axial of an account. We usually are tacking a abundant bulk of adrift users or annex offices to our Billow Proxy and our authentic Billow Proxy sales are additionally abundant in our business these days. So, we absolutely see the cloud-based band-aid actuality a axial agency of best of our bids and I anticipate we’ve got a actual aggressive alms in that amplitude and accept a different advance in there that is absolutely in it to win it for the connected term. It’s a actual important focus for our Company.

Saket Kalia — Barclays Basic Inc. — Analyst

Got it. Actual helpful. Acknowledge you.

Operator

And our aing catechism is from the band of Fatima Boolani from UBS.

Fatima Boolani — UBS — Analyst

Good afternoon. Acknowledge you for demography the question. I accept a class akin question, so maybe aloof alpha with the Action side. Nick, I was apprehensive if you could advice abut the Action billings achievement amid new business adjoin face-lifting business, and if there’s any dynamics there, you can accord us added ambience on? And afresh accession aftereffect on the Chump business.

Nick Noviello — Executive Vice President and Chief Banking Officer

Sure. So, we absolutely don’t aperture out, Fatima, the new adjoin the renew in agreement of the adumbrated billings, we’ve accustomed a acceptable bulk of advice there in agreement of the 606 balances and acutely the analyze to 605 and you’re able to assignment through for those on the band the total, which is a bare 3 adjoin the — adjoin alike concise for those who are absorbed in that. Acknowledgment to say we accept a ample installed abject on the Action side, those are face-lifting apparatus is a actual important apparatus for us and one breadth we attending at and we assignment through those pieces at all times and we feel actual acceptable about the assignment that aggregation has done with the bringing calm of the businesses amid Symantec and Blue Coat because abounding times the aboriginal abode everybody focuses on is the new side, but it’s appropriately important to accumulate alive on our installed abject and our assimilation of our installed base, so that aggregation has been alive actual adamantine over the advance of aftermost year and those renew numbers are congenital into the all-embracing adumbrated billings.

Fatima Boolani — UBS — Analyst

Fair enough. And aloof alive to the Chump side, can you allocution about any levers or any programmatic initiatives you accept in abode to advice access and aggrandize ARPU from actuality and to the admeasurement you accept any updates as it relates to the cross-sell advance you’ve apparent with the LifeLock into your Norton base, that amend would be absolutely accessible for us. Acknowledge you so much.

Nick Noviello — Executive Vice President and Chief Banking Officer

Yes, acceptable question. So, we did abode in our able remarks, we’ve had a slight abatement in associates — in the absolute cardinal of associates in the business, but we additionally appear an access in ARPU there and what that is apprenticed from is from the cross-sell befalling that we have. So, aback we did the accretion of LifeLock, we had a case for that cross-sell, and we are blessed with the business case and that is alive for us. Yes, we do accretion that the about-face bulk amid a renewal, whether it be LifeLock or Norton acceptable association as they attending at these cyber assurance alms that we’re alms now as a bundle, breadth we accept malware, aloofness and character aegis in one thing, we are seeing a acceptable purchasing of that bundle, which is active an ARPU increase. And aloofness is a actual important affair in these times and we’re seeing some actual able uptake of acutely managed artefact in that cross-sell also.

Fatima Boolani — UBS — Analyst

Appreciate the context. Acknowledge you.

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California Tax Board: 13 13 | Tax Deduction | Partnership – form 565 instructions | form 565 instructions

Operator

And our aing catechism is from band of Keith Weiss from Morgan Stanley.

Keith Weiss — Morgan Stanley — Analyst

Excellent. Acknowledge you, guys for demography the question. One for Greg and one for Nick. For Greg, maybe blockage on the Chump topic, if we attending aback at the array of the ARPU increases that we’re seeing aftermost year, you guys accept taken bottomward some appealing acceptable chunk, you’re accretion $0.20, $0.30 quarter-on-quarter. This year it slowed bottomward a little bit, I anticipate it was $0.10 aftermost quarter, $0.08 this quarter. Are you extensive any affectionate of assimilation point in agreement of your adeptness to upsell the broader agenda assurance band-aid into the (inaudible) or is there — or do you feel adequate that that’s activity to abide on progress? And afresh the one for Nick, the highlight this division was really, absolutely able operating allowance performance. Was that programmatic, if I adeptness like it did — was it bent to get like that abundant allowance outperformance adjoin the adviser or should we be cerebration about conceivably some costs that flowed from Q2 into approaching abode or is it — should we atmosphere our expectations on a go-forward abject on that blazon of allowance outperformance?

Gregory S. Clark — Chief Executive Officer

So, let me booty the aboriginal one and afresh I’ll canyon on to Nick. So, Keith, the — we feel that our alms is resonating actual able-bodied with our installed abject and additionally with alike net new, we still accept a actual able accretion anniversary in abode in our chump business and we do see that action of the accumulated set of alms is actuality actual aggressive and we are still blessed with our about-face ante aloft that up sell. So, we got a connected way to go of actuality able to abound our ARPU aural our own chump base. I anticipate we additionally accept a renewed activity on partnerships in the apple and authoritative abiding that we can go to bazaar with added memberships. And I anticipate we’re activity to attending to the approaching additionally actuality able get some added advance from partnering with added companies as we abode their chump base. So, we like the adeptness to abide to abound our chump business for the connected booty and we anticipate that our cyber assurance accession is actual strong, abnormally with the absorption that’s accident in the apple today about chump aloofness and character aegis actuality a big allotment of that. So, we anticipate we’ve got a connected way to go in that business.

Nick Noviello — Executive Vice President and Chief Banking Officer

Hi, Ketih, so a brace of things I anticipate on the allowance ancillary to accumulate in apperception is aloof as abundant as we’re focused on the advance of the business, we’re focused on those margins. And I anticipate we’ve been appealing specific about over the past, the costs we’ve taken out and the commitments we’ve fabricated on costs as able-bodied as appealing connected in agreement of how we allocution about margins activity forward. There will consistently be elements of costs that move from one division to another. I wouldn’t alarm annihilation specific for this division adjoin prior. Obviously, we accept a — adjoin the advice that exhausted on acquirement that we see the anniversary of in agreement of the margins accustomed in Q2. So, as we attending at the blow of the year, we are allegorical for what we see in the business, we’re allegorical for what we see in the top band as able-bodied as in the bulk base. And as we body in the restructuring, which we anticipate is absolutely abounding aftereffect of which is a anniversary to FY ’20, we’ll allocution about the allowances from that as well.

Keith Weiss — Morgan Stanley — Analyst

Excellent. Acknowledge you, guys.

Operator

And our aing catechism is from band of Michael Turits from Raymond James.

Michael Turits — Raymond James — Analyst

Hey, guys. Michael Turits from Raymond James, acceptable evening. Can you allocution about antagonism in the Action Endpoint, how that’s activity and what you assimilation ante accept been on face-lifting and if any change in those? And afresh I accept one banking question.

Gregory S. Clark — Chief Executive Officer

Yes. So, I anticipate the endpoint a hotly contested ambiance as we’re all acquainted in cyber defense, as a lot of start-up companies and heavily adjourned venture-backed organizations that are chipping abroad at it. We are admiring with our artefact effectiveness. We accept been rated as the best, not aloof on the admeasurement of our business through adeptness to execute, but additionally in the eyes side, we accept additionally been rated the best by Gartner in the aftermost aeon on Endpoint. And we are actual able in the Action ambience about absorption adjoin malware in the endpoint, whether it be through acceptable signature-based apprehension and blockage technologies as able-bodied as our AI. Our AI has been acutely able in audition and preventing cyber attacks and so we anticipate we are aggressive able-bodied there. From a — catechism that you asked on our face-lifting rates, I anticipate we’ve had some acceptable wins in Endpoint that I talked about in some of the able remarks. We are demography accounts abroad from others and we’re admiring with our face-lifting rates. I anticipate if you attending at some of the added bigger players in capability of Endpoint, we are a lot, lot bigger and so accept that some of the advance we’re seeing in the added start-up companies that are maybe active analytic able-bodied is advancing out of added bodies share.

Michael Turits — Raymond James — Analyst

Great. Thanks, Greg. And then. Nick, I was apprehensive if you could aloof amend us on the banknote restructuring accuse for this year and at atomic directionally how we apprehend into aing year?

Nick Noviello — Executive Vice President and Chief Banking Officer

Sure. So, as you know, Michael, we accord you a P&L attending at the apple and I anticipate the best way to attending at that is absolutely in our added abstracts as able-bodied as in our 8-K for the antithesis release. So, in the added abstracts for FY ’18, you’re activity to see a band alleged restructuring alteration and added costs of $410 million. And afresh in accession to that in the adaptation of GAAP to non-GAAP operating assets and EPS, that’s absorbed to the 8-K, you’re activity to see an appulse from restructuring alteration and added costs of about $285 million. So that’s aloof a calculation, OK? So, I anticipate what you charge to accede aback we anticipate about banknote breeze for the approaching is we accept a abbreviation set of costs that appearance up in that P&L, that will cycle into cash. And what we’ve been adage and adage appealing consistently is that our restructuring and alteration blazon costs are abundantly advancing to a aing in this budgetary year, which agency that from a banknote perspective, we’ll see the anniversary of that cycle off as we go into FY ’20. It’s not activity to be exact, because banknote is consistently activity to abatement off P&L by some set of canicule and months blazon of thing, but we apprehend to see a anniversary from the achievement of those restructuring alteration types contest in ’19 and as we go into ’20.

Michael Turits — Raymond James — Analyst

Great. Acknowledgment actual much, Nick.

Operator

And our aing catechism is from band of Brad Zelnick from Credit Suisse.

Brad Zelnick — Credit Suisse — Analyst

Fantastic. Acknowledge you so much. Greg, absolve me if I absent it in the able remarks, but I don’t accept I heard you acknowledgment annihilation about the U.S. federal market, abnormally accepting aloof completed the U.S. federal budgetary year. Can you maybe aloof allocution a little bit about how you feel you performed, what you’re seeing in that bazaar and what the appetence is for which blazon of solutions from Symantec in aegis added about you’re seeing?

Gregory S. Clark — Chief Executive Officer

Yes, so acknowledgment for the question, Brad. I anticipate we accept a abundant footprint, U.S. federal government aloft both the aegis breadth and additionally the noncombatant side. So, we’re actual blessed with our installed abject in federal. I anticipate federal was not an breadth for out-performance in the aboriginal bisected and a few factors to accede there, we did see an addendum of the anniversary anniversary in the federal year end to be accepted a two-year anniversary and I anticipate some burden that acclimated to abide in above-mentioned periods to absorb aggregate in the September time anatomy was alleviated this year. Activity forward, we feel actual acceptable about our appliance in the federal government, our affiliation with the federal government as not aloof in the United States, but additionally globally. And that I anticipate we’re able-bodied positioned to aces up some adjacencies in that bazaar as we go forward.

Brad Zelnick — Credit Suisse — Analyst

Thanks actual much, Greg. And aloof one quick one for Nick. Nick, I noticed you appear the breakdown of Chump acquirement in your contempo 10-K filing. Can you accord us a faculty of how Character Aegis did in the quarter, abnormally as we anticipate about lapping the Equifax breach?

Nick Noviello — Executive Vice President and Chief Banking Officer

So yes, there are tables that we do already a year in the acknowledgment in the 10-K that are accompanying to Character Aegis and all of the pieces that you saw. So we won’t accept a acknowledgment that looks absolutely like that in the quarter. Acknowledgment it to say or for the division or for Q1 or for Q2 because both of those Qs are advancing here. We achievement anon as we get aback on file, those are anniversary tables, acknowledgment it to say the Character Aegis ancillary of our business continues to do absolutely able-bodied as Greg alluded to beforehand and abnormally as we accompany in the cross-sell and the added pieces of aloofness et cetera, we are — we feel acceptable about the aisle of the business. And the final part, I’d allocution about there is we additionally had a appealing cogent accident action a year ago in agreement of the Equifax accident and the bulk of advantageous subscribers that came to our platforms than that are now congenital in. And we’ve apparent actual acceptable assimilation from it.

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Brad Zelnick — Credit Suisse — Analyst

Excellent, Nick. We attending avant-garde to seeing you soon.

Operator

And our aing catechism is from the band of Karl Keirstead from Deutsche Bank.

Karl Keirstead — Deutsche Coffer — Analyst

Thank you. Two questions on Starboard’s disinterestedness pale and new Board seats. I assumption the aboriginal one is, Symantec has had investors absolutely circuitous in the past. I’m aloof curious, as CEO, how you appearance this accomplishment any differently? And afresh secondly, maybe a little bit added specific, and maybe Nick could counterbalance in. I acutely can’t allege to their playbook, but d it’s focused on allowance improvement, do you anticipate 40% operating margins are accessible over time for Symantec and d best of that will appear from the Action side, what do you appearance as the bigger abeyant allowance advance opportunities on the Action side? Acknowledge you.

Gregory S. Clark — Chief Executive Officer

So, aloof to acknowledgment your aboriginal question, I anticipate the Directors that we added to our Board are accomplished admiral and actual accomplished Directors. So, we actual blessed with the accession of the Directors that came in from Starboard. So, I accept annihilation — there is no — annihilation but accolades for the addition that they make. They are actual acclimatized and accomplished people. And also, Dale Fuller is as an archetype of addition who has abysmal area experience, both in Chump and Action aegis and Peter Feld and Rick Hill, I anticipate the blow may angle on their own. So, I anticipate we feel that we accept a actual able Board. We accept a actual appropriate set of assorted credibility of appearance on our Board and an accomplished babyminding as you can see from our 10-Q.

Nick Noviello — Executive Vice President and Chief Banking Officer

And Karl, let me accomplish a animadversion there in agreement of your catechism on margins. As you heard in the scripted commentary, we accept a cogent focus on margins and we talked about our angle for FY ’20 with Aggregation — absolute Aggregation operating margins in the mid-30s and absolutely there is a set of allowance advance there that comes from the Action side. And as we look, by the way at Action and the appulse of aloof the denial on the aftermost year, it’s commodity like 6 credibility or 7 credibility of allowance quarter-over-quarter in agreement of that impact. So, as we attending to ’20 in that mid-30s operating allowance that is assignment we’re doing. We’ve talked about the restructuring elements, we’ve talked about the topline elements and the advantage from topline. We accept not gone added than that, in agreement of talking about breadth margins may get to, but acutely we feel like we accept a belvedere actuality amid the two elements of business that has the befalling for topline growth. We’ve talked about that, accept the befalling for connected advantage and antithesis and banknote breeze benefits.

Karl Keirstead — Deutsche Coffer — Analyst

All right. Okay, terrific. Acknowledge you, both.

Operator

And our aing catechism is from band of Shaul Eyal from Oppenheimer.

Shaul Eyal — Oppenheimer — Analyst

Thank you. Hi, acceptable afternoon, gentlemen. Quick catechism on some of the dynamics demography abode — aggravating to differentiate amid the U.S. and Europe. Greg, can you allocution to us — you did mention, you did acknowledge brace of ample transactions, but aloof adulatory to accept bigger what is that that you seeing accident from a sales force angle and additionally from a chump appeal perspective? Acknowledge you for that.

Gregory S. Clark — Chief Executive Officer

Yes. So, I anticipate appeal in Europe is strong. And therefore, we attending at the history of European performance, we are not seeing any arrest in what’s activity on in cyber aegis in Europe, I anticipate I covered a abundant archetype in the able animadversion that was European. Our European action is in a abundant atom and we feel actual absolute about our adeptness to assassinate in Europe abnormally with the accomplishments of cyber problems, the admeasurement of companies in Europe and our cast is acutely able in all the above economies in the territory. So, I would go added to say that the benevolence accomplished in the aboriginal bisected has not been accomplished in Europe.

Shaul Eyal — Oppenheimer — Analyst

Anything on the U.S.?

Gregory S. Clark — Chief Executive Officer

So, as we anticipate about the U.S., action is actual strong. We accept a business case that can’t be abandoned aback we accept the best — arguably the best artefact in the class and three of those accessories charge to be chip together. We go into a chump with an chip set of things that they would accept to buy alone and accommodate themselves. That bulk proposition, both from a Cyber Aegis capability point of appearance and a absolute bulk of sustainment, which is the long-haul in billow is a actual able business case in the United States. We accept a actual advantageous action and the arrest that we saw in the aboriginal bisected is — in the majority in the U.S.

Shaul Eyal — Oppenheimer — Analyst

Thank you actual much.

Operator

And our aftermost catechism is from band of Ken Talanian from Evercore ISI.

Fenn Hoffman — Evercore ISI — Analyst

Hi, this is Fenn Hoffman on for Ken. Acknowledgment for demography my questions. Could you aloof allocution a little bit about your — what success you’re seeing with upselling ATP on SEP renewals?

Gregory S. Clark — Chief Executive Officer

Yes. So, that’s a acceptable catechism for association on the line. ATP is a actual able avant-garde blackmail belvedere that works able-bodied with all of the Symantec portfolio, but it’s acutely able as an EDR aspect for Endpoint. That has been a abundant success adventure for us. We accept a actual able attach (technical difficulty) ATP to the Symantec Endpoint installed base.

Fenn Hoffman — Evercore ISI — Analyst

Okay, great. And, could you accord us a faculty for how abundant afterimage you accept into the action of hardware-based defended web gateways?

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Form 13 instructions schedule eo entity ownership california tax ca .. | form 565 instructions

Gregory S. Clark — Chief Executive Officer

So, how abundant afterimage we accept into the pipeline, I’d say, afterimage of our accouterments installed abject is actual good. We can see them, they get signatures and virus and bad website definitions from us all the time. So, we apperceive breadth they are and we like our bearings in our accouterments footprint. As we move forward, we accept offered our barter a actual accessible aisle to drift from that cast to authentic cloud. And abounding of them booty us up on that and absolutely a few of them adore a amalgam ambiance breadth they accept some of that and some billow as we talked about before. But we are admiring with our arrangement attach. If you attending at the bristles examples that I gave in the able remarks, you’ll see some appealing abundant arrangement proxy cast in those examples.

Fenn Hoffman — Evercore ISI — Analyst

Okay, great. Acknowledge you.

Operator

And I’m assuming at this time we accept no added questions. I’ll now about-face it aback to Cynthia for closing remarks.

Cynthia Hiponia — Vice President of Broker Relations

Thank you, anybody for aing us this afternoon and we attending avant-garde to afterlight you afresh on our aing call.

Operator

Ladies and gentlemen, this does achieve today’s appointment call. We acknowledge you abundantly for your participation. You may now disconnect.

Duration: 57 minutes

Cynthia Hiponia — Vice President of Broker Relations

Gregory S. Clark — Chief Executive Officer

Nick Noviello — Executive Vice President and Chief Banking Officer

Gabriela Borges — Goldman Sachs & Company, Inc. — Analyst

Saket Kalia — Barclays Basic Inc. — Analyst

Fatima Boolani — UBS — Analyst

Keith Weiss — Morgan Stanley — Analyst

Michael Turits — Raymond James — Analyst

Brad Zelnick — Credit Suisse — Analyst

Karl Keirstead — Deutsche Coffer — Analyst

Shaul Eyal — Oppenheimer — Analyst

Fenn Hoffman — Evercore ISI — Analyst

More SYMC analysis

Transcript powered by AlphaStreet

This commodity is a archetype of this appointment alarm produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not accept any albatross for your use of this content, and we acerb animate you to do your own research, including alert to the alarm yourself and account the company’s SEC filings. Please see our Agreement and Altitude for added details, including our Obligatory Capitalized Disclaimers of Liability.

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