Friday, August 5th 2022
NortonLifeLock and Avast Merger Provisionally Approved
NortonLifeLock Inc., a global leader in consumer Cyber Safety, received provisional approval from the U.K. Competition and Markets Authority ("CMA") for its acquisition of Avast plc. NortonLifeLock also released its results for the fiscal year 2023 first quarter, which ended July 1, 2022. "We are excited to start the process of bringing our two companies together now that the CMA has approved our merger with Avast," said Vincent Pilette, CEO of NortonLifeLock. "With this key milestone behind us, we are looking forward to driving innovation and taking Cyber Safety to the next level."
The merger is anticipated to close between mid-September to early-October. The timing is subject to change and is dependent upon the final CMA approval, mutually agreed upon operational considerations and customary closing requirements such as the U.K. court approval of the scheme.
Q1 Financial Highlights and Commentary YoY
Q1 GAAP revenue was $707 million, up 3% in USD. Q1 GAAP diluted EPS from continuing operations was $0.33, up 6%. Q1 operating cash flow was $215 million, down 17%.
Q1 Non-GAAP YoY
Revenue of $708 million, up 2% in USD and 6% in CC
Diluted EPS of $0.45, up 7%
Bookings of $663 million, up 1% in USD and 5% in CC
Operating margin was 53.7%, up 250 bps
Direct customer count of 23.3 million, up 0.2 million
"Q1 was another quarter of solid execution by our team, and in the face of macroeconomic headwinds, we delivered our 12th consecutive quarter of bookings growth," said Natalie Derse, CFO of NortonLifeLock. "Now with the Avast acquisition provisionally approved, we look forward to bringing our operational discipline to the integration planning and quickly setting the foundation of the company for growth."
Fiscal 2023 Q2 Guidance
Non-GAAP Revenue expected to be in the range of $695 million to $705 million, translating to mid-single-digit growth YoY in constant currency, including 4+ points or approximately $30 million of FX headwind
Non-GAAP EPS expected to be in the range of $0.44 to $0.46, including $0.03 FX headwind YoY
Quarterly Cash Dividend
NortonLifeLock's Board of Directors has declared a quarterly cash dividend of $0.125 per common share to be paid on September 14, 2022, to all shareholders of record as of the close of business on August 22, 2022.
Source:
NortonLifeLock
The merger is anticipated to close between mid-September to early-October. The timing is subject to change and is dependent upon the final CMA approval, mutually agreed upon operational considerations and customary closing requirements such as the U.K. court approval of the scheme.
Q1 GAAP revenue was $707 million, up 3% in USD. Q1 GAAP diluted EPS from continuing operations was $0.33, up 6%. Q1 operating cash flow was $215 million, down 17%.
Q1 Non-GAAP YoY
Revenue of $708 million, up 2% in USD and 6% in CC
Diluted EPS of $0.45, up 7%
Bookings of $663 million, up 1% in USD and 5% in CC
Operating margin was 53.7%, up 250 bps
Direct customer count of 23.3 million, up 0.2 million
"Q1 was another quarter of solid execution by our team, and in the face of macroeconomic headwinds, we delivered our 12th consecutive quarter of bookings growth," said Natalie Derse, CFO of NortonLifeLock. "Now with the Avast acquisition provisionally approved, we look forward to bringing our operational discipline to the integration planning and quickly setting the foundation of the company for growth."
Fiscal 2023 Q2 Guidance
Non-GAAP Revenue expected to be in the range of $695 million to $705 million, translating to mid-single-digit growth YoY in constant currency, including 4+ points or approximately $30 million of FX headwind
Non-GAAP EPS expected to be in the range of $0.44 to $0.46, including $0.03 FX headwind YoY
Quarterly Cash Dividend
NortonLifeLock's Board of Directors has declared a quarterly cash dividend of $0.125 per common share to be paid on September 14, 2022, to all shareholders of record as of the close of business on August 22, 2022.
21 Comments on NortonLifeLock and Avast Merger Provisionally Approved
Both are obsolete
Avast killed themselves with all the bloat
Norton died long ago only people that live in caves use them now.
Personally I only use mbam pro even on riskware like win-7 I'm not scared of the buggerman :laugh:
I just don't think it's appropriate logic to tell Grandma to kill herself because she fails at the PC.
Be nice. I'm trying to play with glow in the dark coolant here.
Norton and Avast is like dogshit and catshit joining together in the same compost heap, except they're both plastic so they don't even work as fertilizer.
Kaspersky has a great free product, but it auto installs a VPN you'd want to remove - and of course, political issues arise when they're a Russian company. AFAIK, there's zero evidence of them with any wrongdoing.
Bitdefender is popular as well, but it requires you to make an account and login and such, which some people dislike.
Malwarebytes is more annoying these days, but still fully usable. They really push you to get their pro version with Realtime scanning, when they've always been best at like a once a month (or year) cleanup scan.
I haven't had anything sneak past any of the above, even defender, in years - what instead happens, is they all have too many false positives and delete things i actually want (like when I did Eth mining, they'd all go bonkers that nicehash was totally a nasty mining virus)
Either way I'll cool it. I was just using grandma as an example of why people who can't use a PC shouldn't be told to basically "kys."
1) don't install random shit off the internet, especially if you don't know whether you need it or not.
2) Free cheese can only be found in a mousetrap
No one deserves being either's customer.