NortonLifeLock Declares $12 Special Dividend
January 09 2020 - 4:15PM
Business Wire
Company to Return Over 100% of the After-Tax
Proceeds from Sale of Enterprise Assets
Company to Announce Fiscal Third Quarter 2020
Results on February 6, 2020
NortonLifeLock (NASDAQ: NLOK) (the “Company”) today announced
that its Board of Directors has declared a special, one-time cash
dividend of $12 per share of NortonLifeLock Inc. common stock,
returning over $8 billion of capital to shareholders. The dividend
is payable on January 31, 2020 to all shareholders of record as of
the close of business on January 23, 2020. Shareholders of record
on January 23, 2020 must hold their shares through the close of
January 31 payment date to receive the special dividend. The
ex-dividend date will be February 3, 2020, the first business day
after such payment date.
This special dividend is in addition to the Company’s regular
quarterly cash dividend of $0.125 per share that was last paid on
December 18, 2019. Additionally, in August 2019, the board
authorized a $1.6 billion share repurchase plan to be executed
during the transition period as the Company transforms into a
standalone, pure-play leader in consumer Cyber Safety.
“With this special dividend, and the $1.6 billion share
repurchase program we recently put in place, we are delivering on
our goal to return over 100% of the after-tax proceeds from the
sale of our Enterprise Security assets to Broadcom," said Vincent
Pilette, NortonLifeLock’s CEO. "We remain committed to returning
cash to shareholders through dividends as well as share
repurchases. With our strong cashflow, we believe we are well
positioned to invest in and execute on our strategy to deliver
industry leading consumer Cyber Safety solutions worldwide."
Fiscal Third Quarter Earnings Call Information
The Company announced that it will release its financial results
for its fiscal third quarter 2020, which ended on January 3, 2020,
after the U.S. market close on Thursday, February 6, 2020.
NortonLifeLock will host a conference call that day at 5:00 p.m.
ET/ 2:00 p.m. PT to discuss the results. The news release with the
financial results will be accessible from NortonLifeLock’s Investor
Relations website prior to the conference call.
Interested parties may access the conference call by dialing
(877) 475-6198 or (970) 297-2372 and using conference ID 4557269. A
live audio webcast of the conference call will also be available
through NortonLifeLock's Investor Relations website at
http://investor.nortonlifelock.com/investor-relations/events-calendar/.
A replay of the webcast will be available on NortonLifeLock's
Investor Relations website within 24 hours of the call and will be
available for a period of one year. A telephonic replay of the
conference call will run for ten days and can be accessed by
dialing (855) 859-2056 or (404) 537-3406 and entering the
conference ID 4557269.
About NortonLifeLock
NortonLifeLock Inc. (NASDAQ: NLOK) is a global leader in
consumer Cyber Safety. NortonLifeLock is dedicated to helping
secure the devices, identities, online privacy, and home and family
needs of nearly 50 million consumers, providing them with a trusted
ally in a complex digital world. For more information, please visit
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, including statements regarding future dividends and share
repurchases and NortonLifeLock’s cashflow. These statements are
subject to known and unknown risks, uncertainties and other factors
that may cause our actual results, 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 effect of the sale of substantially all of the
Enterprise Security assets on NortonLifeLock’s retained businesses
and products; the amount and character of, and time to eliminate,
stranded costs from the sale of the Enterprise Security assets;
retention of existing executive leadership team members;
difficulties in improving sales and product development during
leadership transitions; difficulties in executing a new 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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200109005772/en/
MEDIA CONTACT : Jenna Torluemke NortonLifeLock (650)
527-0742 press@nortonlifelock.com
INVESTOR CONTACT : Cynthia Hiponia or Soohwan Kim
NortonLifeLock (650) 527-8020 ir@nortonlifelock.com
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