Good day, and welcome to Symantec's Fourth Quarter 2015 Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Ms. Helyn Corcos, Vice President of Investor Relations. Please go ahead.

Good afternoon and thank you for joining our call to discuss fourth quarter and fiscal year 2015 earnings results. By now you should have had the opportunity to review our earnings release and supplemental information. We've also posted a presentation that complements our prepared remarks. If you have not reviewed these documents, you can find them on the Investor Relations Events page. A copy of today's prepared remarks will be available on the website after our call is completed. Speakers on today's call are Mike Brown, Symantec's President and CEO; and Thomas Seifert, Executive Vice President and CFO. This is a live call that will be available for a replay via webcast on our website. I'd like to remind everyone that all references to financial metrics are non-GAAP, unless otherwise stated. Implied billings refer to revenue plus change in sequential deferred revenue and we include a trended history of this metric in our supplemental information. Also, we provide year-over-year constant currency growth rates in our prepared remarks, except for statements about net income and EPS. For fiscal year 2016, year-over-year growth rates exclude the impact of the extra week in the year-ago June 2014 quarter and adjust for foreign currency. I would like to take this opportunity to highlight a few dates for you. Thomas will be presenting at the JPMorgan Conference on May 19 and Mike will be presenting at the Bank of America Merrill Lynch Conference on June 3. We intend to announce our first quarter earnings on August 6. Please note non-GAAP financial measures referenced during this call are reconciled to their comparable GAAP financial measure in the press release and supplemental materials posted on our website. Lastly, today's call contains forward-looking statements based on the environment as we currently see it. Those statements are based on…

Thank you. Operator, will you please begin polling for questions.

Thank you.

We're ready for our first question, Gwen.

And we'll take our first question from Brad Zelnick with Jefferies.

Thank you very much. My first question for Thomas, and I've got a follow up as well. Thomas, it actually goes back to the full-year guidance that you reiterated today and you initially give us last month. For operating cash flow, you've guided cash flow to grow 12% year-on-year. But if I look at that relative to your non-GAAP EPS guidance – you've actually guided non-GAAP EPS down a couple of percent. And I think it would even be a bit worse than that if we added the restructuring in which is excluded from your non-GAAP guidance. Can you bridge for us the delta between those two? Thanks. Thomas J. Seifert - Chief Financial Officer & Executive Vice President: Yeah, that's a good question. So, cash flow a year-ago was $1.3 billion if you add the 12% that we guide; on top of that, you end up with about $1.5 billion. There are three moving parts you have to keep in mind, of course restructuring costs. But that is actually a benefit for fiscal year 2016. Our restructuring costs in fiscal year 2015 were about $206 million and we forecast the restructuring and separation costs at the midpoint of $150 million, so it's about $50 million to $60 million lighter. We expect on top of that continued operational improvements and an increase in deferred revenue. And that would deliver the delta and explains the $200 million improvement year-over-year.

That's actually very helpful. And my follow up also on the full-year guidance. You've maintained the full year, that hasn't changed since that, but it seems Q1 is a bit below consensus estimates at least, and I think you touched on this in your prepared remarks. But can you just help us to appreciate the factors unique to Q1 this year and how they impact seasonality? Thomas J. Seifert - Chief Financial Officer & Executive Vice President: Yes. Good question. So, on the revenue side, there are a couple of moving parts. We try to be transparent at Analyst Day on how those come together. But the comparison revenue for the first quarter a year ago is about $1.735 billion. There's an extra week included in that number of about $113 million and that revenue was delivered at an exchange rate of $1.37 so that is another $117 million impact that you would have to correct for. And that would make the comparable revenue number about $1.505 billion. So we guided revenue for this quarter, for the – in the range of $1.5 to billion $1.54 billion. So, at the midpoint of $1.52 billion, that would be a year-over-year growth of 1%. So the math is a little bit tricky, but I think it shows that the momentum that we have been talking about is continuing. Unfortunately, there's some headwinds in difficult compares, but the trajectory is in the right direction.

Very helpful. Thanks again.

And we'll go next to Michael Turits with Raymond James. Michael Turits - Raymond James & Associates, Inc.: Hey, guys. A fundamental question – thanks for all that clarity on both cash flow and FX, really helpful. The increase – the acceleration in endpoint, can you drill down a little bit on where that's come from? I mean, generally we again obviously think of this as a mature market. What's taking place there that's accelerating? And are you not seeing any of the former headwinds moves to three types of enterprise offerings? Michael A. Brown - President, Chief Executive Officer & Director: I'm not sure about the last part of your question. I mean nothing moves to... Michael Turits - Raymond James & Associates, Inc.: Three types of enterprise offerings. In other words, I mean specifically... Michael A. Brown - President, Chief Executive Officer & Director: Oh. Michael Turits - Raymond James & Associates, Inc.: (24:58) embedded. Michael A. Brown - President, Chief Executive Officer & Director: No, I guess we're not seeing impact there. I would say that – and there's been some things that have been written about, there's a resurgence of interest in the endpoint because, of course, that's where a lot of attacks get through; that's where a lot of the unencrypted data is, for example. So I think we're seeing increased awareness that that's a very important part of the whole Enterprise Security infrastructure that needs to be protected. But I would also say that we're significantly seeing increase in the DLP business because more and more workloads are moving to the cloud. So I think both of those trends are key for us: increased interest in the endpoint, which is allowing us to accelerate the growth of our SEP product as we talked about, that accelerated its growth in Q4 up to 6% year-over-year; and then DLP which through the growth of workloads in the cloud is actually accelerated 33% year-over-year in the quarter. Michael Turits - Raymond James & Associates, Inc.: Okay. And then just for Thomas. On that first quarter, the currency impact, just as we back into it, it looks particularly strong relative to the decline in the euro that you're using in your international exposure. It looks like a stronger impact on a relative basis than what we saw this quarter. Is there anything in terms of the mix that would cause that? Thomas J. Seifert - Chief Financial Officer & Executive Vice President: No, except how the product mix and the regional mix is working out. At this point, there are no special or extraordinary influences on how the numbers came together. Michael Turits - Raymond James & Associates, Inc.: Okay, great. Thanks very much.

We'll go next to Walter Pritchard with Citi.

Hi. Thanks. Thomas, I'm wondering if you could talk about – you mentioned the $250 million of incremental operating margin that sort of the run – sounded like that was a run rate that you'll realize in 2016. I'm wondering if you could just help us understand how much of that is a delta versus what you realized in 2015? Just clarify that comment, just trying to figure out what to do with that number. Thomas J. Seifert - Chief Financial Officer & Executive Vice President: Yeah, so if you look at the margin for the whole year, we accelerate from 27.3% in fiscal year 2015 to a range of 29% to 30%. So if you look at the percentage increase is, I would say about half of that improvement really in margin structure is – actually it's a little bit more than half of it is driven by cost structure improvement and the efficiency momentum that we take with us.

Okay. And in that – and that is – the $250 million is that piece? Thomas J. Seifert - Chief Financial Officer & Executive Vice President: Yes.

Okay. And then just a product question, I guess kind of a revenue product question. It sounds like backup, archiving, backup appliances all doing very well. Those are the – I guess as we see in your business, those are the biggest parts of the Veritas business. Can you talk about where you're still seeing a drag in that business? And have any of those drags become more significant to offset some of that accelerated momentum in the backup and archiving area? Michael A. Brown - President, Chief Executive Officer & Director: Yeah, Walter, I think Backup Exec is the drag on the business at this point. And as we've talked about – now, I should add, we introduced a new version of Backup Exec, Backup Exec 15. So we expect that will help moderate those declines. But overall, we expect more of our resources, or more of our resources have already been deployed to enterprise backup, because we feel that's where our real strength is. So I think the Backup Exec 15 will help us there in that market. But again, our focus is going to continue to be on the enterprise for Veritas.

And that 11% growth is NetBackup? Not total backup? Michael A. Brown - President, Chief Executive Officer & Director: That's correct.

Okay, great. Thank you very much. Michael A. Brown - President, Chief Executive Officer & Director: I would just – I would also take a minute to add as we talked about, we are seeing strength in areas outside backup, too. So Enterprise Vault, our Archiving product, eDiscovery are also up pretty significantly. So we're seeing through some improvement in our sales execution and renewal rates. We're seeing the strength be broader than just backup.

Okay, great. Thank you.

We'll go next to Keith Weiss with Morgan Stanley. Keith E. Weiss - Morgan Stanley & Co. LLC: Thanks a lot. Thank you for taking my questions, guys. Maybe to start with a follow-on to what Walter was asking. It seems like in the Enterprise Security business, you guys – there's some definitely key areas of strength, the endpoint business, which I believe is probably the largest part of the business is seeing growth, DLP's seeing strong growth. And we're hearing about some of the – seeing sort of drags on growth that we've heard for a while with Endpoint Management. It seemed like a similar dynamic going on in Information Management, where NetBackup's been doing well for a while, Backup Exec appears to be a drag. Are we starting to get to a point with either of those where it's just – just from a mix shift, just the base of those drags are getting smaller than the Endpoint Management business is getting to a point where it's small enough that it's just not going to exert as much of a negative influence on the overall segment on a go-forward basis? Michael A. Brown - President, Chief Executive Officer & Director: Yeah, Keith, I think that's true. And we expect to see growth from more of our product line, a broader set of product families going forward. So as it relates to Endpoint Management, we're envisioning some capabilities as we continue to think about how do we refresh that product line. Endpoint Management will be able to provide mobile capability going forward. We're going be delivering that capability from the cloud. So we're not just leaving Endpoint Management to decline. We're going be investing in that area because we see some opportunity. To your question, we see not only…

We'll go next to Philip Winslow with Credit Suisse. Philip A. Winslow - Credit Suisse Securities (USA) LLC (Broker): Hi, guys. Thanks guys for taking my question. Just wanted to double-click on the go-to-market here. Thomas and Mike, you both talked about improvements that you've seen on the renewals team and then the auditing side and also the split of the two sales forces. Just wondering if you could give us sort of an update on sort of – from your opinion, sort of where we stand of the go-to-market strategy, sort of the stability in it, any more changes coming in this fiscal year or is sort of everybody in that lane know what they do and what do you think that means to productivity? Michael A. Brown - President, Chief Executive Officer & Director: Yeah, so I feel like we pretty much have made the changes that we need to make there. We were very clear to apply the learnings from several years ago. A good example of that is there was no fifth quarter to drain the pipeline that happened before we made that dramatic change in sales force, September 2013 if I remember the date right. So that was not the way we approached that this time. And, of course, you could argue that was a much more disruptive change in general because you're splitting new versus renewal so the skill set you could say that was required and whether we got that right could be questioned. So not that type of change. Some of the focus by business line had partially begun especially in the more mature markets, but now that's completed. We began the planning for this about six months ago. We named the sales leadership at the top level right around September, even…

We'll go next to Brent Thill with UBS.

Hi. Good afternoon. Thank you for taking my question. This is Fatima Boolani on behalf of Brent. I was just wondering if you could spend a little bit of time talking about the 800 point delta sequential decline in Information Management segments. I know you touched on kind of the appliance shipment volumes being very strong but I'm just trying to better reconcile that. Thomas J. Seifert - Chief Financial Officer & Executive Vice President: Yeah, so you mean the margin development for Veritas. I think we have been trying to be clear on this topic. It was driven, of course, by currency headwinds to a certain extent but also by the huge growth we have seen in the appliance segment. Mike talked about the year-over-year compare. So this has diluted the margins to a certain extent. And if we look now forward, we are quite confident that we can recover that for a variety of reasons. First of all, we will see margin improvement on the Veritas side just based on the higher revenue. We also see that the cost and deficiency momentum that Veritas is carrying is going to deliver significant improvement year-over-year. And the margin dilution effect of the appliances is becoming smaller with the shipment of the new products addressing a higher end market. And having, to be very honest, by itself significantly higher margin compared to the current version of appliances that we ship.

And then maybe just along those lines we take a step back and take a look at the short- to medium-term gross margin profile. So as you expect a higher end SKUs to add to the mix but considering the focus and reinvestment on the cyber security and incident response side, I'm wondering if you can comment on what the gross margin trajectory would look like for the short- and medium-term. Thomas J. Seifert - Chief Financial Officer & Executive Vice President: Yeah, I mean, just to remind, we finished the year with an operating margin of around 19% on the Veritas side, 53% for the Consumer business, and around 14% for Enterprise Security. Was your question about operating margin or gross margin?

On gross margins. Thomas J. Seifert - Chief Financial Officer & Executive Vice President: Yeah, let me comment on the operating margin first and then go back. So if you look at the Veritas business, that is going to expand, that is where we see a lot of improvement in fiscal year 2016. We're going to get that into a range of 27% to 29%. The Consumer business is going to stabilize around that number. And we rather outspoken that the margin for the ES business is going to come down slightly because of a higher R&D expenditure. So if you would translate that, especially on the Veritas side, into gross margin, we think the gross margin is going to improve with hopefully easier currency compares and a less dilutive effect of the new appliance margin, appliance product shipping into a larger market and a higher price market segment. Michael A. Brown - President, Chief Executive Officer & Director: So the 5330, which we just began shipping, in fact, this most recent quarter we reported, it really reflects only about one month of shipment of the new 5330. So that has a higher margin, gross margin, than the appliances we had shipped previously. And as we look through the year, we will have another doubling of that capacity for the 5330 coming later in the year. So there's a lot of opportunity to improve the margins in our appliances business with the greater shift in mix to the 5330 and moving up to the higher capacity later this year.

And the last one from me, if I could. The content subscription line declined much less, and it's sort of turning the corner, it seems like, at a minus 1% year-on-year on a constant currency basis. I'm wondering if there was any particular areas within the three buckets, so content, subscription, maintenance that were particularly helpful there, and sort of when we can kind of start seeing growth in that revenue line? And that's it for me. Thank you. Thomas J. Seifert - Chief Financial Officer & Executive Vice President: I would say nothing particular other than a general strength and improvement in our renewals activity and in our renewals business.

We'll go next to Pat Walravens with JMP Securities.

Great. Thank you. I was hoping we could drill down a little bit more on some of the changes that you plan for Consumer Security? I heard you mention optimizing pricing, and I thought I heard about the new distribution channels. So would love some details there. Michael A. Brown - President, Chief Executive Officer & Director: Pat, we really couldn't hear the question. Would you mind repeating it? You're cutting in and out.

Could you explain in more detail some of the changes you plan for Consumer Security around optimizing prices and new distribution channels? Michael A. Brown - President, Chief Executive Officer & Director: Oh, sure. Okay, great. Yeah, so one of the things that we're doing as we've streamlined the product line to one single subscription offering is now thinking about some merchandising or different segmentation of that. So it's still the same basic product, which means we get a lot of cost efficiency there, but having a premium capability allows us to offer more for the customers who want more. So the premium offering has MSRP of $89.99. That allows you to protect up to 10 devices, includes parental controls and online backup. So that's a lot more capability than what you get with the basic Norton Security. All of the offerings will have the same level of enterprise-grade security provided to the consumer. So that's what we're doing on the premium offering. In addition to that, obviously we're focused on the Norton business and improving our online customer acquisition. So there's a lot of A/B testing going on there, looking at keywords and other things to make sure that we're making the most of acquiring online customers. We talked about the migration to the subscription service. That's something that started in the – in North America with the December quarter. We just announced the subscription and started launching that basically in the month of September. So that just started. So everyone in North America will be on a subscription service as we lap that by four quarters. We're just now launching that internationally. So that's happening now in the April to June period internationally and, of course, that will take us another year to get everyone on a subscription service internationally. In addition, the distribution partnerships, we have partnerships today with Comcast, Deutsche Telekom, and SoftBank in Japan, so covering some of the major regions. We're looking at whether we can expand distribution through additional partnerships. And, in fact, one that we just added is a company, América Móvil, one of the largest carriers in Latin America. They have several hundred million customers in Latin America, which we would have not been able to access before through a partnership like this. So we're pretty excited about what these partnerships can bring to the Norton business going forward. So a lot's happening in Norton besides just the focus on margin.

Yeah, great. Thank you. That's very helpful.

We'll go next to Steve Ashley with Robert W. Baird. Steve M. Ashley - Robert W. Baird & Co., Inc. (Broker): Terrific. I was going to ask about your channel program, and maybe we could just get an update on how things are going there and registration activity and just an update? Michael A. Brown - President, Chief Executive Officer & Director: Well, I'd say that's really following the progress of the separation. So the channel – we found very few channel partners that really were crossing both Enterprise Security as well as our Veritas business. So the focus that we've achieved there, I think, has gotten a number of partners excited. Many of them attended our sales conferences that we just had. We just saw some interesting data from the channel saying Symantec continues to be the most recognized brand in terms of protecting customers for cyber threats, which we saw was an interesting bit of data. It gives us encouragement that, as we go forward, the channel still a very important part of our business and still very much believing that Symantec is the best supplier for them. As we talked about in previous calls, we have a new channel program, which is very much in place giving the channel better economics for getting certified in key product lines. So as that has occurred, their opportunity to get better economics from us as they focus on our products and learn more about them works both ways. We expect that to be able to help us build our volume as well as provide better economics for them as they get certified. So I'd say, overall, we feel very good about where our channel program is and the enthusiasm we're seeing from the channel. Steve M. Ashley - Robert W. Baird & Co., Inc. (Broker): Great. That's it for me. Thanks.

So, operator, we're ready for our last question.

We'll take our last question from Aaron Schwartz with Macquarie. Aaron Schwartz - Macquarie Capital (USA), Inc.: Hi. Good afternoon. Thanks for squeezing me in. A question on the large transaction; you saw very good growth there. And if we just try to look at the constant currency revenue growth within Enterprise, it seemed that there was an offset on – from between the two. I don't know if you can provide any color on just the billings in your Enterprise business maybe to better reconcile what's going on with the large deal flow. Thomas J. Seifert - Chief Financial Officer & Executive Vice President: Yeah, so, of course, we have a couple of moving parts. I think the momentum we saw on larger and big deals is just a recognition of what is happening in the market space from a threat perspective. It was very targeted around the verticals that you would think are under attack, financial sectors, the government, and healthcare. And it was compensated in part by product mix effect from businesses that we have covered – or Mike has covered previously and that tracked a bit on the overall Enterprise Security business momentum. Aaron Schwartz - Macquarie Capital (USA), Inc.: Okay. Is there any way, I don't know if you can, but – because it seems like from the growth in the large deals, we would have expected maybe stronger billings on just the Enterprise business, excluding the Consumer. I don't know if you can quantify where the Enterprise billings were versus the overall 2% billings growth or not, just to try to better understand those moving pieces? Thomas J. Seifert - Chief Financial Officer & Executive Vice President: I don't really want to get into commenting on billings on a segment level at this point in time. We had a lot of moving parts. I think that is fair to say. And as I said before, the momentum we saw on the large deals was compensated by other product mix movements. Aaron Schwartz - Macquarie Capital (USA), Inc.: Okay. Michael A. Brown - President, Chief Executive Officer & Director: But I think you could say that some of the big deal momentum we saw was also driven by our appliances business. So I'd say without providing the detail by segment that Thomas talked about you'd see the momentum both – across the Enterprise business, so both Veritas and Symantec. Aaron Schwartz - Macquarie Capital (USA), Inc.: Okay, fair enough. And a quick second, if I could. Thomas, on the Enterprise Security subscription services that you announced there's been a number of new launches here. Are those billed monthly or annually? Or how should we think about those coming out of the balance sheet? Thank you. Thomas J. Seifert - Chief Financial Officer & Executive Vice President: Very good question. Most of them are billed annually. Aaron Schwartz - Macquarie Capital (USA), Inc.: Okay, terrific. Thank you very much.

That concludes our question-and-answer session. I'd like to turn the conference back to our speakers for any additional or closing remarks. Michael A. Brown - President, Chief Executive Officer & Director: Thank you very much for joining us this afternoon.