What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-05-20 compared with 2021-05-21 · 140 added, 95 removed, 176 unchanged (57% of the section changed)

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Our vision is to protect and empower people to live their digital lives safely.

Our mission is to build a comprehensive and easy-to-use integrated portfolio that prevents, detects, and responds to cyber threats and cyber crimes in today’s digital world.

Our mission is to build a comprehensive and easy-to-use integrated portfolio that prevents, detects and responds to cyber threats and cybercrimes in today’s digital world.

Protecting people is what inspires us, and our people are at the core of what we do.

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• Be Empowered:

own it – take initiative to lead and speak up when we see an opportunity to delight our customers or improve the business, regardless of job title.

Own It – take the initiative to lead and speak up when we see an opportunity to delight our customers or improve the business, regardless of job title.

• Communicate:

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we build cross-functional and inclusive connections to stay aligned and move faster, and we operate with integrity.

• Execute - smart and scrappy:

be a leader, quick to adapt, willing to take risks and put yourself out there;

Smart and Scrappy - be a leader, quick to adapt, willing to take risks and put yourself out there;

be agile in adapting to meet new challenges and continue a constant learning journey.

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NortonLifeLock has the largest consumer Cyber Safety platform in the world, empowering nearly 80 million users in more than 150 countries.

Our business is built around consumers, we are the trusted and number one top of mind brand in consumer Cyber Safety, according to the 2020 NortonLifeLock brand tracking study.

Our business is built around consumers, we are a trusted brand for customers, and we are number one top of mind company in consumer Cyber Safety, according to the 2021 NortonLifeLock brand tracking study.

Today’s world is increasingly digital, and this digital world has changed the way we live our lives every day.

Between the massive shift to working and learning from home, and the ever-growing utility and opportunities to play and transact online, people’s digital lives have become the norm.

With each new digital interaction comes increased risk for consumers, as cyber criminals look to take advantage of this accelerating trend.

This is why we view ourselves as a trusted ally for our customers in a complex digital world and are committed to advancing our mission of protecting each element of their digital lives.

With each new digital interaction comes increased risk for consumers, as cybercriminals look to take advantage of these accelerating trends.

This is why we view ourselves as a trusted ally for our customers in a complex digital world and are committed to advancing our vision of protecting and empowering each element of their digital lives.

We are uniquely positioned for driving the awareness of Cyber Safety for individuals, fueled by an increasingly connected world.

We maintain a global, multi-channel direct acquisition and brand marketing program.

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We also make it easy for consumers to find, buy and use our products and services.

To this end, we sell subscription-based Cyber Safety solutions primarily direct-to-consumer through our Norton and Avira websites, and indirectly through partner relationships with retailers, telecom service providers, hardware original equipment manufacturers (OEMs), and employee benefit providers.

Most of our subscriptions are sold on either annual or monthly terms.

To this end, we sell subscription-based Cyber Safety solutions primarily direct-to-consumer through our portfolio of websites and indirectly through partner relationships with retailers, telecom service providers, hardware original equipment manufacturers (OEMs), strategic partners and employee benefit providers.

Most of our subscriptions are sold on annual terms, but we also offer monthly subscriptions.

As of April 1, 2022, we have nearly 80 million total users, which come from direct, indirect and freemium channels.

Of the total users, we have 23 million direct customers with whom we have a direct billing relationship, and we have 30 million free users.

Of the total users, we have over 23 million direct customers with whom we have a direct billing relationship.

• Direct-to-consumer channel:

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We developed and implemented a global partner sales organization that targets new, as well as existing, partners to enhance our partner distribution channels.

These channels include retailers, telecom service providers, hardware OEMs, and employee benefit providers.

Physical retail and OEM partners represent a small portion of our distribution, which minimizes the impacts of supply chain disruptions.

These channels include retailers, telecom service providers, hardware OEMs, employee benefit providers, mobile app stores and strategic partners.

Physical retail and OEM partners represent a small portion of our distribution, which minimizes the impact of supply chain disruptions.

• Freemium channel:

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The free solution offers a baseline of protection and presents premium functionalities based on the risk profile and device-type of the user.

The user can choose to add specific premium features or upgrade to our Norton 360 integrated platform, at which point, becoming a member of our paid customer base.

The user can become a member of our paid customer base if they choose to add specific premium solutions or upgrade to Avira Prime, a suite of security and privacy solutions across multiple platforms and devices.

Table of Conten ts

As is typical for many consumer technology companies, portions of our business are impacted by seasonality.

However, we believe the net impact to our business is limited.

However, we believe the net impact on our business is limited.

Seasonal behavior in orders primarily reflects consumer spending patterns where our fiscal third and fourth quarters are higher due to the holidays in our third quarter, as well as follow-on holiday purchases and the U.S.

tax filing season in our fourth quarter.

Revenue generally reflects similar seasonal patterns but to a lesser extent than orders because of our subscription business model and because a large portion of our in-period revenues are recognized ratably from our deferred revenue balance.

tax filing season which typically is in our fourth quarter.

Revenue generally reflects similar seasonal patterns but to a lesser extent than orders because of our subscription business model, as a large portion of our in-period revenues are recognized ratably from our deferred revenue balance.

Our strategy is focused on profitable growth, allowing consumers to experience Cyber Safety.

To fuel our growth, our consumer-centric strategy is to provide a comprehensive and easy-to-use integrated platform, which we have built in-house.

By combining and leveraging our entire portfolio of Norton, LifeLock, and Avira offerings, we are able to deliver an industry-leading set of Cyber Safety solutions.

By combining and leveraging our entire brand portfolio, including offerings from Norton, LifeLock, Avira and others, we are able to deliver an industry-leading set of Cyber Safety solutions.

The key elements of our strategy include the following:

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We aim to build long-term relationships with our customers and to provide our customers with the peace of mind and confidence they need to protect their digital lives.

• Increase sales to existing customers:

• Increase value to existing customers:

We believe strong customer satisfaction will provide us with the opportunity to engage customers in new services offerings.

We maintain the Norton 360 platform, with multiple tiers of membership, and we are actively engaging with customers of standalone products to move them into a Norton 360 membership.

We maintain the Norton 360 platform, with multiple tiers of membership, and we are actively engaging with customers of standalone products to offer a Norton 360 membership.

We also believe a substantial opportunity exists to increase the penetration of our premium-level consumer solutions.

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We leverage frequent communication and feedback from our customers to continually improve our solutions and services.

We embrace end-to-end customer experience and aim to continue to improve our Net Promoter Scores and overall customer satisfaction.

• Leverage our global brands to drive growth:

We will work to keep building our trusted brands in markets globally as we strive to bring protection and empowerment to all consumers when it comes to their digital lives.

According to our most recent research, Norton has 89% global brand awareness.

We are also the best positioned brand in device security and #1 top of mind brand in consumer Cyber Safety, according to the 2020 NortonLifeLock Brand Impact study.

According to our most recent research, Norton has 87% global brand awareness and 82% for device security.

We are best positioned and number one top of mind in consumer Cyber Safety, according to the 2021 NortonLifeLock Brand Impact study.

Our Cyber Safety Solutions and Services

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We continuously target to release new products and features at an accelerated pace and find synergies to integrate current and future technology acquisitions.

Our full portfolio provides protection across three Cyber Safety categories in multiple channels and geographies, including security, identity, and privacy.

Our full portfolio provides protection across three Cyber Safety categories in multiple channels and geographies, including security, identity protection, and online privacy.

We have built a technology platform that brings together software and service capabilities into a comprehensive and easy-to-use integrated platform – it is called Norton 360.

The Norton 360 integrated platform provides extensive Cyber Safety coverage to our members, by delivering Cyber Safety subscription solutions with industry leading features, coupled with an integrated user experience.

The Norton 360 integrated platform provides extensive Cyber Safety coverage to our members, delivering Cyber Safety subscription solutions with industry leading features, coupled with an integrated user experience.

Through our platform, we aim for simplicity and peace of mind for the consumers.

We also complement this Cyber Safety platform by adding adjacent trust-based solutions, which enables people to live their digital lives without compromising their security, identity, or privacy.

We also complement this Cyber Safety platform by offering adjacent trust-based solutions, which enables people to live their digital lives without compromising their security, identity or privacy.

Table of Conten ts

We protect and empower consumers by providing solutions and services in two main ways:

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Norton Family brings the protection and security of our products to every member of the family across multiple devices and platforms.

Norton 360 for Gamers is designed by gamers to help protect gamers, we aim to provide the protection and features gamers need the most, while minimizing interruptions to gaming.

Norton 360 for Gamers is designed by gamers to help protect gamers;

we aim to provide the protection and features gamers need the most, while minimizing interruptions to gaming.

• Point solutions:

Individual, stand-alone products and services in security, identity, and privacy – both free and paid solutions.

Providing individual, stand-alone products and services in security, identity and privacy, which offers flexibility for consumers to choose between free or paid solutions.

We are positioned across three key Cyber Safety categories:

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Our Norton 360 and Avira offerings provide real-time protection for PCs, Macs and mobile devices against malware, viruses, adware, ransomware and other online threats.

They monitor and block unauthorized traffic from the internet to the device to help protect private and sensitive information when customers are online.

These offerings monitor and block unauthorized traffic from the internet to the device to help protect private and sensitive information when customers are online.

For mobile devices, Norton 360 for Mobile alerts customers of risky apps, safeguards against fraudulent and malicious websites, identifies Wi-Fi networks that are under attack, enables stolen device recovery and blocks unwanted spam and potential fraud calls.

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We provide on-call support and offer a money-back guarantee if we cannot remove viruses from infected devices through our Virus Protection Promise.

• Identity Protection (LifeLock Identity Theft Protection):

Our LifeLock identity theft protection solution includes monitoring, alerts and restoration services to protect the safety of our customers.

We also have Norton Utilities Ultimate, a performance offering that optimizes Windows PC capabilities for faster, smoother and more secure internet browsing, gaming or content streaming.

This offering helps boost PC performance while also recovering lost files and protecting sensitive information.

• Identity Protection (Norton and LifeLock Identity Theft Protection, Dark Web Monitoring, Home Title Protect, Social Media Monitoring):

Our Norton and LifeLock identity theft protection solution includes monitoring, alerts and restoration services to help safeguard our customers’ personal information.

We monitor events that may present a risk of identity theft, such as new account openings and applications.

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We currently offer this product in many countries internationally and continue to add new countries each year.

• Online Privacy (VPN, Privacy Monitor Assistant, Home Title Protect):

Our Home Title Protect product detects fraud and notifies members if we find changes made to their Home Title.

Our Social Media Monitoring features help keep customers’ social media accounts safer by monitoring them for account takeovers, risky activity and inappropriate content.

Social Media Monitoring keeps a pulse on customers’ social media accounts, notifying them of suspected account compromise or potentially risky links in their account feed.

Table of Conten ts

• Online Privacy (VPN, Privacy Monitor Assistant, AntiTrack, Online Reputation Management):

As people are exchanging more sensitive information through digital channels, such as personal healthcare information to enable tele-health or financial information for personal accounting, having a VPN has become even more crucial.

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This allows customers to securely transmit and access private information, such as passwords, bank details and credit card numbers, when using public Wi-Fi on PCs, Macs and mobile iOS and Android devices.

Our VPN service allows customers to browse the Web anonymously to protect their

online privacy and prevent tracking by online advertisers and other companies.

Our VPN service allows customers to browse the Web anonymously to protect their online privacy and prevent tracking by online advertisers and other companies.

Customers can also change their virtual location when they are traveling internationally to allow them to connect to their favorite apps, websites and online streaming services as if they are in their home country.

Our Privacy Monitor Assistant is an on-demand, white glove service where our agents help our members delete personal information from Data brokers online.

Our Home Title Protect product detects fraud and notifies members if we find changes made to their Home Title.

If a member becomes a victim of identity theft, we provide a dedicated Identity Restoration Specialist to work with the customer until their case is closed.

Our AntiTrack product helps keep personal information and browsing activity private by blocking trackers and disguising digital fingerprints online.

This allows customers to browse anonymously and go beyond clearing cookies to obscure digital fingerprints.

Our Online Reputation Management solutions help extend and strengthen NortonLifeLock’s privacy capabilities and functionalities, such as the ability to manage online search results, personal branding and digital privacy.

These solutions can help our customers control their search results by promoting positive search results or suppressing incorrect search results, or help our customers protect their family’s privacy by hiding or removing sensitive personal information.

Innovation and Research & Development

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Within Norton Labs, our global technology research organization is focused on applied research projects, with the goal of rapidly creating new products to address consumer trends and grow the business, including defending consumer digital privacy and identity.

We also have a global threat response and security technology organization that is made up of leading threat and security researchers, supported by advanced systems to innovate security technology and threat intelligence.

We also have a global threat response and security technology organization that is comprised of leading threat and security researchers, supported by advanced systems to innovate security technology and threat intelligence.

Industry Overview & Market Opportunity

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Unfortunately, many of those activities are left unprotected, and attackers are exploiting this larger opportunity and the inherent security and privacy vulnerabilities.

Cyber criminals have not only expanded their reach, but the sophistication of digital threats and attacks are becoming increasingly more consumer-related.

Cyber crime, and the ways in which cyber criminals target consumers, continue to evolve along with behaviors and technology.

Cyber crime encompasses any crime committed digitally over the internet and includes crimes where (i) malicious software or unauthorized access is detected on a device, network or online account (such as email, social media, online banking, online retail, gaming, online entertainment, etc.), and unauthorized access or connection to cloud service accounts;

Cybercriminals have not only expanded their reach, but the sophistication of digital threats and attacks are becoming increasingly more consumer-related.

Cybercrime, and the ways in which cybercriminals target consumers, continue to evolve along with behaviors and technology.

Cybercrime encompasses any crime committed with devices over the internet and includes crimes where (i) malicious software or unauthorized access is detected on a device, network or online account (such as email, social media, online banking, crypto currency, online retail, gaming, online entertainment, etc.), and unauthorized access or connection to cloud service accounts;

(ii) an individual is digitally victimized through a data breach, cyber theft, cyber extortion, or fraud (stolen personally identifiable information, identity theft, etc.);

(iii) online stalking, bullying, or harassment is inflicted;

or (iv) attacks related to privacy or disinformation (such as online tracking protection, identity impersonation, disinformation on social media, DeepFakes, non-trustworthy WiFis, EvilTwin attacks, etc.).

As cyber crime becomes an intensifying threat to our world, consumers are increasingly concerned.

Our annual Norton Cyber Safety Insights Report examines the impact of cyber crime and consumers’ online behaviors and concerns related to their online security, privacy and identity.

According to the 2021 report, which is based on research conducted online by The Harris Poll on behalf of us, nearly 330 million people across 10 countries were victims of cyber crime and more than 55 million people were victims of identity theft.

Cyber crime victims collectively spent nearly 2.7 billion hours trying to resolve their issues.

For more insights or information related to our Norton Cyber Safety Insights Report, please visit https://us.norton.com/nortonlifelock-cyber-safety-report .

As cybercrime becomes an intensifying threat to our world, consumers are increasingly concerned.

Our annual Norton Cyber Safety Insights Report examines the impact of cybercrime and consumers’ online behaviors and concerns related to their online security, privacy and identity.

According to the 2022 report, which is based on research conducted online by The Harris Poll on behalf of us, more than 415 million people across 10 countries were victims of cybercrime and more than 81 million people were victims of identity theft over the past year.

Cybercrime victims collectively spent nearly 4.4 billion hours trying to resolve their issues and half of these victims were impacted financially.

For more insights or information related to our Norton Cyber Safety Insights Report, please visit https://www.nortonlifelock.com/us/en/norton-cyber-safety-center .

Table of Conten ts

Competitive Landscape

We operate in a highly competitive and rapidly evolving business environment.

We believe that the competitive factors in our market include access to a breadth of identity and consumer transaction data, broad and effective service offerings, brand recognition, technology, effective and cost-efficient customer acquisition, having a large customer base and strong retention rate, customer satisfaction, price, convenience of purchase, ease of use, frequency of upgrades and updates, and quality and reliable customer service.

Our competitors vary by offering, geography, and channel.

We operate in a highly competitive and dynamic environment.

We face global competition from a broad range of companies, including software vendors focusing on Cyber Safety solutions, operating system providers such as Apple, Google and Microsoft, and ‘pure play’ companies that currently specialize in one or a few particular segments of the market and many of which are expanding their product portfolios into different segments.

We believe the competitive factors in our market include innovation, access to a breadth of identity and consumer transaction data, broad and effective service offerings, brand recognition, technology, effective and cost-efficient customer acquisition, having a strong retention rate, customer satisfaction, price, convenience of purchase, ease of use, frequency of upgrades and updates and quality and reliable customer service.

Our competitors may vary by offering, geography, business model and channel.

Our principal competitors are set forth below:

Our principal competitors in this market are Avast, Kaspersky, McAfee, Microsoft, Bitdefender, and Trend Micro.

Our principal competitors in this segment include Apple, Avast, Bitdefender, Google, Kaspersky, McAfee, Microsoft and Trend Micro.

• Identity Protection:

Our principal competitors in this market are credit bureaus Equifax, Experian, and TransUnion, as well as certain credit monitoring and identity theft protection solutions from others such as Allstate, and Credit Karma.

Our principal competitors in this segment include credit bureaus such as Equifax, Experian and TransUnion, as well as certain credit monitoring and identity theft protection solutions from others such as Allstate, Aura and Credit Karma.

• Online Privacy:

Our principal competitors in this market are Avast, Kape, ExpressVPN, NordVPN, and Pango.

Our principal competitors in this segment include Aura (which recently acquired Pango), Avast, Kape (which recently purchased ExpressVPN), NordVPN (now NordSecurity), Life360 and Bark.

• Other Competitors:

In addition to competition from large consumer security companies such as Avast and McAfee, we also face competition from smaller companies that may develop competing products, emerging competition from ISPs, operating systems, insurance companies, and financial service organization.

We believe we compete favorably with our competitors on the strength of our technology, people, product offerings, and integration across all of the key Cyber Safety categories.

However, some of our competitors have substantially greater financial, technical, marketing, distribution, and other resources than we possess that afford them competitive advantages.

In addition to competition from independent software vendors such as Avast, Bitdefender, Kaspersky, McAfee and Trend Micro, and from OS providers such as Apple, Google and Microsoft, we also face competition from other companies that currently focus on one or a few Cyber Safety or adjacent segments but are developing additional competing products and expanding their portfolios into new segments, such as ‘pure play’ companies, ISPs, big tech platform providers, insurance companies and financial service organizations.

We believe we compete favorably with our competitors on the strength of our technology, people, product offerings and presence in all of the current key Cyber Safety categories.

However, some of our competitors have greater financial, technical, marketing, distribution or other resources than we do, including in new Cyber Safety and digital life segments we may enter, which consequently affords them competitive advantages.

As a result, they may be able to devote greater resources to develop, promote and sell their offerings;

deliver competitive offerings at lower prices or for free;

and introduce new solutions and respond to market developments and customer requirements more quickly than we can.

For more information on the risks associated with our competitors, please see “Risk Factors” in Item 1A included in this Annual Report on Form 10-K.

and introduce new solutions and respond to market developments and customer requirements and preferences more quickly or cost effectively than we can.

In addition, for individual solutions or features, smaller, well-funded competitors may be able to innovate and adapt more nimbly to the dynamic nature of the market and shift consumer needs.

For more information on the risks associated with our competitors, please see “Risk Factors” – Risks Related to Our Business Strategy and Industry – “We operate in a highly competitive and dynamic environment, and if we are unable to compete effectively, we could experience a loss in market share and a reduction in revenue” and “We may need to change our pricing models to compete successfully,” in Item 1A included in this Annual Report on Form 10-K.

Environmental, Social and Governance (ESG)

We bring together our people, expertise, and technologies to support environmental, social, and governance (ESG) priorities that foster a safer and more sustainable future.

Building a brand centered on trust is critically important, and our focus on corporate responsibility helps us earn trust from our users, employees, investors and shareholders.

As such, environmental, social and governance topics are core to our business strategy:

• Environment:

we have a sharp focus on environmental performance.

Protecting our planet is fundamental to ensuring a safe and sustainable future.

We work to reduce greenhouse gas emissions from our operations through operational efficiencies, reduce the environmental footprint of our products across their lifecycle through innovative approaches to product development and packaging, promote high standards for environmental stewardship in our supply chain and engage with employees and environmental partners to amplify our work.

We believe we can contribute to a future where the natural world is thriving and call these efforts Environmental Stewardship.

We are proud to support the communities where our team members live and work.

Our community impact programs include employee volunteering and giving, product donations, signature programs that leverage our unique expertise in increasing digital safety literacy, and corporate philanthropic giving focused on digital safety education;

diversity, equity, and inclusion;

environmental action;

and disaster response.

We also support diversity, equity, and inclusion and employee engagement, discussed in more detail in the Human Capital Management subsection.

• Governance:

we operate with integrity with everything we do and celebrate diversity as a driver of innovation.

Our commitment to ESG is a critical anchor of our company’s mission and operating philosophy.

Our ESG mission is to bring together our team, expertise, and powerful technology to build a safe, inclusive, and sustainable future for people, their information, and the digital world.

Governance covers many core operating principles overseen by the Nominating and Governance Committee of our Board of Directors.

This committee has oversight of Corporate Responsibility issues and receives quarterly updates on topics such as diversity, ethics, environmental stewardship and community investment.

Our global culture of responsibility, and the positive contributions we make to the customers, employees, communities, and other stakeholders that we serve drives value for our business.

Setting strategic, achievable, and business-aligned corporate responsibility objectives helps to guide our work and improves our company performance.

We aligned our objectives with the company’s business goals and focused on the unique impact we can make on the world.

We align our objectives with the company’s financial goals and focus on the unique positive social and environmental impacts that our business model can have on the world.

Table of Conten ts

Our objectives include:

• Data Privacy and Protection:

Raise awareness of NortonLifeLock as a privacy leader.

• Education and Training for Cyber Safety:

Leverage NortonLifeLock’s leading expertise and technology in Cyber Safety to protect communities.

• Diversity, Equity & Inclusion:

Invest in high-impact nonprofits to bring more women and under-represented groups into cybersecurity and tech.

• Volunteering & Giving:

Drive opportunities for employee volunteering and giving and increase employee participation rate.

We safeguard our customer, partner and employee data and offer products, including Norton Privacy Monitor Assistant that help consumers protect their personal data wherever it is found.

• Cyber Safety:

We leverage our leading expertise and technology in Cyber Safety to protect communities.

Malicious phone and computer applications, known as stalkerware, are used to harass, control and harm people.

We are a founding member of the Coalition Against Stalkerware and donate products to victims to help keep their personal data protected.

We also provide Cyber Safety training to help empower victims and survivors to reduce their vulnerability.

Additional examples of our efforts include our partnership with the World Association of Girl Guides and Girl Scouts on the Surf Smart program to empower girls to keep themselves and others safe online and The Smart Talk, a free tool co-created in partnership with National PTA.

• Diversity, Equity & Inclusion in Technology:

We are focused on bringing more women and under-represented groups into cybersecurity and tech.

We do this by investing in high-impact, nonprofit organizations.

We have made a three-year commitment to the Reboot Representation tech coalition, which is dedicated to doubling the number of Black, Latina and Native American women graduating with computing degrees by 2025.

We also support Women4Cyber in Europe and the NASSCOM Foundation’s Cyber Security Skills Development Initiative for Women in India.

In fiscal 2022, approximately 62% of NortonLifeLock Foundation grants across all objectives had a focus on Diversity, Equity and Inclusion.

• Employee Volunteering & Giving:

We have created a variety of opportunities for employee volunteering and giving and work to increase employee participation rates.

In fiscal 2021, we launched a virtual volunteer program with team building opportunities and joint events with our Diversity and Inclusion Communities.

We offer employees paid time off to volunteer, have an employee matching gift program and provide dollars-for-doers grants to encourage volunteer service.

Our employee participation rate in our volunteering and giving program was 41% in fiscal 2022.

• Environmental Stewardship:

Establish NortonLifeLock as an environmentally responsible business.

We finalized and launched our new environmental strategy, which focuses on climate and energy, sustainable products, our supply chain, engagement with employees and nonprofit partners and being transparent about our progress and commitments.

Our annual ESG and Corporate Responsibility Report can be found via the NortonLifeLock website at https://www.nortonlifelock.com/about/corporate-responsibility .

Human Capital Management

At NortonLifeLock, our mission is to provide solutions for consumer Cyber Safety that defend against ever-evolving cyber threats, in a world that’s more connected than ever before.

Our success in helping achieve this mission depends, in a large part, on the success of our employees.

Our human capital management strategy reflects our unique values and growth mindset.

Working in close partnership with our Board of Directors on our talent management strategy, we work hard to lead, develop and grow our diverse team.

We strive to be a diverse, vibrant community with strong values and a shared commitment to each other, the work we do and the world we all share.

At NortonLifeLock, our mission is to build a comprehensive and easy-to-use integrated portfolio that prevents, detects and responds to cyber threats and cybercrimes in today’s digital world.

Our success in helping achieve this mission depends, in large part, on the success of our employees.

• General Employee Demographics:

As of April 2, 2021, we employed more than 2,800 employees in 26 countries worldwide, 1,216 in the U.S.

and 1,592 in the rest of world.

As of April 1, 2022, we employed nearly 2,700 employees in 24 countries worldwide, with approximately 1,200 located in the U.S.

None of our U.S.

employees are represented by a labor union or covered by a collective bargaining agreement.

We are focused on attracting, developing, rewarding and retaining a diverse global team.

Our board is invested in us;

the Compensation and Leadership Development Committee of our Board of Directors oversees workforce and senior management compensation and development, and our Board of Directors is invested in our talent management strategies, culture, leadership quality development and overall engagement.

We are focused on attracting, developing, rewarding and retaining a diverse and truly global team.

The Compensation and Leadership Development Committee of our Board of Directors oversees senior management compensation and development, and our Board is invested in our talent management strategies, including DEI, culture and engagement.

• Diversity, Equity and Inclusion (DEI):

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(3) diversifying our workforce;

and (4) employee development and retention, which are designed to support our ability to attract, retain and develop the best talent in cybersecurity.

Diversifying our workforce was a strategic talent goal for fiscal year 2021, and we have made progress in increasing representation.

and (4) employee development and retention, which are designed to support, attract, retain and develop the best talent.

Clear and actionable multi-year representation goals are set at the leadership level, and tracking the data regularly to assess our progress and drive accountability go hand in hand.

We ask applicants, new hires and employees to self-identify not only their demographics, but also important characteristics to help us better measure the diversity of our applicant pool and of our team to derive insights and actionable people strategies.

In fiscal 2022, we publicly disclosed our most recent US Equal Employment Opportunity Commission EEO-1 Component 1 Data Collection Report on our investor relations website located at https://investor.nortonlifelock.com/governance/governance-documents/ .

Inclusion is something we strive for and invest in every day.

Raising awareness and appreciation of various diversity topics via our learning curriculum, global all employee conversations, published Blogs and active employee engagement.

We measure belonging as a key metric in our quarterly NGage employee surveys.

We are proud to support our several employee resource groups communities for people to come together as allies, to learn, support, mentor, and celebrate with one another and to provide an environment where everyone feels seen, heard, respected and valued.

Table of Conten ts

Diversity is a key pillar of our talent management strategy.

As of April 1, 2022, women represented 33% of our workforce and held positions in 33% of our leadership.

In addition, as of April 2, 2021, women represented 44% of our Board of Directors.

In support of our Diversifying our Workforce pillar, we became approved as a Work180 partner company, a women-focused recruitment site that only lists career opportunities from employers that support diversity, inclusion, and flexibility.

In addition to WORK180, we post positions on several diverse recruiting sites, including Black Tech Jobs, Jobs for Her, and Women Who Code.

As part of ongoing focus on employee and development, we have participated in McKinsey & Company’s Black Leadership Academy since November 2020 to help accelerate the progression of Black leaders in the company.

Participants attended either a three-month Black Executive Leadership Program, designed for senior leaders looking to further develop their leadership capabilities, or a six-month Management Accelerator, designed to support ongoing career progression for high performing early to mid-career managers.

• NLOK Communities:

In FY21, we launched seven employee resource groups, called NLOK Communities, as a platform for communities of employees to come together as allies, to learn, support, mentor, and celebrate with one another.

We believe these groups play a vital role in helping create an inclusive work culture where everyone feels seen, heard, respected, and valued.

In addition, as of April 1, 2022, women represented 44% of our Board of Directors and half of our independent board membership.

We partner with Work180, a women-focused recruitment site that only lists career opportunities from employers that support diversity, inclusion and flexibility.

We post positions on several diverse recruiting sites, including Black Tech Jobs, Jobs for Her and Women Who Code.

As part of our ongoing focus on employee development, we extended our participation in McKinsey & Company’s Connected Leaders Academy for our Asian, Black and Hispanic-Latino leaders.

Additionally, we had women globally attend the Women in Tech conference and several employees attended the Out & Equal Global Workplace Summit.

• Employee Development, Engagement and Training:

Feedback from our employees is critical in designing and refining our human capital management strategy.

We regularly seek both candid and structured input from our employees by conducting a quarterly Ngage pulse survey on a targeted topic.

We are invested in providing a productive, supportive, and inclusive environment for our teams with a focus on learning and development across all levels where flexibility and choice are guiding principles.

We increased our investment in learning and development in fiscal 2022, launching Nvest Learning programs for all employees leveraging an extensive breadth of content and learning opportunities.

This umbrella of offerings includes Nvest Mentorship, Nvest eLearning and Nvest NLOK University.

Our homegrown Nvest Mentorship program and platform continued to grow and now boasts over 200 active mentors and mentees.

Nvest eLearning, a collection of digital, on-demand modules categorized around leadership, health and wellness, business skills, and technical skills, launched in the second quarter of fiscal 2022 with a steady increase in participation during the year with over 600 individual learners.

We also provide group learning designed around TED Talks on topics including leadership, change management and further diversity, equity and inclusion efforts.

Nvest NLOK University (Nvest NU) launched in the third quarter of fiscal 2022 and is a leadership program that offers best-in-class content from Harvard ManageMentor that inspires, engages and invests in current and emerging leaders by leveraging 42 course options and group learning opportunities.

Hundreds of recognition badges and certificates have been awarded to recognize various levels of achievement.

Feedback from our employees is critical, and we have developed an ongoing dialogue with our teams via our quarterly Ngage pulse survey on a targeted topic that drives actions and improvements.

• Human Capital Governance:

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We have implemented security monitoring capabilities designed to alert us to suspicious activity and developed an incident response program that includes periodic testing and is designed to restore business operations as quickly and as orderly as possible in the event of a breach.

In addition, employees participate in ongoing mandatory annual trainings and receive communications regarding the cybersecurity environment to increase awareness throughout the firm.

We also implement enhanced annual trainings for specific specialized employee populations, including secure coding training.

Recently, our Board of Directors established a Technology and Cybersecurity Committee of the Board with direct oversight to the Company’s (1) technology strategy, initiatives and investments and (2) key cybersecurity information technology risks against both internal and external threats.

In addition, employees participate in an ongoing program of mandatory annual training and receive communications regarding the cybersecurity environment to increase awareness throughout the company.

We also implemented an enhanced annual training program for specific specialized employee populations, including secure coding training.

Table of Conten ts

both internal and external threats.

The Technology and Cybersecurity Committee is comprised entirely of independent directors, two of whom have significant work experience related to information security issues or oversight.

Management will report security

instances to the committee as they occur, if material, and will provide a summary multiple times per year to the Committee.

Additionally, our Head of Cyber Security meets at least twice annually with the Board of Directors or the Audit Committee of the Board of Directors to brief them on technology and information security matters.

Management will report security instances to the committee as they occur, if material, and will provide a summary multiple times per year to the Committee.

Additionally, our Head of Cyber Security meets regularly with the Board of Directors or the Audit Committee of the Board of Directors to brief them on technology and information security matters.

We carry insurance that provides protection against the potential losses arising from a cybersecurity incident.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business