Segment and Geographic Information

12 Months Ended

Mar. 29, 2024

Segment Reporting [Abstract]

Segment and Geographic Information

Segment and Geographic Information

We operate as one reportable segment. Our Chief Operating Decision Maker is our Chief Executive Officer, who reviews financial information presented on a consolidated basis to evaluate company performance and to allocate and prioritize resources.

The following table summarizes net revenues for our major solutions:

	Year Ended
(In millions)	March 29, 2024		March 31, 2023		April 1, 2022
Consumer security revenues	$	2,417	$	2,029	$	1,623
Identity and information protection revenues	1,332		1,244		1,127
Total cyber safety revenues	3,749		3,273		2,750
Legacy revenues	63		65		46
Total net revenues (1)	$	3,812	$	3,338	$	2,796

(1)     During the year ended March 29, 2024, total net revenues include an unfavorable foreign exchange impact of $25 million, consisting of $24 million from our consumer security solutions and $1 million from our identity and information protection solutions.

From time to time, changes in our product hierarchy cause changes to the product categories above. When changes occur, we recast historical amounts to match the current product hierarchy. The changes have been reflected for all periods presented above. Consumer security includes revenues from our Norton 360 Security offerings, Norton, Avast, AVG, and Avira Security and VPN offerings, and other consumer security and device performance solutions through our direct, partner and small business channels. Identity and information protection includes revenues from our Norton 360 with LifeLock offerings, LifeLock identity theft protection and other identity, information protection and privacy solutions. Legacy includes revenues from products or solutions from markets that we have exited and in which we no longer operate, have been discontinued or identified to be discontinued, or remain in maintenance mode as a result of integration and product portfolio decisions.

Geographic information

Net revenues by geography are based on the billing addresses of our customers. The following table represents net revenues by geographic area for the periods presented:

	Year Ended (2)
(In millions)	March 29, 2024		March 31, 2023		April 1, 2022
Americas	$	2,493	$	2,247	$	1,936
EMEA	920		724		522
APJ	399		367		338
Total net revenues (1)	$	3,812	$	3,338	$	2,796

Note: The Americas include U.S., Canada, and Latin America; EMEA includes Europe, Middle East, and Africa; APJ includes Asia Pacific and Japan.

(1)    During the year ended March 29, 2024, total net revenues include an unfavorable foreign exchange impact of $25 million, consisting of $14 million from EMEA and $11 million from APJ.

(2)    From time to time, changes in allocation methodologies cause changes to the revenue by geographic area above. When changes occur, we recast historical amounts to match the current methodology, such as for fiscal 2023 and 2022 where we aligned allocation methodologies across similar product categories.

Revenues from customers inside the U.S. were $2,270 million, $2,071 million, and $1,834 million during fiscal 2024, 2023 and 2022, respectively. No other individual country accounted for more than 10% of revenues.

The table below represents cash and cash equivalents held in the U.S. and internationally in various foreign subsidiaries:

(In millions)	March 29, 2024		March 31, 2023
U.S.	$	467	$	178
International	379		572
Total cash and cash equivalents	$	846	$	750

The table below represents our property and equipment, net of accumulated depreciation and amortization, by geographic area, based on the physical location of the asset, at the end of each period presented:

(In millions)	March 29, 2024		March 31, 2023
U.S.	$	47	$	38
Germany	12		13
Czech Republic	6		16
Other countries (1)	7		9
Total property and equipment, net	$	72	$	76

(1)    No individual country represented more than 10% of the respective totals.

Significant customers and e-commerce partners

In fiscal 2024, 2023 and 2022, no individual end-user customer accounted for 10% or more of our net revenues. See Note 1 for e-commerce partners that accounted for over 10% of our total accounts receivable.