Gen Digital Inc. Files 2024 Annual Report on Form 10-K

TL;DR

<b>Gen Digital Inc. has filed its 2024 Form 10-K detailing its fiscal year performance and financial standing.</b>

AI Summary

Gen Digital Inc. (GENVR) filed a Annual Report (10-K) with the SEC on May 16, 2024. Gen Digital Inc. filed its annual report for the fiscal year ended March 29, 2024. The company was formerly known as NortonLifeLock Inc. and Symantec Corp. The filing covers the period from April 1, 2023, to March 29, 2024. The company's principal executive offices are located in Tempe, Arizona. The filing includes financial data for the fiscal years ending March 31, 2023, April 1, 2022, and April 2, 2021.

Why It Matters

For investors and stakeholders tracking Gen Digital Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Gen Digital's financial health and operational performance for the fiscal year 2024, crucial for investors to assess the company's trajectory. Understanding the company's historical financial data, including previous fiscal years, allows for trend analysis and comparison, aiding in investment decisions.

Risk Assessment

Risk Level: — Gen Digital Inc. shows moderate risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new risks or disclosures beyond routine business operations.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Gen Digital's performance and potential challenges for the upcoming fiscal year.

Key Numbers

• 2024-03-29 — Fiscal Year End (Conformed period of report)
• 2024-05-16 — Filing Date (Date the report was filed)
• 0000849399 — Central Index Key (Company identifier)

Key Players & Entities

• Gen Digital Inc. (company) — Filer name
• NortonLifeLock Inc. (company) — Former company name
• SYMANTEC CORP (company) — Former company name
• Tempe, AZ (location) — Business address city and state

FAQ

Industry Context

Gen Digital Inc. operates in the software and services industry, specifically focusing on cybersecurity solutions.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports on Form 10-K.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Review the risk factors section for potential business challenges.
3. Compare key financial metrics to previous fiscal years for performance assessment.

Key Dates

• 2024-03-29: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-05-16: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending March 29, 2024, succeeding previous filings from prior fiscal years.

Key Financial Figures

• $0.01 — h registered Common Stock, par value $0.01 per share GEN The Nasdaq Stock Market
• $17.68 — 2 , based on a per share stock price of $17.68. Solely for purposes of this disclosure
• $3 million — ses and expenses incurred ranging up to $3 million.Outside the US, we offer Norton branded

Filing Documents

• gen-20240329.htm (10-K) — 2008KB
• fy24exhibit401.htm (EX-4.01) — 25KB
• fy24exhibit1901.htm (EX-19.01) — 45KB
• fy24exhibit2101.htm (EX-21.01) — 5KB
• fy24exhibit2301.htm (EX-23.01) — 2KB
• fy24exhibit3101.htm (EX-31.01) — 8KB
• fy24exhibit3102.htm (EX-31.02) — 8KB
• fy24exhibit3201.htm (EX-32.01) — 4KB
• fy24exhibit3202.htm (EX-32.02) — 4KB
• fy24exhibit9701.htm (EX-97.01) — 49KB
• gen-20240329_g1.jpg (GRAPHIC) — 93KB
• image_0.jpg (GRAPHIC) — 1KB
• 0000849399-24-000036.txt (&nbsp;) — 12258KB
• gen-20240329.xsd (EX-101.SCH) — 81KB
• gen-20240329_cal.xml (EX-101.CAL) — 151KB
• gen-20240329_def.xml (EX-101.DEF) — 386KB
• gen-20240329_lab.xml (EX-101.LAB) — 1014KB
• gen-20240329_pre.xml (EX-101.PRE) — 742KB
• gen-20240329_htm.xml (XML) — 1818KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 24 I tem 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. [Reserved] 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 36 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 37 Item 9A.

Controls and Procedures

Controls and Procedures 37 Item 9B. Other Information 37 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 37 PART III Item 10. Directors, Executive Officers and Corporate Governance 38 Item 11.

Executive Compensation

Executive Compensation 38 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 38 Item 13. Certain Relationships and Related Transactions, and Director Independence 38 Item 14. Principal Account ant Fees and Services 38 PART IV Item 15. Exhibits and Financial Statement Schedules 39 Item 16. Form 10-K Summary 77

Signatures

Signatures 78 "Gen," "we," "us," "our," and "the Company" refer to Gen Digital Inc. and all of its subsidiaries. Gen, Norton, Avast, LifeLock, Avira, AVG, ReputationDefender, CCleaner and all related trademarks, service marks and trade names are trademarks or registered trademarks of Gen or other respective owners that have granted Gen the right to use such marks. Other names may be trademarks of their respective owners. 3 Table of Contents

FORWARD-LOOKING STATEMENTS AND FACTORS THAT MAY AFFECT FUTURE RESULTS

FORWARD-LOOKING STATEMENTS AND FACTORS THAT MAY AFFECT FUTURE RESULTS The discussion below contains forward-looking statements, which are subject to safe harbors under the Securities Act of 1933, as amended (the Securities Act) and the Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements include statements that represent our expectations or beliefs concerning future events, including, without limitation, references to our ability to utilize our deferred tax assets, as well as statements including words such as "expects," "plans," "anticipates," "believes," "estimates," "predicts," "goal," "intent," "momentum," "projects," "forecast," "outlook," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," and similar expressions. In addition, projections of our future financial performance; anticipated growth and trends in our businesses and in our industries; the consummation of or anticipated impacts of acquisitions (including our ability to achieve synergies from acquisitions, including Avast), divestitures, restructurings, stock repurchases, financings, debt repayments and investment activities; the outcome or impact of pending litigation, claims or disputes; our intent to pay quarterly cash dividends in the future; plans for and anticipated benefits of our products and solutions; anticipated tax rates, benefits and expenses; the impact of inflation, fluctuations in foreign currency exchange rates, changes in interest rates, ongoing and new geopolitical conflicts, and other global macroeconomic factors on our operations and financial performance; and other characterizations of future events or circumstances are forward-looking statements. These statements are only predictions, based on our current expectations about future events and may not prove to be accurate. We do not undertake any obligation to update these forward-looking statements to reflect events occurring or circumstances arising after the date

Business

Item 1. Business Purpose and Mission Purpose: Powering Digital Freedom. Mission: We create technology solutions for people to take full advantage of the digital world, safely, privately, and confidently so together, we can build a better tomorrow. Our Values Protecting people is what inspires us, and our people are at the core of what we do. We seek to attract talent that embraces the following values: Customer Driven. Community Minded. We are advocates for our customers and are dedicated to making their lives simpler and safer. We are driven by the positive impact we can have on all the communities in which we live and work. Think Big. Be Bold. We empower and inspire one another to think in new ways and to embrace change. We take calculated risks and learn fast to drive innovation across the business. Keep it real. Make it Happen. We are authentic, open, and treat one another with respect. We do what we say and say what we do with integrity. Play to win. Together. We act with passion, purpose, and energy to win with customers and in the marketplace. We leverage the strength of our global team, knowing we're more powerful together. Company Overview Gen is a global company powering Digital Freedom with a family of trusted brands including Norton, Avast, LifeLock, Avira, AVG, ReputationDefender and CCleaner. We bring award-winning products and services in cyber safety, covering security, privacy and identity protection to approximately 500 million users in more than 150 countries so they can live their digital lives safely, privately, and confidently today and for generations to come. Today's world is increasingly digital, and this has changed the way we live our lives every day. The last decade has brought increasingly impressive technological advances that have unlocked new ways to play and transact online, control smart homes, and more. The possibilities in the digital world will continue to transform our lives. However, with each new digital interactio

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View this 10-K filing on SEC EDGAR