Gen Digital Inc. Files 10-Q for Period Ending December 29, 2023

TL;DR

<b>Gen Digital Inc. has filed its Q3 FY2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

Gen Digital Inc. (GENVR) filed a Quarterly Report (10-Q) with the SEC on February 5, 2024. Gen Digital Inc. filed its 10-Q report for the period ending December 29, 2023. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on March 29th. Gen Digital Inc. was formerly known as NortonLifeLock Inc. and Symantec Corp. The filing was made on February 5, 2024.

Why It Matters

For investors and stakeholders tracking Gen Digital Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial statements and management discussion for Gen Digital Inc., crucial for understanding the company's current performance and outlook. The report includes historical financial data and details on stock and retained earnings, offering a comprehensive view of the company's financial health and changes over reporting periods.

Risk Assessment

Risk Level: — Gen Digital Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new risks or material adverse events.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to assess Gen Digital Inc.'s performance and identify any emerging trends or risks.

Key Numbers

• 2023-12-29 — Period End Date (Conformed Period of Report)
• 2024-02-05 — Filing Date (Filed as of date)
• 2023-03-29 — Fiscal Year End (Company fiscal year end)

Key Players & Entities

• Gen Digital Inc. (company) — Filer name
• NortonLifeLock Inc. (company) — Former company name
• SYMANTEC CORP (company) — Former company name
• 2023-12-29 (date) — Period of report
• 2024-02-05 (date) — Filing date

FAQ

Industry Context

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

Regulatory Implications

The filing is a 10-Q, a standard quarterly report required by the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Review any management discussion and analysis (MD&A) for insights into business performance and outlook.
3. Check for any updates or changes in risk factors or legal proceedings.

Key Dates

• 2023-12-29: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-02-05: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing analyzed for Gen Digital Inc. for the fiscal year 2024, following the period ending December 29, 2023.

Key Financial Figures

• $0.01 — h registered Common Stock, par value $0.01 per share GEN The Nasdaq Stock Market

Filing Documents

• gen-20231229.htm (10-Q) — 1546KB
• genq3fy24exhibit3101.htm (EX-31.01) — 9KB
• genq3fy24exhibit3102.htm (EX-31.02) — 9KB
• genq3fy24exhibit3201.htm (EX-32.01) — 5KB
• genq3fy24exhibit3202.htm (EX-32.02) — 5KB
• 0000849399-24-000008.txt (&nbsp;) — 9491KB
• gen-20231229.xsd (EX-101.SCH) — 66KB
• gen-20231229_cal.xml (EX-101.CAL) — 116KB
• gen-20231229_def.xml (EX-101.DEF) — 311KB
• gen-20231229_lab.xml (EX-101.LAB) — 869KB
• gen-20231229_pre.xml (EX-101.PRE) — 589KB
• gen-20231229_htm.xml (XML) — 1454KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Income (Loss) 5 Condensed Consolidated Statements of Stockholders' Equity (Deficit) 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 5. Other Information 49 Item 6. Exhibits 50

Signatures

Signatures 51 "Gen," "we," "us," "our," and "the Company" refer to Gen Digital Inc. and all of its subsidiaries. Gen, Norton, Avast, LifeLock, Avira, AVG, Reputation Defender, 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. 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) GEN DIGITAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions, except par value per share amounts) December 29, 2023 March 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 490 $ 750 Accounts receivable, net 160 168 Other current assets 1,055 284 Assets held for sale 15 31 Total current assets 1,720 1,233 Property and equipment, net 76 76 Operating lease assets 34 43 Intangible assets, net 2,745 3,097 Goodwill 10,231 10,217 Other long-term assets 1,476 1,281 Total assets $ 16,282 $ 15,947 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 62 $ 77 Accrued compensation and benefits 64 102 Current portion of long-term debt 175 233 Contract liabilities 1,666 1,708 Current operating lease liabilities 16 26 Other current liabilities 580 703 Total current liabilities 2,563 2,849 Long-term debt 9,081 9,529 Long-term contract liabilities 78 80 Deferred income tax liabilities 265 395 Long-term income taxes payable 1,210 820 Long-term operating lease liabilities 28 31 Other long-term liabilities 639 43 Total liabilities 13,864 13,747 Commitments and contingencies (Note 18) Stockholders' equity (deficit): Common stock and additional paid-in capital, $ 0.01 par value: 3,000 shares authorized; 637 and 640 shares issued and outstanding as of December 29, 2023 and March 31, 2023, respectively 2,502 2,800 Accumulated other comprehensive income (loss) 19 ( 15 ) Retained earnings (accumulated deficit) ( 103 ) ( 585 ) Total stockholders' equity (deficit) 2,418 2,200 Total liabilities and stockholders' equity (deficit) $ 16,282 $ 15,947 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 3 Table of Contents GEN DIGITAL INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in millions, except per share amounts) Three Months Ended Nine Months Ended December 29, 2023 December

Business

Business Gen Digital Inc. is a global company powering Digital Freedom with a family of trusted consumer brands including Norton, Avast, LifeLock, Avira, AVG, ReputationDefender and CCleaner. Our Cyber Safety portfolio provides protection across multiple channels and geographies, including security and performance, identity protection, and online privacy. Our technology platforms bring together software and service capabilities into comprehensive and easy-to-use products and solutions across our brands. We have also evolved beyond traditional Cyber Safety to offer adjacent trust-based solutions, including digital identity and access management, digital reputation, and restoration support services. On September 12, 2022, we completed our acquisition of Avast, plc (Avast). Avast has been included in our Condensed Consolidated Statements of Operations since the acquisition date. See Note 4 for further information about this business combination. Basis of presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States of America for interim financial information. In the opinion of management, the unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting only of normal recurring items, except as otherwise noted, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023. The results of operations for the three and nine months ended December 29, 2023 are not necessarily indicative of the results expected for the entire fiscal year. Fiscal calendar We have a 52/53-week fiscal year ending on the Friday closest to March 31. Unl

View Full Filing

View this 10-Q filing on SEC EDGAR