Gen Digital Inc. Files Q1 2025 10-Q Report

TL;DR

Gen Digital's Q1 2025 10-Q is in. Check financials.

AI Summary

Gen Digital Inc. filed its 10-Q for the period ending June 28, 2024. The company, formerly NortonLifeLock Inc. and Symantec Corp., reported its financial performance. Key financial data and operational details are presented in this filing, which covers the first fiscal quarter of 2025.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Gen Digital Inc., a major player in the cybersecurity software industry.

Risk Assessment

Risk Level: medium — As a publicly traded company in the tech sector, Gen Digital faces inherent risks related to market competition, cybersecurity threats, and regulatory changes.

Key Numbers

• 20240628 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 20240807 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Gen Digital Inc. (company) — Filer of the 10-Q report
• NortonLifeLock Inc. (company) — Former name of Gen Digital Inc.
• SYMANTEC CORP (company) — Former name of Gen Digital Inc.
• 20240628 (date) — End of the reporting period
• 20240807 (date) — Date the filing was made

FAQ

Key Financial Figures

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

Filing Documents

• gen-20240628.htm (10-Q) — 1199KB
• genq1fy25exhibit1001.htm (EX-10.01) — 58KB
• genq1fy25exhibit1002.htm (EX-10.02) — 2518KB
• genq1fy25exhibit3101.htm (EX-31.01) — 9KB
• genq1fy25exhibit3102.htm (EX-31.02) — 9KB
• genq1fy25exhibit3201.htm (EX-32.01) — 4KB
• genq1fy25exhibit3202.htm (EX-32.02) — 5KB
• 0000849399-24-000042.txt ( ) — 10990KB
• gen-20240628.xsd (EX-101.SCH) — 58KB
• gen-20240628_cal.xml (EX-101.CAL) — 98KB
• gen-20240628_def.xml (EX-101.DEF) — 260KB
• gen-20240628_lab.xml (EX-101.LAB) — 726KB
• gen-20240628_pre.xml (EX-101.PRE) — 524KB
• gen-20240628_htm.xml (XML) — 1113KB

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 7 Notes to Condensed Consolidated Financial Statements 8 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 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 5. Other Information 45 Item 6. Exhibits 46

Signatures

Signatures 47 "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) June 28, 2024 March 29, 2024 ASSETS Current assets: Cash and cash equivalents $ 644 $ 846 Accounts receivable, net 152 163 Other current assets 300 334 Assets held for sale 15 15 Total current assets 1,111 1,358 Property and equipment, net 69 72 Intangible assets, net 2,537 2,638 Goodwill 10,205 10,210 Other long-term assets 1,506 1,515 Total assets $ 15,428 $ 15,793 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 83 $ 66 Accrued compensation and benefits 57 78 Current portion of long-term debt 1,332 175 Contract liabilities 1,745 1,808 Other current liabilities 535 599 Total current liabilities 3,752 2,726 Long-term debt 7,190 8,429 Long-term contract liabilities 74 76 Deferred income tax liabilities 253 261 Long-term income taxes payable 1,504 1,490 Other long-term liabilities 685 671 Total liabilities 13,458 13,653 Commitments and contingencies (Note 17) Stockholders' equity (deficit): Common stock and additional paid-in capital, $ 0.01 par value: 3,000 shares authorized; 615 and 623 shares issued and outstanding as of June 28, 2024 and March 29, 2024, respectively 1,959 2,227 Accumulated other comprehensive income (loss) 6 11 Retained earnings (accumulated deficit) 5 ( 98 ) Total stockholders' equity (deficit) 1,970 2,140 Total liabilities and stockholders' equity (deficit) $ 15,428 $ 15,793 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 June 28, 2024 June 30, 2023 Net revenues $ 965 $ 943 Cost of revenues 190 179 Gross profit 775 764 Operating expenses: Sales and marketing 183 181 Research and development 81

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 management, 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 management, and restoration support services. Basis of presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) 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 29, 2024. The results of operations for the three months ended June 28, 2024 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. Unless otherwise stated, references to three month periods in this report relate to fiscal periods ended June 28, 2024 and June 30, 2023. The three months ended June 28, 2024 and June 30, 2023 each consisted of 13 weeks. Our 2025 fiscal year consists

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View this 10-Q filing on SEC EDGAR