Gen Digital Inc. Files 10-Q for Q2 2025

TL;DR

Gen Digital (GEN) filed its 10-Q for 9/27/24. Check financials.

AI Summary

Gen Digital Inc. filed its 10-Q for the period ending September 27, 2024. The company, formerly known as NortonLifeLock Inc. and Symantec Corp, reported its financial performance. The filing details its business operations and financial condition, with its fiscal year ending on March 28.

Why It Matters

This filing provides investors and analysts with a detailed look into Gen Digital's financial health and operational performance for the second quarter of fiscal year 2025.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.

Key Numbers

• 0328 — Fiscal Year End (Indicates the end of the company's annual accounting period.)

Key Players & Entities

• Gen Digital Inc. (company) — Filer
• NortonLifeLock Inc. (company) — Former company name
• SYMANTEC CORP (company) — Former company name
• 20240927 (date) — Period of report
• 20241031 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• gen-20240927.htm (10-Q) — 1454KB
• genq2fy25exhibit3101.htm (EX-31.01) — 9KB
• genq2fy25exhibit3102.htm (EX-31.02) — 9KB
• genq2fy25exhibit3201.htm (EX-32.01) — 4KB
• genq2fy25exhibit3202.htm (EX-32.02) — 5KB
• 0000849399-24-000081.txt ( ) — 8808KB
• gen-20240927.xsd (EX-101.SCH) — 57KB
• gen-20240927_cal.xml (EX-101.CAL) — 100KB
• gen-20240927_def.xml (EX-101.DEF) — 263KB
• gen-20240927_lab.xml (EX-101.LAB) — 741KB
• gen-20240927_pre.xml (EX-101.PRE) — 531KB
• gen-20240927_htm.xml (XML) — 1339KB

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 25 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 5. Other Information 47 Item 6. Exhibits 48

Signatures

Signatures 49 "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) September 27, 2024 March 29, 2024 ASSETS Current assets: Cash and cash equivalents $ 737 $ 846 Accounts receivable, net 164 163 Other current assets 297 334 Assets held for sale 24 15 Total current assets 1,222 1,358 Property and equipment, net 60 72 Intangible assets, net 2,442 2,638 Goodwill 10,235 10,210 Other long-term assets 1,512 1,515 Total assets $ 15,471 $ 15,793 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 99 $ 66 Accrued compensation and benefits 74 78 Current portion of long-term debt 1,391 175 Contract liabilities 1,749 1,808 Other current liabilities 509 599 Total current liabilities 3,822 2,726 Long-term debt 7,137 8,429 Long-term contract liabilities 78 76 Deferred income tax liabilities 248 261 Long-term income taxes payable 1,396 1,490 Other long-term liabilities 692 671 Total liabilities 13,373 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; 616 and 623 shares issued and outstanding as of September 27, 2024 and March 29, 2024, respectively 1,995 2,227 Accumulated other comprehensive income (loss) 14 11 Retained earnings (accumulated deficit) 89 ( 98 ) Total stockholders' equity (deficit) 2,098 2,140 Total liabilities and stockholders' equity (deficit) $ 15,471 $ 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 Six Months Ended September 27, 2024 September 29, 2023 September 27, 2024 September 29, 2023 Net revenues $ 974 $ 945 $ 1,939 $ 1,888 Cost of revenues 194 180 384 359

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 and six months ended September 27, 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 and six month periods in this report relate to fiscal periods ended September 27, 2024 and September 29, 2023. The three and six months ended September 27, 2024 and September 29, 2023 each cons

View Full Filing

View this 10-Q filing on SEC EDGAR