Document

EX-99.01 2 ex9901q2fy25.htm EX-99.01 Document

新闻发布稿


投资者联系方式杰森·斯塔尔						媒体联系人 Audra Proctor
Gen						Gen
IR@GenDigital.com						Press@GenDigital.com

Gen发布2025财年第二季度业绩报告

Gen根据强劲的订单和客户数量增长调整了年度指引。

亚利桑那州凤凰城&布拉格， 2024年10月30日 - 纳斯达克上市公司Gen Digital Inc.（股票代码：GEN），一家致力于推动数字自由的全球领导者，发布了截至2025财年第二季度的业绩报告。 2024年9月6日.

“对您的信息、身份和财务资产构成的威胁比以往任何时候都更具动态和高效性，” Gen首席执行官文森特·皮莱特表示。“这就是为什么我们如此专注于创新和发展我们行业领先的安防-半导体、财务安全和数据管理服务组合，以赋予人们数字生活的力量。客户几十年来一直信任我们，而我们计划在未来继续建立这种信任。”

2025财年第二季度财务亮点和评论同比

Q2通用会计准则结果

•营业收入为97400万美元，按美元指数上涨3%

•营业收入为 40200万美元，增长了1,727%

•营业利润率为41.3%，上升39个百分点

•Q2摊薄后每股收益为0.26美元，增长13%

•Q2经营现金流15800万美元，增长26%

Q2非通用会计准则结果

•营业收入为97400万美元，按照美元指数和恒定货币计算，同比增长3%

•预订额为96400美元，按美元计算增长了4%，按固定汇率计算增长了5%

•营业收入为56700万美元，按美元指数和恒定货币计的增长4%

•营业利润率为58.2%，提高了40个基点

•摊薄后每股收益为0.54美元，按照美元指数和不变货币计算增长了16%。

“在我们公司财政年度过半之际，我们正在执行我们的计划，专注于与客户真正需求相匹配的战略投资，并推动长期盈利增长，”Gen的CFO娜塔莉·德斯(Natalie Derse)表示。“在建立正确的财务框架并明确策略的基础上，我们已经处于良好位置，可以为所有利益相关方提供持续增长的价值。”

2025财年第三季度非GAAP指引

•预期营业收入将在980至99000万美元的区间内

•预计每股收益区间为0.54至0.56美元。

2025财政年度非通用会计方法年度指引

•预计营业收入将在3905美元至393000万美元之间，而之前的区间为3890美元至393000万美元

•每股收益现在预计在区间$2.18至$2.23之间，与先前的区间$2.17至$2.23相比

每季度现金股息

Gen的董事会已批准，将于2024年12月11日支付每股普通股0.125美元的常规季度现金股利，支付对象为所有截至2024年11月18日业务闭市时登记的股东。

FY25第二季度业绩会

2024年10月30日

美国太平洋时间下午2点 / 美国东部时间下午5点

请查看网络直播和拨号说明 Investor.GenDigital.com看涨后将发布回放。有关Gen的成果和展望的更多细节，请查看投资者关系网站的财务部分。

###

关于Gen

Gen™（纳斯达克：GEN）是一家全球公司，致力于通过其值得信赖的网络安全品牌Norton、Avast、LifeLock、Avira、AVG、ReputationDefender和CCleaner推动数字自由。 Gen家族的消费品牌立足于为第一代数字人提供安全保障。现在，Gen赋予人们安全、私密和自信地度过数字生活，无论是今天还是未来的几代人。 Gen为超过150个国家的将近50000万用户带来屡获殊荣的网络安全产品和服务，涵盖网络安全、在线隐私和身份保护。了解更多信息，请访问 GenDigital.com.

前瞻性声明

本新闻稿包含根据美国联邦证券法将可能被视为前瞻性的声明。在某些情况下，您可以通过使用"expect," "will," "continue,"或类似的表达方式以及这些词语的变体或否定形式来识别这些前瞻性声明，但缺乏这些词语并不意味着一则声明不具备前瞻性。所有除历史事实之外的声明都可能被视为前瞻性声明，包括但不限于“Q2 非GAAP成果”中的报价，其中包括与实现长期目标的预期相关的部分，以及“Q3 FY25 非GAAP指引”和“2025 财年非GAAP年度指引”中的声明，其中包括与Q3 FY25和FY25非GAAP营业收入和非GAAP每股收益相关的预期，以及任何涉及上述任何前述声明基础假设的声明。这些声明可能受制于已知的

未知风险、不确定因素和可能导致我们的实际结果、活动水平、表现或成就与本新闻稿中明示或暗示的结果存在重大差异的其他因素。此类风险因素包括但不限于与以下相关的内容：收购完成或预期收购活动的影响（包括我们能否实现与Avast合并产生的协同效应和相关成本节约）；剥离、重组、股票回购、融资、偿还债务和投资活动；难以执行消费者网络安全业务的运营模式；我们在直接客户获取投资中获得的回报低于预期；难以留住现有客户并将现有非付费客户转化为付费客户；难以降低运营支出、实现闲置资产变现的困难和延迟；新产品和升级的成功开发以及这些新产品和升级获得市场认可的程度；我们维持客户和合作伙伴关系的能力；某些市场细分的预期增长；我们股价波动和波动性；我们成功执行战略计划的能力；我们解决方案、系统、网站和数据容易受到第三方有意破坏的脆弱性；现有会计准则或税收规则或惯例的变更；以及对全球范围内美国和世界范围内的一般企业和宏观经济变化，包括经济衰退、通货膨胀影响、外汇汇率波动、利率或税率变化和持续和新的地缘政治冲突的影响。更多关于这些和其他风险因素的信息包含在我们最近的10-k表格和10-Q表格的风险因素部分。我们鼓励您仔细阅读这些部分。可能还有其他因素是未被预料或未在我们的定期文件中描述的，一般因为我们当时认为它们对我们的模型和期望的实际结果可能造成重大差异。所有前瞻性语句都应在理解其固有不确定性的前提下进行评估。我们不承担任何义务，也没有意图根据未来事件或发展更新这些前瞻性语句。

使用非 GAAP 财务信息

我们使用非通用会计准则下的营业利润率、营业收入、净利润和每股收益等指标，这些指标是根据通用会计准则调整并排除某些费用、收益和损失所得出的结果。我们还提供非通用会计准则下的营收和不变货币下的营收等指标。这些非通用会计财务指标旨在增进用户对我们过去财务表现和未来前景的理解。我们的管理团队在评估Gen的业绩、以及规划和预测未来时使用这些非通用会计财务指标。这些非通用会计财务指标未根据通用会计准则计算，我们用于计算这些指标的方法可能与其他公司所用的方法不同。非通用会计财务指标仅为辅助参考之用，不应视为通用会计准则下财务信息的替代，并且应仅与我们根据通用会计准则编制的简明合并财务报表一同阅读。鼓励读者查看我们非通用会计财务指标与对应通用会计准则结果的调节表，该调节表附在我们的季度盈利发布报告中，并可在我们网站的投资者关系页面中找到，包括盈利演示等其他财务信息。 Investor.GenDigital.com本发布稿中未包含非通用会计准则下营收和每股收益预测区间的调节表，因为大多数非通用会计调整涉及尚未发生的事件。因此进行预测将不切实际，因此我们无法提供准确的估计。

GEN DIGITAL INC.

Condensed Consolidated Balance Sheets (1)

(Unaudited, in millions)


	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
Total stockholders’ equity (deficit)	2,098		2,140
Total liabilities and stockholders’ equity (deficit)	$	15,471	$	15,793

(1) During the first quarter of fiscal year 2025, we identified and made a revision to our historical practice of when we recognize revenue from certain customers. We concluded that the impact of the revision was an immaterial correction to prior period financial statements. However, for comparative purposes we have corrected for this in prior periods reported above.

GEN DIGITAL INC.

Condensed Consolidated Statements of Operations (1)

(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
Gross profit	780		765		1,555		1,529
Operating expenses:
Sales and marketing	184		187		367		368
Research and development	83		85		164		175
General and administrative	64		393		116		449
Amortization of intangible assets	44		61		87		122
Restructuring and other costs	3		17		2		34
Total operating expenses	378		743		736		1,148
Operating income (loss)	402		22		819		381
Interest expense	(149)		(173)		(302)		(343)
Other income (expense), net	5		7		17		19
Income (loss) before income taxes	258		(144)		534		57
Income tax expense (benefit)	97		(291)		192		(277)
Net income (loss)	$	161	$	147	$	342	$	334

Net income (loss) per share - basic	$	0.26	$	0.23	$	0.55	$	0.52
Net income (loss) per share - diluted	$	0.26	$	0.23	$	0.55	$	0.52

Weighted-average shares outstanding:
Basic	616		640		618		640
Diluted	622		644		624		644

GEN DIGITAL INC.

Condensed Consolidated Statements of Cash Flows (1)

(Unaudited, in millions)


	Three Months Ended				Six Months Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
OPERATING ACTIVITIES:
Net income (loss)	$	161	$	147	$	342	$	334
Adjustments:
Amortization and depreciation	105		125		211		250
Impairments and write-offs of current and long-lived assets	3		—		3		—
Stock-based compensation expense	33		35		64		72
Deferred income taxes	(27)		(917)		(37)		(976)

Gain on sale of property	—		—		—		(4)
Non-cash operating lease expense	4		5		7		11
Other	10		(1)		8		17
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	(7)		(4)		2		16
Accounts payable	12		(3)		29		(15)
Accrued compensation and benefits	16		1		(5)		(41)
Contract liabilities	(15)		(28)		(71)		(93)
Income taxes payable	(250)		389		(169)		417
Other assets	47		5		64		(23)
Other liabilities	66		371		(26)		386
Net cash provided by (used in) operating activities	158		125		422		351
INVESTING ACTIVITIES:
Purchases of property and equipment	(2)		(5)		(4)		(9)
Purchase of non-marketable equity investments	(4)		—		(4)		—


Proceeds from the sale of property	—		13		—		13
Other	(2)		1		(2)		(1)
Net cash provided by (used in) investing activities	(8)		9		(10)		3
FINANCING ACTIVITIES:
Repayments of debt	—		(58)		(88)		(266)

Net proceeds from sales of common stock under employee stock incentive plans	6		6		6		6
Tax payments related to vesting of stock units	(1)		(2)		(25)		(20)
Dividends and dividend equivalents paid	(77)		(81)		(159)		(164)
Repurchases of common stock	—		—		(272)		(41)
Net cash provided by (used in) financing activities	(72)		(135)		(538)		(485)
Effect of exchange rate fluctuations on cash and cash equivalents	15		7		17		10
Change in cash and cash equivalents	93		6		(109)		(121)
Beginning cash and cash equivalents	644		623		846		750
Ending cash and cash equivalents	$	737	$	629	$	737	$	629

GEN DIGITAL INC.

Reconciliation of Selected GAAP Measures to Non-GAAP Measures (1) (2) (3)

(Unaudited, in millions, except per share amounts)


	Three Months Ended
	September 27, 2024			September 29, 2023
Operating income (loss)	$	402		$	22

Stock-based compensation	33			35
Amortization of intangible assets	102			119
Restructuring and other costs	3			17
Acquisition and integration costs	2			6
Litigation costs	25			347

Operating income (loss) (Non-GAAP)	$	567		$	546

Operating margin	41.3		%	2.3		%
Operating margin (Non-GAAP)	58.2		%	57.8		%

Net income (loss)	$	161		$	147
Adjustments to net income (loss):
Stock-based compensation	33			35
Amortization of intangible assets	102			119
Restructuring and other costs	3			17
Acquisition and integration costs	2			6
Litigation costs	25			347
Other	1			(1)
Non-cash interest expense	6			6



Total adjustments to GAAP income (loss) before income taxes	172			529
Adjustment to GAAP provision for income taxes	3			(375)
Total adjustment to income (loss), net of taxes	175			154
Net income (loss) (Non-GAAP)	$	336		$	301

Diluted net income (loss) per share	$	0.26		$	0.23
Adjustments to diluted net income (loss) per share:

Stock-based compensation	0.05			0.05
Amortization of intangible assets	0.16			0.18
Restructuring and other costs	0.00			0.03
Acquisition and integration costs	0.00			0.01
Litigation costs	0.04			0.54
Other	0.00			(0.00)
Non-cash interest expense	0.01			0.01



Total adjustments to GAAP income (loss) before income taxes	0.28			0.82
Adjustment to GAAP provision for income taxes	0.00			(0.58)
Total adjustment to income (loss), net of taxes	0.28			0.24

Diluted net income (loss) per share (Non-GAAP)	$	0.54		$	0.47

Diluted weighted-average shares outstanding	622			644

Diluted weighted-average shares outstanding (Non-GAAP)	622			644

(1) This presentation includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these non-GAAP measures, see Appendix A.

(2) Amounts may not add due to rounding.

(3) During the first quarter of fiscal year 2025, we identified and made a revision to our historical practice of when we recognize revenue from certain customers. We concluded that the impact of the revision was an immaterial correction to prior period financial statements. However, for comparative purposes we have corrected for this in prior periods reported above.

GEN DIGITAL INC.

Constant Currency Adjusted Revenues and Cyber Safety Metrics (1)

(Unaudited, in millions, except per user data)


Constant Currency Adjusted Revenues (Non-GAAP)
	Three Months Ended
	September 27, 2024		September 29, 2023		Variance in %
Revenues	$	974	$	945	3	%


Exclude foreign exchange impact (2)	1		—
Constant currency adjusted revenues (Non-GAAP)	$	975	$	945	3	%


Cyber Safety Metrics
	Three Months Ended
	September 27, 2024			September 29, 2023
Direct customer revenues	$	860		$	834
Partner revenues	$	102		$	95
Total Cyber Safety revenues	$	962		$	929
Legacy revenues (3)	$	12		$	16
Direct customer count (at quarter end)	39.7			38.5
Direct average revenue per user (ARPU)	$	7.26		$	7.25
Retention rate	78		%	77		%

(2) Calculated using year ago foreign exchange rates.

(3) Legacy revenues 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.

GEN DIGITAL INC.

Appendix A

Explanation of Non-GAAP Measures and Other Items

Objective of non-GAAP measures: We believe our presentation of non-GAAP financial measures, when taken together with corresponding GAAP financial measures, provides meaningful supplemental information regarding the Company’s operating performance for the reasons discussed below. Our management team uses these non-GAAP financial measures in assessing our performance, as well as in planning and forecasting future periods. Due to the importance of these measures in managing the business, we use non-GAAP measures in the evaluation of management’s compensation. These non-GAAP financial measures are not computed according to GAAP and the methods we use to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Stock-based compensation: This consists of expenses for employee restricted stock units, performance-based awards, stock options and our employee stock purchase plan, determined in accordance with GAAP. We evaluate our performance both with and without these measures because stock-based compensation is a non-cash expense and can vary significantly over time based on the timing, size, nature and design of the awards granted, and is influenced in part by certain factors that are generally beyond our control, such as the volatility of the market value of our common stock. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation to facilitate the comparison of our results to those of other companies in our industry.

Amortization of intangible assets: Amortization of intangible assets consists of amortization of acquisition-related intangibles assets such as developed technology, customer relationships and trade names acquired in connection with business combinations. We record charges relating to the amortization of these intangibles within both cost of revenues and operating expenses in our GAAP financial statements. Under purchase accounting, we are required to allocate a portion of the purchase price to intangible assets acquired and amortize this amount over the estimated useful lives of the acquired intangible assets. However, the purchase price allocated to these assets is not necessarily reflective of the cost we would incur to internally develop the intangible asset. Further, amortization charges for our acquired intangible assets are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. We eliminate these charges from our non-GAAP operating results to facilitate an evaluation of our current operating performance and provide better comparability to our past operating performance.

Restructuring and other costs: Restructuring charges are costs associated with a formal restructuring plan and are primarily related to employee severance and benefit arrangements, contract termination costs, and assets write-offs, as well as other exit and disposal costs. Included in other exit and disposal costs are costs to exit and consolidate facilities in connection with restructuring events. We exclude restructuring and other costs from our non-GAAP results as we believe that these costs are incremental to core activities that arise in the ordinary course of our business and do not reflect our current operating performance, and that excluding these charges facilitates a more meaningful evaluation of our current operating performance and comparisons to our past operating performance.

Acquisition-related and integration costs: These represent the transaction and business integration costs related to significant acquisitions that are charged to operating expense in our GAAP financial statements. These costs include incremental expenses incurred to affect these business combinations such as advisory, legal, accounting, valuation, and other professional or consulting fees. We exclude these costs from our non-GAAP results as they have no direct correlation to the operation of our business, and because we believe that the non-GAAP financial measures excluding these costs provide meaningful supplemental information regarding the spending trends of our business. In addition, these costs vary, depending on the size and complexity of the acquisitions, and are not indicative of costs of future acquisitions.

Litigation costs: We may periodically incur charges or benefits related to litigation settlements, legal contingency accruals and third-party legal costs related to certain legal matters. We exclude these charges and benefits when associated with a significant matter because we do not believe they are reflective of ongoing business and operating results.

Non-cash interest expense and amortization of debt issuance costs: In accordance with GAAP, we separately account for the value of the conversion feature on our convertible notes as a debt discount that reflects our assumed non-convertible debt borrowing rates. We amortize the discount and debt issuance costs over the term of the related debt. We exclude the difference between the imputed interest expense, which includes the amortization of the conversion feature and of the issuance costs, and the coupon interest payments. We extinguished our remaining convertible debt on August 15, 2022. During fiscal 2023, we also started amortizing the debt issuance costs associated with our senior credit facilities, which were secured upon close of the acquisition of Avast. We believe that excluding these costs provides meaningful supplemental information regarding the cash cost of our debt instruments and enhance investors’ ability to view the Company’s results from management’s perspective.

Gain (loss) on extinguishment of debt: We record gains or losses on extinguishment of debt. Gains or losses represent the difference between the fair value of the exchange consideration and the carrying value of the liability component of the debt at the date of extinguishment. We exclude the gain or loss on debt extinguishment in our non-GAAP results because they are not reflective of our ongoing business.

Gain (loss) on equity investments: We record gains or losses, unrealized and realized, on equity investments in privately-held companies. We exclude the net gains or losses because we do not believe they are reflective of our ongoing business.

Gain (loss) on sale of properties: We periodically recognize gains or losses from the disposition of land and buildings. We exclude such gains or losses because they are not reflective of our ongoing business and operating results.

Income tax effects and adjustments: We use a non-GAAP tax rate that excludes (1) the discrete impacts of changes in tax legislation, (2) most other significant discrete items, (3) unrealized gains or losses from remeasurement of foreign currency denominated deferred

tax items and uncertain tax benefits, and (4) the income tax effects of the non-GAAP adjustment to our operating results described above. We believe making these adjustments facilitates a better evaluation of our current operating performance and comparisons to past operating results. Our tax rate is subject to change for a variety of reasons, such as significant changes in the geographic earnings mix due to acquisition and divestiture activities or fundamental tax law changes in major jurisdictions where we operate.

Diluted GAAP and non-GAAP weighted-average shares outstanding: Diluted GAAP and non-GAAP weighted-average shares outstanding are generally the same, except in periods when there is a GAAP loss from continuing operations. In accordance with GAAP, we do not present dilution for GAAP in periods in which there is a loss from continuing operations. However, if there is non-GAAP net income, we present dilution for non-GAAP weighted-average shares outstanding in an amount equal to the dilution that would have been presented had there been GAAP income from continuing operations for the period.

Bookings: Bookings are defined as customer orders received that are expected to generate net revenues in the future. We present the operational metric of bookings because it reflects customers' demand for our products and services and to assist readers in analyzing our performance in future periods.

Free cash flow: Free cash flow is defined as cash flows from operating activities less purchases of property and equipment. Free cash flow is not a measure of financial condition under GAAP and does not reflect our future contractual commitments and the total increase or decrease of our cash balance for a given period, and thus should not be considered as an alternative to cash flows from operating activities or as a measure of liquidity.

(Unlevered) Free cash flow: Free cash flow is defined as cash flows from operating activities less purchases of property and equipment. Unlevered free cash flow excludes cash interest expense payments. Free cash flow is not a measure of financial condition under GAAP and does not reflect our future contractual commitments and the total increase or decrease of our cash balance for a given period, and thus should not be considered as an alternative to cash flows from operating activities or as a measure of liquidity.

Constant currency adjusted revenues (Non-GAAP): Non-GAAP constant currency adjusted revenues are defined as revenues adjusted for the fair value of acquired contract liabilities and foreign exchange impact, calculated by translating current period revenue using the year ago currency conversion rate.

Direct customer count: Direct customers is a metric designed to represent active paid users of our products and solutions who have a direct billing and/or registration relationship with us at the end of the reported period. Average direct customer count presents the average of the total number of direct customers at the beginning and end of the applicable period. We exclude users on free trials from our direct customer count. Users who have indirectly purchased and/or registered for our products or solutions through partners are excluded unless such users convert or renew their subscription directly with us or sign up for a paid membership through our web stores or third-party app stores. While these numbers are based on what we believe to be reasonable estimates of our user base for the applicable period of measurement, there are inherent challenges in measuring usage of our products and solutions across brands, platforms, regions, and internal systems, and therefore, calculation methodologies may differ. The methodologies used to measure these metrics require judgment and are also susceptible to algorithms or other technical errors. We continually seek to improve our estimates of our user base, and these estimates are subject to change due to improvements or revisions to our methodology. From time to time, we review our metrics and may discover inaccuracies or make adjustments to improve their accuracy, which can result in adjustments to our historical metrics. Our ability to recalculate our historical metrics may be impacted by data limitations or other factors that require us to apply different methodologies for such adjustments. We generally do not intend to update previously disclosed metrics for any such inaccuracies or adjustments that are deemed not material.

Direct average revenues per user (ARPU): ARPU is calculated as estimated direct customer revenues for the period divided by the average direct customer count for the same period, expressed as a monthly figure. We monitor ARPU because it helps us understand the rate at which we are monetizing our consumer customer base.

Retention rate: Retention rate is defined as the percentage of direct customers as of the end of the period from one year ago who are still active as of the most recently completed fiscal period. We monitor the retention rate to evaluate the effectiveness of our strategies to improve renewals of subscriptions.