Document

EX-99.01 2 ex9901q2fy25.htm EX-99.01 Document

新聞稿


投資者聯繫方式傑森·斯塔爾						媒體聯繫人 Audra Proctor
Gen						Gen
IR@GenDigital.com						Press@GenDigital.com

Gen發佈2025財年第二季度業績報告

Gen根據強勁的訂單和客戶數量增長調整了年度指引。

亞利桑那州鳳凰城&布拉格， 2024年10月30日 - 納斯達克上市公司Gen Digital Inc.（股票代碼：GEN），一家致力於推動數字自由的全球領導者，發佈了截至2025財年第二季度的業績報告。 2024年9月6日.

「對您的信息、身份和財務資產構成的威脅比以往任何時候都更具動態和高效性，」 Gen首席執行官文森特·皮萊特表示。「這就是爲什麼我們如此專注於創新和發展我們行業領先的安防-半導體、財務安全和數據管理服務組合，以賦予人們數字生活的力量。客戶幾十年來一直信任我們，而我們計劃在未來繼續建立這種信任。」

2025財年第二季度財務亮點和評論同比

Q2通用會計準則結果

•營業收入爲97400萬美元，按美元指數上漲3%

•營業收入爲 40200萬美元，增長了1,727%

•營業利潤率爲41.3%，上升39個百分點

•Q2攤薄後每股收益爲0.26美元，增長13%

•Q2經營現金流15800萬美元，增長26%

Q2非通用會計準則結果

•營業收入爲97400萬美元，按照美元指數和恒定貨幣計算，同比增長3%

•預訂額爲96400美元，按美元計算增長了4%，按固定匯率計算增長了5%

•營業收入爲56700萬美元，按美元指數和恒定貨幣計的增長4%

•營業利潤率爲58.2%，提高了40個點子

•攤薄後每股收益爲0.54美元，按照美元指數和不變貨幣計算增長了16%。

「在我們公司財政年度過半之際，我們正在執行我們的計劃，專注於與客戶真正需求相匹配的戰略投資，並推動長期盈利增長，」Gen的CFO娜塔莉·德斯(Natalie Derse)表示。「在建立正確的財務框架並明確策略的基礎上，我們已經處於良好位置，可以爲所有利益相關方提供持續增長的價值。」

2025財年第三季度非GAAP指引

•預期營業收入將在980至99000萬美元的區間內

•預計每股收益區間爲0.54至0.56美元。

2025財政年度非通用會計方法年度指引

•預計營業收入將在3905美元至393000萬美元之間，而之前的區間爲3890美元至393000萬美元

•每股收益現在預計在區間$2.18至$2.23之間，與先前的區間$2.17至$2.23相比

每季度現金股息

Gen的董事會已批准，將於2024年12月11日支付每股普通股0.125美元的常規季度現金股利，支付對象爲所有截至2024年11月18日業務閉市時登記的股東。

FY25第二季度業績會

2024年10月30日

美國太平洋時間下午2點 / 美國東部時間下午5點

請查看網絡直播和撥號說明 Investor.GenDigital.com看漲後將發佈回放。有關Gen的成果和展望的更多細節，請查看投資者關係網站的財務部分。

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關於Gen

Gen™（納斯達克：GEN）是一家全球公司，致力於通過其值得信賴的網絡安全品牌Norton、Avast、LifeLock、Avira、AVG、ReputationDefender和CCleaner推動數字自由。 Gen家族的消費品牌立足於爲第一代數字人提供安全保障。現在，Gen賦予人們安全、私密和自信地度過數字生活，無論是今天還是未來的幾代人。 Gen爲超過150個國家的將近50000萬用戶帶來屢獲殊榮的網絡安全產品和服務，涵蓋網絡安全、在線隱私和身份保護。了解更多信息，請訪問 GenDigital.com.

前瞻性聲明

本新聞稿包含根據美國聯邦證券法將可能被視爲前瞻性的聲明。在某些情況下，您可以通過使用"expect," "will," "continue,"或類似的表達方式以及這些詞語的變體或否定形式來識別這些前瞻性聲明，但缺乏這些詞語並不意味着一則聲明不具備前瞻性。所有除歷史事實之外的聲明都可能被視爲前瞻性聲明，包括但不限於「Q2 非GAAP成果」中的報價，其中包括與實現長期目標的預期相關的部分，以及「Q3 FY25 非GAAP指引」和「2025 財年非GAAP年度指引」中的聲明，其中包括與Q3 FY25和FY25非GAAP營業收入和非GAAP每股收益相關的預期，以及任何涉及上述任何前述聲明基礎假設的聲明。這些聲明可能受制於已知的

未知風險、不確定因素和可能導致我們的實際結果、活動水平、表現或成就與本新聞稿中明示或暗示的結果存在重大差異的其他因素。此類風險因素包括但不限於與以下相關的內容：收購完成或預期收購活動的影響（包括我們能否實現與Avast合併產生的協同效應和相關成本節約）；剝離、重組、股票回購、融資、償還債務和投資活動；難以執行消費者網絡安全業務的運營模式；我們在直接客戶獲取投資中獲得的回報低於預期；難以留住現有客戶並將現有非付費客戶轉化爲付費客戶；難以降低運營支出、實現閒置資產變現的困難和延遲；新產品和升級的成功開發以及這些新產品和升級獲得市場認可的程度；我們維持客戶和合作夥伴關係的能力；某些市場細分的預期增長；我們股價波動和波動性；我們成功執行戰略計劃的能力；我們解決方案、系統、網站和數據容易受到第三方有意破壞的脆弱性；現有會計準則或稅收規則或慣例的變更；以及對全球範圍內美國和世界範圍內的一般企業和宏觀經濟變化，包括經濟衰退、通貨膨脹影響、外匯匯率波動、利率或稅率變化和持續和新的地緣政治衝突的影響。更多關於這些和其他風險因素的信息包含在我們最近的10-k表格和10-Q表格的風險因素部分。我們鼓勵您仔細閱讀這些部分。可能還有其他因素是未被預料或未在我們的定期文件中描述的，一般因爲我們當時認爲它們對我們的模型和期望的實際結果可能造成重大差異。所有前瞻性語句都應在理解其固有不確定性的前提下進行評估。我們不承擔任何義務，也沒有意圖根據未來事件或發展更新這些前瞻性語句。

使用非 GAAP 財務信息

我們使用非通用會計準則下的營業利潤率、營業收入、淨利潤和每股收益等指標，這些指標是根據通用會計準則調整並排除某些費用、收益和損失所得出的結果。我們還提供非通用會計準則下的營收和不變貨幣下的營收等指標。這些非通用會計財務指標旨在增進用戶對我們過去財務表現和未來前景的理解。我們的管理團隊在評估Gen的業績、以及規劃和預測未來時使用這些非通用會計財務指標。這些非通用會計財務指標未根據通用會計準則計算，我們用於計算這些指標的方法可能與其他公司所用的方法不同。非通用會計財務指標僅爲輔助參考之用，不應視爲通用會計準則下財務信息的替代，並且應僅與我們根據通用會計準則編制的簡明合併財務報表一同閱讀。鼓勵讀者查看我們非通用會計財務指標與對應通用會計準則結果的調節表，該調節表附在我們的季度盈利發佈報告中，並可在我們網站的投資者關係頁面中找到，包括盈利演示等其他財務信息。 Investor.GenDigital.com本發佈稿中未包含非通用會計準則下營收和每股收益預測區間的調節表，因爲大多數非通用會計調整涉及尚未發生的事件。因此進行預測將不切實際，因此我們無法提供準確的估計。

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.