$GEN
Gen Digital Inc.

2022 Q3 Form 10-Q Financial Statement

#000084939922000019 Filed on August 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q3
Revenue $27.00M $716.0M $686.0M
YoY Change -96.06% 6.55% 11.73%
Cost Of Revenue $102.0M $101.0M $102.0M
YoY Change 0.0% 2.02% 18.6%
Gross Profit $605.0M $615.0M $584.0M
YoY Change 3.6% 7.33% 10.61%
Gross Profit Margin 2240.74% 85.89% 85.13%
Selling, General & Admin $260.0M $398.0M $201.0M
YoY Change 29.35% 98.01% 1.52%
% of Gross Profit 42.98% 64.72% 34.42%
Research & Development $61.00M $59.00M $68.00M
YoY Change -10.29% -13.24% 4.62%
% of Gross Profit 10.08% 9.59% 11.64%
Depreciation & Amortization $29.00M $32.00M $36.00M
YoY Change -19.44% -13.51% -21.74%
% of Gross Profit 4.79% 5.2% 6.16%
Operating Expenses $344.0M $479.0M $297.0M
YoY Change 15.82% 65.74% -27.21%
Operating Profit $261.0M $136.0M $287.0M
YoY Change -9.06% -52.11% 139.17%
Interest Expense -$30.00M -$36.00M -$31.00M
YoY Change -3.23% 0.0% -16.22%
% of Operating Profit -11.49% -26.47% -10.8%
Other Income/Expense, Net -$1.000M $1.000M -$3.000M
YoY Change -66.67% -80.0% -115.79%
Pretax Income $229.0M $96.00M $252.0M
YoY Change -9.13% -66.78% 154.55%
Income Tax $29.00M -$24.00M $71.00M
% Of Pretax Income 12.66% -25.0% 28.17%
Net Earnings $200.0M $120.0M $181.0M
YoY Change 10.5% -38.14% 53.39%
Net Earnings / Revenue 740.74% 16.76% 26.38%
Basic Earnings Per Share $0.35 $0.31
Diluted Earnings Per Share $0.33 $203.0K $0.31
COMMON SHARES
Basic Shares Outstanding 578.0M shares 580.1M shares 580.0M shares
Diluted Shares Outstanding 604.0M shares 591.0M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.291B $1.891B $1.245B
YoY Change 3.69% 98.84% 10.08%
Cash & Equivalents $1.291B $1.887B $1.230B
Short-Term Investments $0.00 $4.000M $15.00M
Other Short-Term Assets $180.0M $193.0M $198.0M
YoY Change -9.09% -18.57% -45.6%
Inventory
Prepaid Expenses $113.0M $107.0M $99.00M
Receivables $102.0M $120.0M $105.0M
Other Receivables $45.00M $62.00M $83.00M
Total Short-Term Assets $1.629B $2.260B $1.786B
YoY Change -8.79% 46.94% -8.41%
LONG-TERM ASSETS
Property, Plant & Equipment $56.00M $60.00M $71.00M
YoY Change -21.13% -23.08% -19.32%
Goodwill $2.861B $2.873B $2.863B
YoY Change -0.07% 0.21% 10.63%
Intangibles $993.0M $1.023B $1.096B
YoY Change -9.4% -8.33% 5.18%
Long-Term Investments $178.0M $178.0M $185.0M
YoY Change -3.78% -3.78% -1.6%
Other Assets $638.0M $653.0M $678.0M
YoY Change -5.9% -4.81% 0.44%
Total Long-Term Assets $4.618B $4.683B $4.779B
YoY Change -3.37% -2.9% 7.27%
TOTAL ASSETS
Total Short-Term Assets $1.629B $2.260B $1.786B
Total Long-Term Assets $4.618B $4.683B $4.779B
Total Assets $6.247B $6.943B $6.565B
YoY Change -4.84% 9.15% 2.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $71.00M $63.00M $76.00M
YoY Change -6.58% 21.15% 26.67%
Accrued Expenses $513.0M $629.0M $391.0M
YoY Change 31.2% 39.78% -15.91%
Deferred Revenue $1.183B $1.264B $1.176B
YoY Change 0.6% 4.46% 14.4%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $614.0M $1.000B $438.0M
YoY Change 40.18% 219.49% -42.6%
Total Short-Term Liabilities $2.624B $3.065B $2.221B
YoY Change 18.14% 43.49% -12.83%
LONG-TERM LIABILITIES
Long-Term Debt $2.714B $2.736B $3.422B
YoY Change -20.69% -16.79% 20.45%
Other Long-Term Liabilities $43.00M $47.00M $55.00M
YoY Change -21.82% -21.67% -17.91%
Total Long-Term Liabilities $2.757B $2.783B $3.477B
YoY Change -20.71% -16.88% 19.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.624B $3.065B $2.221B
Total Long-Term Liabilities $2.757B $2.783B $3.477B
Total Liabilities $6.546B $7.036B $7.062B
YoY Change -7.31% 2.55% 2.23%
SHAREHOLDERS EQUITY
Retained Earnings -$1.734B -$1.940B -$2.595B
YoY Change -33.18% -30.12% -19.21%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$299.0M -$93.00M -$497.0M
YoY Change
Total Liabilities & Shareholders Equity $6.247B $6.943B $6.565B
YoY Change -4.84% 9.15% 2.5%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q3
OPERATING ACTIVITIES
Net Income $200.0M $120.0M $181.0M
YoY Change 10.5% -38.14% 53.39%
Depreciation, Depletion And Amortization $29.00M $32.00M $36.00M
YoY Change -19.44% -13.51% -21.74%
Cash From Operating Activities $215.0M $326.0M $258.0M
YoY Change -16.67% -8.43% 51.76%
INVESTING ACTIVITIES
Capital Expenditures $2.000M -$2.000M $1.000M
YoY Change 100.0% 100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$2.000M $12.00M $4.000M
YoY Change -150.0% -105.17% -20.0%
Cash From Investing Activities $4.000M $10.00M -$1.000M
YoY Change -500.0% -104.29% -104.35%
FINANCING ACTIVITIES
Cash Dividend Paid $81.00M $84.00M
YoY Change -3.57% -20.0%
Common Stock Issuance & Retirement, Net $300.0M $0.00
YoY Change
Debt Paid & Issued, Net $410.0M $372.0M
YoY Change 10.22% -68.45%
Cash From Financing Activities -$807.0M -217.0M $44.00M
YoY Change -1934.09% -11.43% -103.37%
NET CHANGE
Cash From Operating Activities $215.0M 326.0M $258.0M
Cash From Investing Activities $4.000M 10.00M -$1.000M
Cash From Financing Activities -$807.0M -217.0M $44.00M
Net Change In Cash -$596.0M 119.0M $297.0M
YoY Change -300.67% -197.54% -126.9%
FREE CASH FLOW
Cash From Operating Activities $215.0M $326.0M $258.0M
Capital Expenditures $2.000M -$2.000M $1.000M
Free Cash Flow $213.0M $328.0M $257.0M
YoY Change -17.12% -8.12% 52.07%

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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 July 1, 2022 and July 2, 2021. The three months ended July 1, 2022 and July 2, 2021 each consisted of 13 weeks. Our 2023 fiscal year consists of 52 weeks and ends on March 31, 2023.
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The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying Notes. Such estimates include, but are not limited to, valuation of business combinations including acquired intangible assets and goodwill, loss contingencies, the recognition and measurement of current and deferred income taxes, including the measurement of uncertain tax positions, and valuation of assets and liabilities. On an ongoing basis, management determines these estimates and assumptions based on historical experience and on various other assumptions that are believed to be reasonable. Third-party valuation specialists are also utilized for certain estimates. Actual results could differ from such estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment as a result of the COVID-19 pandemic and continuing Russia-Ukraine conflict, and such differences may be material to the Condensed Consolidated Financial Statements.
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CY2022Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
8000000 usd
CY2022Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
11000000 usd
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
3328000000 usd
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
3736000000 usd
CY2022Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
614000000 usd
CY2022Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
1000000000 usd
CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2714000000 usd
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2736000000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
592000000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
89000000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
89000000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1189000000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1374000000 usd
CY2022Q3 nlok Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
3000000 usd
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3336000000 usd
CY2021Q3 us-gaap Restructuring Charges
RestructuringCharges
7000000 usd
CY2022Q3 us-gaap Share Price
SharePrice
22.28
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
229000000 usd
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
252000000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
29000000 usd
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
71000000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.13
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.28
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2022Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
12000000 shares
CY2022Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
24.35
CY2022Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
300000000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24000000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20000000 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4000000 usd
CY2021Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4000000 usd
CY2022Q3 us-gaap Dividends Payable Current
DividendsPayableCurrent
3000000 usd
CY2022Q2 us-gaap Dividends Payable Current
DividendsPayableCurrent
11000000 usd
CY2022Q3 nlok Dividend Payable Noncurrent
DividendPayableNoncurrent
2000000 usd
CY2022Q2 nlok Dividend Payable Noncurrent
DividendPayableNoncurrent
2000000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
200000000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
181000000 usd
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
578000000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
580000000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
22000000 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
7000000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000000 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
604000000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
591000000 shares
CY2022Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
707000000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
686000000 usd
CY2022Q3 us-gaap Revenues
Revenues
27000000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
707000000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
686000000 usd
CY2022Q3 us-gaap Revenues
Revenues
27000000 usd
CY2022Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
1291000000 usd
CY2022Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
1891000000 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
56000000 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
60000000 usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
70000000 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
74000000 usd
CY2022Q2 us-gaap Loss Contingency Claims Settled Number
LossContingencyClaimsSettledNumber
6 patent
CY2021Q2 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
70000000 usd
CY2021Q2 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
70000000 usd
CY2021Q2 nlok Loss Contingency Insurance Recoveries
LossContingencyInsuranceRecoveries
67100000 usd

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