$GEN
Gen Digital Inc.

2024 Q3 Form 10-Q Financial Statement

#000084939924000042 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $974.0M $965.0M
YoY Change 2.74% 2.01%
Cost Of Revenue $194.0M $190.0M
YoY Change 7.78% 6.15%
Gross Profit $780.0M $775.0M
YoY Change 1.56% 1.04%
Gross Profit Margin 80.08% 80.31%
Selling, General & Admin $248.0M $235.0M
YoY Change -57.24% -0.84%
% of Gross Profit 31.79% 30.32%
Research & Development $83.00M $81.00M
YoY Change -2.35% -10.0%
% of Gross Profit 10.64% 10.45%
Depreciation & Amortization $105.0M $106.0M
YoY Change -16.0% -15.2%
% of Gross Profit 13.46% 13.68%
Operating Expenses $378.0M $358.0M
YoY Change -49.13% -11.6%
Operating Profit $402.0M $417.0M
YoY Change 1508.0% 15.19%
Interest Expense -$149.0M -$141.0M
YoY Change -10.24% -13.5%
% of Operating Profit -37.06% -33.81%
Other Income/Expense, Net $5.000M $12.00M
YoY Change -28.57% 0.0%
Pretax Income $258.0M $276.0M
YoY Change -282.98% 35.29%
Income Tax $97.00M $95.00M
% Of Pretax Income 37.6% 34.42%
Net Earnings $161.0M $181.0M
YoY Change 8.05% -4.23%
Net Earnings / Revenue 16.53% 18.76%
Basic Earnings Per Share $0.26 $0.29
Diluted Earnings Per Share $0.26 $0.29
COMMON SHARES
Basic Shares Outstanding 615.5M shares 626.1M shares
Diluted Shares Outstanding 622.0M shares 627.0M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $737.0M $644.0M
YoY Change 17.17% 3.37%
Cash & Equivalents $737.0M $644.0M
Short-Term Investments
Other Short-Term Assets $297.0M $300.0M
YoY Change 6.83% 1.01%
Inventory
Prepaid Expenses $138.0M $143.0M
Receivables $164.0M $152.0M
Other Receivables $141.0M $140.0M
Total Short-Term Assets $1.222B $1.111B
YoY Change 13.57% 2.21%
LONG-TERM ASSETS
Property, Plant & Equipment $60.00M $69.00M
YoY Change -20.0% -5.48%
Goodwill $10.24B $10.21B
YoY Change 0.35% -0.35%
Intangibles $2.442B $2.537B
YoY Change -14.59% -14.92%
Long-Term Investments $140.0M $136.0M
YoY Change -20.45% -22.73%
Other Assets $1.512B $1.506B
YoY Change -30.1% 10.25%
Total Long-Term Assets $14.25B $14.32B
YoY Change -7.08% -2.61%
TOTAL ASSETS
Total Short-Term Assets $1.222B $1.111B
Total Long-Term Assets $14.25B $14.32B
Total Assets $15.47B $15.43B
YoY Change -5.73% -2.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $99.00M $83.00M
YoY Change 50.0% 27.69%
Accrued Expenses $401.0M $306.0M
YoY Change 24.92% -42.16%
Deferred Revenue $1.749B $1.745B
YoY Change 9.38% 6.99%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.391B $1.332B
YoY Change 694.86% 471.67%
Total Short-Term Liabilities $3.822B $3.752B
YoY Change 55.37% 36.54%
LONG-TERM LIABILITIES
Long-Term Debt $7.137B $7.190B
YoY Change -23.53% -22.91%
Other Long-Term Liabilities $692.0M $685.0M
YoY Change 9.67% 1456.82%
Total Long-Term Liabilities $7.829B $7.875B
YoY Change -21.43% -15.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.822B $3.752B
Total Long-Term Liabilities $7.829B $7.875B
Total Liabilities $13.37B $13.46B
YoY Change -4.46% 0.06%
SHAREHOLDERS EQUITY
Retained Earnings $89.00M $5.000M
YoY Change -136.03% -101.26%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.098B $1.970B
YoY Change
Total Liabilities & Shareholders Equity $15.47B $15.43B
YoY Change -5.73% -2.27%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $161.0M $181.0M
YoY Change 8.05% -4.23%
Depreciation, Depletion And Amortization $105.0M $106.0M
YoY Change -16.0% -15.2%
Cash From Operating Activities $158.0M $264.0M
YoY Change 26.4% 16.81%
INVESTING ACTIVITIES
Capital Expenditures $2.000M $2.000M
YoY Change -60.0% -50.0%
Acquisitions
YoY Change
Other Investing Activities -$6.000M $0.00
YoY Change -142.86% -100.0%
Cash From Investing Activities -$8.000M -$2.000M
YoY Change -188.89% -66.67%
FINANCING ACTIVITIES
Cash Dividend Paid $82.00M
YoY Change -1.2%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $88.00M
YoY Change -57.69%
Cash From Financing Activities -72.00M -$466.0M
YoY Change -46.67% 33.14%
NET CHANGE
Cash From Operating Activities 158.0M $264.0M
Cash From Investing Activities -8.000M -$2.000M
Cash From Financing Activities -72.00M -$466.0M
Net Change In Cash 78.00M -$202.0M
YoY Change -7900.0% 59.06%
FREE CASH FLOW
Cash From Operating Activities $158.0M $264.0M
Capital Expenditures $2.000M $2.000M
Free Cash Flow $156.0M $262.0M
YoY Change 30.0% 18.02%

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<div style="margin-bottom:5pt;margin-top:5pt;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Historically, we had a practice of recognizing revenue for certain groups of customer renewals on the successful billing date, rather than the renewal start date. This practice was instituted to align with our system which was configured and implemented based on payment confirmation from e-commerce partners. We are changing this practice to recognize revenue for these groups on the renewal start date. We concluded that the impact of this change is not material to any previously issued annual or interim financial statements; however, we have revised previously reported financial information. This correction will also be reflected in future filings, as applicable. </span></div><div style="margin-bottom:5pt;margin-top:5pt;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have corrected this error in the accompanying Condensed Consolidated Balance Sheet as of March 29, 2024 by increasing contract liabilities for $78 million, increasing other long-term assets for $21 million and decreasing retained earnings (accumulated deficit) for $57 million. The Condensed Consolidated Statement of Operations for the three months ended June 30, 2023 included a decrease to net revenues of $3 million and a decrease to income tax expense (benefit) of $1 million.</span></div>
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CY2024Q2 us-gaap Debt Instrument Carrying Amount
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CY2024Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2024Q2 us-gaap Treasury Stock Value Acquired Cost Method
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CY2023Q2 us-gaap Earnings Per Share Diluted
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CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q2 us-gaap Number Of Reportable Segments
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CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2024Q1 us-gaap Property Plant And Equipment Net
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CY2022Q2 us-gaap Loss Contingency Claims Settled Number
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CY2022Q2 us-gaap Loss Contingency Claims Settled Number
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CY2021Q2 us-gaap Litigation Settlement Amount Awarded To Other Party
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CY2021Q2 gen Loss Contingency Insurance Recoveries
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LitigationSettlementAmountAwardedToOtherParty
12000000 usd
CY2024Q2 us-gaap Loss Contingency Claims Settled Number
LossContingencyClaimsSettledNumber
3 lawsuit
CY2020Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
351000000 czk
CY2020Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
15000000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

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0000849399-24-000042-index.html Edgar Link pending
0000849399-24-000042.txt Edgar Link pending
0000849399-24-000042-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
gen-20240628.htm Edgar Link pending
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report.css Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
gen-20240628_cal.xml Edgar Link unprocessable