UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 10, 2025


Gen Digital Inc.
(Exact name of registrant as specified in its charter)


Delaware
  
000-17781
  
77-0181864
(State or other jurisdiction of incorporation)
  
(Commission File Number)
  
(I.R.S. Employer Identification No.)

60 E. Rio Salado Parkway, Suite 1000
Tempe, AZ 85281
(Address of principal executive offices, and Zip Code)


(650) 527-8000
(Registrant’s telephone number, including area code)


(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
GEN
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 7.01
Regulation FD Disclosure.

Gen Digital Inc. (the “Company”) has prepared an investor presentation to use in meetings with investors commencing on February 10, 2025. A copy of the investor presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1), is being furnished to the U.S. Securities and Exchange Commission and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by a specific reference in such filing.

Item 9.01
Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
Number
  
Description
 
Investor presentation, dated February 10, 2025.
     
104
  
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
Gen Digital Inc.
     
Date: February 10, 2025
By:
 /s/ Bryan Ko
   
Bryan Ko
Chief Legal Officer and Corporate Secretary

Exhibit 99.1

 Lender Presentation  February 10, 2025  Copyright © 2025 Gen Digital Inc. All rights reserved.  Special Notice Regarding Publicly Available Information  THE COMPANY HAS REPRESENTED THAT THE INFORMATION CONTAINED IN THIS LENDER PRESENTATION IS EITHER PUBLICLY AVAILABLE OR DOES NOT CONSTITUTE MATERIAL NON-PUBLIC INFORMATION WITH RESPECT TO THE COMPANY OR ITS SECURITIES. THE RECIPIENT OF THIS LENDER PRESENTATION HAS STATED THAT IT DOES NOT WISH TO RECEIVE MATERIAL NON-PUBLIC INFORMATION WITH RESPECT TO THE COMPANY OR ITS SECURITIES AND ACKNOWLEDGES THAT OTHER LENDERS HAVE RECEIVED A LENDER PRESENTATION THAT CONTAINS ADDITIONAL INFORMATION WITH RESPECT TO THE COMPANY OR ITS SECURITIES THAT MAY BE MATERIAL. NEITHER THE COMPANY NOR THE ARRANGER TAKES ANY RESPONSIBILITY FOR THE RECIPIENT'S DECISION TO LIMIT THE SCOPE OF THE INFORMATION IT HAS OBTAINED IN CONNECTION WITH ITS EVALUATION OF THE COMPANY AND THE FACILITY. 
 
 Disclosure / Disclaimer  SAFE HARBOR  This presentation contains forward-looking statements, which are subject to safe harbors under the Exchange Act of 1934, as amended. Forward-looking statements include statements that represent our expectations or beliefs concerning future events, including, without limitation, references to our ability to utilize our deferred tax assets, as well as statements including words such as “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “goal,” “intent,” “momentum,” “projects,” “forecast,” “outlook,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” and similar expressions. In addition, projections of our future financial performance, anticipated growth and trends in our businesses and in our industries, the consummation of or anticipated impacts of acquisitions, divestitures, restructurings, stock repurchases, financings, debt repayments and investment activities, the outcome or impact of pending litigation, claims or disputes, our intent to pay quarterly cash dividends in the future, plans for and anticipated benefits of our products and solutions, anticipated tax rates, benefits and expenses, the impact of inflation, fluctuations in foreign currency exchange rates, changes in interest rates, ongoing and new geopolitical conflicts, and other global macroeconomic factors on our operations and financial performance, the expected impact of our new strategy and other characterizations of future events or circumstances are forward-looking statements. These statements are only predictions, based on our current expectations about future events and may not prove to be accurate. We do not undertake any obligation to update these forward-looking statements to reflect events occurring or circumstances arising after the date of this presentation. These forward-looking statements involve risks and uncertainties, and our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements on the basis of several factors, including economic recessions, inflationary pressure and those other factors that we discuss under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 29, 2024 and our subsequent Quarterly Reports on Form 10-Q, as well as the offering memorandum for any potential offering.  NON-GAAP MEASURES  We use measures that are not generally accepted accounting principles (“GAAP”) of operating margin, operating income, net income, results of operations and earnings per share, which are adjusted from results based on GAAP and exclude certain expenses, gains and losses. We also provide the non-GAAP metrics of revenues, constant currency revenues, EBITDA, reported EBITDA, diluted share count, gross profit, gross profit adjustments, operating expense adjustments, other non-operating expense (income) adjustments, unlevered free cash flow and free cash flow, which is defined as cash flows from operating activities, less purchases of property and equipment.  These non-GAAP financial measures are provided to enhance the user's understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing Gen's performance, as well as in planning and forecasting future periods. These non-GAAP financial measures are not computed according to GAAP and the methods we use to compute them may differ from the methods us ed by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information present ed in accordance with GAAP and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Readers are encouraged to review the reconciliation of our non-GAAP financial measures to the comparable GAAP results, which is attached to our most recent quarterly earnings release, and which can be found, along with other financial information, including the most recent earnings per share, on the investor relations page of our website at Investor.GenDigital.com. No reconciliation of the forecasted range for non-GAAP revenues and earnings per share guidance is included in this presentation because most non-GAAP adjustments pertain to events that have not yet occurred. It would be unreasonably burdensome to forecast, therefore we are unable to provide an accurate estimate.  PUBLICATIONS AND REPORTS  Information regarding market data presented herein has been obtained from internal sources, market research, publicly available information and industry publications. Estimates are inherently uncertain, involve risks and uncertainties and are subject to change based on various factors. While we believe that these sources and estimates are reliable as of the date hereof, we have not independently verified them and cannot guarantee their accuracy or completeness.  Copyright © 2025 Gen Digital Inc. All rights reserved.  2 
 
 Copyright © 2025 Gen Digital Inc. All rights reserved.  3  This Lender Presentation (the "Lender Presentation") has been prepared solely for informational purposes from information supplied by or on behalf of Gen Digital Inc. (the "Company"), and is being furnished by Wells Fargo Securities, LLC (the "Arranger") to you in  your capacity as a prospective lender (the "Recipient") in considering the proposed Credit Facility described in the Lender Presentation (the "Facility").  ACCEPTANCE OF THIS LENDER PRESENTATION CONSTITUTES AN AGREEMENT TO BE BOUND BY THE TERMS OF THIS NOTICE AND UNDERTAKING AND THE SPECIAL NOTICE SET FORTH HEREIN (THE “SPECIAL NOTICE”). IF THE RECIPIENT IS NOT WILLING TO ACCEPT THE LENDER PRESENTATION AND OTHER EVALUATION MATERIAL (AS DEFINED HEREIN) ON THE TERMS SET FORTH IN THIS NOTICE AND UNDERTAKING AND THE SPECIAL NOTICE, IT MUST RETURN THE LENDER PRESENTATION AND ANY OTHER EVALUATION MATERIAL TO THE ARRANGER IMMEDIATELY WITHOUT MAKING ANY COPIES THEREOF, EXTRACTS THEREFROM OR USE THEREOF.  Confidentiality  As used herein: (a) "Evaluation Material" refers to the Lender Presentation and any other information regarding the Company or the Facility furnished or communicated to the Recipient by or on behalf of the Company in connection with the Facility (whether prepared or communicated by the Arranger or the Company, their respective advisors or otherwise) and (b) "Internal Evaluation Material" refers to all memoranda, notes, and other documents and analyses developed by the Recipient using any of the information specified under the definition of Evaluation Material.  The Recipient acknowledges that the Company considers the Evaluation Material to include confidential, sensitive and proprietary information and agrees that it shall use reasonable precautions in accordance with its established procedures to keep the Evaluation Material confidential; provided however that (i) it may make any disclosure of such information to which the Company gives its prior written consent and (ii) any of such information may be disclosed to it, its affiliates and their respective partners, directors, officers, employees, agents, advisors and other representatives (collectively, "Representatives") (it being understood that such Representatives shall be informed by it of the confidential nature of such information and shall be directed by the Recipient to treat such information in accordance with the terms of the Notice and Undertaking and the Special Notice). The Recipient agrees to be responsible for any breach of the Notice and Undertaking or the Special Notice that results from the actions or omissions of its Representatives.  The Recipient shall be permitted to disclose the Evaluation Material in the event that it is required by law or regulation or requested by any governmental agency or other regulatory authority (including any self-regulatory organization) or in connection with any legal proceedings. The Recipient agrees that it will notify the Arranger as soon as practical in the event of any such disclosure (other than at the request of a regulatory authority), unless such notification shall be prohibited by applicable law or legal process. For avoidance of doubt, nothing herein prohibits any individual from communicating or disclosing information regarding suspected violations of laws, rules, or regulations to a governmental, regulatory, or self-regulatory authority without any notification to any person.  The Recipient shall have no obligation hereunder with respect to any Evaluation Material to the extent that such information (i) is or becomes publicly available other than as a result of a disclosure by the Recipient in violation of this agreement, (ii) was within the Recipient's possession prior to its being furnished pursuant hereto or becomes available to the Recipient on a non-confidential basis from a source other than the Company or its agents, provided that the source of such information was not known by the Recipient to be bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Company or any other party with respect to such information, or (iii) any information that is independently developed by the Recipient without use of or reliance on the Evaluation Material.  In the event that the Recipient of the Evaluation Material decides not to participate in the transaction described herein, upon request of the Arranger, such Recipient shall as soon as practicable return all Evaluation Material (other than Internal Evaluation Material) to the Arranger or represent in writing to the Arranger that the Recipient has destroyed all copies of the Evaluation Material (other than Internal Evaluation Material) unless prohibited from doing so by the Recipient's internal policies and procedures.  Information  The Recipient acknowledges and agrees that (i) the Arranger received the Evaluation Material from third party sources (including the Company) and it is provided to the Recipient for informational purposes, (ii) the Arranger and its affiliates bear no responsibility (and shall not be liable) for the accuracy or completeness (or lack thereof) of the Evaluation Material or any information contained therein, (iii) no representation regarding the Evaluation Material is made by the Arranger or any of its affiliates, (iv) neither the Arranger nor any of its affiliates has made any independent verification as to the accuracy or completeness of the Evaluation Material, (v) the Arranger and its affiliates shall have no obligation to update or supplement any Evaluation Material or otherwise provide additional information, and (vi) none of the Arrangers or their respective affiliates shall have any liability with respect to the unauthorized use or misuse of Lender Presentation or any related marketing material by any Recipient.  The Evaluation Material has been prepared to assist interested parties in making their own evaluation of the Company and the Facility and does not purport to be all-inclusive or to contain all of the information that a prospective participant may consider material or desirable in making its decision to become a lender. Each Recipient of the information and data contained herein should take such steps as it deems necessary to assure that it has the information it considers material or desirable in making its decision to become a lender and should perform its own independent investigation and analysis of the Facility or the transactions contemplated thereby and the creditworthiness of the Company. The Recipient represents that it is sophisticated and experienced in extending credit to entities similar to the Company and that it is engaged in making, acquiring or holding commercial loans in the ordinary course. The Recipient understands that the Facility sets forth the terms of a commercial lending facility, and not any other type of financial instrument, and agrees not to assert a claim in contravention of the foregoing. The information and data contained herein are not a substitute for the Recipient's independent evaluation and analysis and should not be considered as a recommendation by the Arranger or any of its affiliates that any Recipient enter into the Facility.  Notice to and Undertaking by Recipients 
 
 Copyright © 2025 Gen Digital Inc. All rights reserved.  4  Information  The Evaluation Material may include certain forward looking statements and projections provided by the Company. Any such statements and projections reflect various estimates and assumptions by the Company concerning anticipated results. No representations or warranties are made by the Company or any of its affiliates as to the accuracy of any such statements or projections. Whether or not any such forward looking statements or projections are in fact achieved will depend upon future events some of which are not within the control of the Company. Accordingly, actual results may vary from the projected results and such variations may be material. Statements contained herein describing documents and agreements are summaries only and such summaries are qualified in their entirety by reference to such documents and agreements.  The Arrangers  The Arrangers (together with their affiliates) are full service financial institutions engaged in various activities, which may include loan and securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. The Arrangers and/or one of their affiliates may have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for the Company and/or its affiliates.  In the ordinary course of their various business activities, the Arrangers and/or their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve assets, securities and/or instruments of the Company and/or its affiliates. The Arrangers and/or their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.  The Arrangers and/or one or more of their affiliates may provide loans under the Facilities for their own account and such loans may comprise, individually or in the aggregate, a substantial portion of the Facilities. Certain of such affiliates may commit, subject to certain terms and conditions, to provide such loans prior to or immediately after commencement of the syndication of the Facilities, at a price and on terms agreed between such affiliates and the Company. In connection with the Facilities, the Company will pay certain fees, including commitment fees, to the Arrangers and/or one or more of their affiliates, as well as fees or discounts payable or given to the Arrangers and/or one or more of their affiliates in consideration for their respective commitments to provide loans, which commitments were made to the Company in advance of the commencement of the general syndication of the Facilities.  General  It is understood that unless and until a definitive agreement regarding the Facility between the parties thereto has been executed, the Recipient will be under no legal obligation of any kind whatsoever with respect to the Facility by virtue of this Notice and Undertaking except for the matters specifically agreed to herein and in the Special Notice.  The Recipient agrees that money damages would not be a sufficient remedy for breach of this Notice and Undertaking or of the Special Notice, and that in addition to all other remedies available at law or in equity, the Company and the Arranger shall be entitled to equitable relief, including injunction and specific performance, without proof of actual damages.  This Notice and Undertaking and the Special Notice together embody the entire understanding and agreement between the Recipient and the Arranger with respect to the Evaluation Material and the Internal Evaluation Material and supersedes all prior understandings and agreements relating thereto. The terms and conditions of this Notice and Undertaking and the Special Notice shall apply until such time, if any, that the Recipient becomes a party to the definitive agreements regarding the Facility, and thereafter the provisions of such definitive agreements relating to confidentiality shall govern. If you do not enter into the Facility, the application of this Notice and Undertaking and the Special Notice shall terminate with respect to all Evaluation Material on the date falling one year after the date of the Lender Presentation.  This Notice and Undertaking and the Special Notice shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of law (except Section 5-1401 of the New York General Obligation Law to the extent that it mandates that the law of the State of New York govern)  Notice to and Undertaking by Recipients (contd.) 
 
 Executive Summary  Situation Overview  Gen Digital Inc. (“Gen” or the “Company”) is looking to raise a $600 million Incremental Term Loan B (“Term Loan”) (collectively, the “Transaction”). The net proceeds from the Transaction will be utilized for General Corporate Purposes, which may include funding the purchase price of the MoneyLion acquisition and/or repaying outstanding debt of the Company  Extends debt maturity profile  Preserves full availability under the $1.5 billion revolver  Net incremental debt is prepayable, allowing for deleveraging from expected strong free cash flow  Concurrent with the TLB, Gen will be looking to raise $1,100 million of Other Unsecured Indebtedness to refinance the existing Senior Notes due 2025  Transaction Overview  Lender Commitments are due by February 13th at noon ET  Financial and Strategic Policy  Gen remains committed to maintaining a strong credit ratings profile and managing its leverage profile  On a pro forma basis, Gen will be levered at 3.8x based on LTM 12/27/2024 PF EBITDA of $2,383 million (comprised of Reported EBITDA of $2,293 million and  $90 million of EBITDA contribution from MoneyLion)  Gen is committed to long-term target of < 3.0x Net Leverage Ratio, expected to be achieved by FY27  Copyright © 2025 Gen Digital Inc. All rights reserved.  5 
 
 Transaction Overview  Sources & Uses  Pro Forma Capitalization  ($ in Millions)  Sources Uses   Incremental Term Loan B  $600 Estimated Purchase Price of MoneyLion  $1,000  Other Unsecured Indebtedness  1,100 Repay 5.000% Senior Notes due 2025  1,100  Interim Free Cash Flow  400  Total Sources  $2,100 Total Uses  $2,100  Note: Excludes transaction related fees & expenses  Cash and Cash Equivalents  $883  $883  $1,500 million Revolver due 2027  $--  $--  Term Loan A due 2027  3,568  3,568  Term Loan B due 2029  2,395  2,395  Incremental Term Loan B  --  600  600  Avira Mortgages due 2029 & 2030  Total Secured Debt  Net Secured Debt  5.000% Senior Notes due 2025  6.750% Senior Notes due 2027  7.125% Senior Notes due 2030  6  6  $5,969  2.6x  $6,569  2.8x  $5,086  2.2x  $5,686  2.4x  1,100  (1,100)  --  900  900  600  600  Other Unsecured Indebtedness  --  1,100  1,100  Total Debt  Net Debt  Market Capitalization ³  $8,569  3.7x  $9,169  3.8x  $7,686  3.4x  $8,286  3.5x  $17,028  $17,028  Total Capitalization  $25,597  11.2x  $26,197  11.0x  Liquidity 4  $2,383  $2,383  1 Based on LTM 12/27/2024 Reported EBITDA of:  $2,293  2 MoneyLion 2024E Adj. EBITDA (excl. synergies) midpoint of guidance provided in Q3 earnings  $90  $2,383  3 Based on 2/7/2025 closing share price of $27.63 and 616.3 million shares outstanding  4 Based Revolver Availabilty plus Cash and Cash Equivalents  ($ in Millions) 12/27/2024 Pro Forma    $ x of EBITDA 1 Adj. $ x of EBITDA 1,2  Copyright © 2025 Gen Digital Inc. All rights reserved.  6 
 
 Summary of Terms: $600 million Incremental Term Loan B  Borrower:  Gen Digital Inc. (the “Borrower”)  Security:  First priority security interest in substantially all tangible and intangible personal property of the Borrower and each Guarantor (Same as existing)  Facility:  $600 million Incremental Term Loan B  Maturity:  7 Years (2032)  Use of Proceeds:  For general corporate purposes, which may include funding the purchase price of the MoneyLion acquisition and/or repaying outstanding debt of the company  Call Protection:  101 soft call for 6 months  Amortization:  1.00% per annum  Financial Covenants:  None, covenant-lite  Negative Covenants:  Same as existing  Summary of Terms: Incremental Term Loan B  Copyright © 2025 Gen Digital Inc. All rights reserved.  7 
 
 Transaction Timeline  Date  Timeline  February 10th  Launch Incremental Term Loan B  February 13th  Lender Commitments due at Noon ET  Thereafter  Close and Fund Transaction  Market Holiday  Key Date  February 2025  Sun  Mon  Tue  Wed  Thurs  Fri  Sat  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  28  Copyright © 2025 Gen Digital Inc. All rights reserved.  8 
 
 Gen Digital Overview  Copyright © 2025 Gen Digital Inc. All rights reserved.  9  Copyright © 2025 Gen Digital Inc. All rights reserved. 
 
 Note: Revenue, operating margin, and EPS are presented as non-GAAP. Direct monthly ARPU reflects 12 months ended December 27, 2024; (1) Denotes Total Paid Customers as of 3/29/24 (2) Using Covenant Debt EBITDA (Non-GAAP)  Company Snapshot  ~$4B  Total Bookings (LTM)  +4% Cyber Safety Y/Y  65M+1  Total Paid Customers  40M  Direct Customers  +1.2M Y/Y  ~15B  Attacks Blocked Globally  CY2024  78%  Direct Retention  +1 pt Y/Y  $7.27  Direct Monthly ARPU  +$0.09 Y/Y  3.3x2  Net Leverage  Target of <3.0x by FY27  25+  Product Awards  and recognition  11  Copyright © 2025 Gen Digital Inc. All rights reserved.  As of Q3 FY25 Earnings  LTM Revenue $3.9B | Non-GAAP Operating Margin 58.5% 
 
 Powering Digital Freedom  11  Copyright © 2025 Gen Digital Inc. All rights reserved.  Mission  We create innovative and easy-to-use technology solutions that help people grow, manage, and secure their digital and financial lives.  Purpose 
 
 Shaping the NextGen product portfolio based on consumer needs  Verify the people and information I interact with online  4  Give me control of my personal data  3  Keep my finances safe online  2  Protect my digital life from any security threats  1  Personalized risk detection & proactive recommendations  Identity verification & digital trust services  Scam, fraud, malware and phishing protection  Financial and credit wellness features  12  Copyright © 2025 Gen Digital Inc. All rights reserved. 
 
 reedom  Gen  Global Leader in Consumer Cyber Safety  25+  Product Awards and Recognitions  Record  12B+  Attacks blocked in FY24  80%  Of attempts blocked were social engineering attacks  Introduced Norton Genie  The world’s leading AI-powered scam detection app  downloads  2M to date  Company  Recognitions  Listed on the Dow Jones North America Index  Powered by the S&P Global CSA  Positive Customer  Reviews  App Reviews  4.8+ Stars  4.2+ Stars  For Norton, Avast and LifeLock  Copyright © 2025 Gen Digital Inc. All rights reserved.  13  Copyright © 2025 Gen Digital Inc. All rights reserved. 
 
 MoneyLion Acquisition  Copyright © 2025 Gen Digital Inc. All rights reserved.  14  Copyright © 2025 Gen Digital Inc. All rights reserved. 
 
 Expands into full lifecycle of credit and financial wellness  offerings for consumers  strategically accelerates Gen’s presence in financial wellness and expands our consumer portfolio  Brings an AI recommendation engine, enhanced by Gen’s  user base, that powers a scaled financial marketplace platform  Diversifies Gen’s customer base with consumers in earlier stages of their financial lives, expanding top of funnel  Combines security, identity and financial data to enhance personalization, improving user digital and financial health  More than doubles addressable market to $50B+ and  reinforces long-term financial model  Expected to close in H1 FY26  15  Copyright © 2025 Gen Digital Inc. All rights reserved. 
 
 Transaction Overview  Financial Impact  16  Copyright © 2025 Gen Digital Inc. All rights reserved  Transaction structure  $82 / share (Cash)  +  $23 / share (CVR)  Contingent Value Right (“CVR”) issuable at closing and payable in Gen shares (issuable based on an assumed share price of $30.48) if Gen 30 consecutive trading day average volume-weighted average share price reaches  $37.50 during the period from December 10, 2024 through the 24-month period after the transaction close.  EBITDA based on street consensus (FactSet), multiple based on cash value and cash + $23 CVR face value  Using Covenant Debt EBITDA (Non-GAAP)  Estimated cash payment at close of ~$1B  Estimated purchase price at 9-11x NTM EBITDA(1) before synergies  Accretive to Non-GAAP  Reinforces Gen’s long-term financial model  Gen re-affirms commitment of net leverage < 3x EBITDA(2) by FY27  Approvals & Timing  Unanimously approved by the Boards of Directors of both Gen and MoneyLion  Subject to approval by MoneyLion shareholders  Expected to close in H1 FY26, subject to regulatory  approvals and other customary closing conditions 
 
 Revenue & Growth  $500M  +23% Y/Y  Adj. EBITDA Margin  17%  Total Customers  18.7M  Marketplace Inquiries (Q3)  ~90M / quarter  Financial Profile (1)  LTM Q3 CY2024  Thefirstconsumer finance digital ecosystem  & theultimate financial marketplace  Personal Financial Management (PFM) Marketplace Products & Offers  Banking Direct Deposit Early Paycheck  Investing  Managed Portfolio Single Stock Investing  Rewards  AI Powered PFM Insights  Cash Advance  Round Ups  Money / Adjacent  Content and Community  Credit Monitoring  Credit Builder Loans  Peer to Peer Payments  Credit Cards  Insurance  Auto, Life, Home  Loans  Personal, Student, Auto, Home  High Yield Savings  Auto  Rent, Buy / Sell  Earn  Side Hustles  Education  Student Loan Refi  Home  Get Repairs, Save on Utilities  Travel  Crypto  Tax Preparation  Credit Builder Loans  Premium Membership Cashback rewards  Games  (1) For financial reconciliations, please refer to MoneyLion’s Q3 2024 Earnings Presentation found at: investors.moneylion.com  17  Copyright © 2025 Gen Digital Inc. All rights reserved. 
 
 Transaction Significantly Expands TAM to $50B+  2020  Low-to-Mid Single Digit CAGR  2023  Mid-Single Digit CAGR  2025+  Mid-to-High Single Digit CAGR  TAM expansion into Consumer Digital Finance and Financial Marketplace, growing high single to double digits (1)  Expanded TAM of $30B+ includes:  Personal financial management  Financial marketplaces  Digital banking services  Cyber Safety  (shared in Nov 2023)  Consumer Digital Finance  $22B  $13B  Financial & Credit Monitoring  2x  Expansion  +  +  (1) Sources: company public filings, IDC, Gartner, Javelin Strategy & Research, GlobalInfoResearch, Maia Research, Wall Street equity research reports,  US Census Group, Boston Consulting Group, Gen estimates.  18  Copyright © 2025 Gen Digital Inc. All rights reserved. 
 
 Gen's Expanding Consumer Portfolio  Anti-Virus  Backup  Parental Control  Utilities  Anti-Scam  VPN  Privacy Monitor  Anti-Track  Private Browser  Monitoring & Alerts  ID Rest. & Legal  Fraud Prevention  Home Title  Insurance  Reputation  Digital Vault  Credit Builder  Banking Services  Marketplace  Password Manager  Cyber Safety Assistant  Financial Mgmt.  Protect my identity and finances  Manage and grow my finances  Secure my family against cyber threats  Safeguard my personal data  Invest & Plan  Estate Planning  19  Copyright © 2025 Gen Digital Inc. All rights reserved. 
 
 Key Credit Highlights  Copyright © 2025 Gen Digital Inc. All rights reserved.  20  Copyright © 2025 Gen Digital Inc. All rights reserved. 
 
 Key Credit Highlights  Leadership in Large and Under-penetrated Cyber Safety Market with Strong Brand Awareness  Comprehensive and Expanding Product Portfolio Across  Security, Identity, and Privacy  Broad Global Customer Base with Significant Cross-Sell  and Up-Sell Opportunities  Demonstrated Success in Business Integration and  Synergy Realization  Recurring and Diversified Revenue Driving Predictable  and Resilient Growth  Robust Margin Profile with Strong Free Cash  Flow Generation  Disciplined Financial Policy with a Committed  Deleveraging Path to <3x Net Leverage by FY27  Consumer-Focused Management Team with Deep  Expertise and Proven Track Record of Success  1  2  3  4  5  6  7  8  21  Copyright © 2025 Gen Digital Inc. All rights reserved. 
 
 Cybercrimes keep growing  Financial impact of breaches is increasing  Need for data verification and privacy is on the rise  AI is accelerating cyber threats and safety needs  Tailwinds  Lack of consumer awareness or higher risk tolerance  Dependence on legacy and embedded solutions  Complexity of technology  Lack of integration and ease of use  Headwinds  And it is still significantly under-penetrated  5B+ Global Internet Users Is the Opportunity  5B+  Global Internet Users  Source: ITU statistics (2023), public company filings, Gen estimates  Copyright © 2025 Gen Digital Inc. All rights reserved.  22  60%+  <10%  ~30%  Remains unsecured or relies on fragmented & embedded security  Leverage free  products  Use paid Cyber Safety solutions 
 
 Scaled Footprint Enhances Opportunities  Large, healthy and growing customer base  Today  #1 consumer Cyber Safety service & support team  Balance of new and retained  Diverse segments & geographies  Strong satisfaction and loyalty  Cross-sell/up-sell opportunities  Scalable and engaged  ~50M  PAID CUSTOMERS  21M  DIRECT  6M  MEMBERS  Post-Divestiture  Healthy  ~65M  PAID CUSTOMERS  ~500M  TOTAL USERS  (free + paid customers)  40M  DIRECT  14M+  MEMBERS  Copyright © 2025 Gen Digital Inc. All rights reserved.  23 
 
 $6  $6  $20  $15  FY22  LTM Q3 FY25  $974  $757  $2,064  $2,146  FY22  LTM Q3 FY25  25  Strong Free Cash Flow CAGR: 30.1% from $974M in FY22 to  $2.1M in LTM Q3 FY25  3-Year Average Free Cash Flow Conversion(2): 65.4% from  FY22 – FY24  Limited Capital Expenditure Needs, with CapEx needs at 0.3% as a percentage of Revenue from FY22 – FY24, and 0.4% in LTM Q3 FY25  Cash Flow From Operations (3)  FY23 FY24  Capital Expenditures  $968  $751  $2,044  $2,131  FY22 FY23  FY24 LTM Q3 FY25  Copyright © 2025 Gen Digital Inc. All rights reserved.  FY23 FY24  Free Cash Flow  ($ in Millions)  ($ in Millions)  ($ in Millions)  Note: All references to years refer to Fiscal Year Ending in March  (1) Free Cash Flow defined as Cash Flow From Operations less Capital Expenditures  (2) Free Cash Flow Conversion is defined as FCF / Adj. EBITDA (3)  The outsized gain in CFFO in F24 was driven by working capital flow YoY (Outflows of $969 million in FY23 compared to inflows of $1,748 million in FY24)  A History of Consistent Free Cash Flow Generation(1)  64.7%  40.5%  91.1%  92.9%  Free Cash Flow Conversion 
 
 Copyright © 2025 Gen Digital Inc. All rights reserved.  20+ years of senior operating and financial experience in the technology sector  Held positions at Logitech, Electronics-For-Imaging, and Hewlett-Packard  M.S. Engineering, Université Catholique de Louvain  M.B.A, Kellogg School of Management at Northwestern University  Vincent Pilette  Chief Executive Officer  Natalie Derse  Chief Financial Officer  Bryan Ko  Legal & Corp. Development  Howie Xu  AI & Innovation  26+ years in financial management, business performance analytics, and operational excellence across eCommerce, Consumer Products & Services, and Manufacturing & Distribution  Prior positions at General Electric, Stanley Black & Decker, and eBay  B.S Finance, University of Dayton  Previously served as Logitech’s International General Counsel, Corporate Secretary, and Head of Corporate Development and as General Counsel and Corporate Secretary for Fuhu, Inc.  M.B.A and B.A., UC Berkeley  J.D. Rutgers University School of Law  Previously served as Senior Vice President of Engineering of AI/ML at Palo Alto Networks and Vice President of AI/ML at Zscaler  Previous positions include CEO and Co-Founder of TrustPath (AI security startup acquired by Zscaler) and Entrepeneur-in- Residence at Greylock Partners  Travis Witteveen  Commercial Operations,  Acquisitions & Partnerships  Denotes management position at Gen Digital or its predecessors during the Avira and Avast acquisitions  30+ years of IT industry experience in the US and Europe  Previously served as CEO of Avira and joined the Gen leadership team through the Avira acquisition  Prior to Avira and Gen, Travis held executive and senior sales and marketing leadership roles at AVG, F-Secure, Axent/Raptor Technologies and FTP Software  Experienced Management Team with Track Record of Success  26 
 
 FY25 Q3 Results  Copyright © 2025 Gen Digital Inc. All rights reserved.  27 
 
 22nd consecutive quarter of growth: Cyber Safety Bookings up 4% in constant currency (CC), Revenue up 4%  Operating margin of 58.5% reflects strong core margins and disciplined growth investments  5th quarter of double-digit EPS growth, up 15%, driven by focused execution and balanced capital allocation  $1,007M  $1,036M  Q3 FY24  Q3 FY25  Q3 FY24  Q3 FY25  $948M  $986M  Q3 FY24  Q3 FY25  $0.49  $0.56  Q3 FY24  Q3 FY25  Revenue (1)  +4% Y/Y in CC and USD  +5% Y/Y (Cyber Safety)  Bookings  +3% Y/Y in CC and USD  +4% Y/Y (Cyber Safety)  Operating Income (1)  +4% Y/Y in CC and USD  $577M  OM 58.5%  $555M  OM 58.5%  EPS (1)  +15% Y/Y in CC and USD  Copyright © 2025 Gen Digital Inc. All rights reserved.  28  Q3 Non-GAAP Business Highlights  Note: Graphs not to scale. All numbers presented are non-GAAP unless otherwise indicated. See appendix for reconciliation of financial measures from GAAP to non-GAAP.  (1) During the first quarter of fiscal year 2025, Gen made an immaterial revis ion to FY24 financials. Please refer to Note 1 in the Q1 FY25 10-Q for more details. 
 
 Non-GAAP P&L  ($mil), except per share amounts  Q3 FY24 (1)  Q2 FY25  Q3 FY25  Y/Y % USD  Revenue  $948  $974  $986  4%  Y/Y % (CC)  2%  3%  4%  --  Gross Profit  824  839  850  3%  Gross Margin  86.9%  86.1%  86.2%  (70) bps  Operating Expenses  269  272  273  1%  % of Revenue  28.4%  27.9%  27.7%  (70) bps  Operating Income  $555  $567  $577  4%  Operating Margin  58.5%  58.2%  58.5%  flat  Other Inc / (Expense)  (151)  (137)  (128)  nm  Effective Tax Rate  22%  22%  22%  --  Net Income  $315  $336  $350  11%  Q3 Revenue of $986M, up 4% in USD and CC  Broad-based growth across product portfolio, with stronger growth in higher value US market  Stable and healthy KPIs at cohort levels  Operating Leverage at Scale: 58.5% Margin, flat Y/Y  Best-in-class operating margins reflect efficient  business model that enables new investment capacity  Continue to operate with discipline and drive profitable growth to fund innovation  (1) During the first quarter of fiscal year 2025, Gen made an immaterial revis ion to FY24 financials. Please refer to Note  1 in the Q1 FY25 10-Q for more details.  29  Solid Execution  Note: All numbers presented are non-GAAP unless otherwise indicated.  See appendix for reconciliation of financial measures from GAAP to non-GAAP.  Copyright © 2025 Gen Digital Inc. All rights reserved. 
 
 Note: Amounts may not add due to rounding.  During the first quarter of fiscal year 2025, Gen made an immaterial revis ion to FY24 financials. Please refer to Note 1 in  the Q1 FY25 10-Q for more details.  Subscriptions sold directly through E-Commerce and Mobile App  Legacy revenue includes: EOL VPN (SurfEasy and HMA), SMB Legacy Platforms, Avast's Chrome Distribution, Bullguard, Tech OEM, and exited markets.  Direct monthly ARPU is calculated as direct customer revenues for the period divided by the average direct customer count for the same period, expressed as a monthly figure.  Direct retention is customer (unit) retention. Reflects blended retention of E-Commerce and Mobile customers  29  Copyright © 2025 Gen Digital Inc. All rights reserved.  Q3  FY24  Q2  FY25  Q3  FY25  Y/Y % USD  Y/Y % CC  Direct(1) (2)  $834  $860  $869  4%  4%  + Partners  $99  $102  $105  6%  6%  = Cyber Safety  $933  $962  $974  4%  5%  + Legacy (3)  $15  $12  $12  (20%)  (20%)  = Total Revenue  $948  $974  $986  4%  4%  Revenue ($M)  Q3  FY24  Q2  FY25  Q3  FY25  Y/Y  Direct Customers  (Q/Q change)  38.9M  +330K  39.7M  +389K  40.1M  +371K  1.2M  Direct Monthly ARPU (4)  $7.18  $7.26  $7.27  $0.09  Direct Retention (5)  77%  ~78%  ~77.5%  1 pt  Cyber Safety Metrics  All KPIs stable to up, with improvements across cohorts  Direct Customers up 1.2M Y/Y from new international customers and higher mobile adoption, improved retention at cohort level  ARPU expansion reflects strong cross-sell and upsell momentum  Retention up 1 pt Y/Y at cohort level, overall blended retention slightly impacted by higher mix of first year mobile customers  Gen Performance Metrics 
 
 Key Balance Sheet, Cash Flow, & Other Metrics ($M)  Q3 FY24  Q2 FY25  Q3 FY25  Balance Sheet  Cash and Cash Equivalents  $490  $737  $883  Contract Liabilities (1)  $1,819  $1,827  $1,849  Debt (Principal)  $9,375  $8,628  $8,569  Cash Flow  Cash Flow from Operations  $315  $158  $326  Capital Expenditures  $8  $2  $8  Free Cash Flow  $307  $156  $318  Other Metrics: Capital Allocation  Dividends + Dividend Equivalents  (Quarterly $0.125 per common share)  $81  $77  $77  Debt Paydown  $259  -  $59  Share Repurchase  $100  -  -  Liquidity of $2.4B  $883M cash + $1.5B revolver undrawn  Debt / EBITDA(2) Net Leverage of 3.3x  Remain committed to long-term target <3x by FY27  Free Cash Flow of $318M  Limited capital allocation pending closure of  MoneyLion acquisition  30  Copyright © 2025 Gen Digital Inc. All rights reserved.  Balance Sheet & Cash Flow  During the first quarter of fiscal year 2025, Gen made an immaterial revis ion to FY24 financials. Please refer  to Note 1 in the Q1 FY25 10-Q for more details.  Using Covenant EBITDA (Non-GAAP) 
 
 Gen’s Pro-Forma Financial Policy  Financial Position & Liquidity  Robust liquidity ($2,383 million Actual at 12/27/2024) through cash on balance sheet and revolver availability  Strong balance sheet mix supported by this Transaction as Gen addresses near-term maturities  Prudent capital management, demonstrated by historical voluntary TLB pre-payments totaling $980 million since FY 2024  Proactive hedging program with active interest-rate risk management  Continued focus on generating strong free cash flow supporting continued investment in our business and deleveraging, with LTM FCF at  ~$2,131 million (1)  Leverage Target  Focused on maintaining strong credit profile  Gen is committed to long-term target of < 3.0x Net Leverage Ratio, expected to be achieved by FY27  Capital Allocation  Gen will remain prudent on paying dividends, with the dividend policy remaining unchanged, at $0.50 per share going forward  Gen will continue to maintain a balanced approach to its capital allocation strategy as the Company progresses towards achieving all of its publicly stated financial goals  Strategic and accretive M&A reinforcing Gen’s long-term financial model, all future M&A will take Gen’s long term Total Net Leverage target into account  (1) Based historical LTM 12/27/2024 CFFO less Capital Expenditures, per Company filings  Copyright © 2025 Gen Digital Inc. All rights reserved. 31 
 
 Note: All numbers presented are non-GAAP unless otherwise indicated  Guidance in USD assumes average Jan 2025 foreign exchange rates.  Assumes non-GAAP effective tax rate of ~22%.  We are not providing GAAP EPS guidance because most non-GAAP adjustments pertain to events that have not yet occurred and would be unreasonably  burdensome to forecast.  Strengthening FY25 Non-GAAP Guidance  Q4 FY25  REVENUE  $990M - $1,005M  EPS  $0.57 - $0.59  FY25  REVENUE  $3,915M - $3,930M  EPS  $2.20 - $2.22  EPS growth: 14-15%  32  Copyright © 2025 Gen Digital Inc. All rights reserved.  Stable currency and SOFR flat to down  FY25 Key Assumptions  (Growth in Constant Currency)  Cyber Safety Bookings and Revenue growth: ~4% 
 
 Appendix  33  Copyright © 2025 Gen Digital Inc. All rights reserved. 
 
 Non-GAAP P&L  ($M), except per share amounts  Q1 FY24  Q2 FY24  Q3 FY24  Q4 FY24  FY24  Q1 FY25  Q2 FY25  Q3 FY25  Direct Customer Revenues  829  834  834  844  3,341  850  860  869  Partner Revenues  97  95  99  105  396  101  102  105  TOTAL CYBER SAFETY REVENUE  $926  $929  $933  $949  $3,737  $951  $962  $974  Legacy Revenues  17  16  15  15  63  14  12  12  TOTAL REVENUE  $943  $945  $948  $964  $3,800  $965  $974  $986  Y/Y % (CC)  35%  28%  2%  3%  15%  3%  3%  4%  Gross Profit  $822  $824  $824  $832  $3,302  $833  $839  $850  Gross Margin  87.2%  87.2%  86.9%  86.3%  86.9%  86.3%  86.1%  86.2%  Sales & Marketing  172  174  172  173  691  173  175  173  Research & Development  79  75  67  69  290  72  74  74  General & Administrative  29  29  30  24  112  24  23  26  Operating Expenses  280  278  269  266  1,093  269  272  273  % of Revenue  29.7%  29.4%  28.4%  27.6%  28.8%  27.9%  27.9%  27.7%  Operating Income  $542  $546  $555  $566  $2,209  $564  $567  $577  Operating Margin  57.5%  57.8%  58.5%  58.7%  58.1%  58.4%  58.2%  58.5%  Interest Expense  (163)  (167)  (158)  (154)  (642)  (146)  (143)  (134)  Other Income (Expense)  9  6  7  15  37  12  6  6  Income before Income Taxes  $388  $385  $404  $427  $1,604  $430  $430  $449  Provision for Income Tax  85  84  89  94  352  95  94  99  Net Income  $303  $301  $315  $333  $1,252  $335  $336  $350  Depreciation  7  6  5  5  23  5  4  5  Reported EBITDA  $549  $552  $560  $571  $2,232  $569  $571  $582  Trended Non-GAAP Quarterly Results  During the first quarter of fiscal year 2025, Gen made an immaterial revision to FY24 financials. Please refer to Note 1 in the Q1 FY25 10-Q for more details.  Copyright © 2025 Gen Digital Inc. All rights reserved. 34 
 
 GAAP to Non-GAAP Gross Profit  ($M)  Q1 FY24  Q2 FY24  Q3 FY24  Q4 FY24  FY24  Q1 FY25  Q2 FY25  Q3 FY25  GAAPResults of Operation  Gross profit (GAAP)  $764  $765  $766  $774  $3,069  $775  $780  $793  Non-GAAP Gross Profit Adjustments  Cost of revenues  Stock-based compensation  1  1  1  1  4  1  1  1  Amortization of intangible assets  57  58  57  57  229  57  58  56  TOTAL GROSSPROFIT  ADJUSTMENT  58  59  58  58  233  58  59  57  Non-GAAP Results of Operation  Net revenues  943  945  948  964  3,800  965  974  986  Cost of revenues  121  121  124  132  498  132  135  136  GROSS PROFIT (NON-GAAP)  $822  $824  $824  $832  $3,302  $833  $839  $850  Reconciliation to Non-GAAP Gross Profit  During the first quarter of fiscal year 2025, Gen made an immaterial revision to FY24 financials. Please refer to Note 1 in the Q1 FY25 10-Q for more details.  Copyright © 2025 Gen Digital Inc. All rights reserved. 35 
 
 GAAP to Non-GAAP Operating Income  ($M)  Q1 FY24  Q2 FY24  Q3 FY24  Q4 FY24  FY24  Q1 FY25  Q2 FY25  Q3 FY25  GAAPResults of Operation  Operating income (GAAP)  $359  $22  $332  $397  $1,110  $417  $402  $374  Total Non-GAAP gross profit  adjustment  58  59  58  58  233  58  59  57  Non-GAAP Operating Expense  Adjustments  Stock-based compensation  36  34  34  30  134  30  32  32  Amortization of intangible assets  61  61  61  50  233  43  44  43  Restructuring and other costs  17  17  2  21  57  (1)  3  2  Acquisition and integration costs  6  6  8  4  24  2  2  6  Litigation costs  5  347  60  6  418  15  25  21  Legal contract dispute cost  -  -  -  -  -  -  -  42  TOTAL OPERATING EXPENSE  ADJUSTMENT  125  465  165  111  866  89  106  146  Non-GAAP Results of Operation  Gross profit  822  824  824  832  3,302  833  839  850  Sales and marketing  172  174  172  173  691  173  175  173   Research and development  79  75  67  69  290  72  74  74  General and administrative  29  29  30  24  112  24  23  26  Total operating expenses  280  278  269  266  1,093  269  272  273  Operating Income (Non-GAAP)  $542  $546  $555  $566  $2,209  $564  $567  $577  Reconciliation to Non-GAAP Operating Income  During the first quarter of fiscal year 2025, Gen made an immaterial revision to FY24 financials. Please refer to Note 1 in the Q1 FY25 10-Q for more details.  Copyright © 2025 Gen Digital Inc. All rights reserved. 36 
 
 GAAP to Non-GAAP Net Income ($M)  Q1 FY24  Q2 FY24  Q3 FY24  Q4 FY24  FY24  Q1 FY25  Q2 FY25  Q3 FY25  GAAPResults of Operation  Net income(GAAP)  $187  $147  $142  $131  $607  $181  $161  $159  Total Non-GAAP gross profit adjustment  58  59  58  58  233  58  59  57  Total Non-GAAP operating expense adjustment  125  465  165  111  866  89  106  146  Non-GAAP Other Non-Operating Expense (Income) Adj  Non-cash interest expense  7  6  7  7  27  7  6  7  Loss (gain) on equity investments  -  -  -  40  40  -  -  30  Gain on sale of properties  (4)  -  (5)  -  (9)  -  -  -  Other  1  (1)  1  (1)  -  -  1  1  Total adjustments to GAAPincome before  income taxes  187  529  226  215  1,157  154  172  241  Income tax effect of non-GAAP adjustments  (71)  (375)  (53)  (13)  (512)  -  3  (50)  Total net income adjustment  116  154  173  202  645  154  175  191  Non-GAAP Results of Operation  Operating income  542  546  555  566  2,209  564  567  577  Interest expense  (163)  (167)  (158)  (154)  (642)  (146)  (143)  (134)  Other income (expense), net  9  6  7  15  37  12  6  6  Income before income taxes  388  385  404  427  1,604  430  430  449  Provision for income taxes  85  84  89  94  352  95  94  99  Net income (Non-GAAP)  $303  $301  $315  $333  $1,252  $335  $336  $350  Reconciliation to Non-GAAP Net Income  During the first quarter of fiscal year 2025, Gen made an immaterial revision to FY24 financials. Please refer to Note 1 in the Q1 FY25 10-Q for more details.  Copyright © 2025 Gen Digital Inc. All rights reserved. 37 
 
 GAAP to Non-GAAP Net Income (1)  ($M), except per shareamounts  Q3 FY25  Net Income  GAAP Net Income  $159  Stock based compensation  33  Amortization of intangible assets  99  Restructuring and other costs  2  Acquisition and integration costs  6  Litigation costs  21  Legal contract dispute cost  42  Other (2)  38  Adjustment to GAAP provision for income taxes  (50)  Total adjustments  191  Non-GAAP Net Income  $350  Total may not add due to rounding.  Other includes non-cash interest expense, loss (gain) on equity investments and other minor reconciling items.  Copyright © 2025 Gen Digital Inc. All rights reserved. 39  Reconciliation to Non-GAAP Net Income 
 
 Unlevered Free Cash Flow Reconciliation ($M)  Q3 FY25  Net Cash Flow from Operating Activities  $326  Adjustments:  Capital Expenditures  (8)  Free Cash Flow  $318  Adjustments:  Cash paid for interest expense, net of interest rate hedges  $177  Unlevered Free Cash Flow  $495  Copyright © 2025 Gen Digital Inc. All rights reserved. 40  Reconciliation to Non-GAAP (Unlevered) Free Cash Flow 
 
 Revenue by Geo ($M)  Q1 FY24  Q2 FY24  Q3 FY24  Q4 FY24  FY24  Q1 FY25  Q2 FY25  Q3 FY25  US  558  563  563  578  2,262  579  584  589  Rest of Americas  56  55  56  56  223  57  57  58  Americas  614  618  619  633  2,484  636  641  647  EMEA  226  227  230  233  916  233  233  240  APJ  103  100  99  98  400  96  100  99  Total Revenue  $943  $945  $948  $964  $3,800  $965  $974  $986  Trended GAAP Revenue by Geography  During the first quarter of fiscal year 2025, Gen made an immaterial revision to FY24 financials. Please refer to Note 1 in the Q1 FY25 10-Q for more details.  Copyright © 2025 Gen Digital Inc. All rights reserved. 40 
 
 Reported EBITDA (Non-GAAP) (1) ($M)  Q1 FY24  Q2 FY24  Q3 FY24  Q4 FY24  FY24  Q1 FY25  Q2 FY25  Q3 FY25  Net income  $187  $147  $142  $131  $607  $181  $161  $159  Adjustments:  Net interest expense  164  167  160  153  644  145  143  135  Income tax expense (benefit)  14  (291)  36  81  (160)  95  97  49  Depreciation and amortization  125  125  123  112  485  105  106  104  EBITDA (Non-GAAP)  490  148  461  477  1,576  526  507  447  Adjustments to EBITDA:  Stock-based compensation  37  35  35  31  138  31  33  33  Restructuring and other costs  17  17  2  21  57  (1)  3  2  Acquisition and integration costs  6  6  8  4  24  2  2  6  Litigation costs  5  347  60  6  418  15  25  21  Legal contract dispute cost  -  -  -  -  -  -  -  42  Loss (gain) on equity investments  -  -  -  40  40  -  -  30  Gain on sale of properties  (4)  -  (5)  -  (9)  -  -  -  Impairment of long-lived assets  -  -  -  -  -  -  3  -  Other non-operating expense (income), net (2)  (2)  (1)  (1)  (8)  (12)  (4)  (2)  1  Reported EBITDA (Non-GAAP)  $549  $552  $560  $571  $2,232  $569  $571  $582  Amounts may not add due torounding.  Other non-operating expense, net is equal to total non-operating expense, net excluding net interest expense and other minor reconciling items.  Trended EBITDA (Non-GAAP)  During the first quarter of fiscal year 2025, Gen made an immaterial revision to FY24 financials. Please refer to Note 1 in the Q1 FY25 10-Q for more details.  Copyright © 2025 Gen Digital Inc. All rights reserved. 41 
 
 Stock Based Compensation ($M)  Q1 FY24  Q2 FY24  Q3 FY24  Q4 FY24  FY24  Q1 FY25  Q2 FY25  Q3 FY25  Cost of revenues  $1  $1  $1  $1  $4  $1  $1  $1  Sales and marketing  9  10  10  7  36  9  9  9  Research and development  11  10  9  9  39  9  9  9  General and administrative  16  13  15  14  58  12  14  14  Restructuring and other costs  -  1  -  -  1  -  -  -  Total stock-based compensation expense  $37  $35  $35  $31  $138  $31  $33  $33  Trended Stock-Based Compensation  Copyright © 2025 Gen Digital Inc. All rights reserved. 42 
 
 Debt Covenant EBITDA (Non-GAAP) (1) ($M)  LTM (3)  Net income  $632  Adjustments:  Net interest expense  576  Income tax expense (benefit)  322  Depreciation and amortization  427  EBITDA (Non-GAAP)  $1,957  Adjustments to EBITDA:  Stock-based compensation  128  Restructuring and other costs  25  Acquisition and integration costs  14  Litigation costs  67  Legal contract dispute cost  42  Loss (gain) on equity investments  70  Impairment of long-lived assets  3  Other non-operating expense (income), net(2)  (13)  Reported EBITDA (Non-GAAP)  $2,293  Adjustments to Reported EBITDA:  Other non-operating expense (income), net(2)  13  Unrealized cost synergies  1  Consolidated Debt Covenant EBITDA (Non-GAAP)  $2,307  Amounts may not add due torounding.  Other non-operating expense, net is equal to total non-operating expense, net excluding net interest expense and other minor reconciling items.  LTM denotes results for the last twelve fiscal month period.  Debt Covenant EBITDA (Non-GAAP)  Copyright © 2025 Gen Digital Inc. All rights reserved. 43 
 
 We use non-GAAP measures of operating margin, operating income, net income, results of operations, and earnings per share, which are adjusted from results based on GAAP and exclude certain expenses, gains and losses. We also provide the non-GAAP metrics of revenues, constant currency revenues, EBITDA, reported EBITDA, diluted share count, gross profit, gross profit adjustments, operating expense adjustments, other non-operating expense (income) adjustments, unlevered free cash flow, and free cash flow, which is defined as cash flows from operating activities, less purchases of property and equipment. These non-GAAP financial measures are provided to enhance the user's understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing Gen's performance, as well as in planning and forecasting future periods. 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, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Readers are encouraged to review the reconciliation of our non-GAAP financial measures to the comparable GAAP results, which is attached to our quarterly earnings release, and which can be found, along with other financial information including the Earnings Presentation, on the investor relations page of our website at Investor.GenDigital.com. No reconciliation of the forecasted range for non-GAAP revenues and EPS guidance is included in this release because most non- GAAP adjustments pertain to events that have not yet occurred. It would be unreasonably burdensome to forecast, therefore we are unable to provide an accurate estimate.  Copyright © 2025 Gen Digital Inc. All rights reserved. 44  Use of GAAP and Non-GAAP Financial Information 
 
 Bookings: Bookings are defined as customer orders received that are expected to generate net revenues in the future. We present the ope rational metric of bookings because it reflects customers' demand for our products and services and to assist readers in analyzing our performan ce in future periods.  Direct customer count: Direct customers is a metric designed to represent active paid users of our products and solutions who have a direct billin g 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 o r 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 inten d 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 a ctive 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.  (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, net of payments received through interest rate swap hedges. 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.  Explanation of Non-GAAP Measures and Other Items  Copyright © 2025 Gen Digital Inc. All rights reserved. 45 
 
 Thank You  Copyright © 2025 Gen Digital Inc. All rights reserved. 46 
 
v3.25.0.1
Document and Entity Information
Feb. 10, 2025
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 10, 2025
Entity File Number 000-17781
Entity Registrant Name Gen Digital Inc.
Entity Central Index Key 0000849399
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 77-0181864
Entity Address, Address Line One 60 E RIO SALADO PARKWAY
Entity Address, Address Line Two SUITE 1000
Entity Address, City or Town TEMPE
Entity Address, State or Province AZ
Entity Address, Postal Zip Code 85281
City Area Code 650
Local Phone Number 527-2900
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol GEN
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Gen Digital (NASDAQ:GEN)
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