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Financial Performance - Net revenues for fiscal 2024 increased by $474 million to $3,812 million, a 14% increase compared to fiscal 2023[165][183] - Operating income decreased by $105 million to $1,122 million, primarily due to increased legal accruals and amortization from the Avast acquisition[166] - Net income decreased by $733 million to $616 million, with diluted net income per share dropping from $2.16 to $0.96[165][166] - Direct customer revenue increased to $3,353 million in fiscal 2024 from $2,933 million in fiscal 2023, representing a growth of 14.4%[190] - Total cyber safety revenues rose to $3,749 million in fiscal 2024, up from $3,274 million in fiscal 2023, marking an increase of 14.5%[190] Cash Flow and Shareholder Returns - Cash and cash equivalents increased by $96 million to $846 million, driven by cash generated from operating activities[166] - The company returned $1,947 million to shareholders and bondholders, including $441 million in stock repurchases and $323 million in dividends[166] - Cash provided by operating activities significantly increased to $2,064 million in fiscal 2024, up from $757 million in fiscal 2023, an increase of $1,307 million[208][209] - Cash flows from investing activities improved to $2 million in fiscal 2024, a significant recovery from $(6,547) million in fiscal 2023, primarily due to the absence of acquisition costs[210] - The company announced a cash dividend of $0.125 per share of common stock to be paid in June 2024, reflecting ongoing commitment to shareholder returns[219] Expenses and Cost Management - Cost of revenues as a percentage of net revenues increased from 18% to 19%, while gross profit margin decreased from 82% to 81%[182] - Total operating expenses as a percentage of net revenues rose from 46% to 51%, with significant increases in general and administrative expenses[182] - Operating expenses surged to $1,959 million in fiscal 2024, a 29% increase from $1,522 million in fiscal 2023, primarily due to higher legal accruals and amortization of intangible assets[195] - Cost of revenues increased by 24% to $731 million in fiscal 2024, up from $589 million in fiscal 2023, driven by higher amortization of acquired intangible assets[193][194] Tax and Legal Matters - The company experienced a $899 million income tax refund related to fiscal 2023 tax filings[166] - The company expects to incur total costs up to $150 million related to the restructuring plan following the acquisition of Avast, with $41 million in cash payments made during fiscal 2024[221] Debt and Financial Obligations - As of March 29, 2024, total outstanding debt amounted to $8,716 million, including $6,110 million in term loans and $2,600 million in senior notes[218] - As of March 29, 2024, the company has total contractual obligations of $12,031 million, including $8,716 million in debt principal payments and $2,438 million in interest payments[224] - The company has $1,346 million in long-term income taxes payable excluded from the contractual obligations table due to uncertainty regarding future cash flows[223] - The company has $2,606 million in fixed-rate Senior Notes, with a fair value of $2,624 million, and $6,110 million in variable interest rate debt based on SOFR[226][227] Interest Rate and Currency Risk Management - A hypothetical 100 basis point change in SOFR would result in a $61 million increase in annual interest expense for the company[227] - The company entered into interest rate swap agreements to hedge $1 billion of variable rate borrowings, effectively converting them to fixed rates of 3.762% and 3.55%[228] - The company is exposed to foreign currency exchange rate risks due to operations in multiple currencies, which may impact revenue expressed in USD[230][231] - Monthly foreign exchange forward contracts are executed to hedge foreign currency balance sheet exposures, with gains and losses recorded in Other income (expense)[232] - The company maintains a $1,500 million revolving credit facility that bears interest at a variable rate based on SOFR, subject to the same risks associated with adverse changes in SOFR[229] - The company does not use derivative financial instruments for speculative trading purposes and will continue to reassess its approach to managing foreign currency risks as international operations grow[233]

Have you evaluated the performance of Gen Digital's (GEN) international operations during the quarter that concluded in March 2024? Considering the extensive worldwide presence of this security software maker, analyzing the patterns in international revenues is crucial for understanding its financial resilience and potential for growth. The global economy today is deeply interlinked, making a company's engagement with international markets a critical factor in determining its financial success and growth pa ...

Avast Threat Report shows nearly 90% of cyberthreats currently rely on human manipulation TEMPE, Ariz. and PRAGUE, May 14, 2024 /PRNewswire/ -- Avast, a leader in digital security and privacy and brand of Gen™ (NASDAQ: GEN), has reported that social engineering threats – those which rely on human manipulation – account for most cyberthreats faced by individuals in 2024. According to the latest quarterly Avast Threat Report, which looks at the threat landscape from January-March 2024, scams, phishing and mal ...

The company is doing well in a world full of cyber threats.Cybersecurity stock Gen Digital (GEN 15.34%) ended the trading week on a high note. After publishing its latest quarterly report after market hours on Thursday, the company's shares raced more than 15% higher the following day as investors signaled their approval. That percentage rate was several orders of magnitude better than the 0.2% gain of the S&P 500 index on Friday.A double beat to round out fiscal 2024Gen Digital's fiscal fourth quarter of 2 ...

Gen Digital Inc. (GEN) shares rose 4.1% during Thursday’s extended trading session after the company reported better-than-expected results for the fourth quarter of fiscal 2024. Moreover, the top and bottom lines marked year-over-year improvements.Gen Digital was formerly known as NortonLifeLock Inc. and was trading under the NLOK ticker symbol. NortonLifeLock changed its name and ticker symbol, effective from Nov 8, 2022, following the merger of NortonLifeLock and Avast Plc. The newly named company unites ...

For the quarter ended March 2024, Gen Digital (GEN) reported revenue of $967 million, up 2.1% over the same period last year. EPS came in at $0.53, compared to $0.46 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $964.81 million, representing a surprise of +0.23%. The company delivered an EPS surprise of +1.92%, with the consensus EPS estimate being $0.52.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they ...

Financial Data and Key Metrics Changes - Fiscal year 2024 ended with total revenue of over $3.8 billion, growing 14% in USD and 15% in constant currency [58] - Q4 revenue was $967 million, up 2% in USD and up 3% in constant currency [59] - Full year EPS was $1.96, up 8% from the prior year and up 11% in constant currency [21] - Q4 net income was $336 million, up 14% year-over-year, with diluted EPS of $0.53, up 15% year-over-year [47] Business Line Data and Key Metrics Changes - Cyber safety bookings grew 3% year-over-year in constant currency [39] - Partner revenue was $105 million in Q4, up 5% year-over-year [43] - Legacy business lines contributed $15 million in Q4, down from $17 million in the prior year [45] Market Data and Key Metrics Changes - The US market drove revenue growth, up 3% as privacy and performance offerings were scaled [59] - International markets showed mid- to high single-digit growth in constant currency, with double-digit growth in emerging markets [121] Company Strategy and Development Direction - The company aims to drive new customer acquisition and increase retention rates to 80% over the next few years [41] - The launch of the Gen Stack is expected to enhance personalization and customer experience [36][119] - The focus remains on integrating technology and expanding the product portfolio to meet evolving cyber safety needs [30][37] Management's Comments on Operating Environment and Future Outlook - Management highlighted the transformational nature of fiscal year 2024 and expressed confidence in the long-term growth strategy [18][52] - The company anticipates continued growth in bookings and revenue for fiscal year 2025, with guidance of $3.89 billion to $3.93 billion in revenue [54] - Management acknowledged challenges such as macroeconomic volatility and currency fluctuations but emphasized resilience and adaptability [35] Other Important Information - The company blocked over 12 billion cyber attacks in fiscal year 2024, showcasing its commitment to cyber safety [11] - The integration of Avast has led to significant cost synergies, exceeding initial expectations [16][115] - The company has a strong cash flow generation nearing $2 billion unlevered, supporting ongoing capital allocation strategies [51] Q&A Session Summary Question: Can you provide more details on the new truck-based adjacencies? - Management referred to the AI-infused roadmap and the deployment of Norton 360 on the new Gen stack, emphasizing modularity and scalability [65] Question: What is the monetization trajectory for Norton Genie? - Currently, there is no monetization model in place; the focus is on growing adoption and adding features before integrating it into membership pricing [67] Question: How does the current macro environment affect capital deployment? - Management indicated that they will continue to balance share buybacks and debt repayment, maintaining a disciplined approach to capital allocation [71] Question: What drives the expected bookings growth for fiscal 2025? - The growth will be a mix of new customer acquisition, cross-sell, and upsell strategies, with a focus on higher-tier memberships [88][92] Question: How is the retention rate expected to improve for the Avast customer base? - The company is centralizing operations and enhancing customer journeys to improve retention rates, with a focus on personalized communications [106]

Gen Digital (GEN) came out with quarterly earnings of $0.53 per share, beating the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.46 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.92%. A quarter ago, it was expected that this security software maker would post earnings of $0.50 per share when it actually produced earnings of $0.49, delivering a surprise of -2%.Over the last four quarters, the c ...

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