Gen Digital (GEN) 10-K risk factor changes: FY2025 vs FY2024

Our future success depends on our ability to effectively respond to evolving threats to consumers, as well as competitive technological developments and industry changes, by developing or introducing new and enhanced solutions [added: and products] on a timely basis.

If we do not achieve the benefits anticipated from these [added: research and development] investments, or if the achievement of these benefits is delayed, our operating results may be adversely affected.

- Entering new or unproven market segments; [removed: and]

In addition, third parties, [removed: including] [added: including, but not limited to,] operating systems and internet browser companies, have in the past and may in the future limit the interoperability of our solutions with their own products and services, in some cases to promote their own offerings or those of our competitors.

Any such actions by third parties could delay the development of our solutions [added: and products] or our solutions [added: and products] may be unable to operate effectively.

This could also result in decreased demand for our [removed: solutions,] [added: solutions and products,] decreased revenue, harm to our reputation, and adversely affect our business, financial condition, results of operations, and cash flows.

If we are not successful in managing these risks and challenges, or if our new or improved solutions [added: or products] are not technologically competitive or do not achieve market acceptance, our business and operating results could be adversely affected.

To compete successfully, we must maintain an innovative research and development effort to develop new solutions and [added: products and] enhance our existing [removed: solutions,] [added: solutions] and [added: products, and] effectively adapt to changes in the technology, [added: financial technology,] privacy and data protection standards or trends.

Further, many of our competitors are increasingly developing and incorporating into their products data protection software and other competing cyber safety [removed: products] [added: products,] such as antivirus protection or VPN, often free of charge, that compete with our offerings.

In addition, the introduction of new products or services by [added: existing or future] competitors, and/or market acceptance of products or services based on emerging or alternative technologies, could make it easier for other products or services to compete with our [removed: solutions.][added: solutions and reduce our market share in the future.]

[removed: In] [added: Specifically, in] addition to competing with [removed: these] [added: cyber safety] vendors directly for sales to end-users of our solutions, we compete with them for the opportunity to have our solutions bundled with the offerings of our strategic partners, such as computer hardware OEMs, internet service providers, operating systems and telecom service providers.

Our competitors could gain market share from us if any of these strategic partners replace our solutions with those of our competitors or with their own [added: solutions or promote our competitors’ solutions or their own solutions more frequently or more favorably than our] solutions.

Issues in the development and deployment of [removed: AI] [added: artificial intelligence (“AI”)] may result in reputational harm and legal liability and could adversely affect our results of operations.

We have incorporated, and are continuing to develop and deploy, [removed: AI] [added: AI, including Gen AI,] into many of our products, solutions and services.

The rapid evolution of AI, including potential government regulation of AI, requires us to invest significant resources to develop, test, and maintain AI in our products and services in a manner that meets evolving requirements and [removed: expectations.][added: expectations and we may need to expend resources to adjust our offerings in certain jurisdictions if the legal frameworks are inconsistent across jurisdictions.]

The use or adoption of AI technologies in our products may [added: also] result in exposure to claims by third parties of copyright infringement or other intellectual property misappropriation, which may require us to pay compensation or license fees to third parties.

For example, in 2019, we completed the sale of certain of our enterprise security assets to Broadcom Inc. (the Broadcom sale), in January 2021, we completed the acquisition of Avira, [removed: and] in September 2022, we completed the acquisition of [removed: Avast.][added: Avast, and in April 2025, we completed the acquisition of MoneyLion.]

- Complexity, time and costs associated with managing these transactions, including the integration of acquired and the winding down of divested business operations, workforce, products, [added: services,] IT systems and technologies;

[removed: Macroeconomic factors, such as] high inflation, high interest rates, and volatility in foreign currency exchange rates and capital markets could negatively influence our future acquisition opportunities.

It is important to our [removed: business] [added: cyber and financial technology businesses] that we retain existing customers and that our customers expand their use of our solutions [added: and products] over time.

[removed: Renewing] [added: For our solutions sold to] customers [added: on a monthly or annual subscription basis, renewing customers] may require additional incentives to renew, may not renew for the same contract period, or may change their subscriptions.

We may not be successful in [removed: cross-selling] [added: cross selling] our solutions because our customers may find our additional solutions unnecessary or unattractive.

An important part of our growth strategy involves continued investment in direct marketing efforts, indirect partner distribution channels, [added: expanding enterprise partner relationships,] freemium channels, our sales force, and infrastructure to add new customers.

The number and rate at which new customers purchase our products and services depends on a number of factors, including those outside of our control, such as customers’ perceived need for our [removed: solutions,] [added: solutions and products,] competition, general economic conditions, market transitions, product obsolescence, technological change, public awareness of security threats to IT systems, macroeconomic conditions, and other factors.

New customers, if any, may subscribe or renew their [removed: subscriptions] [added: subscriptions, or utilize our products and solutions,] at lower rates than we have experienced in the past, introducing uncertainty about their economic attractiveness and potentially impacting our financial results.

Additionally, there are inherent challenges in measuring the usage of our products and solutions across our brands, platforms, regions, and internal systems, and therefore, calculation methodologies for direct customer counts may differ, which may impact our ability to measure the addition of new [removed: customers.][added: customers and our understanding of certain details of our business.]

The intense competition we face, in addition to general and economic business conditions (including [added: rising government debt levels, potential government policy shifts, changing U.S. consumer spending patterns,] economic volatility, bank failures, [added: fluctuating tariff rates, trade wars,] and high inflation and interest rates, among other things), may put pressure on us to change our pricing practices.

[removed: If our competitors offer deep discounts on certain solutions, provide offerings, or offer free introductory products that compete with ours,] [added: Or] we may need to lower our prices or offer similar free introductory products to compete successfully.

We may experience a material increase in cancellations by customers or a material reduction in our retention rate in the future, especially in the event of a prolonged recession or a worsening of current conditions as a result of [added: trade wars, fluctuating tariff rates,] inflation, changes in interest rates, [added: government shutdowns, political developments and unrest] or other macroeconomic events.

If we fail to manage our sales and distribution channels effectively, [removed: or] if our partners choose not to market and sell our solutions to their customers, [added: or if we have an adverse change in] our [added: relationships with key third-party partners, service providers or vendors, our] operating results could be [added: materially and] adversely affected.

- Our [removed: resellers, distributors] [added: resellers] and [removed: OEMs] [added: distributors] may encounter issues or have violations of applicable law or regulatory requirements or otherwise cause damage to our reputation through their actions;

[removed: Following the acquisition of Avast, we] [added: We] derive a significant portion of our revenues from customers located outside of the United States, and we have substantial operations outside of the United States, including engineering, finance, sales and customer support.

- [removed: Potential changes] [added: Changes] in trade relations arising from policy initiatives or other political factors;

- Political, social or economic unrest, war, terrorism, regional natural disasters, or export controls and trade restrictions, particularly in areas in which we have [removed: facilities;] [added: facilities] and [added: in areas where our engineering and technical development teams are based; and]

It is not possible to predict the broader consequences of [added: existing] geopolitical [removed: conflicts, such as the Russia-Ukraine conflict, and the numerous] conflicts [removed: in the Middle East,] and other conflicts that may arise in the future, which could include geopolitical instability and uncertainty; adverse impacts on global and regional economic conditions and financial markets, including significant volatility in credit, capital, and currency markets; reduced economic activity; changes in laws and regulations affecting our business, including further sanctions or counter-sanctions which may be enacted; and increased cybersecurity threats and concerns.

From time to time, key personnel leave our company and the frequency and number of such departures have widely varied and have, in the past, [removed: resulted] [added: resulted, and may] in [added: the future result in] significant changes to our executive leadership team.

[removed: We] [added: Given the digital nature of our platform, we are an attractive target and] expect to continue to be [removed: a] [added: an attractive] target of attacks specifically designed to impede the performance and availability of our offerings and harm our reputation as a leading cyber security company.

[removed: We also remain vigilant with the] [added: The] increasing use of [removed: generative] [added: Gen] AI models in our internal systems which may create new attack methods for adversaries.

Our business policies and internal security controls may not keep pace with these changes as new threats emerge, or [removed: emerging] [added: new] cybersecurity regulations [added: emerge] in jurisdictions worldwide.

A data breach may result in significant legal, financial, and reputational harm, including government inquiries, enforcement actions, [removed: litigation,] [added: litigation (including class actions),] and negative publicity.

A description of the risk factors associated with our business is set forth below and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations, Legal Proceedings, and Quantitative and Qualitative Disclosures About Market Risk.” The list is not exhaustive, and you should carefully consider these risks and uncertainties before investing in our common stock.

For example, the process of developing and integrating new technologies, including generative artificial intelligence (“Gen AI”) and machine learning models, is complex, time-consuming and may cause errors or inadequacies that are not easily detectable.

As we integrate more Gen AI technology into our platform to improve the experience of our users and meet the demands of our customers, it may result in unintentional or unexpected outputs that are incorrect or biased and cause customer dissatisfaction or subject us to lawsuits, reputational harm and increased regulatory scrutiny.

- New and evolving regulation; and

For our MoneyLion business, we face competition from a broad range of companies across our business lines, including traditional banks and credit unions; new entrants obtaining banking licenses; non-bank digital providers offering banking-related services; specialty finance and other non-bank digital providers offering consumer lending-related or earned wage access products; digital wealth management platforms such as robo-advisors offering consumer investment services and other brokerage-related services; and digital financial platform, embedded finance and marketplace competitors, which aggregate and connect consumers to financial product and service offerings.

We also compete with advertising agencies and other service providers to attract marketing budget spending from our Enterprise clients.

We expect our competition to continue to increase, as there are generally no substantial barriers to entry to the markets we serve.

Some of our current and potential competitors have longer operating histories, particularly with respect to financial services products similar to ours, significantly greater resources and a larger customer base than we do.

This allows them, among other things, to potentially offer more competitive pricing or other terms or features, a broader range of financial or other products or a more specialized set of specific products or services, as well as respond more quickly than we can to new or emerging technologies and changes in consumer preferences.

For example, AI algorithms may be flawed, insufficient, of poor quality, reflect unwanted forms of bias, or contain other errors or inadequacies, any of which may not be easily detectable; AI has been known to produce false or “hallucinatory” inferences or outputs; AI can present ethical issues and may subject us to new or heightened legal, regulatory, ethical, or other challenges, including issues relating to discrimination, intellectual property infringement or misappropriation, violation of rights of publicity, inability to assert ownership of inventions and works of authorship, loss of trade secrets, defamation, data privacy and

cybersecurity; and inappropriate or controversial data practices by developers and end-users, or other factors adversely affecting public opinion of AI, could impair the acceptance of AI solutions, including those incorporated in our products and services.

If the AI solutions that we create or use are deficient, inaccurate or controversial, we could incur operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business and financial results.

In addition, if we do not have sufficient rights to use the data or other material or content on which our AI tools rely, we also may incur liability through the violation of applicable laws and regulations, third-party intellectual property, privacy or other rights, or contracts to which we are a party.

For example, the large datasets used to train Gen AI technologies or output generated by Gen AI technologies may contain materials that may subject us to third-party claims of intellectual property infringement or violations of rights of publicity.

This risk is exacerbated with respect to our use of third-party Gen AI technologies, as it can be very difficult, if not impossible, to validate the processes used by third-party Gen AI technology providers in their collection and use of training data or the algorithm to produce outputs.

In addition, regulation of Gen AI is rapidly evolving worldwide as legislators and regulators are increasingly focused on these powerful emerging technologies.

The technologies underlying Gen AI and its uses are currently subject to a variety of laws and regulations, including intellectual property, privacy, data protection and information security, consumer protection, competition, and equal opportunity laws, and are expected to be subject to increased regulation and new laws or new applications of existing laws and regulations.

Gen AI is the subject of ongoing review by various U.S. governmental and regulatory agencies, and various U.S. states and other foreign jurisdictions are applying, or are considering applying, their platform moderation, cybersecurity, and data protection laws and regulations to Gen AI or are considering general legal frameworks for Gen AI.

For example, the EU AI Act, which came into force on August 1, 2024, will generally become fully applicable after a two-year transitional period, with certain obligations taking effect at an earlier or later time.

The EU AI Act introduces various requirements for AI systems and models placed on the market or put into service in the EU, including specific transparency and other requirements for general purpose AI systems and the models on which they are based.

In addition, several U.S. states are considering enacting or have already enacted regulations concerning the use of AI technologies.

At the federal and state level, there have been various proposals (and in some cases laws enacted) addressing “deepfakes” and other AI-generated synthetic media.

Furthermore, because AI technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal, operational or technological risks that may arise relating to the use of AI.

- Challenges in maintaining uniform standards, controls, procedures and policies within the combined organization;

- Regulatory risks, including remaining in good standing with existing regulatory bodies or receiving any necessary approvals, as well as being subject to new regulators with oversight over an acquired business;

We may not be able to identify appropriate business opportunities that benefit our business strategy or otherwise satisfy our criteria to undertake such opportunities.

Even if we do identify potential strategic transactions, we may not be successful in negotiating favorable terms in a timely manner or at all or in consummating the transaction, and even if we do consummate such a transaction, it may not generate sufficient revenue to offset the associated costs, may not otherwise result in the intended benefits or may result in unexpected difficulties and risks.

Macroeconomic factors, such as fluctuating tariffs, trade wars.

If our efforts to sell additional functionality, products and services to our customers and clients are not successful, our business and growth prospects would suffer.

Customers may choose not to renew their membership with us at any time and may stop utilizing our products that generate us revenue from transaction, interchange or transfer fees, among others.

- Increases in costs we incur and may pass on to our customers in order to offer our products or services;

If investors do not perceive our operating metrics to be accurate, or if we discover material inaccuracies with respect to these figures, our reputation may be significantly harmed, and our results of operations and financial condition could be adversely affected.

In particular, the ongoing global conflicts could amplify disruptions to the financial and credit markets, increase risks of an information security or operational technology incident, cause cost fluctuations to us or third parties upon which we rely and increase costs to ensure compliance with global and local laws and regulations.

If our competitors offer deep discounts on certain solutions, provide offerings, or offer free introductory products that compete with ours, we may experience pricing pressure and may be unable to retain current customers and clients or attract new customers and clients at consistent prices within our operating budget.

In our MoneyLion business, our success also depends in part on the delivery of qualified consumer lead inquiries and conversions to completed transactions for various financial products to Product Partners.

However, the failure of our Enterprise platform to effectively connect and match consumers from our Channel Partners with product offerings from our Product Partners in a manner that results in converted customers and increased revenue for such Product Partners could cause Product Partners to cease spending marketing funds on our Enterprise platform, which could have a material adverse impact on our ability to maintain or increase our Enterprise revenue.

Any factors that limit the amount that our Product Partners are willing to, and do, spend on marketing or advertising with us could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Additionally, during challenging macroeconomic conditions, our Product Partners may tighten underwriting standards for certain of their products, which would result in fewer opportunities for us to generate revenue from matching consumers from our Channel Partners with them.

The success of our business and our ability to engage and retain customers in our platform are dependent in part on our ability to produce or acquire popular content, which in turn depends on our ability to retain content creators and rights to content for our platform.

We may in the future incur increasing revenue-sharing costs to compensate content creators for producing original content.

Many of these competitors offer solutions or are currently developing solutions that directly compete with some or all of our offerings.

We have seen and anticipate additional competition as new participants enter the cyber safety market and as our current competitors seek to increase their market share and expand their existing offerings.

Some of our competitors have greater financial, technical, marketing, or other resources than we do, including in new cyber safety and digital life segments.

Consequently, those competitors may influence customers to purchase their products instead of ours through investing more in internal innovation than we can and through their unique access to customer engagement points.

Similarly, they could gain market share from us if these partners promote our competitors’ solutions or their own solutions more frequently or more favorably than our solutions.

For example, AI algorithms may have flaws, and datasets used to train models may be insufficient or contain biased information.

These potential issues could subject us to regulatory risk, legal liability, including under new proposed legislation regulating AI in jurisdictions such as the EU and regulations being considered in other jurisdictions, and brand or reputational harm.

The rules and regulations adopted by policymakers over time may require us to make changes to our business practices.

The intellectual property ownership and license rights surrounding AI technologies, as well as data protection laws related to the use and development of AI, are currently not fully addressed by courts or regulators.

The evolving legal, regulatory, and compliance framework for AI technologies may also impact our ability to protect our own data and intellectual property against infringing use.

We generally sell our solutions to our customers on a monthly or annual subscription basis.

Customers may choose not to renew their membership with us at any time.

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.

subject us to legal claims and liabilities or regulatory penalties.

Several recent, highly publicized data security breaches, such as the large-scale attacks by foreign nation state actors, the global incident involving the MOVEit file transfer software, and a significant uptick in ransomware/extortion attacks at other companies, have heightened consumer awareness of this issue and may embolden individuals or groups to target our systems or those of our strategic partners or enterprise customers.

We could also face legal action from individuals, business partners, and regulators in connection with data breaches, which would result in increased costs and fees incurred in our defense against those proceedings, and/or payment of any regulatory penalties.

For example, the European Union General Data Protection Regulation imposes more stringent data protection requirements and provides for greater penalties for noncompliance of up to the greater of €20 million or four percent of our worldwide annual revenues.

Data protection legislation is also increasing in the U.S. at both the federal and state level.

For example, the California Consumer Privacy Act of 2018 (the CCPA) requires, among other things, covered companies to provide disclosures to California consumers regarding the use of personal information, gives California residents expanded rights to access their personal information that has been collected and allows such consumers new abilities to opt-out of certain sales of personal information.

Further, the California Privacy Rights Act (the CPRA) significantly modifies the CCPA and there are new similar and overlapping state privacy laws in at least 10 other U.S. states, which all go into effect by January 1, 2026.

The burdens imposed by the new state privacy laws and other similar laws that may be enacted at the federal and state level may require us to modify our data processing practices and policies, adapt our goods and services and incur substantial expenditures in order to comply.

If any country in which we have customers were to adopt a data localization law, we could be required to expand our data storage facilities there or build new ones in order to comply.

Additionally, third parties with whom we work, such as vendors or developers, may violate applicable laws or our policies and such violations can place the personal information of our customers at risk.

In addition, our customers may also accidentally disclose their passwords or store them on a device that is lost or stolen, creating the perception that our systems are not secure against third-party access.

This could have an adverse effect on our reputation and business.

In addition, such third parties could expose us to compromised data or technology, or be the target of cyberattack and other data breaches which could impact our systems or our customers’ records and personal information.

Further, we could be the target of a cyberattack or other action that impacts our systems and results in a data breach of our customers’ records and personal information.

This could have an adverse effect on our reputation and business and potentially result in litigation and/or regulatory penalties.

decision to close the facilities without adequate notice or other unanticipated problems, which in turn, could result in lengthy interruptions in the delivery of our products and services, which could negatively impact our sales and operating results.

Interruptions in our solutions could impact our revenues or cause customers to cease doing business with us.

Our operations are dependent upon our ability to protect our technology infrastructure against damage from business continuity events that could have a significant disruptive effect on our operations.

We could potentially lose customer data or personal information, or experience material adverse interruptions to our operations or delivery of solutions to our clients in a disaster recovery scenario.

In addition, the rapid rise and use of social media has the potential to harm our brand and reputation.

We may be unable to timely respond to and resolve negative and inaccurate social media posts regarding our company, solutions and business in an appropriate manner.

For example, developing and acting on ESG-related

We communicate certain ESG-related initiatives, goals, and/or commitments regarding environmental matters, diversity, responsible sourcing and social investments and other matters on our website, in our filings with the SEC and elsewhere.

We have previously entered into consent decrees and similar arrangements with the FTC and the attorney generals of 35 states as well as a settlement with the FTC relating to allegations that certain of LifeLock’s advertising, marketing and security practices constituted deceptive acts or practices in violation of the FTC Act, which impose additional restrictions on our business, including prohibitions against making any misrepresentation of “the means, methods, procedures, effects, effectiveness, coverage, or scope of” our solutions.

We signed an Undertaking, effective June 14, 2021, with the United Kingdom’s Competition and Markets Authority (CMA) requiring our NortonLifeLock Ireland Limited and NortonLifeLock UK entities to make certain changes to their policies and practices related to automatically renewing subscriptions in the United Kingdom as part of the CMA’s investigation into auto-renewal practices in the antivirus sector launched in December 2018.

Any of the laws and regulations that apply to our business are subject to revision or new or changed interpretations, and we cannot predict the impact of such changes on our business.

Much of our software and underlying technology is proprietary.

Gen is a global company powering Digital Freedom with a family of trusted [removed: consumer] brands including Norton, Avast, LifeLock, [removed: Avira, AVG, ReputationDefender] [added: MoneyLion] and [removed: CCleaner.][added: more.]

Our core cyber safety portfolio provides protection across three key categories in multiple channels and geographies, including security and [removed: performance,] [added: performance management,] identity protection, and online privacy.

We bring award-winning products and services in cybersecurity, [added: covering security,] privacy and identity protection to approximately 500 million users in more than 150 countries so they can live their digital lives safely, privately, and confidently today and for generations to come.

Fiscal [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] in this report refers to fiscal years ended March [added: 28, 2025, March] 29, [removed: 2024,] [added: 2024 and] March 31, [removed: 2023 and April 1, 2022,] [added: 2023,] respectively, each of which was a 52-week year.

The following table provides our key financial metrics for fiscal [removed: 2024] [added: 2025] compared with fiscal [removed: 2023:][added: 2024:]

| (In millions, except for per share amounts) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Operating income (loss) | | | [removed: $] [added: 41] | [removed: 1,122] | | | | | [removed: $] [added: 29] | [removed: 1,227] | | [added: | | | | | |]

| Net income (loss) | | | [removed: $] [added: 16] | [removed: 616] | [added: %] | | | | [removed: $] [added: 16] | [removed: 1,349] | [added: %] | [added: | | | | | |]

| Net income (loss) per share - diluted | | | $ | [removed: 0.96] [added: 1.03] | | | | | $ | [removed: 2.16] [added: 0.95] | |

| Net cash provided by (used in) operating activities | | | $ | [removed: 2,064] [added: 1,221] | | | | | $ | [removed: 757] [added: 2,064] | |

| (In millions) | | | March [removed: 29, 2024] [added: 28, 2025] | | | | | | March [removed: 31, 2023] [added: 29, 2024] | | |

| Cash and cash equivalents | | | $ | [removed: 846] [added: 1,006] | | | | | $ | [removed: 750] [added: 846] | |

- Operating income (loss) [removed: decreased $105] [added: increased $500] million, primarily due to [removed: an increase in] [added: increased net revenues, decreased] legal [removed: accrual] [added: costs] related to ongoing [removed: litigation and an increase in] [added: litigation, lower] amortization of intangible assets [removed: recognized as a result of] [added: and restructuring costs related to] our acquisition of Avast.

- Net income (loss) [removed: decreased $733] [added: increased $36] million and net income per share [removed: decreased $1.20,] [added: increased $0.08,] primarily due [removed: by the absence of the income tax benefit as a result of a tax capital loss in fiscal 2023, decreased] [added: to increased] operating income discussed above and [removed: increased] [added: decreased] interest expense associated with our [removed: senior credit facilities] [added: Term A] and [removed: two senior notes.][added: Term B facilities.]

- Cash and cash equivalents increased by [removed: $96] [added: $160] million compared to March [removed: 31, 2023,] [added: 29, 2024,] primarily due to cash generated from operating activities during fiscal [removed: 2024.][added: 2025 and proceeds from the issuance of 6.25% Senior Notes.]

This is [added: partially] offset by [added: repurchases of our common stock, cash interest paid,] dividends paid to shareholders, [added: repayment of 5.00% Senior Notes,] voluntary prepayments of our Term B facility, [removed: a] [added: and] mandatory principal amortization [removed: payment] [added: payments] of our Term A [removed: facility,] and [removed: repurchases of our common stock.][added: B facility.]

- During fiscal [removed: 2024,] [added: 2025,] we returned [removed: $1,947] [added: $955] million of capital back to shareholders and bondholders.

This was achieved through the repurchase of [removed: 21] [added: 11] million shares of our common stock, totaling [removed: $441] [added: $272] million.

Additionally, we paid out a total of [removed: $323] [added: $313] million in quarterly dividends and carried out [removed: $1,183] [added: $370] million in [added: net] debt pay downs, including [removed: $950] [added: $30] million in voluntary prepayments applied exclusively to the Term B facility.

- During fiscal [removed: 2024,] [added: 2025,] we increased net Direct customers by [removed: 0.9] [added: 1.3] million, increased monthly Direct ARPU by [removed: $0.15,] [added: $0.04] and increased our Direct retention rate by 1%.

For [removed: a] further discussion of the potential impacts of [removed: the] global macroeconomic conditions [added: and geopolitical factors] on our business, please see “Risk Factors” in [added: Part I,] Item [removed: 1A.][added: 1A and Part II, Item 7A below.]

The preparation of our Consolidated Financial Statements and related notes in accordance with generally accepted accounting principles in the U.S. [added: (U.S. GAAP)] requires us to make estimates, including judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities.

Management believes the following [removed: critical] [added: significant] accounting policies reflect the [removed: significant] [added: critical] estimates used in the preparation of our Consolidated Financial Statements.

A summary of our significant accounting policies is included in Note 1, and a description of recently adopted accounting pronouncements and our expectation of the impact on our Consolidated Financial Statements and disclosures are included in Note 2 of the Notes to [added: the] Consolidated Financial Statements included in this Annual Report on Form 10-K.

Critical estimates in valuing intangible assets include, but are not limited to, future expected cash flows from customer relationships, developed technology, trade [removed: names,] [added: names] and [added: other intangibles, and] discount rates.

This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, [added: effectively settled issues under audit and new audit activity.]

We are subject to contingencies that expose us to losses, [removed: including various legal and] [added: including, but not limited to,] regulatory proceedings, [removed: asserted] [added: claims, mediations, arbitration] and [removed: potential claims that arise in] [added: litigation, arising out of] the ordinary course of business.

Management’s Discussion and Analysis of Financial Condition and Results of Operations* of our Annual Report on Form 10-K for the fiscal year ended March [removed: 31, 2023] [added: 29, 2024] for year-over-year comparisons of the results of operation between fiscal [removed: 2023] [added: 2024] and fiscal [removed: 2022] [added: 2023] as well as discussion of fiscal [removed: 2022] [added: 2023] performance metrics and cash flow activity, all of which are incorporated herein by reference.

| Cost of revenues | | | [removed: 19] [added: 20] | | | | | | [removed: 18] [added: 19] | | | | | | | | |

| Gross profit | | | [removed: 81] [added: 80] | | | | | | [removed: 82] [added: 81] | | | | | | | | |

| Sales and marketing | | | 19 | | | | | | [removed: 20] [added: 19] | | | | | | | | |

| Research and development | | | [removed: 9] [added: 8] | | | | | | 9 | | | | | | | | |

| General and administrative | | | [removed: 16] [added: 7] | | | | | | [removed: 9] [added: 16] | | | | | | | | |

| Amortization of intangible assets | | | [removed: 6] [added: 4] | | | | | | [removed: 5] [added: 6] | | | | | | | | |

| Restructuring and other costs | | | [removed: 1] [added: 0] | | | | | | 2 | | | | | | | | |

| Total operating expenses | | | [removed: 51] [added: 39] | | | | | | [removed: 46] [added: 52] | | | | | | | | |

| Operating income (loss) | | | [removed: 29 | | | | | | 37] [added: $] | [added: 1,610] | | | | | [added: $] | [added: 1,110] | |

| Interest expense | | | [removed: (18)] [added: (15)] | | | | | | [removed: (12)] [added: (18)] | | | | | | | | |

| Other income (expense), net | | | 0 | | | | | | [removed: (1)] [added: —] | | | | | | | | |

| Income (loss) before income taxes | | | [removed: 12] [added: 26] | | | | | | [removed: 24] [added: 12] | | | | | | | | |

We completed the acquisition of MoneyLion on April 17, 2025.

MoneyLion extends our identity solutions into offering comprehensive financial wellness through MoneyLion’s full-featured personal finance platform that includes credit building and financial management services.

For more information on the MoneyLion acquisition, please see Note 19 of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K.

| Net revenues | | | $ | 3,935 | | | | | $ | 3,800 | |

| | | | | | | | | | | | |

- Net revenues increased $135 million, primarily due to higher sales in both our consumer security and identity and information protection products.

This is offset by the absence of an income tax benefit in the second quarter of fiscal 2024.

As a global company, our results of operations and cash flows may be influenced by global macroeconomic conditions, including, but not limited to, increased tariffs, foreign currency exchange rate fluctuations, the impact of interest rate fluctuations, elevated inflation, ongoing and new geopolitical conflicts, including the unknown impacts of current and future trade regulations, instability in the global banking sector, economic slowdown and recession risks, any of which may persist for an extended period.

Despite this, we are confident in the long-term overall health of our business, the strength of our product offerings and our ability to continue to execute on our strategy, including bringing award-winning products and services in cybersecurity and offering comprehensive financial wellness to our customers.

We continue to monitor the direct and indirect impacts of these global macroeconomic or other geopolitical factors.

If the economic uncertainty continues, we may experience additional negative impacts on customer renewals, customer collections, sales and marketing efforts, customer deployments, product development, or other financial metrics.

Additional broader implications of these events on our business, results of operations, and overall financial position still remain uncertain and could result in further adverse impacts to our reported results.

Recently adopted authoritative guidance

For a discussion of recently adopted authoritative guidance and their potential effects refer to Note 2 of our Notes to the Consolidated Financial Statements of this Annual Report on Form 10-K.

Recently issued authoritative guidance not yet adopted

*ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* In December 2023, the FASB issued new guidance to update income tax disclosure requirements, requiring disaggregated information about an entity’s effective tax rate reconciliation as well as income taxes paid.

This is effective for fiscal years beginning after December 15, 2024.

We are currently evaluating the impact of the adoption of this guidance on our Consolidated Financial Statements and disclosures.

*ASU 2024-03 and ASU 2025-01, Income Statement - Reporting Comprehensive Income (Subtopic 220-40): Expense Disaggregation Disclosures.* In November 2024, the FASB issued new guidance requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods.

This is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

We are currently evaluating the impact of the adoption of this guidance on our Condensed Consolidated Financial Statements and disclosures.

| | | | 2025 | | | | | | 2024 | | | | | | | | |

| Impairment of intangible assets | | | 0 | | | | | | — | | | | | | | | |

| Net revenues | | | $ | 3,935 | | | | | $ | 3,800 | | | | | | | | | | | 4 | | % | | | | | | |

This was partially offset by a $13 million decrease in our legacy product offerings.

This is inclusive of $11 million of foreign exchange headwinds, in our consumer security solutions.

| | | | 2025 | | | | | | 2024 | | | | | | | | |

Percentage of revenue by geographic region remained consistent in fiscal 2025 and fiscal 2024.

| (In millions, except for percentages) | | | 2025 | | | | | | 2024 | | | | | | | | | | | | 2025 vs. 2024 | | | | | | | | |

Fiscal 2025 compared to fiscal 2024

Our cost of revenues increased $45 million, primarily due to a $42 million increase in marketing affiliate expenses.

| (In millions, except for percentages) | | | 2025 | | | | | | 2024 | | | | | | | | | | | | 2025 vs. 2024 | | | | | | | | |

| Impairment of intangible assets | | | 3 | | | | | | — | | | | | | | | | | | | — | | % | | | | | | |

Fiscal 2025 compared to fiscal 2024

Sales and marketing, research and development and impairment of intangible assets expenses remained relatively flat.

General and administrative expense decreased $313 million, primarily due to the absence of $369 million in legal costs related to our litigation with Columbia and GSA in fiscal 2024.

This was partially offset by a $66 million legal contract dispute cost with E-commerce Partner B during fiscal 2025.

Refer to Note 1 of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for additional information on the legal contract dispute with E-commerce Partner B.

Amortization of intangible assets decreased $59 million, primarily due to certain intangible assets being fully amortized during fiscal 2024.

Restructuring and other costs decreased $50 million, primarily due a $48 million decrease in severance, termination benefits, contract cancellation costs and other exit and disposal costs in connection with the September 2022 Plan.

| Net revenues | | | $ | 3,812 | | | | | $ | 3,338 | |

| Contract liabilities | | | $ | 1,806 | | | | | $ | 1,788 | |

- Net revenues increased $474 million, primarily due to an additional five and a half months of revenue contribution from Avast, up $419 million as compared to the corresponding period, which was acquired during the second quarter of fiscal 2023 in September 2022, and higher sales in both our consumer security and identity and information protection products, partially offset by unfavorable foreign currency fluctuations.

This is partially offset by the increase in net revenues discussed above and cost synergies post-acquisition.

- During fiscal 2024, we received an $899 million income tax refund related to the filing of our fiscal 2023 tax return, which was recorded net of allowances as part of Other current assets in the Condensed Consolidated Balance Sheets as of March 31, 2023.

Our results of operations and cash flows are subject to fluctuations due to inflation, changes in foreign currency exchange rates relative to U.S. dollars, our reporting currency, changes in interest rates, as well as recession risks, any of which may persist for an extended period.

Additionally, our international results are impacted by the economic conditions in the foreign markets in which we operate and by fluctuations in foreign currency exchange rates.

We conduct business in numerous currencies throughout our worldwide operations, and our entities hold monetary assets or liabilities, earn revenues, or incur costs in currencies other than the entity’s functional currency.

As a result, we are exposed to foreign exchange gains or losses, which impact our operating results.

As part of our foreign currency risk mitigation strategy, we have entered into monthly foreign exchange forward contracts to hedge certain foreign currency balance sheet exposure.

In addition, in early 2022, worldwide inflation began to increase.

In response to the heightened levels of inflation, central banks, including the U.S. Federal Reserve and the European Central Bank, raised interest rates significantly in 2022, resulting in an increase in our cost of debt.

Although inflation rates slowed in 2023, global inflation remains high in 2024 and has impacted our results due to higher costs.

Volatile market conditions related to geopolitical conflicts and other macroeconomic events have, at times, affected our results of operations and cash flows in non-material ways; however, geopolitical conflicts and other macroeconomic events may in the future materially impact our results of operations and cash flows.

Due to our subscription-based business model, the effect of recent macroeconomic events may not be fully reflected in our results of operations until future periods, if at all.

Inflation, interest rates and foreign exchange rates remained volatile in 2023 and fluctuations in these indicators are uncertain and could result in further adverse impacts to our reported results.

effectively settled issues under audit and new audit activity.

| | | | 2024 | | | | | | 2023 | | | | | | | | |

| Net revenues | | | $ | 3,812 | | | | | $ | 3,338 | | | | | | | | | | | 14 | | % | | | | | | |

This was inclusive of $25 million of foreign exchange headwinds, primarily in our consumer security products and a $419 million increase from revenue contribution from Avast due to the additional five and a half months as compared to the corresponding period.

(1) Non-GAAP Direct customer revenue differs from U.S. GAAP direct customer revenue in fiscal 2023 because it excludes a $2 million, reduction of revenue from contract liability purchase accounting adjustments.

We believe that eliminating the impact of this adjustment improves the comparability of revenues between periods.

In addition, although the adjustment amounts will never be recognized in our U.S. GAAP financial statements, we do not expect the acquisitions to affect the future renewal rates of revenues excluded by the adjustments.

(3) Due to the close of the acquisition of Avast in the second quarter of fiscal 2023, the fiscal 2023 ARPU is based on the average ARPU for the second, third, and fourth quarter of fiscal 2023, but excludes the first quarter of fiscal 2023.

Average direct customer count presents the average of the total number of direct customers at the beginning and end of the applicable period.

While the percentage of revenue by geographic region in fiscal 2024 remains primarily in the Americas, our acquisition of Avast has expanded our presence in countries in the EMEA region.

Our cost of revenues increased $142 million, primarily due to a $93 million increase in the amortization of acquired intangible assets, a $29 million increase in revenue share costs, and a $18 million increase in payment processing fees as a result of higher billings.

This was partially offset by a decrease in transaction and integration costs, in connection with our acquisition of Avast, which was completed during the second quarter of fiscal 2023.

Sales and marketing expense increased $51 million, due to a $32 million increase in advertising, a $9 million increase in occupancy and IT costs, and an $8 million increase in headcount and outside services.

Research and development expense increased $19 million, due to a $10 million increase in headcount and outside services and a $10 million increase in cloud hosting costs.

General and administrative expense increased $318 million, primarily due to a $388 million increase in legal accrual, of which $290 million is related to our litigation case with the Trustees of Columbia University in the City of New York (Columbia) and the corresponding legal fees, $52 million related to a legal accrual in the third quarter of fiscal 2024 and a $41 million reversal in legal accrual in the third quarter of fiscal 2023, both of which are related to the GSA litigation.

This was partially offset by a $65 million decrease in acquisition and integration costs related to our acquisition of Avast.

Amortization of intangible assets increased $61 million as a result of the acquisition of Avast.

Restructuring and other costs decreased $12 million, primarily due a $10 million decrease in stock-based compensation expense.

| Gain (loss) on early extinguishment of debt | | | — | | | | | | (9) | | | | | | | | | | | | 9 | | | | | | | | |

Non-operating income (expense), net, increased $240 million, primarily due to an increase in interest expense associated with borrowings under our senior credit facilities (as defined below) and two senior notes, which were issued during the second quarter of fiscal 2023, and a $33 million increase in loss on equity investments related to the impairment of one of our non-marketable equity investments.

Our effective tax rate increased primarily due to a one-time income tax benefit as a result of a tax capital loss in fiscal 2023 partially offset by an income tax benefit as a result of an operational and legal entity restructuring in fiscal 2024.

Fiscal 2024 reflects $1,183 million in voluntary prepayments and principal amortization payments of our Term Loans and mortgages and $441 million in repurchases of common stock.

In contrast, fiscal 2023 reflects $8,954 million of aggregate proceeds: $3,910 million from Term A Facility, $3,690 million from Term B Facility, $900 million from the 6.75% Senior Notes and $600 million from the 7.125% Senior Notes, net of $146 million of debt issuance costs, offset by the $400 million repayment of our 3.95% Senior Notes, $1,010 million repayment of our Initial Term Loan, $703 million repayment of our Delayed Draw Term Loan, the settlement of the $525 million principal and $100 million equity rights associated with our New 2.0% Convertible Notes, $250 million prepayment of our Term B Facility, and $59 million mandatory amortization payments of our Term A and Term B Facility.

Repurchases of common stock in fiscal 2023 were $904 million.

We may use derivative and non-derivative financial instruments to reduce the volatility of earnings and cash flow that may result from adverse economic conditions and events or changes in [added: interest rates and] foreign currency [removed: and interest] [added: exchange] rates.

As of March [removed: 29, 2024,] [added: 28, 2025,] we had [removed: $2,606] [added: $2,450] million in aggregate principal amount of fixed-rate Senior [removed: Notes,] [added: Notes outstanding,] with a carrying amount and a fair value of [removed: $2,624] [added: $2,475] million, based on Level 2 inputs.

As of March [removed: 29, 2024,] [added: 28, 2025,] we also had [removed: $6,110] [added: $5,905] million outstanding debt with variable interest rates based on the Secured Overnight Financing Rate (SOFR).

A hypothetical 100 basis point change in SOFR would have resulted in a [removed: $61] [added: $59] million increase in interest expense on an annualized basis.

A hypothetical 100 basis point increase or decrease in interest rates would have resulted in a [removed: $18] [added: $8] million increase or [removed: $18] [added: $10] million decrease in the fair values of our floating to fixed rate interest swaps [removed: at] [added: on] March [removed: 29, 2024.][added: 28, 2025.]

In addition, we have a [removed: $1,500] [added: $1,494] million revolving credit [removed: facility] [added: facility, net of our letters of credit,] that if drawn bears interest at a variable rate based on SOFR and would be subject to the same risks associated with adverse changes in SOFR.

Additional information [removed: with respect] [added: related] to our debt and derivative instruments is included in Note 10 and Note 11, respectively, of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K.

Together. We [removed: act with passion, purpose, and energy to] win [added: for our customers,] with [removed: customers] [added: passion] and [removed: in the marketplace.][added: integrity.]

Gen is a global company powering Digital Freedom with a family of trusted brands including Norton, Avast, [removed: LifeLock, Avira, AVG, ReputationDefender] [added: LifeLock] and [removed: CCleaner.][added: more.]

We bring award-winning products and services in cyber safety, covering security, [removed: privacy and] [added: privacy,] identity protection [added: and financial wellness] to approximately 500 million users in more than 150 [removed: countries so they can] [added: countries, empowering them to] live their digital lives safely, privately, and confidently today and for generations to come.

The last decade has brought increasingly impressive technological advances that have unlocked new ways to play and transact online, control smart homes, [added: manage our life] and more.

The possibilities in the digital world will continue to [removed: transform our lives.][added: unlock new possibilities.]

[removed: However, with each new digital interaction comes increased risk and exposure for consumers as cybercriminals] [added: Cybercriminals] use a mix of old and new tactics and technologies, including phishing, vishing, smishing, based on machine learning and generative artificial intelligence (AI) technologies, to execute highly advanced threats and attacks.

We are our customers’ trusted ally [added: that] they can depend on to help secure and control their digital lives so they can be free to enjoy the promise of the digital world.

We are [removed: well positioned for driving the] [added: well-positioned to drive] awareness of cyber safety for individuals, families, and small businesses, fueled by an increasingly connected world.

We help prevent, detect and restore potential damages caused by [removed: many] cybercriminals.

As of March [removed: 29, 2024,] [added: 28, 2025,] we have approximately 500 million total users, which come from direct, indirect and freemium channels.

Of these total users, we have approximately 65 million paid cyber safety customers including over [removed: 39] [added: 40] million direct customers with whom we have a direct billing relationship.

These channels include retailers, telecom service providers, hardware [removed: OEMs,] [added: original equipment manufacturers (OEMs),] employee benefit providers, strategic partners, [removed: and] small offices, home offices and very small businesses.

Seasonal behavior in orders primarily reflects consumer spending patterns [removed: where] [added: during] our fiscal third and fourth [removed: quarters are] [added: quarters, as order volume is] generally higher due to the holidays in our third quarter, as well as [added: due to] follow-on holiday purchases and the U.S. tax filing season which [removed: typically] is in our fourth quarter.

By combining and leveraging our family of trusted consumer brands, including offerings from Norton, Avast, [removed: LifeLock, Avira, AVG, ReputationDefender] [added: LifeLock] and [removed: CCleaner,] [added: more,] we deliver an industry-leading [removed: set of] cyber safety [added: and trust-based] solutions.

- Extend our leadership position through new products and continued enhancement of our [added: trust-based] solutions and services: Cyber safety is a large and expanding market, which we believe provides a significant growth opportunity.

According to our most recent research, Norton has [removed: 85%] [added: 93%] global brand awareness, and we are best positioned and top of mind in consumer cyber safety, according to the [removed: 2023] [added: internal H1 2025] Gen Brand Tracker.

We also provide performance and optimization software solutions that [removed: frees] [added: free] up space on devices, [removed: clears] [added: clear] online tracking and [removed: helps] [added: help] machines run faster.

- Identity Protection [removed: (US:] [added: (U.S.:] LifeLock Identity Theft Protection, Avast and AVG Secure Identity; International: Norton Identity Theft Protection, Dark Web Monitoring): In the [removed: US,] [added: U.S.,] we offer Identity Theft protection as part of our LifeLock, Avast and AVG brands.

[removed: Outside the US, we offer Norton branded plans that] [added: Plans] include dark web monitoring in over 50 countries and monitoring of credit, social media and financial accounts, restoration support and identity theft insurance in select countries.

- Online Privacy (VPN, multiple personal data protection products, ReputationDefender): Our [removed: VPN] [added: virtual private network (VPN)] solutions offered through the Norton, Avast and AVG brands enhance security and online privacy by providing an encrypted data tunnel.

We offer a variety of solutions under the Norton and Avast brands to protect customers’ data either by keeping [removed: it] [added: data] anonymous while browsing online through our AntiTrack and Secure Browser products or helping customers remove [removed: it] [added: data] from public data broker sites through our Privacy Monitor Assistant and BreachGuard products.

Cyber safety is a growing market, fueled by the increase in activities online over the years as well as [added: expected growth in] the years ahead.

The advancement of AI and large language model (LLM) technology is a key driver of [removed: this.][added: this increased risk.]

Cybercrime encompasses any crime committed with devices over the internet and includes crimes where (i) malicious software or unauthorized access is detected on a device, network or online account (such as email, social media, online banking, [removed: crypto currency,] [added: digital assets,] online retail, gaming, online entertainment, etc.), and unauthorized access or connection to cloud service accounts; (ii) an individual is digitally victimized through a data breach, cyber theft, cyber extortion, or fraud (stolen personally identifiable information, identity theft, etc.); (iii) online stalking, bullying, or harassment is inflicted; or (iv) attacks related to privacy or disinformation (such as online tracking protection, identity impersonation, disinformation on social media, deepfakes, unsecured WiFi, EvilTwin attacks, etc.).

We face global competition from a broad range of companies, including software vendors focusing on cyber safety solutions, operating system providers such as Apple, Google and Microsoft, and ‘pure play’ companies that currently specialize in one or a few particular segments of the market [removed: and many] [added: (many] of which are expanding their product portfolios into different [removed: segments.][added: segments).]

We believe the competitive factors in our market include innovation, access to a breadth of identity and consumer transaction data, broad and effective service offerings, brand recognition, technology, effective and cost-efficient customer acquisition, [removed: having a] strong retention rate, customer satisfaction, price, convenience of purchase, ease of use, frequency of upgrades and updates and quality and reliable customer service.

- General Employee Demographics: As of March [removed: 29, 2024,] [added: 28, 2025,] we employed just under [removed: 3,400] [added: 3,500] team members in [removed: nearly 30] [added: over 20] countries worldwide.

We continued to focus on learning and development in fiscal [removed: 2024,] [added: 2025,] investing further in digital learning via our [removed: Rise Learning programs] [added: Learn@Gen program] for all employees.

Leveraging an extensive breadth of content and learning opportunities, this umbrella of offerings includes [removed: Rise] [added: LinkedIn Learning catalog, Gen] Mentorship, [removed: Rise eLearning] [added: Academics] and [removed: University of Rise (U Rise).][added: leadership trainings.]

- [removed: Benefits;] [added: Benefits,] Health and Wellness: At Gen, we value our people and are committed to creating a positive and fulfilling experience for everyone through the programs and benefits we offer.

Our commitment to overall health and wellness [removed: are] [added: is] centered around having an integrated and equitable wellness program that supports body, mind and financial health.

- Human Capital Governance: We partner closely with our Board of Directors and the Compensation and Leadership Development Committee on executive compensation, our broader reward strategies and objectives related to talent management, talent acquisition, leadership development, retention and succession, [removed: DEI] and employee engagement.

Our intellectual property [added: (IP)] is an important and vital asset that enables us to develop, market, and sell our software products and services and enhance our competitive position.

We are a leader among consumer cyber safety solutions in pursuing patents and currently have a portfolio of over 1,000 U.S. and international patents issued with many [added: additional patents] pending.

[added: The ability to maintain and protect] our intellectual property rights is important to our success, but we believe our business is not materially dependent on any individual patent, copyright, trademark, trade secret, license, or other intellectual property right.

Our internet [removed: home page] [added: homepage] is located at GenDigital.com.

Mission: We create innovative and easy-to-use technology solutions that help people grow, manage and secure their digital and financial lives.

Community Minded. We are customer obsessed and drive positive impact.

Be Bold. We embrace change and innovate fearlessly.

- Be Scrappy.

Make it Happen. Big or small, we get things done irrespective of title or role.

However, as our digital footprint expands, so do the risks and exposure.

Scams have also continued to become more prevalent and sophisticated and we offer a range of AI-powered features integrated into Norton Cyber Safety products to provide always-on protection from today’s most sophisticated scams across phone calls, texts, emails, and websites.

Norton Scam Protection and Scam Protection Pro utilize Norton Genie AI engine to analyze the meaning of words, not just links, helping to stop hidden scam patterns that even the most careful person can miss.

Outside the U.S., we offer Norton and have expanded Avast and AVG branded plans to additional regions.

Norton offers a three-tiered VPN with advanced privacy and malware protection as well as AI-powered protection against sophisticated cyber threats, including scams and phishing attacks.

Mission: We create technology solutions for people to take full advantage of the digital world, safely, privately, and confidently so together, we can build a better tomorrow.

Community Minded. We are advocates for our customers and are dedicated to making their lives simpler and safer.

We are driven by the positive impact we can have on all the communities in which we live and work.

Be Bold. We empower and inspire one another to think in new ways and to embrace change.

We take calculated risks and learn fast to drive innovation across the business.

- Keep it real.

Make it Happen. We are authentic, open, and treat one another with respect.

We do what we say and say what we do with integrity.

We leverage the strength of our global team, knowing we’re more powerful together.

Scams have also continued to become more prevalent and sophisticated and we offer real-time scam detection tools such as Norton Genie to help determine if a text, email, social media post or website could be a scam.

Environmental, Social and Governance (ESG)

Our commitment to ESG supports our company Purpose and Mission.

The Nominating and Governance Committee of our Board of Directors has oversight over the Company’s ESG strategy, and our full Board of Directors receives a quarterly ESG update.

This quarterly update includes program information across ethics, community investment, the environment and information on emerging ESG priorities.

Additionally, as part of our ESG reporting process, we hold regular meetings with functional leaders to review our ESG disclosures.

Our Leadership Team is highly engaged in our ESG efforts.

Our Head of Corporate Responsibility and Public Policy provides quarterly updates to our Leadership Team and cross-functional ESG Working Group to review our strategy, progress, and program updates.

Building a brand centered on trust is critically important to our business success, and our focus on ESG helps us earn trust from our customers, employees, investors and shareholders.

As such, ESG topics are core to our business strategy.

Examples of our efforts include:

- Environment: Helping protect our planet is part of promoting a safe and sustainable future.

We work to reduce greenhouse gas emissions from our operations through operational efficiencies, reduce the environmental footprint of our products across their lifecycle through innovative approaches to product development and packaging, promote high standards in our supply chain and engage with employees and environmental partners to amplify our work.

- Social: We are proud to support the communities where our team members live and work.

Our community impact programs include employee volunteering and giving, product donations, signature programs that leverage our unique expertise in increasing digital safety literacy, and corporate philanthropic giving.

Our giving focuses on digital safety education; environmental action; and disaster response.

We also support diversity, equity, and inclusion and employee engagement, discussed in more detail in the Human Capital Management subsection.

- Governance: Governance covers many core operating principles overseen by the Nominating and Governance Committee of our Board of Directors.

This committee has oversight of ESG program and receives quarterly updates on topics such as diversity, ethics, community investment and the environment.

Our global culture of responsibility, and the positive contributions we make to the customers, employees, communities, and other stakeholders that we serve drives value for our business.

Setting strategic, achievable, and business-aligned corporate responsibility objectives helps to guide our work and improves our company performance.

We align our ESG programs with the company’s financial goals and focus on the unique positive social and environmental impacts that our business model can have on the world.

These include:

- Data Privacy and Protection: We safeguard our customer, partner and employee data and offer products that help consumers protect their personal data wherever it is found.

- Education and Training for cyber safety: We leverage our leading expertise and technology to help educate, train and protect children, families and vulnerable communities online.

- Diversity, Equity and Inclusion in Technology: We invest in high-impact non-profits to bring more women and under-represented groups into cybersecurity and technology.

- Environment: We focus our environmental strategy on climate and energy, sustainable products, our supply chain, and engagement with employees and nonprofit partners with an emphasis on transparency about our progress and commitments.

- Employee Engagement: We provide employees globally with meaningful ways to put their time, skills and monetary donations to work for their favorite causes.

Gen provides robust benefits for volunteering and giving for all employees including matching donations dollar for dollar to approved nonprofits.

During special campaigns, Gen provides an opportunity to double their donations to their favorite causes.

We cannot guarantee that we will achieve these objectives, and our ability to achieve them is subject to risks and uncertainties both known and unknown, including various risks noted in Item 1A.

For the Fiscal Year Ended March [removed: 29, 2024][added: 28, 2025]

Aggregate market value of the voting stock held by non-affiliates of the registrant, based upon the closing sale price of Gen Digital common stock on September [removed: 29, 2023] [added: 27, 2024] as reported on the Nasdaq Global Select Market: [removed: $7,116,883,792,] [added: $10,678,012,697,] based on a per share stock price of [removed: $17.68.][added: $27.47.]

The number of shares of Gen Digital common stock, $0.01 par value per share, outstanding as of May [removed: 10, 2024] [added: 12, 2025] was [removed: 626,145,897] [added: 620,229,707] shares.

Portions of the registrant’s definitive proxy statement for the [removed: 2024] [added: 2025] annual meeting of stockholders are incorporated herein by reference into Part III of this Annual Report on Form 10-K where indicated.

Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended March [removed: 29, 2024.][added: 28, 2025.]

For the Fiscal Year Ended March [removed: 29, 2024][added: 28, 2025]

| [Item [removed: 1.](#i9e4e1299f14441b4937cd123a287eaf8_16)] [added: 1.](#ifa740d68b83d481bbd410b611c4e306e_16)] | | | [removed: [Business](#i9e4e1299f14441b4937cd123a287eaf8_16)] [added: [Business](#ifa740d68b83d481bbd410b611c4e306e_16)] | | | [removed: [5](#i9e4e1299f14441b4937cd123a287eaf8_16)] [added: [6](#ifa740d68b83d481bbd410b611c4e306e_16)] | | |

| [Item [removed: 1A.](#i9e4e1299f14441b4937cd123a287eaf8_19)] [added: 1A.](#ifa740d68b83d481bbd410b611c4e306e_22)] | | | [Risk [removed: Factors](#i9e4e1299f14441b4937cd123a287eaf8_19)] [added: Factors](#ifa740d68b83d481bbd410b611c4e306e_22)] | | | [removed: [11](#i9e4e1299f14441b4937cd123a287eaf8_19)] [added: [11](#ifa740d68b83d481bbd410b611c4e306e_22)] | | |

| [Item [removed: 1B.](#i9e4e1299f14441b4937cd123a287eaf8_22)] [added: 1B.](#ifa740d68b83d481bbd410b611c4e306e_25)] | | | [Unresolved Staff [removed: Comments](#i9e4e1299f14441b4937cd123a287eaf8_22)] [added: Comments](#ifa740d68b83d481bbd410b611c4e306e_25)] | | | [removed: [24](#i9e4e1299f14441b4937cd123a287eaf8_22)] [added: [31](#ifa740d68b83d481bbd410b611c4e306e_25)] | | |

| [Item [removed: 2.](#i9e4e1299f14441b4937cd123a287eaf8_25)] [added: 2.](#ifa740d68b83d481bbd410b611c4e306e_31)] | | | [removed: [Properties](#i9e4e1299f14441b4937cd123a287eaf8_25)] [added: [Properties](#ifa740d68b83d481bbd410b611c4e306e_31)] | | | [removed: [25](#i9e4e1299f14441b4937cd123a287eaf8_25)] [added: [32](#ifa740d68b83d481bbd410b611c4e306e_31)] | | |

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| [Item [removed: 5.](#i9e4e1299f14441b4937cd123a287eaf8_37)] [added: 5.](#ifa740d68b83d481bbd410b611c4e306e_43)] | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i9e4e1299f14441b4937cd123a287eaf8_37)] [added: Securities](#ifa740d68b83d481bbd410b611c4e306e_43)] | | | [removed: [26](#i9e4e1299f14441b4937cd123a287eaf8_37)] [added: [33](#ifa740d68b83d481bbd410b611c4e306e_43)] | | |

| [Item [removed: 6.](#i9e4e1299f14441b4937cd123a287eaf8_40)] [added: 6.](#ifa740d68b83d481bbd410b611c4e306e_46)] | | | [removed: [\[Reserved\]](#i9e4e1299f14441b4937cd123a287eaf8_40)] [added: [\[Reserved\]](#ifa740d68b83d481bbd410b611c4e306e_46)] | | | [removed: [27](#i9e4e1299f14441b4937cd123a287eaf8_40)] [added: [33](#ifa740d68b83d481bbd410b611c4e306e_46)] | | |

| [Item [removed: 7.](#i9e4e1299f14441b4937cd123a287eaf8_43)] [added: 7.](#ifa740d68b83d481bbd410b611c4e306e_49)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i9e4e1299f14441b4937cd123a287eaf8_43)] [added: Operations](#ifa740d68b83d481bbd410b611c4e306e_49)] | | | [removed: [28](#i9e4e1299f14441b4937cd123a287eaf8_43)] [added: [34](#ifa740d68b83d481bbd410b611c4e306e_49)] | | |

| [Item [removed: 7A.](#i9e4e1299f14441b4937cd123a287eaf8_61)] [added: 7A.](#ifa740d68b83d481bbd410b611c4e306e_67)] | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i9e4e1299f14441b4937cd123a287eaf8_61)] [added: Risk](#ifa740d68b83d481bbd410b611c4e306e_67)] | | | [removed: [36](#i9e4e1299f14441b4937cd123a287eaf8_61)] [added: [41](#ifa740d68b83d481bbd410b611c4e306e_67)] | | |

| [Item [removed: 8.](#i9e4e1299f14441b4937cd123a287eaf8_64)] [added: 8.](#ifa740d68b83d481bbd410b611c4e306e_70)] | | | [Financial Statements and Supplementary [removed: Data](#i9e4e1299f14441b4937cd123a287eaf8_64)] [added: Data](#ifa740d68b83d481bbd410b611c4e306e_70)] | | | [removed: [37](#i9e4e1299f14441b4937cd123a287eaf8_64)] [added: [43](#ifa740d68b83d481bbd410b611c4e306e_70)] | | |

| [Item [removed: 9.](#i9e4e1299f14441b4937cd123a287eaf8_67)] [added: 9.](#ifa740d68b83d481bbd410b611c4e306e_73)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i9e4e1299f14441b4937cd123a287eaf8_67)] [added: Disclosure](#ifa740d68b83d481bbd410b611c4e306e_73)] | | | [removed: [37](#i9e4e1299f14441b4937cd123a287eaf8_67)] [added: [43](#ifa740d68b83d481bbd410b611c4e306e_73)] | | |

| [Item [removed: 9A.](#i9e4e1299f14441b4937cd123a287eaf8_70)] [added: 9A.](#ifa740d68b83d481bbd410b611c4e306e_76)] | | | [Controls and [removed: Procedures](#i9e4e1299f14441b4937cd123a287eaf8_70)] [added: Procedures](#ifa740d68b83d481bbd410b611c4e306e_76)] | | | [removed: [37](#i9e4e1299f14441b4937cd123a287eaf8_70)] [added: [43](#ifa740d68b83d481bbd410b611c4e306e_76)] | | |

| [Item [removed: 9B.](#i9e4e1299f14441b4937cd123a287eaf8_73)] [added: 9B.](#ifa740d68b83d481bbd410b611c4e306e_79)] | | | [Other [removed: Information](#i9e4e1299f14441b4937cd123a287eaf8_73)] [added: Information](#ifa740d68b83d481bbd410b611c4e306e_79)] | | | [removed: [37](#i9e4e1299f14441b4937cd123a287eaf8_73)] [added: [43](#ifa740d68b83d481bbd410b611c4e306e_79)] | | |

| [Item [removed: 9C.](#i9e4e1299f14441b4937cd123a287eaf8_76)] [added: 9C.](#ifa740d68b83d481bbd410b611c4e306e_82)] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i9e4e1299f14441b4937cd123a287eaf8_76)] [added: Inspections](#ifa740d68b83d481bbd410b611c4e306e_82)] | | | [removed: [37](#i9e4e1299f14441b4937cd123a287eaf8_76)] [added: [43](#ifa740d68b83d481bbd410b611c4e306e_82)] | | |

| [PART [removed: III](#i9e4e1299f14441b4937cd123a287eaf8_79)] [added: III](#ifa740d68b83d481bbd410b611c4e306e_85)] | | | | | | | | |

| [Item [removed: 10.](#i9e4e1299f14441b4937cd123a287eaf8_82)] [added: 10.](#ifa740d68b83d481bbd410b611c4e306e_88)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#i9e4e1299f14441b4937cd123a287eaf8_82)] [added: Governance](#ifa740d68b83d481bbd410b611c4e306e_88)] | | | [removed: [38](#i9e4e1299f14441b4937cd123a287eaf8_82)] [added: [44](#ifa740d68b83d481bbd410b611c4e306e_88)] | | |

| [Item [removed: 11.](#i9e4e1299f14441b4937cd123a287eaf8_85)] [added: 11.](#ifa740d68b83d481bbd410b611c4e306e_91)] | | | [Executive [removed: Compensation](#i9e4e1299f14441b4937cd123a287eaf8_85)] [added: Compensation](#ifa740d68b83d481bbd410b611c4e306e_91)] | | | [removed: [38](#i9e4e1299f14441b4937cd123a287eaf8_85)] [added: [44](#ifa740d68b83d481bbd410b611c4e306e_91)] | | |

| [Item [removed: 12.](#i9e4e1299f14441b4937cd123a287eaf8_88)] [added: 12.](#ifa740d68b83d481bbd410b611c4e306e_94)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i9e4e1299f14441b4937cd123a287eaf8_88)] [added: Matters](#ifa740d68b83d481bbd410b611c4e306e_94)] | | | [removed: [38](#i9e4e1299f14441b4937cd123a287eaf8_88)] [added: [44](#ifa740d68b83d481bbd410b611c4e306e_94)] | | |

| [Item [removed: 13.](#i9e4e1299f14441b4937cd123a287eaf8_91)] [added: 13.](#ifa740d68b83d481bbd410b611c4e306e_97)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i9e4e1299f14441b4937cd123a287eaf8_91)] [added: Independence](#ifa740d68b83d481bbd410b611c4e306e_97)] | | | [removed: [38](#i9e4e1299f14441b4937cd123a287eaf8_91)] [added: [44](#ifa740d68b83d481bbd410b611c4e306e_97)] | | |

| [Item [removed: 14.](#i9e4e1299f14441b4937cd123a287eaf8_94)] [added: 14.](#ifa740d68b83d481bbd410b611c4e306e_100)] | | | [Principal [removed: Account](#i9e4e1299f14441b4937cd123a287eaf8_94)[ant](#i9e4e1299f14441b4937cd123a287eaf8_94) [Fees] [added: Accountant Fees] and [removed: Services](#i9e4e1299f14441b4937cd123a287eaf8_94)] [added: Services](#ifa740d68b83d481bbd410b611c4e306e_100)] | | | [removed: [38](#i9e4e1299f14441b4937cd123a287eaf8_94)] [added: [44](#ifa740d68b83d481bbd410b611c4e306e_100)] | | |

| [Item [removed: 15.](#i9e4e1299f14441b4937cd123a287eaf8_100)] [added: 15.](#ifa740d68b83d481bbd410b611c4e306e_106)] | | | [Exhibits and Financial Statement [removed: Schedules](#i9e4e1299f14441b4937cd123a287eaf8_100)] [added: Schedules](#ifa740d68b83d481bbd410b611c4e306e_106)] | | | [removed: [39](#i9e4e1299f14441b4937cd123a287eaf8_100)] [added: [45](#ifa740d68b83d481bbd410b611c4e306e_106)] | | |

| [Item [removed: 16.](#i9e4e1299f14441b4937cd123a287eaf8_187)] [added: 16.](#ifa740d68b83d481bbd410b611c4e306e_199)] | | | [Form 10-K [removed: Summary](#i9e4e1299f14441b4937cd123a287eaf8_187)] [added: Summary](#ifa740d68b83d481bbd410b611c4e306e_199)] | | | [removed: [77](#i9e4e1299f14441b4937cd123a287eaf8_187)] [added: [87](#ifa740d68b83d481bbd410b611c4e306e_199)] | | |

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 (including our ability to achieve synergies from acquisitions, including [removed: Avast),] [added: Avast and MoneyLion),] divestitures, restructurings, stock repurchases, financings, debt repayments and investment activities; the outcome or impact of pending litigation, claims or disputes; [added: risks associated with third party providers; evolving regulations and increased scrutiny from regulators;] 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 [added: global macroeconomic outlook, including but not limited to, the] impact of inflation, fluctuations in foreign currency exchange rates, changes in interest rates, [removed: ongoing] and [added: the impact of] new [added: trade policy, including the implementation of global tariffs; economic disruptions caused by the potential impact of volatility and conflict in the] geopolitical [removed: conflicts,] and [added: economic environment; and] other global macroeconomic factors on our operations and financial performance; and other characterizations of future events or circumstances are forward-looking statements.

☑

| [PART I](#ifa740d68b83d481bbd410b611c4e306e_13) | | | | | | | | |

| [Item 1C.](#ifa740d68b83d481bbd410b611c4e306e_28) | | | [Cybersecurity](#ifa740d68b83d481bbd410b611c4e306e_28) | | | [31](#ifa740d68b83d481bbd410b611c4e306e_28) | | |

| [PART II](#ifa740d68b83d481bbd410b611c4e306e_40) | | | | | | | | |

| [PART IV](#ifa740d68b83d481bbd410b611c4e306e_103) | | | | | | | | |

| [Signatures](#ifa740d68b83d481bbd410b611c4e306e_202) | | | | | | [88](#ifa740d68b83d481bbd410b611c4e306e_202) | | |

SUMMARY RISK FACTORS

We are subject to a number of risks that, if realized, could materially and adversely affect our business, financial condition, results of operations, and cash flows and our ability to make distributions to our stockholders.

Some of our more significant challenges and risks include, but are not limited to, the following, which are described in greater detail below:

- If we are unable to develop new and enhanced solutions and products, or if we are unable to continually improve the performance, features, and reliability of our existing solutions and products, our business and operating results could be adversely affected.

- We operate in a highly competitive and dynamic environment, and if we are unable to compete effectively, we could experience a loss in market share and a reduction in revenue.

- Issues in the development and deployment of artificial intelligence (“AI”) may result in reputational harm and legal liability and could adversely affect our results of operations.

- Our acquisitions and divestitures create special risks and challenges that could adversely affect our financial results.

- Our revenue and operating results depend significantly on our ability to retain our existing customers and expand sales to them, convert existing non-paying customers to paying customers and add new customers.

- If we fail to manage our sales and distribution channels effectively, if our partners choose not to market and sell our solutions to their customers, or if we have an adverse change in our relationships with key third-party partners, service providers or vendors, our operating results could be materially and adversely affected.

- Changes in industry structure and market conditions have and may continue to lead to charges related to discontinuance of certain of our products or businesses and asset impairments.

- Our international operations involve risks that could increase our expenses, adversely affect our operating results and require increased time and attention of our management.

- Our future success depends on our ability to attract and retain personnel in a competitive marketplace.

- If the information provided to us by customers or other third parties is incorrect or fraudulent, we may misjudge a customer’s qualifications to receive our products and services and our results of operations may be harmed and could subject us to regulatory scrutiny or penalties.

- Our solutions, systems, websites and the data on these sources have been in the past and may continue to be subject to cybersecurity events that could materially harm our reputation and future sales.

- We collect, use, disclose, store or otherwise process personal information and other sensitive data, which is subject to stringent and changing state and federal laws and regulations.

- Our inability to successfully recover from a disaster or other business continuity event could impair our ability to deliver our products and services, which could harm our business.

- We are dependent upon Broadcom for certain engineering and threat response services, which are critical to many of our products and business.

- If we fail to offer high-quality customer support, our customer satisfaction may suffer and have a negative impact on our business and reputation.

- Our solutions are complex and operate in a wide variety of environments, systems and configurations, which could result in failures of our solutions to function as designed.

- Negative publicity regarding our brand, solutions and business could harm our competitive position.

- Our reputation and/or business could be negatively impacted by sustainability and governance matters and/or our reporting of such matters.

- We are affected by seasonality, which may impact our revenue and results of operations.

- Our solutions are highly regulated and the legal and regulatory regimes governing certain of our products and services are uncertain and evolving, which could impede our ability to market and provide our solutions or adversely affect our business, financial position and results of operations.

- The regulatory regime governing blockchain technologies and digital assets is uncertain, and new laws, regulations or policies, including licensing laws, may alter our business practices with respect to digital assets.

- If we do not protect our proprietary information and prevent third parties from making unauthorized use of our products and technology, our financial results could be harmed.

- From time to time we are party to lawsuits and investigations which has previously and could in the future require significant management time and attention, cause us to incur significant legal expenses and prevent us from selling our products.

- Third parties have claimed and additional third parties in the future may claim that we infringe their proprietary rights.

- Some of our products contain “open source” software, and any failure to comply with the terms of one or more of these open source licenses could negatively affect our business.

- There are risks associated with our outstanding and future indebtedness that could adversely affect our financial condition.

- Our Amended Credit Agreement imposes operating and financial restrictions on us.

- We may be unsuccessful in managing the effects of changes in the cost of capital on our business.

- The failure of financial institutions or transactional counterparties could adversely affect our current and projected business operations and our financial condition and result of operations.

- If our existing funding arrangements are not renewed or replaced or our existing funding sources are unwilling or unable to provide funding to us on terms acceptable to us, or at all, it could have a material adverse effect on our business, financial condition, results of operations and cash flows.

- Hedging or other mitigation actions to mitigate against interest rate exposure may adversely affect our earnings, limit our gains or result in losses, which could adversely affect cash available for distributions.

| [PART I](#i9e4e1299f14441b4937cd123a287eaf8_13) | | | | | | | | |

| [I](#i9e4e1299f14441b4937cd123a287eaf8_1565)[tem 1C.](#i9e4e1299f14441b4937cd123a287eaf8_1565) | | | [Cybersecurity](#i9e4e1299f14441b4937cd123a287eaf8_1565) | | | [24](#i9e4e1299f14441b4937cd123a287eaf8_1565) | | |

| [PART II](#i9e4e1299f14441b4937cd123a287eaf8_34) | | | | | | | | |

| [PART IV](#i9e4e1299f14441b4937cd123a287eaf8_97) | | | | | | | | |

| [Signatures](#i9e4e1299f14441b4937cd123a287eaf8_190) | | | | | | [78](#i9e4e1299f14441b4937cd123a287eaf8_190) | | |

Our information security management system is based upon industry [removed: frameworks.][added: frameworks including but not limited to ISO 27001 and NIST Cybersecurity Framework.]

We have implemented security monitoring capabilities designed to alert us to suspicious activity and developed an incident response program that includes [removed: periodic testing] [added: an annual table top exercise] and is designed to restore business operations quickly.

The Technology and Cybersecurity Committee is comprised entirely of independent directors, all of whom have experience related to [added: information security issues or oversight and meets and reports to the Board on a quarterly basis.]

A retained independent third-party firm reviews the maturity of our information security program and the results are discussed annually in the Technology and Cybersecurity Committee of the Board.

information security issues or oversight and meets and reports to the Board on a quarterly basis.

As of March [removed: 29, 2024,] [added: 28, 2025,] there were [removed: 3,148] [added: 2,855] stockholders of record.

The graph below compares the cumulative total stockholder return on our common stock with the cumulative total return on the S&P 500 Composite Index and the S&P Information Technology Index for the five fiscal years ended March [removed: 29, 2024] [added: 28, 2025] (assuming the initial investment of $100 in our common stock and in each of the other indices on the last day of trading for fiscal [removed: 2019] [added: 2020] and the reinvestment of all dividends).

and the S&P Information Technology [removed: Index][added: Index]

This performance graph shall not be deemed “soliciting material” or to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any [removed: of our] filings [added: of Gen Digital] under the Securities Act or the Exchange Act.

[removed: Stock repurchases] [added: No shares were repurchased] during the three months ended March [removed: 29, 2024 were as follows:][added: 28, 2025.]

[removed: (2)] Under our stock repurchase programs, shares may be repurchased on the open market and through accelerated stock repurchase transactions.

As of March [removed: 29, 2024,] [added: 28, 2025,] we had [removed: $429] [added: $2,728] million remaining authorized to be completed in future periods with no expiration date.

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| (In millions, except per share data) | | | Total Number of Shares Purchased (1) | | | | | | Average Price Paid per Share | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Program | | | | | | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (2) | | |

| December 30, 2023 to January 26, 2024 | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 729 | |

| January 27, 2024 to February 23, 2024 | | | 14 | | | | | | $ | 21.37 | | | | | 14 | | | | | | $ | 429 | |

| February 24, 2024 to March 29, 2024 | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 429 | |

| Total number of shares repurchased | | | 14 | | | | | | | | | | | | 14 | | | | | | | | |

(1) The number of shares repurchased is reported on trade date.

In May 2024, our Board of Directors authorized a new stock repurchase program through which we may repurchase shares of our common stock in an aggregate amount of up to $3 billion with no fixed expiration.

This new stock repurchase program will supersede any amounts under the prior stock repurchase programs.

Our management (with the participation of our Chief Executive Officer and Chief Financial Officer) has conducted an evaluation of the effectiveness of [added: the design and operation of] our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange [removed: Act).][added: Act) as of the end of the period covered by this report.]

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, has conducted an evaluation of the effectiveness of our internal control over financial reporting as of March [removed: 29, 2024,] [added: 28, 2025,] based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Our management has concluded that, as of March [removed: 29, 2024,] [added: 28, 2025,] our internal control over financial reporting was effective at the reasonable assurance level based on these criteria.

The effectiveness of our internal control over financial reporting, as of March [removed: 29, 2024,] [added: 28, 2025,] has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report, which is included in Part IV, Item 15 of this Annual Report on Form 10-K.

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the fiscal quarter ended March [removed: 29, 2024] [added: 28, 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Our internal control over financial reporting is a process designed under the supervision of our CEO and CFO to provide reasonable assurance regarding the preparation and reliability of financial reporting and preparation of our financial statements for external purposes in accordance with generally accepted accounting principles.

The design of a control system also is based in part upon assumptions and judgments made by management about the likelihood of future events, and there can be no assurance that a given control will be effective under all potential future conditions.

During the fiscal quarter ended March [removed: 29, 2024,] [added: 28, 2025,] none of our directors or officers [added: (as defined in Section 16 of the Securities Exchange Act of 1934, as amended)] informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K, Item 408.

The information required by this item will be included under the caption “Directors, Executive Officers, and Corporate Governance” in our proxy statement for the [removed: 2024] [added: 2025] Annual Meeting to be filed with the SEC within 120 days of the fiscal year ended March [removed: 29, 2024] [added: 28, 2025] (the [removed: 2024] [added: 2025] Proxy Statement) and is incorporated herein by reference.

With regard to the information required by this item regarding compliance with Section 16(a) of the Exchange Act, we will provide disclosure of delinquent Section 16(a) reports, if any, in the [removed: 2024] [added: 2025] Proxy Statement, and such disclosure, if any, is incorporated herein by reference.

The information required by this item will be included under the [removed: caption “Executive] [added: captions “Director] Compensation” [added: and “Executive Compensation and Related Information”] in our [removed: 2024] [added: 2025] Proxy Statement and is incorporated herein by reference (excluding the information under the subheading “Pay Versus Performance”).

The information required by this item will be included under the [removed: caption] [added: captions] “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” [added: and “Equity Compensation Plans”] in our [removed: 2024] [added: 2025] Proxy Statement and is incorporated herein by reference.

The information required by this item will be included under the caption “Certain Relationships and Related Transactions, and Director Independence” in our [removed: 2024] [added: 2025] Proxy Statement and is incorporated herein by reference.

Our independent registered public accounting firm is [removed: KPMG,] [added: KPMG] LLP, Santa Clara, CA, Auditor Firm ID: 185.

The information required by this item will be included under the caption “Principal Accountant Fees and Services” in our [removed: 2024] [added: 2025] Proxy Statement and is incorporated herein by reference.

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#i9e4e1299f14441b4937cd123a287eaf8_103)] [added: Firm](#ifa740d68b83d481bbd410b611c4e306e_109)] | | | [removed: [40](#i9e4e1299f14441b4937cd123a287eaf8_103)] [added: [46](#ifa740d68b83d481bbd410b611c4e306e_109)] | | |

| | | | [Consolidated Balance [removed: Sheets](#i9e4e1299f14441b4937cd123a287eaf8_106)] [added: Sheets](#ifa740d68b83d481bbd410b611c4e306e_112)] | | | [removed: [42](#i9e4e1299f14441b4937cd123a287eaf8_106)] [added: [48](#ifa740d68b83d481bbd410b611c4e306e_112)] | | |

| | | | [Consolidated Statements of [removed: Operations](#i9e4e1299f14441b4937cd123a287eaf8_109)] [added: Operations](#ifa740d68b83d481bbd410b611c4e306e_115)] | | | [removed: [43](#i9e4e1299f14441b4937cd123a287eaf8_109)] [added: [49](#ifa740d68b83d481bbd410b611c4e306e_115)] | | |

| | | | [Consolidated Statements of Comprehensive Income [removed: (Loss)](#i9e4e1299f14441b4937cd123a287eaf8_112)] [added: (Loss)](#ifa740d68b83d481bbd410b611c4e306e_118)] | | | [removed: [44](#i9e4e1299f14441b4937cd123a287eaf8_112)] [added: [50](#ifa740d68b83d481bbd410b611c4e306e_118)] | | |

| | | | [Consolidated Statements of Stockholders’ Equity [removed: (Deficit)](#i9e4e1299f14441b4937cd123a287eaf8_115)] [added: (Deficit)](#ifa740d68b83d481bbd410b611c4e306e_121)] | | | [removed: [45](#i9e4e1299f14441b4937cd123a287eaf8_115)] [added: [51](#ifa740d68b83d481bbd410b611c4e306e_121)] | | |

| | | | [Consolidated Statements of Cash [removed: Flows](#i9e4e1299f14441b4937cd123a287eaf8_118)] [added: Flows](#ifa740d68b83d481bbd410b611c4e306e_124)] | | | [removed: [46](#i9e4e1299f14441b4937cd123a287eaf8_118)] [added: [52](#ifa740d68b83d481bbd410b611c4e306e_124)] | | |

| | | | [Notes to the Consolidated Financial [removed: Statements](#i9e4e1299f14441b4937cd123a287eaf8_121)] [added: Statements](#ifa740d68b83d481bbd410b611c4e306e_127)] | | | [removed: [47](#i9e4e1299f14441b4937cd123a287eaf8_121)] [added: [53](#ifa740d68b83d481bbd410b611c4e306e_127)] | | |

| | | | [Note 1. Description of Business and Significant Accounting [removed: Policies](#i9e4e1299f14441b4937cd123a287eaf8_124)] [added: Policies](#ifa740d68b83d481bbd410b611c4e306e_130)] | | | [removed: [47](#i9e4e1299f14441b4937cd123a287eaf8_124)] [added: [53](#ifa740d68b83d481bbd410b611c4e306e_130)] | | |

| | | | [Note 2. Recent Accounting [removed: Standards](#i9e4e1299f14441b4937cd123a287eaf8_127)] [added: Standards](#ifa740d68b83d481bbd410b611c4e306e_136)] | | | [removed: [52](#i9e4e1299f14441b4937cd123a287eaf8_127)] [added: [58](#ifa740d68b83d481bbd410b611c4e306e_136)] | | |

| [added: Assets held for sale] | | | [removed: [Note 3.](#i9e4e1299f14441b4937cd123a287eaf8_130) [Assets Held for Sale](#i9e4e1299f14441b4937cd123a287eaf8_130)] [added: 22] | | | [removed: [52](#i9e4e1299f14441b4937cd123a287eaf8_130)] | | | [added: 15 | | |]

| | | | [Note 4. Business [removed: Combinations](#i9e4e1299f14441b4937cd123a287eaf8_133)] [added: Combinations](#ifa740d68b83d481bbd410b611c4e306e_142)] | | | [removed: [52](#i9e4e1299f14441b4937cd123a287eaf8_133)] [added: [58](#ifa740d68b83d481bbd410b611c4e306e_142)] | | |

| | | | [Note 6. Goodwill and Intangible [removed: Assets](#i9e4e1299f14441b4937cd123a287eaf8_139)] [added: Assets](#ifa740d68b83d481bbd410b611c4e306e_148)] | | | [removed: [54](#i9e4e1299f14441b4937cd123a287eaf8_139)] [added: [60](#ifa740d68b83d481bbd410b611c4e306e_148)] | | |

| | | | [Note 7. Supplementary [removed: Information](#i9e4e1299f14441b4937cd123a287eaf8_142)] [added: Information](#ifa740d68b83d481bbd410b611c4e306e_151)] | | | [removed: [54](#i9e4e1299f14441b4937cd123a287eaf8_142)] [added: [60](#ifa740d68b83d481bbd410b611c4e306e_151)] | | |

| | | | [Note 8. Financial Instruments and Fair Value [removed: Measurements](#i9e4e1299f14441b4937cd123a287eaf8_145)] [added: Measurements](#ifa740d68b83d481bbd410b611c4e306e_154)] | | | [removed: [57](#i9e4e1299f14441b4937cd123a287eaf8_145)] [added: [63](#ifa740d68b83d481bbd410b611c4e306e_154)] | | |

| | | | [Note 10. [removed: Debt](#i9e4e1299f14441b4937cd123a287eaf8_151)] [added: Debt](#ifa740d68b83d481bbd410b611c4e306e_160)] | | | [removed: [58](#i9e4e1299f14441b4937cd123a287eaf8_151)] [added: [64](#ifa740d68b83d481bbd410b611c4e306e_160)] | | |

| | | | [Note 11. [removed: Derivatives](#i9e4e1299f14441b4937cd123a287eaf8_157)] [added: Derivatives](#ifa740d68b83d481bbd410b611c4e306e_166)] | | | [removed: [60](#i9e4e1299f14441b4937cd123a287eaf8_157)] [added: [66](#ifa740d68b83d481bbd410b611c4e306e_166)] | | |

| | | | [Note 12. Restructuring and Other [removed: Costs](#i9e4e1299f14441b4937cd123a287eaf8_160)] [added: Costs](#ifa740d68b83d481bbd410b611c4e306e_169)] | | | [removed: [61](#i9e4e1299f14441b4937cd123a287eaf8_160)] [added: [67](#ifa740d68b83d481bbd410b611c4e306e_169)] | | |

| | | | [Note 13. Income [removed: Taxes](#i9e4e1299f14441b4937cd123a287eaf8_163)] [added: Taxes](#ifa740d68b83d481bbd410b611c4e306e_172)] | | | [removed: [62](#i9e4e1299f14441b4937cd123a287eaf8_163)] [added: [69](#ifa740d68b83d481bbd410b611c4e306e_172)] | | |

| | | | [Note 14. Stockholders’ [removed: Equity](#i9e4e1299f14441b4937cd123a287eaf8_166)] [added: Equity](#ifa740d68b83d481bbd410b611c4e306e_175)] | | | [removed: [64](#i9e4e1299f14441b4937cd123a287eaf8_166)] [added: [71](#ifa740d68b83d481bbd410b611c4e306e_175)] | | |

| | | | [Note 15. Stock-Based Compensation and Other Benefit [removed: Plans](#i9e4e1299f14441b4937cd123a287eaf8_169)] [added: Plans](#ifa740d68b83d481bbd410b611c4e306e_178)] | | | [removed: [65](#i9e4e1299f14441b4937cd123a287eaf8_169)] [added: [72](#ifa740d68b83d481bbd410b611c4e306e_178)] | | |

| | | | [Note 16. Net Income [added: (Loss)] Per [removed: Share](#i9e4e1299f14441b4937cd123a287eaf8_172)] [added: Share](#ifa740d68b83d481bbd410b611c4e306e_184)] | | | [removed: [67](#i9e4e1299f14441b4937cd123a287eaf8_172)] [added: [74](#ifa740d68b83d481bbd410b611c4e306e_184)] | | |

| | | | [Note 17. Segment and Geographic [removed: Information](#i9e4e1299f14441b4937cd123a287eaf8_175)] [added: Information](#ifa740d68b83d481bbd410b611c4e306e_187)] | | | [removed: [68](#i9e4e1299f14441b4937cd123a287eaf8_175)] [added: [74](#ifa740d68b83d481bbd410b611c4e306e_187)] | | |

| | | | [Note 18. Commitments and [removed: Contingencies](#i9e4e1299f14441b4937cd123a287eaf8_178)] [added: Contingencies](#ifa740d68b83d481bbd410b611c4e306e_190)] | | | [removed: [69](#i9e4e1299f14441b4937cd123a287eaf8_178)] [added: [77](#ifa740d68b83d481bbd410b611c4e306e_190)] | | |

| 2. | | | [Exhibits: The information required by this Item is set forth in the Exhibit Index that precedes the signature page of this Annual [removed: Report.](#i9e4e1299f14441b4937cd123a287eaf8_184)] [added: Report.](#ifa740d68b83d481bbd410b611c4e306e_196)] | | | [removed: [72](#i9e4e1299f14441b4937cd123a287eaf8_184)] [added: [81](#ifa740d68b83d481bbd410b611c4e306e_196)] | | |

We have audited the accompanying consolidated balance sheets of Gen Digital Inc. and subsidiaries (the Company) as of March [removed: 29, 2024] [added: 28, 2025] and March [removed: 31, 2023,] [added: 29, 2024,] the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity (deficit), and cash flows for each of the years in the three-year period ended March [removed: 29, 2024,] [added: 28, 2025,] and the related notes (collectively, the consolidated financial statements).

We also have audited the Company’s internal control over financial reporting as of March [removed: 29, 2024,] [added: 28, 2025,] based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of March [removed: 29, 2024] [added: 28, 2025] and March [removed: 31, 2023,] [added: 29, 2024,] and the results of its operations and its cash flows for each of the years in the three-year period ended March [removed: 29, 2024,] [added: 28, 2025,] in conformity with U.S. generally accepted accounting principles.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March [removed: 29, 2024] [added: 28, 2025] based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

The communication of critical audit matters does not alter in any way our opinion on the consolidated [added: financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.]

The Company recorded [removed: $3,812] [added: $3,935] million of net revenues for the year ended March [removed: 29, 2024.][added: 28, 2025.]

We evaluated the design and tested the operating effectiveness of certain internal controls related to the revenue [removed: process,] [added: processes,] including controls related to IT.

As discussed in Notes 1 and 13 to the consolidated financial statements, as of March [removed: 29, 2024,] [added: 28, 2025,] the Company [removed: recognized] [added: recorded accruals for] unrecognized tax benefits.

As of March [removed: 29, 2024,] [added: 28, 2025,] the Company has a liability for gross unrecognized tax benefits of [removed: $1,163] [added: $1,153] million.

| | | | March [added: 28, 2025 | | | | | | March] 29, 2024 | | | | | | March 31, 2023 | | |

| [removed: Cash] [added: Beginning cash] and cash equivalents | | | [removed: $ |] 846 | | | | | [removed: $] | 750 | | [added: | | | | 1,887 | | |]

| Accounts receivable, net | | | [removed: 163] [added: 171] | | | | | | [removed: 168] [added: 163] | | |

| Other current assets | | | [removed: 334] [added: 245] | | | | | | [removed: 284] [added: 334] | | |

| [removed: Assets held for sale] | | | [removed: 15 | | |] [added: [Note 3. Assets Held for Sale](#ifa740d68b83d481bbd410b611c4e306e_139)] | | | [removed: 31] [added: [58](#ifa740d68b83d481bbd410b611c4e306e_139)] | | |

| Total current assets | | | [removed: 1,358] [added: 1,444] | | | | | | [removed: 1,233] [added: 1,358] | | |

| Property and equipment, net | | | [removed: 72] [added: 60] | | | | | | [removed: 76] [added: 72] | | |

| | | | [Note 5. Revenues](#ifa740d68b83d481bbd410b611c4e306e_145) | | | [59](#ifa740d68b83d481bbd410b611c4e306e_145) | | |

| | | | [Note 9. Leases](#ifa740d68b83d481bbd410b611c4e306e_157) | | | [63](#ifa740d68b83d481bbd410b611c4e306e_157) | | |

| | | | [Note 19. Subsequent Events](#ifa740d68b83d481bbd410b611c4e306e_549755815499) | | | [81](#ifa740d68b83d481bbd410b611c4e306e_549755815499) | | |

| | | | March 28, 2025 | | | | | | March 29, 2024 | | |

| Total assets | | | $ | 15,495 | | | | | $ | 15,793 | |

| Total liabilities | | | 13,226 | | | | | | 13,653 | | |

| Net revenues | | | $ | 3,935 | | | | | $ | 3,800 | | | | | $ | 3,317 | |

| Gross profit | | | 3,159 | | | | | | 3,069 | | | | | | 2,728 | | |

| Impairment of intangible assets | | | 3 | | | | | | — | | | | | | — | | |

| Operating income (loss) | | | 1,610 | | | | | | 1,110 | | | | | | 1,206 | | |

| Net income (loss) | | | $ | 643 | | | | | $ | 607 | | | | | $ | 1,334 | |

| Net income (loss) | | | $ | 643 | | | | | $ | 607 | | | | | $ | 1,334 | |

| Comprehensive income (loss) | | | $ | 599 | | | | | $ | 633 | | | | | $ | 1,323 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Repurchases of common stock (2) | | | (11) | | | | | | (274) | | | | | | — | | | | | | — | | | | | | (274) | | |

| Balance as of March 28, 2025 | | | 617 | | | | | | $ | 2,066 | | | | | $ | (33) | | | | | $ | 236 | | | | | $ | 2,269 | |

| Net income (loss) | | | $ | 643 | | | | | $ | 607 | | | | | $ | 1,334 | |

| Legal contract dispute cost (Note 1) | | | 66 | | | | | | — | | | | | | — | | |

| Other assets | | | 86 | | | | | | 861 | | | | | | (702) | | |

| Purchase of non-marketable equity investments | | | (4) | | | | | | — | | | | | | — | | |

In fiscal year 2025, based on our qualitative assessment, we recognized an impairment of $3 million related to our long-lived assets.

There were no impairments of long-lived assets recognized during fiscal 2024 and 2023.

purchase plan (ESPP), based on their estimated fair value on the grant date.

Meanwhile, revenue and expenses are translated using the average exchange rates during the period.

| | | | March 28, 2025 | | | | | | March 29, 2024 | | |

At the end of our third fiscal quarter of 2025, E-commerce Partner B, who acts as the payment processor and merchant of record for a subset of Avast customers, missed its contractually required payment.

Additional contractually required payments were missed in the first few weeks of our fourth fiscal quarter ending March 28, 2025.

In January 2025, E-commerce partner B cited financial difficulties, which raised our concerns about its solvency and ability to comply with the contractual terms of the agreement.

On January 16, 2025, we notified them of our termination of the agreement.

After further settlement discussions, the parties agreed to resolve all disputes between them, including but not limited to claims of breach of the agreement, and the parties entered into a legal settlement agreement.

Under the terms of the legal settlement agreement, E-commerce partner B transferred all of our customer information to us, and we released our claims to valid outstanding accounts receivable (net of any fees payable) from E-commerce partner B, totaling $66 million as of January 17, 2025, along with customary releases for the parties.

As a result, a total of $66 million of accounts receivable from E-commerce partner B were charged off as general and administrative expense during fiscal 2025.

Revision of Prior Period Financial Statements

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.

In the first quarter of fiscal 2025, we changed the 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.

We have corrected this error in the accompanying 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 Consolidated Statements of Operations for the years ended March 29, 2024 and March 31, 2023 included a decrease to net revenues of $12 million and $21 million, respectively, and a decrease to income tax expense (benefit) of $3 million and $6 million, respectively.

| | | | [Note 5. Revenues](#i9e4e1299f14441b4937cd123a287eaf8_136) | | | [53](#i9e4e1299f14441b4937cd123a287eaf8_136) | | |

| | | | [Note 9. Leases](#i9e4e1299f14441b4937cd123a287eaf8_148) | | | [57](#i9e4e1299f14441b4937cd123a287eaf8_148) | | |

financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

May 15, 2024

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Total assets | | | $ | 15,772 | | | | | $ | 15,947 | |

| Total liabilities | | | 13,575 | | | | | | 13,747 | | |

| Net revenues | | | $ | 3,812 | | | | | $ | 3,338 | | | | | $ | 2,796 | |

| Gross profit | | | 3,081 | | | | | | 2,749 | | | | | | 2,388 | | |

| Operating income (loss) | | | 1,122 | | | | | | 1,227 | | | | | | 1,005 | | |

| Comprehensive income (loss) | | | $ | 642 | | | | | $ | 1,338 | | | | | $ | 785 | |

| Balance as of April 2, 2021 | | | 580 | | | | | | $ | 2,229 | | | | | $ | 47 | | | | | $ | (2,776) | | | | | $ | (500) | |

| Net income | | | $ | 616 | | | | | $ | 1,349 | | | | | $ | 836 | |

| Other assets | | | 864 | | | | | | (696) | | | | | | (7) | | |

On September 12, 2022, we completed our acquisition of Avast, plc (Avast).

In fiscal 2024, based on our qualitative and quantitative assessments, we concluded that it is more likely than not that the fair values are more than their carrying values.

Accordingly, there was no indication of impairment of long-lived assets, and further quantitative testing was not required.

We do not expect the adoption of this guidance will have a material impact on our Consolidated Financial Statements and disclosures.

*ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* In December 2023, the FASB issued new guidance to update income tax disclosure requirements, requiring disaggregated information about an entity’s effective tax rate reconciliation as well as income taxes paid.

This is effective for fiscal years beginning after December 15, 2024.

We are currently evaluating the impact of the adoption of this guidance on our Consolidated Financial Statements and disclosures.

During the third quarter of fiscal 2024, we completed the sale of certain land and buildings in Tucson, Arizona, which were previously classified as held for sale as of March 31, 2023, for cash consideration of $12 million, net of selling costs.

During fiscal 2024, there were no impairments because the fair value of the property less costs to sell either equals or exceeds its carrying value.

During fiscal 2024, we recorded measurement period adjustments resulting in a net decrease to goodwill of $14 million, resulting from updated information regarding deferred tax liabilities, which resulted in a decrease of $14 million of long-term deferred tax liabilities.

| Net income (loss) | | | $ | 1,133 | | | | | $ | 242 | |

| Balance as of April 1, 2022 | | | $ | 2,873 | |

| Acquisition of Avast | | | 7,265 | | |

| Purchase accounting adjustments | | | 84 | | |

| 2025 | | | $ | 401 | |

| Deferred revenue | | | $ | 1,133 | | | | | $ | 1,153 | |

| Extinguishment of debt with borrowings from same creditors | | | $ | — | | | | | $ | — | | | | | $ | 494 | |

(1) The fair value of our interest rate swaps is less than $1 million as of March 31, 2023.

| 2025 | | | $ | 175 | |

| 2026 | | | 1,392 | | |

| 2027 | | | 233 | | |

| 2028 | | | 4,017 | | |

Quarterly installment payments commenced on March 31, 2023.

We may redeem some or all of the 6.75% Senior Notes due 2027 and 7.125% Senior Notes due 2030 at any time, subject to a prepayment penalty that expires one year prior to the maturity of each respective note.

| Amortization of debt discount and issuance costs | | | $ | — | | | | | $ | 4 | |

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Mountain View, State of California, on the 15th day of May [removed: 2024.][added: 2025.]

| | | | | | | Vincent Pilette *Chief Executive [removed: Officer] [added: Officer, President] and Director* | | |

| /s/ Vincent Pilette | | | | | | Chief Executive [removed: Officer] [added: Officer, President] and Director (Principal Executive Officer) | | | | | | May 15, [removed: 2024] [added: 2025] | | |

| /s/ Natalie Derse | | | | | | [removed: Executive Vice President and] Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | | | | | | May 15, [removed: 2024] [added: 2025] | | |

| /s/ Ondrej Vlcek | | | | | | [removed: President and] Director | | | | | | May 15, [removed: 2024] [added: 2025] | | |

| /s/ Frank E. Dangeard | | | | | | Chairman of the Board | | | | | | May 15, [removed: 2024] [added: 2025] | | |

| /s/ Sue Barsamian | | | | | | Director | | | | | | May 15, [removed: 2024] [added: 2025] | | |

| /s/ Pavel Baudis | | | | | | Director | | | | | | May 15, [removed: 2024] [added: 2025] | | |

| /s/ Eric K. Brandt | | | | | | Director | | | | | | May 15, [removed: 2024] [added: 2025] | | |

| /s/ Nora Denzel | | | | | | Director | | | | | | May 15, [removed: 2024] [added: 2025] | | |

| /s/ Peter A. Feld | | | | | | Director | | | | | | May 15, [removed: 2024] [added: 2025] | | |

| /s/ Emily Heath | | | | | | Director | | | | | | May 15, [removed: 2024] [added: 2025] | | |

| /s/ Sherrese M. Smith | | | | | | Director | | | | | | May 15, [removed: 2024] [added: 2025] | | |