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Gen Digital Inc. (GEN-0.90%) has submitted its 10-Q filing for the quarterly period ended December 27, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $986 million from $948 million in the same quarter the previous year. This increase is attributed to higher sales in both consumer security and identity and information protection products.
Operating income for the quarter was reported at $374 million, up from $332 million in the previous year. The increase is primarily due to increased net revenues and lower amortization of intangible assets.
Net income for the quarter was $159 million, compared to $142 million in the previous year. The increase is attributed to higher operating income and decreased interest expense associated with the company's Term B facility.
Cash and cash equivalents as of December 27, 2024, were $883 million, an increase from $846 million as of March 29, 2024. This increase is primarily due to cash generated from operating activities.
Contract liabilities decreased to $1,849 million from $1,884 million as of March 29, 2024, primarily due to billing seasonality and fluctuations in foreign currency rates.
The filing also details a proposed acquisition of MoneyLion Inc., expected to close by the first half of Gen's fiscal year 2026, subject to regulatory approvals and other customary closing conditions.
Gen Digital Inc. has entered into a legal settlement agreement with E-commerce Partner B following the termination of their agreement. The settlement includes the transfer of customer information to Gen and the release of claims to outstanding accounts receivable.
Gen Digital Inc. announced a cash dividend of $0.125 per share of common stock to be paid in March 2025.
The company continues to monitor global macroeconomic conditions, including inflation and foreign currency exchange rates, which may impact its operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gen Digital Inc. quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.