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Gen Reports Third Quarter Fiscal Year 2025 Results

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Company strengthens full-year guidance following strong Q3 momentum

TEMPE, Ariz. and PRAGUE, Jan. 30, 2025 /PRNewswire/ — Gen Digital Inc. (NASDAQ: GEN), a global leader dedicated to Powering Digital Freedom, released its results for the third quarter fiscal year 2025, which ended December 27, 2024.

“Sophisticated scams and financial fraud are everywhere. People need comprehensive solutions to address both the evolving threat landscape while also protecting their personal information,” said Vincent Pilette, CEO of Gen. “Millions of customers trust us to deliver practical solutions built with the best technology to address today’s challenges and anticipate tomorrow’s. We’re dedicated to building upon that trust to not only protect their data and assets, but to also help them manage and grow their digital and financial life.”

Q3 Fiscal Year 2025 Financial Highlights and Commentary Year-Over-Year 

Q3 GAAP Results

Revenue of $986 million, up 4% in USDOperating income of $374 million, up 13%Operating margin of 38%, up 3 pointsQ3 diluted EPS of $0.26, up 18%Q3 operating cash flow of $326 million, up 3%

Q3 Non-GAAP Results

Revenue of $986 million, up 4% in USD and in constant currencyBookings of $1,036 million, up 3% in USD and in constant currencyOperating income of $577 million, up 4% in USD and in constant currencyOperating margin of 58.5%, in-line with the prior yearDiluted EPS of $0.56, up 15% in USD and in constant currency

“Our Q3 results highlight another quarter of solid execution, keeping us on track to achieve our 2025 plan and deliver long-term and profitable growth,” said Natalie Derse, CFO of Gen. “This quarter’s results are a testament to both the continued demand for comprehensive consumer Cyber Safety, and the dedication of the entire Gen team to deliver on those needs. By making strategic investments and maintaining disciplined execution, we are well-positioned to sustain this momentum and drive future success.”    

Q4 FY25 Non-GAAP Guidance 

Revenue expected to be in the range of $990 to $1,005 millionEPS expected to be in the range of $0.57 to $0.59

Strengthened Fiscal Year 2025 Non-GAAP Annual Guidance

Revenue now expected to be in the range of $3,915 to $3,930 million, compared to the prior range of $3,905 to $3,930 millionEPS now expected to be in the range of $2.20 to $2.22, compared to the prior range of $2.18 to $2.23

Quarterly Cash Dividend
Gen’s Board of Directors has approved a regular quarterly cash dividend of $0.125 per common share to be paid on March 12, 2025, to all shareholders of record as of the close of business on February 17, 2025.

Q3 FY25 Earnings Call
January 30, 2025
2 p.m. PT / 5 p.m. ET

Webcast & Dial-in instructions at Investor.GenDigital.com. A replay will be posted following the call. For additional details regarding Gen’s results and outlook, please see the Financials section of the Investor Relations website. 

About Gen 
Gen™ (NASDAQ: GEN) is a global company dedicated to powering Digital Freedom through its trusted Cyber Safety brands, Norton, Avast, LifeLock, Avira, AVG, ReputationDefender and CCleaner. The Gen family of consumer brands is rooted in providing safety for the first digital generations. Now, Gen empowers people to live their digital lives safely, privately, and confidently today and for generations to come. Gen brings award-winning products and services in cybersecurity, online privacy and identity protection to nearly 500 million users in more than 150 countries. Learn more at GenDigital.com.

Forward-Looking Statements
This press release contains statements which may be considered forward-looking within the meaning of the U.S. federal securities laws. In some cases, you can identify these forward-looking statements by the use of terms such as “expect,” “will,” “continue,” or similar expressions, and variations or negatives of these words, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, the quotes under “Q3 Non-GAAP Results” including expectations relating to achievement of long-term objectives, and the statements under “Q4 FY25 Non-GAAP Guidance” and “Fiscal Year 2025 Non-GAAP Annual Guidance” including expectations relating to Q4 FY25 and FY25 non-GAAP revenue and non-GAAP EPS, and any statements of assumptions underlying any of the foregoing. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. Such risk factors include, but are not limited to, those related to: the consummation of or anticipated impacts of acquisitions (including our ability to achieve synergies and associated cost savings from the merger with Avast); divestitures, restructurings, stock repurchases, financings, debt repayments and investment activities; difficulties in executing the operating model for the consumer Cyber Safety business; lower than anticipated returns from our investments in direct customer acquisition; difficulties in retaining our existing customers and converting existing non-paying customers to paying customers; difficulties and delays in reducing run rate expenses and monetizing underutilized assets; the successful development of new products and upgrades and the degree to which these new products and upgrades gain market acceptance; our ability to maintain our customer and partner relationships; the anticipated growth of certain market segments;  fluctuations and volatility in our stock price; our ability to successfully execute strategic plans; the vulnerability of our solutions, systems, websites and data to intentional disruption by third parties; changes to existing accounting pronouncements or taxation rules or practices; and general business and macroeconomic changes in the U.S. and worldwide, including economic recessions, the impact of inflation, fluctuations in foreign currency exchange rates, changes in interest rates or tax rates, and ongoing and new geopolitical conflicts. Additional information concerning these and other risk factors is contained in the Risk Factors sections of our most recent reports on Form 10-K and Form 10-Q. We encourage you to read those sections carefully. There may also be other factors that have not been anticipated or are not described in our periodic filings, generally because we did not believe them to be significant at the time, which could cause actual results to differ materially from our projections and expectations. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. We assume no obligation, and do not intend, to update these forward-looking statements as a result of future events or developments. 

Use of Non-GAAP Financial Information
We use non-GAAP measures of operating margin, operating income, net income and earnings per share, which are adjusted from results based on GAAP and exclude certain expenses, gains and losses. We also provide the non-GAAP metrics of revenues, and constant currency revenues. These non-GAAP financial measures are provided to enhance the user’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing Gen’s performance, as well as in planning and forecasting future periods. These non-GAAP financial measures are not computed according to GAAP and the methods we use to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Readers are encouraged to review the reconciliation of our non-GAAP financial measures to the comparable GAAP results, which is attached to our quarterly earnings release, and which can be found, along with other financial information including the Earnings Presentation, on the investor relations page of our website at Investor.GenDigital.com. No reconciliation of the forecasted range for non-GAAP revenues and EPS guidance is included in this release because most non-GAAP adjustments pertain to events that have not yet occurred. It would be unreasonably burdensome to forecast, therefore we are unable to provide an accurate estimate. 

 

GEN DIGITAL INC.

Condensed Consolidated Balance Sheets (1)

(Unaudited, in millions)

December 27,
2024

March 29, 2024

ASSETS

Current assets:

Cash and cash equivalents

$                   883

$                   846

Accounts receivable, net

152

163

Other current assets

262

334

Assets held for sale

23

15

Total current assets

1,320

1,358

Property and equipment, net

61

72

Intangible assets, net

2,336

2,638

Goodwill

10,171

10,210

Other long-term assets

1,475

1,515

Total assets

$              15,363

$              15,793

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

Current liabilities:

Accounts payable

$                   102

$                     66

Accrued compensation and benefits

93

78

Current portion of long-term debt

1,396

175

Contract liabilities

1,777

1,808

Other current liabilities

396

599

Total current liabilities

3,764

2,726

Long-term debt

7,080

8,429

Long-term contract liabilities

72

76

Deferred income tax liabilities

223

261

Long-term income taxes payable

1,385

1,490

Other long-term liabilities

688

671

Total liabilities

13,212

13,653

Total stockholders’ equity (deficit)

2,151

2,140

Total liabilities and stockholders’ equity

$              15,363

$              15,793

_______________

(1)

During the first quarter of fiscal year 2025, we identified and made a revision to our historical practice of when we recognize revenue from certain customers. We concluded that the impact of the revision was an immaterial correction to prior period financial statements. However, for comparative purposes we have corrected for this in prior periods reported above.

GEN DIGITAL INC.

Condensed Consolidated Statements of Operations (1)

(Unaudited, in millions, except per share amounts)

Three Months Ended

Nine Months Ended

December 27,
2024

December 29,
2023

December 27,
2024

December 29,
2023

Net revenues

$                   986

$                   948

$                2,925

$                2,836

Cost of revenues

193

182

577

541

Gross profit

793

766

2,348

2,295

Operating expenses:

Sales and marketing

182

184

549

552

Research and development

84

77

248

252

General and administrative

108

110

224

559

Amortization of intangible assets

43

61

130

183

Restructuring and other costs

2

2

4

36

Total operating expenses

419

434

1,155

1,582

Operating income (loss)

374

332

1,193

713

Interest expense

(141)

(165)

(443)

(508)

Other income (expense), net

(25)

11

(8)

30

Income (loss) before income taxes

208

178

742

235

Income tax expense (benefit)

49

36

241

(241)

Net income (loss)

$                   159

$                   142

$                   501

$                   476

Net income (loss) per share – basic

$                  0.26

$                  0.22

$                  0.81

$                  0.74

Net income (loss) per share – diluted

$                  0.26

$                  0.22

$                  0.80

$                  0.74

Weighted-average shares outstanding:

Basic

616

639

618

640

Diluted

623

645

624

644

_______________

(1)

During the first quarter of fiscal year 2025, we identified and made a revision to our historical practice of when we recognize revenue from certain customers. We concluded that the impact of the revision was an immaterial correction to prior period financial statements. However, for comparative purposes we have corrected for this in prior periods reported above.

GEN DIGITAL INC.

Condensed Consolidated Statements of Cash Flows (1)

(Unaudited, in millions)

Three Months Ended

Nine Months Ended

December 27,
2024

December 29,
2023

December 27,
2024

December 29,
2023

OPERATING ACTIVITIES:

Net income (loss)

$                   159

$                   142

$                   501

$                   476

Adjustments:

Amortization and depreciation

104

124

315

374

Impairments and write-offs of current and long-lived assets

(1)

(1)

2

(1)

Stock-based compensation expense

33

35

97

107

Deferred income taxes

(13)

6

(50)

(970)

Gain on sale of property

(5)

(9)

Non-cash operating lease expense

4

4

11

15

Impairment on non-marketable equity investments

30

30

Legal contract dispute cost

42

42

Other

(12)

8

(4)

25

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable, net

(36)

(9)

(34)

7

Accounts payable

6

(3)

35

(18)

Accrued compensation and benefits

21

3

16

(38)

Contract liabilities

44

62

(27)

(31)

Income taxes payable

33

(76)

(136)

341

Other assets

11

(22)

75

(45)

Other liabilities

(99)

47

(125)

433

Net cash provided by (used in) operating activities

326

315

748

666

INVESTING ACTIVITIES:

Purchases of property and equipment

(8)

(8)

(12)

(17)

Purchase of non-marketable equity investments

(4)

Proceeds from the sale of property

12

25

Other

1

(3)

(1)

(4)

Net cash provided by (used in) investing activities

(7)

1

(17)

4

FINANCING ACTIVITIES:

Repayments of debt

(59)

(259)

(147)

(525)

Net proceeds from sales of common stock under employee stock incentive plans

6

6

Tax payments related to vesting of stock units

(5)

(25)

(25)

Dividends and dividend equivalents paid

(77)

(81)

(236)

(245)

Repurchases of common stock

(100)

(272)

(141)

Net cash provided by (used in) financing activities

(136)

(445)

(674)

(930)

Effect of exchange rate fluctuations on cash and cash equivalents

(37)

(10)

(20)

Change in cash and cash equivalents

146

(139)

37

(260)

Beginning cash and cash equivalents

737

629

846

750

Ending cash and cash equivalents

$                   883

$                   490

$                   883

$                   490

_______________

(1)

During the first quarter of fiscal year 2025, we identified and made a revision to our historical practice of when we recognize revenue from certain customers. We concluded that the impact of the revision was an immaterial correction to prior period financial statements. However, for comparative purposes we have corrected for this in prior periods reported above.

GEN DIGITAL INC.

Reconciliation of Selected GAAP Measures to Non-GAAP Measures (1) (2) (3)

(Unaudited, in millions, except per share amounts)

Three Months Ended

December 27,
2024

December 29,
2023

Operating income (loss)

$                374

$                332

Stock-based compensation

33

35

Amortization of intangible assets

99

118

Restructuring and other costs

2

2

Acquisition and integration costs

6

8

Litigation costs

21

60

Legal contract dispute cost

42

Operating income (loss) (Non-GAAP)

$                577

$                555

Operating margin

37.9 %

35.0 %

Operating margin (Non-GAAP)

58.5 %

58.5 %

Net income (loss)

$                159

$                142

Adjustments to net income (loss):

Stock-based compensation

33

35

Amortization of intangible assets

99

118

Restructuring and other costs

2

2

Acquisition and integration costs

6

8

Litigation costs

21

60

Legal contract dispute cost

42

Other

1

1

Non-cash interest expense

7

7

Loss (gain) on equity investments

30

Loss (gain) on sale of properties

(5)

Total adjustments to GAAP income (loss) before income taxes

241

226

Adjustment to GAAP provision for income taxes

(50)

(53)

Total adjustment to income (loss), net of taxes

191

173

Net income (loss) (Non-GAAP)

$                350

$                315

Diluted net income (loss) per share

$               0.26

$               0.22

Adjustments to diluted net income (loss) per share:

Stock-based compensation

0.05

0.05

Amortization of intangible assets

0.16

0.18

Restructuring and other costs

0.00

0.00

Acquisition and integration costs

0.01

0.01

Litigation costs

0.03

0.09

Legal contract dispute cost

0.07

0.00

Other

0.00

0.00

Non-cash interest expense

0.01

0.01

Loss (gain) on equity investments

0.05

0.00

Loss (gain) on sale of properties

(0.01)

Total adjustments to GAAP income (loss) before income taxes

0.39

0.35

Adjustment to GAAP provision for income taxes

(0.08)

(0.08)

Total adjustment to income (loss), net of taxes

0.31

0.27

Diluted net income (loss) per share (Non-GAAP)

$               0.56

$               0.49

Diluted weighted-average shares outstanding

623

645

Diluted weighted-average shares outstanding (Non-GAAP)

623

645

_______________

(1)

This presentation includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP.  For a detailed explanation of these non-GAAP measures, see Appendix A.

(2)

Amounts may not add due to rounding.

(3)

During the first quarter of fiscal year 2025, we identified and made a revision to our historical practice of when we recognize revenue from certain customers. We concluded that the impact of the revision was an immaterial correction to prior period financial statements. However, for comparative purposes we have corrected for this in prior periods reported above.

GEN DIGITAL INC.

Constant Currency Adjusted Revenues and Cyber Safety Metrics (1)

(Unaudited, in millions, except per user data)

Constant Currency Adjusted Revenues (Non-GAAP)

Three Months Ended

December 27,
2024

December 29,
2023

Variance in %

Revenues

$                 986

$                 948

4 %

Exclude foreign exchange impact (2)

1

Constant currency adjusted revenues (Non-GAAP)

$                 987

$                 948

4 %

Cyber Safety Metrics

Three Months Ended

December 27,
2024

December 29, 
2023

Direct customer revenues

$              869

$              834

Partner revenues

$              105

$                99

Total Cyber Safety revenues

$              974

$              933

Legacy revenues (3)

$                12

$                15

Direct customer count (at quarter end)

40.1

38.9

Direct average revenue per user (ARPU)

$             7.27

$             7.18

Retention rate

78 %

77 %

_______________

(1)

During the first quarter of fiscal year 2025, we identified and made a revision to our historical practice of when we recognize revenue from certain customers. We concluded that the impact of the revision was an immaterial correction to prior period financial statements. However, for comparative purposes we have corrected for this in prior periods reported above.

(2)

Calculated using year ago foreign exchange rates.

(3)

Legacy revenues includes revenues from products or solutions from markets that we have exited and in which we no longer operate, have been discontinued or identified to be discontinued, or remain in maintenance mode as a result of integration and product portfolio decisions.

GEN DIGITAL INC.
Appendix A
Explanation of Non-GAAP Measures and Other Items

Objective of non-GAAP measures: We believe our presentation of non-GAAP financial measures, when taken together with corresponding GAAP financial measures, provides meaningful supplemental information regarding the Company’s operating performance for the reasons discussed below. Our management team uses these non-GAAP financial measures in assessing our performance, as well as in planning and forecasting future periods. Due to the importance of these measures in managing the business, we use non-GAAP measures in the evaluation of management’s compensation. These non-GAAP financial measures are not computed according to GAAP and the methods we use to compute them may differ from the methods used by other companies.  Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. 

Stock-based compensation: This consists of expenses for employee restricted stock units, performance-based awards, stock options and our employee stock purchase plan, determined in accordance with GAAP.  We evaluate our performance both with and without these measures because stock-based compensation is a non-cash expense and can vary significantly over time based on the timing, size, nature and design of the awards granted, and is influenced in part by certain factors that are generally beyond our control, such as the volatility of the market value of our common stock. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation to facilitate the comparison of our results to those of other companies in our industry. 

Amortization of intangible assets: Amortization of intangible assets consists of amortization of acquisition-related intangibles assets such as developed technology, customer relationships and trade names acquired in connection with business combinations. We record charges relating to the amortization of these intangibles within both cost of revenues and operating expenses in our GAAP financial statements.  Under purchase accounting, we are required to allocate a portion of the purchase price to intangible assets acquired and amortize this amount over the estimated useful lives of the acquired intangible assets. However, the purchase price allocated to these assets is not necessarily reflective of the cost we would incur to internally develop the intangible asset. Further, amortization charges for our acquired intangible assets are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. We eliminate these charges from our non-GAAP operating results to facilitate an evaluation of our current operating performance and provide better comparability to our past operating performance.

Restructuring and other costs: Restructuring charges are costs associated with a formal restructuring plan and are primarily related to employee severance and benefit arrangements, contract termination costs, and assets write-offs, as well as other exit and disposal costs. Included in other exit and disposal costs are costs to exit and consolidate facilities in connection with restructuring events. We exclude restructuring and other costs from our non-GAAP results as we believe that these costs are incremental to core activities that arise in the ordinary course of our business and do not reflect our current operating performance, and that excluding these charges facilitates a more meaningful evaluation of our current operating performance and comparisons to our past operating performance.

Acquisition-related and integration costs: These represent the transaction and business integration costs related to significant acquisitions that are charged to operating expense in our GAAP financial statements. These costs include incremental expenses incurred to affect these business combinations such as advisory, legal, accounting, valuation, and other professional or consulting fees. We exclude these costs from our non-GAAP results as they have no direct correlation to the operation of our business, and because we believe that the non-GAAP financial measures excluding these costs provide meaningful supplemental information regarding the spending trends of our business. In addition, these costs vary, depending on the size and complexity of the acquisitions, and are not indicative of costs of future acquisitions.

Litigation costs: We may periodically incur charges or benefits related to litigation settlements, legal contingency accruals and third-party legal costs related to certain legal matters. We exclude these charges and benefits when associated with a significant matter because we do not believe they are reflective of ongoing business and operating results. 

Legal contract dispute cost:  During fiscal 2025, we incurred charges in connection with an e-commerce partner settlement. In order to resolve all open disputes with the partner, we entered into a legal settlement agreement which included our release of claims to valid outstanding accounts receivable totaling $66 million. In the third quarter of fiscal 2025, $42 million of accounts receivable existing as of December 27, 2024, has been charged off as G&A expense with the remaining $24 million to be charged off in in fourth quarter of fiscal 2025. We exclude these charges and benefits when associated with a significant matter because we do not believe they are normal, recurring, or reflective of ongoing business and operating results.

Non-cash interest expense and amortization of debt issuance costs: In accordance with GAAP, we separately account for the value of the conversion feature on our convertible notes as a debt discount that reflects our assumed non-convertible debt borrowing rates. We amortize the discount and debt issuance costs over the term of the related debt. We exclude the difference between the imputed interest expense, which includes the amortization of the conversion feature and of the issuance costs, and the coupon interest payments. We extinguished our remaining convertible debt on August 15, 2022. During fiscal 2023, we also started amortizing the debt issuance costs associated with our senior credit facilities, which were secured upon close of the acquisition of Avast. We believe that excluding these costs provides meaningful supplemental information regarding the cash cost of our debt instruments and enhance investors’ ability to view the Company’s results from management’s perspective.

Gain (loss) on extinguishment of debt: We record gains or losses on extinguishment of debt. Gains or losses represent the difference between the fair value of the exchange consideration and the carrying value of the liability component of the debt at the date of extinguishment. We exclude the gain or loss on debt extinguishment in our non-GAAP results because they are not reflective of our ongoing business.

Gain (loss) on equity investments: We record gains or losses, unrealized and realized, on equity investments in privately-held companies. We exclude the net gains or losses because we do not believe they are reflective of our ongoing business.

Gain (loss) on sale of properties: We periodically recognize gains or losses from the disposition of land and buildings. We exclude such gains or losses because they are not reflective of our ongoing business and operating results.

Income tax effects and adjustments: We use a non-GAAP tax rate that excludes (1) the discrete impacts of changes in tax legislation, (2) most other significant discrete items, (3) unrealized gains or losses from remeasurement of foreign currency denominated deferred tax items and uncertain tax benefits, and (4) the income tax effects of the non-GAAP adjustment to our operating results described above. We believe making these adjustments facilitates a better evaluation of our current operating performance and comparisons to past operating results. Our tax rate is subject to change for a variety of reasons, such as significant changes in the geographic earnings mix due to acquisition and divestiture activities or fundamental tax law changes in major jurisdictions where we operate.

Diluted GAAP and non-GAAP weighted-average shares outstanding: Diluted GAAP and non-GAAP weighted-average shares outstanding are generally the same, except in periods when there is a GAAP loss from continuing operations. In accordance with GAAP, we do not present dilution for GAAP in periods in which there is a loss from continuing operations. However, if there is non-GAAP net income, we present dilution for non-GAAP weighted-average shares outstanding in an amount equal to the dilution that would have been presented had there been GAAP income from continuing operations for the period.

Bookings: Bookings are defined as customer orders received that are expected to generate net revenues in the future. We present the operational metric of bookings because it reflects customers’ demand for our products and services and to assist readers in analyzing our performance in future periods.

Free cash flow: Free cash flow is defined as cash flows from operating activities less purchases of property and equipment. Free cash flow is not a measure of financial condition under GAAP and does not reflect our future contractual commitments and the total increase or decrease of our cash balance for a given period, and thus should not be considered as an alternative to cash flows from operating activities or as a measure of liquidity.

(Unlevered) Free cash flow: Free cash flow is defined as cash flows from operating activities less purchases of property and equipment. Unlevered free cash flow excludes cash interest expense payments. Free cash flow is not a measure of financial condition under GAAP and does not reflect our future contractual commitments and the total increase or decrease of our cash balance for a given period, and thus should not be considered as an alternative to cash flows from operating activities or as a measure of liquidity.

Constant currency adjusted revenues (Non-GAAP): Non-GAAP constant currency adjusted revenues are defined as revenues adjusted for the fair value of acquired contract liabilities and foreign exchange impact, calculated by translating current period revenue using the year ago currency conversion rate.

Direct customer count: Direct customers is a metric designed to represent active paid users of our products and solutions who have a direct billing and/or registration relationship with us at the end of the reported period. Average direct customer count presents the average of the total number of direct customers at the beginning and end of the applicable period. We exclude users on free trials from our direct customer count. Users who have indirectly purchased and/or registered for our products or solutions through partners are excluded unless such users convert or renew their subscription directly with us or sign up for a paid membership through our web stores or third-party app stores.  While these numbers are based on what we believe to be reasonable estimates of our user base for the applicable period of measurement, there are inherent challenges in measuring usage of our products and solutions across brands, platforms, regions, and internal systems, and therefore, calculation methodologies may differ.  The methodologies used to measure these metrics require judgment and are also susceptible to algorithms or other technical errors. We continually seek to improve our estimates of our user base, and these estimates are subject to change due to improvements or revisions to our methodology. From time to time, we review our metrics and may discover inaccuracies or make adjustments to improve their accuracy, which can result in adjustments to our historical metrics. Our ability to recalculate our historical metrics may be impacted by data limitations or other factors that require us to apply different methodologies for such adjustments. We generally do not intend to update previously disclosed metrics for any such inaccuracies or adjustments that are deemed not material.

Direct average revenues per user (ARPU): ARPU is calculated as estimated direct customer revenues for the period divided by the average direct customer count for the same period, expressed as a monthly figure. We monitor ARPU because it helps us understand the rate at which we are monetizing our consumer customer base.

Retention rate: Retention rate is defined as the percentage of direct customers as of the end of the period from one year ago who are still active as of the most recently completed fiscal period. We monitor the retention rate to evaluate the effectiveness of our strategies to improve renewals of subscriptions.

Investor Contact

Jason Starr

Media Contact

Audra Proctor

Gen

Gen

IR@GenDigital.com

Press@GenDigital.com

 

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SOURCE Gen Digital Inc.

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OPTIMUM AND MSG NETWORKS AGREE ON CARRIAGE DEAL

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NEW YORK, Feb. 22, 2025 /PRNewswire/ — MSG Networks and Optimum are pleased to announce they have reached an agreement for the relaunch of MSG Networks on Optimum video lineups.

MSG Networks and Optimum would like to thank everyone for their patience as we partnered to reach this new agreement to benefit our fans and Optimum subscribers.

Specific terms of the agreement were not released.

About MSG Networks
MSG Networks, a pioneer in sports media, owns and operates two award-winning regional sports and entertainment networks (MSG and MSG Sportsnet) and MSG+, a direct-to-consumer and authenticated streaming offering (included in the Gotham Sports App), that serve the nation’s number one media market, the New York DMA, as well as other portions of New York, New Jersey, Connecticut and Pennsylvania. The networks feature a wide range of compelling sports content, including exclusive live local games and other programming of the New York Knicks, New York Rangers, New York Islanders, New Jersey Devils and Buffalo Sabres, as well as significant coverage of the New York Giants and Buffalo Bills. This content, in addition to a diverse array of other sporting events and critically acclaimed original programming, has established MSG Networks as the gold standard in regional sports. MSG Networks is part of the Sphere Entertainment Co. (NYSE: SPHR).

About Optimum 
Optimum is a brand of Altice USA, one of the largest broadband communications and video services providers in the United States, delivering broadband, video, mobile, proprietary content and advertising services to approximately 4.6 million residential and business customers across 21 states. The company operates Optimum Media, an advanced advertising and data business, which provides audience-based, multiscreen advertising solutions to local, regional and national businesses and advertising clients. Altice USA also offers hyper-local news through its News 12 Networks.  

MSG Networks Contact:
Dan Schoenberg (dan.schoenberg@msg.com)

Optimum Contact:
Stephen Stokes (Stephen.stokes@optimum.com)
Erin Smyth (Erin.Smyth@optimum.com)

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SOURCE Sphere Entertainment Co.

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NetEase Cloud Music and Starship Entertainment Forge Copyright Partnership to Deliver Premium K-pop Content to Chinese Audiences

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HANGZHOU, China, Feb. 23, 2025 /PRNewswire/ — Korean entertainment group Starship Entertainment has entered into a copyright partnership with China’s premier online music platform, NetEase Cloud Music. This agreement brings Starship’s complete catalog, including the latest hits from renowned Korean girl group IVE and their third mini album, “IVE EMPATHY,” to Chinese audiences. The partnership not only boosts Starship Entertainment’s profile in China but also diversifies the music offerings available to Chinese listeners with a wider array of musical styles.

The collaboration capitalizes on the unique strengths of both entities in content creation and distribution. NetEase Cloud Music, hailed as one of China’s top online music platform, enjoys widespread popularity among the nation’s youth. Its vibrant music community enhances the efficiency of music distribution and expands Starship Entertainment’s reach among young Chinese music fans. Official figures show that NetEase Cloud Music has 206 million monthly active users, with more than 31.4% engaging with recommended tracks, marking a shift from traditional listening habits to a more engaged and unified community.

K-pop continues to thrive on the NetEase Cloud Music platform, with numerous artists from Starship Entertainment already gaining substantial recognition and positive commentary on the platform. Notably, the girl group IVE boasts over 349,000 fans on NetEase Cloud Music, with several of their songs amassing more than 100,000 favorites shortly after release. This highlights K-pop’s growing impact within the NetEase Cloud Music community. 

The copyright partnership with Starship Entertainment is a significant milestone in NetEase Cloud Music’s ongoing commitment to strengthening its K-pop offerings. In recent years, the platform has established partnerships with major South Korean entertainment firms including SM Entertainment, JYP Entertainment, YG Entertainment, Kakao Entertainment, and CJ ENM. These alliances have enabled NetEase Cloud Music to continuously introduce high-quality K-pop music to the Chinese market. As a result, the platform has developed an extensive library of licensed K-pop music, establishing itself as a crucial gateway for Chinese music fans to explore and appreciate the genre.

View original content:https://www.prnewswire.com/apac/news-releases/netease-cloud-music-and-starship-entertainment-forge-copyright-partnership-to-deliver-premium-k-pop-content-to-chinese-audiences-302382809.html

SOURCE NetEase Cloud Music

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Cufflink Vision: The End of Manual Utility Bill Data Entry

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Mountain Vector Energy introduces Cufflink Vision, a groundbreaking new feature that eliminates manual utility bill data entry by leveraging private AI models to extract, standardize, and integrate data seamlessly. Organizations using Cufflink Vision report a 90% reduction in data entry time, freeing energy managers to focus on efficiency, cost savings, and strategic decision-making.

ALBUQUERQUE, N.M., Feb. 22, 2025 /PRNewswire-PRWeb/ — Mountain Vector Energy is proud to announce Cufflink Vision, an advanced new feature in the Cufflink energy management system that eliminates the need for manual utility bill data entry. This cutting-edge tool automates data extraction and integration, freeing organizations from hours of administrative work so they can focus on making smarter, faster decisions.

“Over the years, we’ve been asked for utility bill management innovation from ESCO, Municipality, Healthcare, Industrial and Education entities. We’ve enabled this technology to make our customers’ lives just a little bit better.” – Steve Kiziuk, CEO of Mountain Vector Energy.

Say Goodbye to Tedious Tasks

For organizations managing multiple buildings, manual utility bill entry has long been a time-consuming, repetitive task. With Cufflink Vision, that era is over.

Cufflink Vision eliminates hours of administrative work, allowing energy managers to focus on strategy, efficiency, and cost savings. Custom, private AI models handle the data, while humans stay in control of making the decisions that impact their organizations.

Users can simply drag and drop utility bills into their Cufflink dashboard, where the system instantly extracts, structures, and uploads the data.

A Game-Changer for Energy Managers

A historical constraint for energy management is the ability to incorporate clean data. Utility bills are notoriously inconsistent—varying in format, containing handwritten notes, and following different billing cycles and tariff structures. By integrating custom, private AI models, the Mountain Vector Energy Engineering Team is transforming how data is cleaned. Cufflink Vision cuts through the chaos, seamlessly standardizing data from any utility bill.

Automating utility bill data entry, while preserving the bill image and linking the associated tariffs and riders is a new step forward in electric, gas, water, refuse, and fuel management. With accurate, structured data as the foundation, organizations can now streamline Measurement and Verification (M&V), ensuring that energy savings are tracked and validated with confidence.

Even messy bills are transformed into structured, digital data that integrates directly into Cufflink’s powerful energy management system. No more manual data entry. No more human error. No time wasted in clunky software.

Organizations already using Cufflink Vision have seen dramatic improvements in efficiency. On average, our customers report a 90% reduction in utility bill data entry time, shrinking from 10-20 hours a week to just 1-2 hours.

How It Works

Cufflink Vision streamlines utility bill processing by automating key tasks that traditionally required manual effort. Cufflink Vision executes the following tasks with ease:

Extracts data from PDFs, scanned utility bills and spreadsheets.Standardizes data, including handwriting, tariffs, and complex billing structures.Uploads structured data into Cufflink’s comprehensive energy management architecture.Flags inconsistencies for review, ensuring they are not overlooked.

True Automation—Not Empty Promises

Unlike competitors that claim to automate data entry but still require significant manual intervention, Cufflink Vision is a truly automated solution.

“We built Cufflink Vision because we’ve experienced the frustrations firsthand.” says Steve Kiziuk, CEO of Mountain Vector Energy. “Other existing solutions aren’t good enough—they still require manual intervention and do not scale. Over the years, we’ve been asked for utility bill management innovation from ESCO, Municipality, Healthcare, Industrial, and Education entities. We’ve enabled this technology to make our customers’ lives just a little bit better.”

About Mountain Vector Energy

Mountain Vector Energy is a leader in energy and water optimization, helping organizations cut costs, streamline operations, and meet ambitious sustainability goals. Through their patented energy management system, Cufflink, they provide the cutting-edge tools organizations need to navigate complex energy landscapes with confidence. Mountain Vector Energy is dedicated to helping organizations use their data to achieve real, measurable results.

This groundbreaking feature debuts ahead of the Opal Group’s EduTech Summit in Tempe, AZ.

Contact

For more information, visit mountainvector.com or contact:

Yovanna Araujo

505-549-7680

yovanna@mountainvector.com

linkedin.com/in/yovannaaraujo/

Media Contact

Yovanna Araujo, Mountain Vector Energy, 1 505-549-7680, yovanna@mountainvector.com, https://mountainvector.com/

View original content to download multimedia:https://www.prweb.com/releases/cufflink-vision-the-end-of-manual-utility-bill-data-entry-302382261.html

SOURCE Mountain Vector Energy

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