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Technology · Software · Nasdaq

GENGen Digital

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The 10-K against last year's

201 changes: 47 added, 62 removed, 88 reworded, 4 quiet changes

10-K May 21, 2026 vs May 15, 2025
Risk FactorsRedline ↓
30.9%
of the text changed · 17,561 words now
31.9%
of the text changed · 5,139 words now
Legal ProceedingsRedline ↓
40.1%
of the text changed · 2,089 words now
Accounting PoliciesRedline ↓
23.2%
of the text changed · 7,577 words now

10-K 0000849399-26-000017 (2026-05-21) vs 10-K 0000849399-25-000033 (2025-05-15)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 266 words changed in this paragraph; it is 52% similar to last year's version.
U.S. federal regulators, state attorneys general or other state enforcement authorities and other governmental agencies have in the past and may in the future take formal or informal actions again in against us, which and could cause reputational and financial harm to our business, financial condition, results of operations and cash flows. These formal and informal actions may involve inquiries, subpoenas, exams, pending investigations, enforcement matters and litigation by state and federal regulators, cease and desist orders, fines, civil penalties, criminal penalties or other disciplinary action or force us to adopt new compliance programs or policies, remove personnel including senior executives, provide remediation or refunds to customers, or undertake other changes to our business operations, such as limits or prohibitions of our ability to offer certain products and services, or suspension or revocation of one or more of our licenses. Any weaknesses in our compliance management system may also subject us to penalties or enforcement action by the CFPB. CFPB or state regulators. We have in the past, and may again in the future, enter into settlements, consent decrees and similar arrangements with the FTC, the CFPB, state attorneys generals and other state regulators, and other sovereign regulators and competition authorities such as the United Kingdom’s Competition and Markets Authority (CMA). In addition, certain products and offers we offer, including loans or advance products facilitated through our platform, could be rendered void or unenforceable in whole or in part, which could adversely affect our business, financial condition, results of operations and cash flows. If we fail to manage our legal and regulatory risk in the jurisdictions in which we operate, our business could suffer, our reputation could be harmed and we would be subject to additional legal and regulatory risks. This could, in turn, increase the size and number of claims and damages asserted against us and/or subject us to regulatory investigations, enforcement actions or other proceedings, or lead to increased regulatory concerns. We may also be required to spend additional time and resources on remedial measures and conducting inquiries, beyond those already initiated and ongoing, which could have an adverse effect on our business. Additionally, the highly regulated environment in which our third-party financial institution partners operate may subject us to regulation, which could have an adverse effect on our business, financial condition, results of operations and cash flows. We rely on bank partners, payment processors and other institutions with licensures we do not have to facilitate offerings.

Source: Item 1A, 10-K 0000849399-26-000017 vs Item 1A, 10-K 0000849399-25-000033

Legal Proceedings 256 words changed in this paragraph; it is 38% similar to last year's version.
On July 21, 2023, Jeffrey Frommer, Lyusen Krubich, Daniel Fried and Pat Capra, the former equity owners of MALKA MALKA, a subsidiary of MoneyLion (collectively, the “Seller Members”), brought a civil action in the SDNY Southern District of New York (“SDNY”) against MoneyLion Technologies Inc. alleging, among other things, breaches of the Membership Interest Purchase Agreement (the “MIPA”) governing the acquisition of MALKA (the “MALKA Acquisition”). Among other claims, the Seller Members allege that they are entitled to payment of $ 25 million of Class A Common Stock pursuant to the earnout provisions set forth in the MIPA, based on the Seller Members’ assertion that MALKA achieved certain financial targets for the year ended December 31, 2022 (such payment, the “2022 Earnout Payment”). The Company believes that the Seller Members are not entitled to any portion of the 2022 Earnout Payment under the terms of the MIPA and MALKA. MoneyLion filed counterclaims against the Seller Members, Sellers Members alleging, among other things, fraud, negligent misrepresentation, conversion, breach of fiduciary duties and breach of contract contract. The court issued its decision on September 29, 2025, finding that MoneyLion breached the parties’ agreements and seeking compensatory awarding the Sellers Members damages and other remedies attorneys’ fees and costs, for which we have accrued $ 48 million as a result pre-acquisition contingency in Other long-term obligations in our Consolidated Balance Sheet. On October 28, 2025, MoneyLion filed a notice of wrongdoing by the Seller Members. The Company continues to vigorously pursue its remaining counterclaims and defend against the Seller Members’ claims, which the Company believes are meritless. The bench trial of all remaining claims concluded on May 5, 2025, and a decision is currently pending. At this stage, we are assessing the impact of this case on appeal. See Note 4 for details regarding our allocation of the purchase price to the underlying assets acquired and liabilities assumed in the MoneyLion acquisition, and also allocation for future periods if any material loss or adverse effect is probable or estimable. our acquisition of MoneyLion.

Source: Item 3, via Note 18 – Commitments and Contingencies, 10-K 0000849399-26-000017 vs Item 3, via Note 18 – Commitments and Contingencies, 10-K 0000849399-25-000033

MD&A 165 words changed in this paragraph; it is 31% similar to last year's version.
In connection Due to the uncertainty with respect to the timing of future cash flows associated with our unrecognized tax benefits and other long-term taxes as of April 3, 2026, we are unable to make reasonably reliable estimates of the period of cash settlement with the acquisition of Avast, our Board of Directors approved a restructuring plan (the September 2022 Plan) to realize cost savings and operational synergies, which became effective upon the close of the acquisition on September 12, 2022. We have incurred and expect to incur cash expenditures for severance and termination benefits, contract terminations, facilities closures, and the sale of underutilized facilities as well as stock-based compensation charges for accelerated equity awards for certain terminated employees. We expect that we will incur total costs up to $150 million following the completion of the acquisition. These actions are expected to be completed by the end of calendar year 2025. During fiscal 2025, we made $25 respective taxing authorities. Therefore, $1,584 million in cash payments related to long-term income taxes payable has been excluded from the September 2022 Plan. contractual obligations table. See Note 12 13 of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for further cash flow information associated with our restructuring activities. information.

Source: Item 7, 10-K 0000849399-26-000017 vs Item 7, 10-K 0000849399-25-000033

Accounting Policies 145 words changed in this paragraph; it is 81% similar to last year's version.
Year Ended April 3, 2026 March 28, 2025 March 29, 2024 March 31, 2023 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── OPERATING ACTIVITIES: Net income (loss) $ 973 $ 643 $ 607 $ 1,334 Adjustments: Amortization and depreciation 493 419 485 329 Impairments and write-offs of current and long-lived assets — 7 (3) 25 Stock-based compensation expense 237 133 138 134 Loss on sale of Instacash Advances 205 — — Deferred income taxes 92 (32) (991) (145) Loss (gain) on extinguishment of debt 9 — — 9 Gain on sale of nonfinancial assets (15) — — Gain on sale of properties — — (9) — Non-cash operating lease expense 18 16 18 23 Impairment on Change in fair value and impairment of non-marketable equity investments 79 30 40 — Foreign currency remeasurement loss (gain) 54 (2) (18) Legal contract dispute cost (Note 1) (1) — 66 — — Other 11 22 2 47 13 40 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable, net (32) (53) 7 11 Accounts payable (48) 26 (12) (8) Accrued compensation and benefits 8 27 (24) (6) Contract liabilities 74 36 47 16 Income taxes payable (96) (80) 446 (128) Instacash Advances held for sale, net (205) — — Other assets 16 86 861 (702) Other liabilities (364) (114) 432 (137) Net cash provided by (used in) operating activities 1,545 1,221 2,064 757 INVESTING ACTIVITIES: Purchases of property and equipment (22) (15) (20) (6) Purchase of non-marketable equity investments — (4) — — Payments for acquisitions, net of cash acquired (1,032) (84) — (6,547) Payments for originations of notes receivable (283) — — Proceeds from principal repayments of notes receivable 253 — — Proceeds from the maturities and sales of short-term investments 13 — — 4 Proceeds from the sale of properties 21 — 25 Proceeds from sale of nonfinancial assets 40 — — Other (1) 3 (3) 2 Net cash provided by (used in) investing activities (1,011) (100) 2 (6,547) FINANCING ACTIVITIES: Repayments of debt and related equity component (3,620) (1,311) (1,183) (3,047) Proceeds from issuance of debt, net of issuance costs (2) 3,475 941 — 8,954 Net proceeds from sales of common stock under employee stock incentive plans 13 11 12 12 Tax payments related to vesting of stock units (55) (26) (26) (20) Dividends and dividend equivalents paid (312) (313) (323) (314) Repurchases of common stock (634) (272) (441) (904) Net cash provided by (used in) financing activities (1,133) (970) (1,961) 4,681 Effect of exchange rate fluctuations on cash and cash, cash equivalents and restricted cash 4 9 (9) (28) Change in cash and cash, cash equivalents and restricted cash (595) 160 96 (1,137) Beginning cash and cash, cash equivalents and restricted cash 1,006 846 750 1,887 Ending cash and cash, cash equivalents and restricted cash $ 411 $ 1,006 $ 846 $ 750

Source: 10-K text, Note 1 – Consolidated Financial Statements:, 10-K 0000849399-26-000017 vs 10-K text, Note 1 – Consolidated Financial Statements:, 10-K 0000849399-25-000033

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of GEN's Risk Factors and MD&A, 10-K 2026-05-21 against 10-K 2025-05-15. Each links to the text at sec.gov.

RemovedRisk Factors
We face competition from a broad range of companies, including software vendors focusing on cyber safety solutions such as Bitdefender, Kaspersky, McAfee and Trend Micro, operating system providers such as Apple, Google and Microsoft, and companies such as Nord, Life360, LastPass and others that currently specialize in one or a few particular segments of the market and many of which are expanding their product portfolios into different segments. We also face growing competition from other technology companies, as well as from companies in the identity threat protection space such as credit bureaus. Further, many of our competitors are increasingly developing and incorporating into their products data protection software and other competing cyber safety products, such as antivirus protection or VPN, often free of charge, that compete with our offerings. Our competitive position could be adversely affected by the functionality incorporated into these products rendering our existing solutions obsolete and therefore causing us to fail to meet customer expectations.

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedRisk Factors
In addition, the introduction of new products or services by 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 solutions and reduce our market share in the future. Further consolidation among our competitors and within our industry or, in addition to other changes in the competitive environment, such as greater vertical integration from key computing and operating system suppliers could result in larger competitors that compete more frequently with us.

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedRisk Factors
Specifically, in addition to competing with 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 solutions or promote our competitors’ solutions or their own solutions more frequently or more favorably than our solutions. In addition, software vendors who have bundled our solutions with theirs may choose to bundle their solutions with their own or other vendors’ solutions or may limit our access to standard interfaces and inhibit our ability to develop solutions for their platform. Further product development by these vendors could cause our solutions to become redundant, which could significantly impact our sales and operating results.

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedRisk Factors
A portion of our revenues is derived from sales through indirect channels, including, but not limited to, distributors that sell our products to end-users and other resellers, and partners that incorporate our products into, or bundle our products with, their products. These channels involve risks, including:

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedRisk Factors
•Our resellers, distributors and telecom service providers are generally not subject to minimum sales requirements or any obligation to market our solutions to their customers;

Read it in 10-K 2025-05-15 at sec.gov ↗

Show the other 16
RemovedRisk Factors
•Our reseller and distributor agreements are generally nonexclusive and may be terminated at any time without cause and our partners may terminate or renegotiate their arrangements with us and new terms may be less favorable due to competitive conditions in our markets and other factors;

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedRisk Factors
•Our resellers and distributors may encounter issues or have violations of applicable law or regulatory requirements or otherwise cause damage to our reputation through their actions;

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedRisk Factors
•Our resellers and distributors frequently market and distribute competing solutions and may, from time to time, place greater emphasis on the sale of competing solutions due to pricing, promotions and other terms offered by our competitors;

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedRisk Factors
•Any consolidation of electronics retailers can increase their negotiating power with respect to software providers such as us and any decline in the number of physical retailers could decrease the channels of distribution for us;

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedMD&A
Gen is a global company powering Digital Freedom with a family of trusted brands including Norton, Avast, LifeLock, MoneyLion and more. Our core cyber safety portfolio provides protection across three key categories in multiple channels and geographies, including security and performance management, identity protection, and online privacy. We have built a technology platform that brings together software and service capabilities within these three categories into a comprehensive and easy-to-use integrated platform across our brands. We bring award-winning products and services in cybersecurity, 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.

Read it in 10-K 2025-05-15 at sec.gov ↗

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

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedMD&A
•During fiscal 2025, we increased net Direct customers by 1.3 million, increased monthly Direct ARPU by $0.04 and increased our Direct retention rate by 1%.

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedMD&A
Net revenues increased $135 million, due to a $95 million increase in sales of our identity and information protection products and a $53 million increase in sales of our consumer security products. 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.

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedMD&A
(1) 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.

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedMD&A
We define direct customer count as 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. 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.

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedMD&A
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. Non-GAAP estimated direct customer revenues and ARPU have limitations as analytical tools and should not be considered in isolation or as a substitute for U.S. GAAP estimated direct customer revenues or other U.S. GAAP measures. We monitor ARPU because it helps us understand the rate at which we are monetizing our consumer customer base.

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedMD&A
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.

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedMD&A
(1) From time to time, changes in allocation methodologies cause changes to the revenue by geographic area above. When changes occur, we recast historical amounts to match the current methodology, such as for fiscal 2024 where we aligned allocation methodologies across similar product categories.

Read it in 10-K 2025-05-15 at sec.gov ↗

RemovedMD&A
The Organization for Economic Cooperation and Development (OECD) and many countries have proposed to reallocate a portion of profits of large multinational enterprises (MNE) with an annual global turnover exceeding €20 billion to markets where

Read it in 10-K 2025-05-15 at sec.gov ↗

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