About Genesis Healthcare Inc

Gen Digital Inc. (Gen), a global company, provides consumer Cyber Safety solutions. The company is powering Digital Freedom with a family of trusted brands including Norton, Avast, LifeLock, Avira, AVG, ReputationDefender and CCleaner. The company brings products and services in Cyber Safety, 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. The company is well positioned for driving the awareness of Cyber Safety for individuals, families, and small businesses, fueled by an increasingly connected world. The company maintains a global, omni-channel sales approach, including direct acquisition and a family of brands marketing program. This program is designed to grow the company’s customer base by increasing brand awareness and understanding of the company’s products and services and maximizing the company’s global reach to prospective customers. The company helps prevent, detect and restore potential damages caused by many cybercriminals. The company also makes it easy for consumers to find, buy and use the company’s products and services. To this end, the company offers both free and paid subscription-based Cyber Safety solutions primarily direct-to-consumer through the company’s family of brands and indirectly through partner relationships. Most of the company’s subscriptions are offered on annual terms, but the company also provides monthly subscriptions. As of March 31, 2023, the company had approximately 500 million total users, which come from direct, indirect and freemium channels. Of these total users, the company has approximately 65 million paid Cyber Safety customers, including over 38 million direct customers with whom the company has a direct billing relationship. Direct-to-consumer Channel: The company uses advertising to elevate its family of brands, attract new customers and generate significant demand for the company’s services. The company’s direct subscriptions are primarily sold through the company’s e-commerce platform and mobile apps; and the company has a direct billing relationship with the majority of these customers. Indirect Partner Distribution Channels: The company uses strategic and affiliate partner distribution channels to refer prospective customers to the company and expand its reach to the company’s partners’ and affiliates’ customer bases. The company developed and implemented a global partner sales organization that targets new, as well as existing, partners to enhance the company’s partner distribution channels. These channels include retailers, telecom service providers, hardware OEMs, employee benefit providers, strategic partners, and small office, home offices and very small businesses. Physical retail and OEM partners represent a small portion of the company’s distribution, which minimizes the impact of supply chain disruptions. Freemium Channels: With the acquisition of Avast and Avira, the company has expanded its go-to-market with multiple freemium channels. The company uses free versions of its products to reach the broadest set of consumers globally and bring Cyber Safety to a larger audience, especially in international markets. The free solution offers a baseline of protection and presents premium functionalities based on the risk profile and specific needs of the user. The user can choose to add specific premium solutions or upgrade to suites that provide security, identity, and privacy across multiple platforms and devices, thereby becoming a paid customer. Seasonality As is typical for many consumer technology companies, portions of the company’s business are impacted by seasonality. However, the net impact on the company’s business is limited. Seasonal behavior in orders primarily reflects consumer spending patterns where the company’s fiscal third and fourth quarters (year ended March 2023) are higher due to the holidays in the company’s third quarter, as well as follow-on holiday purchases and the U.S. tax filing season, which typically is in the company’s fourth quarter. Revenue generally reflects similar seasonal patterns but to a lesser extent than orders because of the company’s subscription business model, as the majority of the company’s in-period revenues are recognized ratably from the company’s deferred revenue balance. Strategy The company’s strategy is focused on long-term profitable growth. To fuel the company’s growth, the company’s consumer-centric strategy is to provide comprehensive and easy-to-use integrated platforms, which the company has built in-house or acquired. By combining and leveraging the company’s family of trusted consumer brands, including offerings from Norton, Avast, LifeLock, Avira, AVG, Reputation Defender and CCleaner, the company delivers an industry-leading set of Cyber Safety solutions. The company is positioned for long-term growth and expansion. The company’s three primary growth levers are: Extending Reach: Leveraging omni-channel strategy and building partnerships to broaden privacy and identity protection internationally. Increasing Value: Cross-selling and up-selling, and expanding identity and privacy solutions to address consumers’ evolving needs. Growing Loyalty: Increase customer loyalty and retention, as consumers move from point products protecting their devices towards all-in-one comprehensive Cyber Safety memberships. The key elements of the company’s strategy are to extend the company’s leadership position through new products and continued enhancement of the company’s solutions and services; grow the company’s customer base through multiple channels; continue the company’s focus on customer retention; increase value to existing customers; draw strength from the company’s world-class customer service support; and leverage the company’s global brands to drive growth. Cyber Safety Solutions and Services The company’s broad portfolio of products and services is developed from consumer insights to help the company bring to market real solutions to real problems and to engage and educate consumers about Cyber Safety. The company continuously targets to release new products and features at an accelerated pace and find synergies to integrate current and future technology acquisitions. The company’s Cyber Safety portfolio provides protection across three key categories in multiple channels and geographies, including security and performance, identity protection, and online privacy. The company’s technology platforms bring together software and service capabilities within these three categories into comprehensive and easy-to-use products and solutions across the company’s brands. The company has also evolved beyond traditional Cyber Safety to offer adjacent trust-based solutions, including digital identity and access management, digital reputation, and restoration support services. The company protects and empowers consumers by providing solutions and services in two main ways: Comprehensive Membership Plans: Providing a comprehensive and all-in-one Cyber Safety portfolio of solutions for a membership fee. Plans are offered through Norton 360 and Avast One subscriptions, both brands provide multiple levels of membership tiers that range from basic, mid-level, or premium tiers where identity theft and online privacy features are included. Point Solutions: Providing individual, stand-alone products and services in security, identity and privacy, which offers flexibility for consumers to choose between free or paid solutions. For example, Norton AntiTrack helps keep personal information and browsing activity private by blocking trackers and disguising digital fingerprints online. Avast Driver Updater allows PC users to keep their computer’s drivers up-to-date, improving performance and keeping their device secure from vulnerabilities or bugs caused by outdated drivers. The company are well positioned across three key Cyber Safety categories: Security and Performance (Norton, Avast, Avira, AVG, and CCleaner Offerings): The company’s offerings provide real-time protection for PCs, Macs and mobile devices against malware, viruses, adware, ransomware and other online threats. These offerings monitor and block unauthorized traffic from the internet to the device to help protect private and sensitive information when customers are online. The company also provides performance and optimization software solutions that frees up space on devices, clears online tracking and helps machines run faster. Identity Protection (Norton and LifeLock Identity Theft Protection and Restoration, Dark Web Monitoring, Home Title Protect, Social Media Monitoring, and Avast Secure Identity): The company’s Norton and LifeLock identity theft protection solution includes monitoring, alerts and restoration services to help safeguard the company’s customers’ personal information. In the event of identity theft, the company assigns an Identity Restoration Specialist to work directly with customers to help restore their identities. Norton Dark Web Monitoring looks for personal information of the company’s LifeLock, Norton 360 and Norton Identity Advisor Plus members on the Dark Web. Avast Secure Identity provides advanced identity protection, including credit monitoring and alerts. LifeLock Home Title Protect detects fraud and notifies members if the company finds changes made to their Home Title. Norton Social Media Monitoring features help keep customers’ social media accounts safer by monitoring them for account takeovers, risky activity and inappropriate content. Online Privacy (VPN, Privacy Monitor Assistant, AntiTrack, Online Reputation Management, Secure Browser, BreachGuard, Online Security and Privacy Browser Extension): The company’s VPN solutions enhance security and online privacy by providing an encrypted data tunnel. This allows customers to securely transmit and access private information, such as passwords, bank details and credit card numbers, when using public Wi-Fi on PCs, Macs and mobile iOS and Android devices. Norton Privacy Monitor Assistant is an on-demand, white glove service where the company’s agents help its members delete personal information from Data brokers online. The company’s AntiTrack product helps keep personal information and browsing activity private by blocking trackers and disguising digital fingerprints online. The company’s Online Reputation Management solutions help extend and strengthen Gen’s privacy capabilities and functionalities, such as the ability to manage online search results, personal branding and digital privacy. The company’s Secure Browser, BreachGuard and other browser extension products provide private, fast and secure browsing across different devices, as well as protect sensitive online information against malicious websites and phishing, data loss, data leaks, data breaches, and collection by third parties and provides assistance from experts when needed. Intellectual Property Gen, Norton, Avast, LifeLock, Avira, AVG, Reputation Defender, CCleaner and all related trademarks, service marks and trade names are trademarks or registered trademarks of Gen or other respective owners that have granted Gen the right to use such marks. The company is a leader among consumer Cyber Safety solutions in pursuing patents and has a portfolio of over 1,000 U.S. and international patents issued with many pending. The term of the patents the company hold is, on average, seventeen years. From time to time, the company enters into cross-license agreements with other technology companies covering broad groups of patents; and the company has an additional portfolio of over 2,100 U.S. and international patents cross-licensed to the company as part of its arrangement with Broadcom as a result of the asset sale of the company’s former Enterprise Security business. Competition The company faces 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. The company’s principal competitors are set forth below: Security: The company’s principal competitors in this segment include Apple, Bitdefender, Google, Kaspersky, McAfee, Microsoft, Trend Micro, Webroot, Malwarebytes, and F-Secure. Identity Protection: The company’s principal competitors in this segment include credit bureaus, such as Equifax, Experian, and TransUnion, as well as certain credit monitoring and identity theft protection solutions from others, such as Allstate, Generali (Iris), Aura, and Intuit (Credit Karma). Online Privacy: The company’s principal competitors in this segment include Apple, Aura, Kape, Nord Security, IPVanish, Mozilla, Brave, and DuckDuckGo. Other Competitors: In addition to competition from independent software vendors, such as Bitdefender, Kaspersky, McAfee and Trend Micro, and from OS providers, such as Apple, Google and Microsoft, the company also faces competition from other companies that focus on one or a few Cyber Safety or adjacent segments but are developing additional competing products and expanding their portfolios into new segments, such as ‘pure play’ companies, such as Life360, Bark, Dashlane, LastPass, internet service providers, big tech platform providers, insurance companies and financial service organizations. History The company was founded in 1982. It was incorporated in 1988. The company was formerly known as Symantec Corporation and changed its name to NortonLifeLock Inc. in 2019 and then to Gen Digital Inc. in 2022.