What the changes say
- AI development, deployment, accuracy, governance, privacy, intellectual-property and emerging cyber threats receive substantially greater emphasis.
- Financial-wellness expansion brings heightened CFPB, BSA/AML, investment-adviser, privacy and state-licensing compliance exposure.
- Debt remains material: $8.275 billion matures during 2027–2033, with $1.495 billion available under the revolver.
- MoneyLion faces elevated rates, tighter credit, inflation, geopolitical instability and recession risk; customer metrics may also require adjustments.
What changed since the prior 10-K
New
- NewRISKS RELATED TO OUR BUSINESS STRATEGY AND INDUSTRY
To compete successfully, we must maintain a robust and innovative research and development effort, enhance our existing solutions and products, introduce new offerings on a timely basis, and effectively adapt to changes in the technology, financial technology, AI, privacy and data protection standards and trends
Competition spans security software, platforms, banks, digital finance and wealth providers, requiring rapid innovation, pricing flexibility and timely new offerings.
- NewRISKS RELATED TO OUR BUSINESS STRATEGY AND INDUSTRY
Issues in the development and deployment of AI, including generative AI and emerging AI-enabled cyber threats, could expose us to regulatory, privacy, IP, cybersecurity, operational and reputational risks
AI errors, bias, hallucinations and AI-enabled threats could cause customer harm, regulatory action, litigation, cybersecurity incidents and reputational damage.
- NewRISKS RELATED TO OUR BUSINESS STRATEGY AND INDUSTRY
operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business and financial results
Insufficient rights to AI training data or outputs could trigger copyright, publicity-rights, privacy, contract and other intellectual-property claims.
- NewRISKS RELATED TO OUR BUSINESS STRATEGY AND INDUSTRY
macroeconomic conditions, and other factors. New customers, if any, may subscribe or renew their 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
Inaccurate or inconsistent customer-count methodologies could distort reported metrics, damage investor confidence and obscure customer growth or subscription economics.
- NewRISKS RELATED TO OUR OPERATIONS
employees and customers in multiple jurisdictions. This information is subject to a rapidly evolving and increasingly complex framework of federal, state and foreign privacy, data protection and data security laws, as well as contractual obligations
GLBA, Regulation S-P, CCPA and expanding state privacy laws impose increasingly fragmented requirements for handling customer and employee information.
- NewRISKS RELATED TO LEGAL AND COMPLIANCE
we are required to maintain a BSA/AML compliance program under our agreements with our third-party partners, and certain state regulatory agencies have intimated they expect such program to be in place and followed
Partner agreements and regulators require BSA/AML controls, while ML Wealth faces SEC investment-adviser obligations and examinations.
- NewRISKS RELATED TO LEGAL AND COMPLIANCE
The legal and regulatory regimes governing certain of our products and services are uncertain and evolving
Changing CFPB rules, interpretations, disclosures and enforcement priorities could increase compliance costs, litigation exposure and restrictions on financial products.
- NewRISKS RELATED TO LEGAL AND COMPLIANCE
If we fail to operate in compliance with state or local licensing requirements, it could adversely affect our business, financial condition, results of operations and cash flows
Uncertain and expanding state or local licensing requirements could affect loans, earned wage access, insurance, mortgages and related platform activities.
- NewRISKS RELATED TO OUR LIQUIDITY AND INDEBTEDNESS
Our substantial indebtedness and related debt obligations could limit our financial and operating flexibility and increase our vulnerability to adverse business and economic conditions
$8.275 billion of debt matures from 2027 through 2033, potentially limiting flexibility and leaving cash flow insufficient for interest and principal.
- NewGENERAL RISKS
Adverse macroeconomic conditions have adversely affected and may continue to adversely affect the consumer finance industry and our MoneyLion business
Elevated interest rates, financing costs, tighter credit, inflation, geopolitical instability and recession could materially harm MoneyLion and consumer-finance results.
- NewRISKS RELATED TO TAXES
We continue to assess the overall impact of these potential changes as developments occur and will reflect the impact of such changes in future financial statements as appropriate
Tax audits, refund claims, changing laws and prolonged litigation could produce liabilities exceeding recorded provisions and reduce cash flow.
Dropped
- DroppedRISKS RELATED TO OUR BUSINESS STRATEGY AND INDUSTRY
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
- DroppedRISKS RELATED TO OUR BUSINESS STRATEGY AND INDUSTRY
If we fail to manage our sales and distribution channels successfully, these channels may conflict with one another or otherwise fail to perform as we anticipate, which could reduce our sales and increase our expenses as well as weaken our competitive position
- DroppedRISKS RELATED TO OUR OPERATIONS
unqualified applicants through our platform or accurately analyze credit data, which may adversely impact our business and negatively impact our reputation
General AI development and deployment risks causing reputational harm, legal liability and weaker operating results.
- DroppedRISKS RELATED TO LEGAL AND COMPLIANCE
We have in the past, and may again in the future, enter into settlements, consent decrees and similar arrangements with the FTC, state attorney generals, and the United Kingdom’s Competition and Markets Authority (CMA)
- DroppedRISKS RELATED TO LEGAL AND COMPLIANCE
The legal and regulatory regimes governing certain of our products and services are uncertain and evolving. Changing or new laws, regulations, interpretations or regulatory enforcement priorities may have a material and adverse effect on our business, financial condition, results of operations and cash flows
- DroppedRISKS RELATED TO LEGAL AND COMPLIANCE
The regulatory regime governing blockchain technologies and digital assets is uncertain, and new laws, regulations or policies may alter our business practices with respect to digital assets
- DroppedRISKS RELATED TO LEGAL AND COMPLIANCE
States may require that we obtain licenses that apply to blockchain technologies and digital assets
Conflicts or underperformance among sales channels, including MoneyLion partner lead delivery and customer conversions.
- DroppedRISKS RELATED TO OUR LIQUIDITY AND INDEBTEDNESS
There are risks associated with our outstanding and future indebtedness that could adversely affect our financial condition
- DroppedRISKS RELATED TO OUR LIQUIDITY AND INDEBTEDNESS
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
Reworded
- 97% rewrittenRISKS RELATED TO OUR BUSINESS STRATEGY AND INDUSTRY
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
The risk now highlights experienced competitive pressure, pricing pressure and broader financial consequences, rather than mainly difficulty anticipating market changes.
- 96% rewrittenRISKS RELATED TO OUR OPERATIONS
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
The description shifts emphasis from identity-protection and financial-technology offerings to identity protection and financial wellness, while retaining evolving privacy-law exposure.
- 87% rewrittenRISKS RELATED TO OUR BUSINESS STRATEGY AND INDUSTRY
We may need to change our pricing models to compete successfully
The risk now specifically cites competitor discounts, free introductory offerings, customer retention pressure and possible promotional or freemium pricing.
- 73% rewrittenRISKS RELATED TO OUR OPERATIONS
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
The wording expressly adds incorrect or fraudulent information and clarifies that errors can cause both wrongful approvals and wrongful rejections.
- 67% rewrittenRISKS RELATED TO OUR BUSINESS STRATEGY AND INDUSTRY
If we are unable to develop new and enhanced solutions and products, or continually improve the performance, features, and reliability of our existing solutions and products, our business and operating results could be adversely affected
The risk adds significant AI investment and emphasizes Gen AI and machine-learning integration as complex, time-consuming and risky.
Was: If we are unable to develop new and enhanced solutions, or if we are unable to continually improve the performance, features, and reliability of our existing solutions, our business and operating results could be adversely affected
- 65% rewrittenRISKS RELATED TO OUR OPERATIONS
Our future success depends on our ability to attract and retain personnel in a competitive marketplace
The updated risk removes immigration-law changes as a stated threat while retaining competition for cybersecurity, AI and other specialized personnel.
- 61% rewrittenRISKS RELATED TO LEGAL AND COMPLIANCE
From time to time, we are party to lawsuits and investigations, which have 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
The risk now focuses on ongoing litigation and regulatory proceedings, adds consumer-protection matters, and removes the specific risk of preventing product sales.
Was: 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
- 61% rewrittenRISKS RELATED TO LEGAL AND COMPLIANCE
Third parties have claimed and additional third parties in the future may claim that we infringe their proprietary rights
The wording is streamlined but retains patent, copyright, trademark and former-employer confidentiality claims as potential sources of intellectual-property disputes.
- 57% rewrittenRISKS RELATED TO OUR OPERATIONS
Our reputation and/or business could be negatively impacted by sustainability and governance matters and/or our reporting of such matters
- 56% rewrittenRISKS RELATED TO LEGAL AND COMPLIANCE
Our solutions are highly regulated, which could impede our ability to market and provide our solutions, increase regulatory scrutiny or adversely affect our business, financial position, results of operations and cash flows
Was: Our solutions are highly regulated, which could impede our ability to market and provide our solutions or adversely affect our business, financial position, results of operations and cash flows
- 42% rewrittenRISKS RELATED TO OUR OPERATIONS
Our solutions, systems, websites and the data on these sources have been and may continue to be subject to cybersecurity events that could materially harm our reputation and future sales
Was: 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
- 38% rewrittenGENERAL RISKS
We may be required to issue shares under our contingent value rights agreement
Was: We may be required to issue shares under our contingent value rights agreement with certain former holders
- 33% rewrittenRISKS RELATED TO OUR BUSINESS STRATEGY AND INDUSTRY
Our revenue and operating results depend significantly on our ability to retain our existing customers and increase their adoption of our offerings, convert existing non-paying customers to paying customers, and add new customers
Was: 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
All 39 risk factors
Headings as the filing states them, in filing order.
RISKS RELATED TO OUR BUSINESS STRATEGY AND INDUSTRY
- 01If we are unable to develop new and enhanced solutions and products, or continually improve the performance, features, and reliability of our existing solutions and products, our business and operating results could be adversely affected67% rewritten
- 02We 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 revenue97% rewritten
- 03To compete successfully, we must maintain a robust and innovative research and development effort, enhance our existing solutions and products, introduce new offerings on a timely basis, and effectively adapt to changes in the technology, financial technology, AI, privacy and data protection standards and trendsNew
- 04Issues in the development and deployment of AI, including generative AI and emerging AI-enabled cyber threats, could expose us to regulatory, privacy, IP, cybersecurity, operational and reputational risksNew
- 05operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business and financial resultsNew
- 06Our acquisitions and divestitures create special risks and challenges that could adversely affect our financial results
- 07Our revenue and operating results depend significantly on our ability to retain our existing customers and increase their adoption of our offerings, convert existing non-paying customers to paying customers, and add new customers33% rewritten
- 08macroeconomic conditions, and other factors. New customers, if any, may subscribe or renew their 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 resultsNew
- 09We may need to change our pricing models to compete successfully87% rewritten
- 10Changes in industry structure and market conditions have and may continue to lead to charges related to discontinuance of certain products or businesses and asset impairments
RISKS RELATED TO OUR OPERATIONS
- 11Our international operations involve risks that could increase our expenses, adversely affect our operating results and require increased time and attention from management
- 12Our future success depends on our ability to attract and retain personnel in a competitive marketplace65% rewritten
- 13If we fail to offer high-quality customer support, our customer satisfaction may suffer and have a negative impact on our business and reputation
- 14If 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 penalties73% rewritten
- 15Our solutions, systems, websites and the data on these sources have been and may continue to be subject to cybersecurity events that could materially harm our reputation and future sales42% rewritten
- 16We 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 regulations96% rewritten
- 17employees and customers in multiple jurisdictions. This information is subject to a rapidly evolving and increasingly complex framework of federal, state and foreign privacy, data protection and data security laws, as well as contractual obligationsNew
- 18Our inability to successfully recover from a disaster or other business continuity event could impair our ability to deliver our products and services and harm our business
- 19We are dependent upon Broadcom for certain engineering and threat response services, which are critical to many of our products and business
- 20Our 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
- 21Negative publicity regarding our brand, solutions and business could harm our competitive position
- 22Our reputation and/or business could be negatively impacted by sustainability and governance matters and/or our reporting of such matters57% rewritten
- 23We are affected by seasonality, which has in the past and may in the future impact our revenue and results of operations
RISKS RELATED TO LEGAL AND COMPLIANCE
- 24Our solutions are highly regulated, which could impede our ability to market and provide our solutions, increase regulatory scrutiny or adversely affect our business, financial position, results of operations and cash flows56% rewritten
- 25we are required to maintain a BSA/AML compliance program under our agreements with our third-party partners, and certain state regulatory agencies have intimated they expect such program to be in place and followedNew
- 26The legal and regulatory regimes governing certain of our products and services are uncertain and evolvingNew
- 27If we fail to operate in compliance with state or local licensing requirements, it could adversely affect our business, financial condition, results of operations and cash flowsNew
- 28If 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
- 29From time to time, we are party to lawsuits and investigations, which have 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 products61% rewritten
- 30Third parties have claimed and additional third parties in the future may claim that we infringe their proprietary rights61% rewritten
- 31Some 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
RISKS RELATED TO OUR LIQUIDITY AND INDEBTEDNESS
- 32Our substantial indebtedness and related debt obligations could limit our financial and operating flexibility and increase our vulnerability to adverse business and economic conditionsNew
- 33Our Amended Credit Agreement imposes operating and financial restrictions on us
- 34The failure of financial institutions or transactional counterparties could adversely affect our current and projected business operations and our financial condition and result of operations
GENERAL RISKS
- 35Adverse macroeconomic conditions have adversely affected and may continue to adversely affect the consumer finance industry and our MoneyLion businessNew
- 36Fluctuations in our quarterly financial results have affected the trading price of our stock in the past and could affect the trading price of our stock in the future
- 37We may be required to issue shares under our contingent value rights agreement38% rewritten
RISKS RELATED TO TAXES
- 38We continue to assess the overall impact of these potential changes as developments occur and will reflect the impact of such changes in future financial statements as appropriateNew
- 39Our corporate and legal entity structure and intercompany arrangements are subject to the tax laws of various jurisdictions, and we could be obligated to pay additional taxes, which would harm our results of operations
Other Gen Digital 10-Ks
- FY2025 10-K risk factors37 risks
Gen Digital faces intense competitive and regulatory pressures across its cyber and financial technology businesses, including acquisitions like MoneyLion and Avast. The company maintains significant debt totaling $8,355 million with maturities spanning 2027 through 2033.
Filed May 15, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.