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Segment and Geographic Information | 3 Months Ended
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Jul. 04, 2025
Segment Reporting [Abstract] |
Segment and Geographic Information | Segment and Geographic Information Our Chief Operating Decision Maker (CODM) is our Chief Executive Officer, who manages and reviews financial information presented on an operating segment basis for the purpose of making decisions and assessing financial performance. The CODM assesses operating performance of each segment based on regularly provided segment revenue, segment operating income (loss) and margin, by comparing actual margin results to historical results and previously forecasted financial information. Operating results by segment include costs or expenses directly attributable to each segment, and costs or expenses that are leveraged across our portfolio and therefore allocated between our two segments. Our CODM reviews expenses on a consolidated basis and the expenses associated with our corporate investments. Prior to fiscal year 2026, we operated as one reportable segment, with consolidated net income (loss) serving as the primary measure of segment profit or loss. Subsequent to the completion of our acquisition of MoneyLion on April 17, 2025, our portfolio now spans two reportable segments, Cyber Safety Platform and Trust-Based Solutions, with the primary measure of segment profit or loss being updated to segment operating income (loss). Cyber Safety Platform includes our security, comprehensive suites, and privacy products, which deliver technology solutions and superior threat protection to help people navigate the digital world, securely, privately and with confidence. Trust-Based Solutions includes our identity, reputation, and financial wellness products, which provide innovative solutions and insights that empower consumers to manage their identity, reputation and finances confidently to achieve freedom. The “Corporate” category includes expenses that are not allocated to either Cyber Safety Platform or Trust-Based Solutions for purposes of making operating decisions or assessing segment-level financial performance. The expenses include restructuring and other costs, acquisition and integration costs, litigation settlement charges, and amortization of intangible assets. Our operating segments are not evaluated using asset information. Our CODM delegates the review of the segment performance to the general manager of each respective segment. There are no intersegment transactions. The accounting policies for segment reporting are the same as for our consolidated financial statements. The following table presents details of our reportable segments and the “Corporate” category:
| Cyber Safety Platform |  | Trust-Based Solutions |  | Corporate |  | Consolidated
| (In millions)
Three Months Ended July 4, 2025 |  |  |  |  |  |  |
Net Revenues | $ | 869 |  |  | $ | 388 |  |  | $ | — |  |  | $ | 1,257 |
Other segment items (1) | 339 |  |  | 268 |  |  |  |  | 607 |
Operating income (loss) | $ | 530 |  |  | $ | 120 |  |  | $ | (204) |  |  | $ | 446 |
Three Months Ended June 28, 2024 |  |  |  |  |  |  |
Net Revenues | $ | 780 |  |  | $ | 185 |  |  | $ | — |  |  | $ | 965 |
Other segment items (1) | 314 |  |  | 87 |  |  |  |  | 401 |
Operating income (loss) | $ | 466 |  |  | $ | 98 |  |  | $ | (147) |  |  | $ | 417 |
(1) Other segment items for our Cyber Safety Platform and Trust-Based Solutions include product costs, infrastructure and facilities expense, and compensation and benefits excluding stock-based compensation and expenses identified in “Corporate”. The table below are the reconciling items included in “Corporate” category:
| Three Months Ended |  |
(In millions) | July 4, 2025 |  | June 28, 2024 |  |  |  |
Amortization of intangible assets | $ | 119 |  |  | $ | 100 |  |  |  |  |
Stock-based compensation | 66 |  |  | 31 |  |  |  |  |
Unallocated cost of revenue and operating expenses | 19 |  |  | 16 |  |  |  |  |
Total | $ | 204 |  |  | $ | 147 |  |  |  |  |
Geographic information Net revenues by geography are based on the billing addresses of our customers. The following table represents net revenues by geographic area for the periods presented:
| Three Months Ended |  |
(In millions) | July 4, 2025 |  | June 28, 2024 |  |  |  |
Americas | $ | 879 |  |  | $ | 636 |  |  |  |  |
EMEA | 268 |  |  | 233 |  |  |  |  |
APJ | 110 |  |  | 96 |  |  |  |  |
Total net revenues | $ | 1,257 |  |  | $ | 965 |  |  |  |  |
Note: The Americas include U.S., Canada and Latin America; EMEA includes Europe, Middle East and Africa; APJ includes Asia Pacific and Japan. Revenues from customers inside the U.S. were $819 million and $579 million during the three months ended July 4, 2025 and June 28, 2024, respectively. No other individual country accounted for more than 10% of revenues. The table below represents cash, cash equivalents and restricted cash held in the U.S. and internationally in various foreign subsidiaries:
(In millions) | July 4, 2025 |  | March 28, 2025
U.S. | $ | 421 |  |  | $ | 647 |
International | 407 |  |  | 359 |
Total cash, cash equivalents and restricted cash | $ | 828 |  |  | $ | 1,006 |
The table below represents our property and equipment, net of accumulated depreciation and amortization, by geographic area, based on the physical location of the asset, at the end of each period presented:
(In millions) | July 4, 2025 |  | March 28, 2025
U.S. | $ | 53 |  |  | $ | 50 |
Other countries (1) | 11 |  |  | 10 |
Total property and equipment, net | $ | 64 |  |  | $ | 60 |
(1) No individual country represented more than 10% of the respective totals. Significant customers and e-commerce partners No individual end-user customer accounted for 10% or more of our net revenues during the three months ended July 4, 2025 and June 28, 2024. E-commerce partners that accounted for over 10% of our total billed and unbilled accounts receivable, prior to allowance of doubtful accounts, were as follows:
| July 4, 2025 |  | March 28, 2025
E-commerce partner A | — | % |  | 11 | %

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- Definition The entire disclosure for reporting segments including data and tables. 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