GEN 10-K & 10-Q changes, risk factors and insider trading

A description of the risk factors associated with our business is set forth below and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Legal Proceedings,” and “Quantitative and Qualitative Disclosures About Market Risk.Risk” and “Controls and Procedures.” The list is not exhaustive, and you should carefully consider these risks and uncertainties before investing in our common stock.

If we are unable to develop new and enhanced solutions,solutions and products, or if we are unable to continually improve the performance, features, and reliability of our existing solutions,solutions and products, our business and operating results could be adversely affected.

Our future success depends on our ability to effectively respond to evolving threatsconsumer tothreats, consumers,technological as well asadvancements, competitive technological developments and industry changes, by developing or introducing new and enhanced solutions and products on a timely basis. In the past, weWe have incurred, and will continue to incur, significant research and development expensesexpenses, asincluding weinvestments focusin onAI, to drive organic growth throughand internalreduce innovation.reliance on third-party technologies. If these investments do not produce the anticipated benefits, or if such benefits are delayed, our operating results could be adversely affected.

In addition, third parties, including, but not limited to, operating systems and internet browser companies, have in the past and may in the future limit the interoperability of our solutions with their own products and services, in some casesincluding to promote theircompeting ownofferings. offerings or those of our competitors. Any suchSuch actions by third parties could delay the development ofof, ourimpair solutionsthe andfunctionality productsof, or ourreduce solutions and products may be unable to operate effectively. This could also result in decreasedthe demand for our solutions and products, which could result in decreased revenue, harm to our reputation, and adverselyadverse affecteffects on our business, financial condition, results of operations, and cash flows.

If we arefail notto successful in managingmanage these risks and challenges,effectively, or if our new or improved solutions or products are not technologically competitive or do not achieve market acceptance, our business and operating results could be adversely affected.

We operate in intensely competitive and dynamic markets thatcharacterized experience frequent andby rapid technological developments, changes inevolving industry and regulatory standards,standards evolvingand market trends, changes inchanging customer requirements and preferences, and frequent new product introductions and improvements. We have experienced, and expect to continue to experience, significant competitive pressures. If we are unable to anticipate or reactrespond effectively to these continually evolving conditions, we could experience a loss oflose market shareshare, experience pricing pressure, and aincur reduction in ourreduced revenues, which could materially and adversely affect our businessbusiness, financial condition, results of operations, and financialcash results. To compete successfully, we must maintain an innovative research and development effort to develop new solutions and products and enhance our existing solutions and products, and effectively adapt to changes in the technology, financial technology, privacy and data protection standards or trends.flows.

We have incorporated, and are continuing to develop and deploy, AI, including Gen AI, into many of our products, solutions and services. AI presents challenges and risks that could affect our products, solutions and services, and therefore our business. For example, AI algorithms may be flawed, insufficient, of poor quality, reflect unwanted forms of bias, or contain other errors or inadequacies, any of which may not be easily detectable; AI has been known to produce false or “hallucinatory” inferences or outputs; AI can present ethical issues and may subject us to new or heightened legal, regulatory, ethical, or other challenges, including issues relating to discrimination, intellectual property infringement or misappropriation, violation of rights of publicity, inability to assert ownership of inventions and works of authorship, loss of trade secrets, defamation, data privacyprivacy, and cybersecurity; and inappropriate or controversial data practices by third-party partners, developers and end-users, or other factors adversely affecting public opinion of AI, could impair the acceptance of AI solutions, including those incorporated in our products and services. If the AI solutions that we create or use are deficient, inaccurate or controversial, we could incur operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business and financial results.

In addition, regulation of Gen AI is rapidly evolving worldwide as legislators and regulators are increasingly focused on these powerful emerging technologies. The technologies underlying Gen AI and its uses are currently subject to a variety of laws and regulations, including intellectual property, privacy, data protection and information security, consumer protection, competition, and equal opportunity laws, and are expected to be subject to increased regulation and new laws or new applications of existing laws and regulations. Gen AI is the subject of ongoing review by various U.S. governmental and regulatory agencies, and various U.S. states and other foreign jurisdictions are applying, or are considering applying, their platform moderation, cybersecurity, and data protection laws and regulations to Gen AI or are considering general legal frameworks for Gen AI. For example, the EU AI Act, which came into force on August 1, 2024, will generally become fully applicable after a two-year transitional period, with certain obligations taking effect at an earlier or later time. The EU AI Act introduces various requirements for AI systems and models placed on the market or put into service in the EU, including specific transparency and other requirements for general purpose AI systems and the models on which they are based. In addition, several U.S. statesstates, aresuch consideringas enactingCalifornia and Colorado, have proposed or have already enacted regulationslaws concerningregarding automated decision‑making, deepfakes, algorithmic discrimination and so called “high‑risk” AI technologies (mandating, among other provisions, requirements for risk management, impact assessments, consumer notices and human oversight). At the federal level, a December 2025 executive order endorsed a federal moratorium on enforcement of state AI laws and the White House released in March 2026 a National Policy Framework for Artificial Intelligence, outlining nonbinding legislative recommendations to inform congressional consideration of a unified federal approach to AI regulation. Ongoing tension between the states and the federal government over how best to regulate AI may result in increased uncertainty, risk and compliance costs for our business. If we cannot use AI, or if our use of AI technologies.is Atrestricted, theit federalcould andlead stateto level,business theredisruption, haveinefficiency, beenor variouscompetitive proposalsdisadvantage. (andReplacement inof somethese casestechnologies lawswith enacted)compliant addressingalternatives “deepfakes”could andrequire othersubstantial AI-generatedcapital syntheticexpenditures media.or lead to a loss of proprietary data.

Furthermore, because AI technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal, operational or technological risks that may arise relating to the use of AI.AI, including the increased use of agentic AI and the heightened risk it poses to data privacy and cybersecurity. The rapid evolution of AI, including potential government regulation of AI, requires us to invest significant resources to develop, test, and maintain AI in our products and services in a manner that meets evolving requirements and expectations and we may need to expend resources to adjust our offerings in certain jurisdictions if the legal frameworks are inconsistent across jurisdictions. Developing, testing, and deploying AI systems may also increase the cost profile of our offerings due to the nature of the computing costs involved in such systems.

As part of our business strategy, we may acquire or divest businesses or assets. For example, in 2019, we completedacquired the sale of certain of our enterprise security assets to Broadcom Inc. (the Broadcom sale), in January 2021, we completed the acquisition of Avira, in September 2022, we completed the acquisition of Avast, andMoneyLion in April 2025, we completed the acquisition of MoneyLion.2025. Our acquisition and divestiture activities have and may continue to involve a number of risks and challenges, including:

•Difficulty entering into or expanding ininto new markets or geographies;

Our revenue and operating results depend significantly on our ability to retain our existing customers and expandincrease salestheir toadoption them,of our offerings, convert existing non-paying customers to paying customerscustomers, and add new customers.

It is important to our cyber and financial technology businesses that we retain existing customers and that our customers expand their use of our solutions and products over time. If our efforts to sell additional functionality, products and services to our customers and clients are not successful, our business and growth prospects would suffer. Customers may choose not to renew their membership with us at any time and may stop utilizing our productsrevenue-generating that generate us revenue from transaction, interchange or transfer fees, among others.products. For our solutions sold to customers on a monthly or annual subscription basis, renewing customers may require additional incentives to renew, may not renew for the same contract period, or may change their subscriptions. We therefore may be unable to retain our existing customers on the same or more profitable terms, if at all. In addition, we may not be able to accurately predict or anticipate future trends in customer retention or effectively respond to such trends.

•Our customers’ levels of satisfaction or dissatisfaction with our solutions andsolutions, the value they place on our solutions and availability of our solutions;

An important part of our growth strategy involves continued investment in direct marketing efforts, indirect partner distribution channels, expanding enterprise partner relationships, freemium channels, our sales force, and infrastructure to add new customers. The number and rate at which new customers purchase our products and services depends on a number of factors, including those outside of our control, such as customers’ perceived need for our solutions and products, competition, general economic conditions, market transitions, product obsolescence, technological change, public awareness of security threats to IT systems, 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.

The intense competition weand face, in addition toevolving general and economic business conditions (including rising government debt levels, potential government policy shifts, changing U.S. consumer spending patterns, economic volatility, bank failures, fluctuating tariff rates, trade wars, and high inflation and interest rates, among other things), may put pressure onrequire us to change our pricing practices. In particular, the ongoing global conflicts could amplify disruptions to the financial and credit markets, increase risks of an information security or operational technology incident, cause cost fluctuations to us or third parties upon which we rely and increase costs to ensure compliance with global and local laws and regulations.

If our competitors offer deep discounts on certain solutions, provide offerings, or offer free introductory products that compete with ours, we may experience pricing pressure and may be unable to retain current customers and clients or attract new customers and clients at consistent prices within our operating budget. OrTo compete effectively, we may need to lower prices, offer promotional or freemium products, or otherwise change our pricing models. Conversely, if we increase prices orin offer similar free introductory productsresponse to compete successfully. Similarly, if external factors, such as economic conditions, marketcost trends,pressures or businessstrategic combinationsconsiderations, requirewe usmay toexperience raisereduced ourcustomer prices, our ability to acquire new customersacquisition and retain existing customers may be diminished.retention. Any such pricing changes maycould reduce revenue andrevenue, margins and could adversely affect our financial results.profitability.

Many of Avira’s and Avast’s users are freemium subscribers, meaning they do not pay for its basic services.services, Much ofand our anticipated growth instrategy connectionfor withtheir therespective Aviraproducts anddepends Avast acquisitions are attributable toupon attracting and converting Avira’s and Avast’s freemium users to a paid subscription option. Numerous factors, however, have previously and may continue to impede our ability to attract and retain free users, convert these users into paying customers and retain them as paying customers.

InSales and revenues generated through indirect channels are subject to general economic conditions, competitive dynamics, changes in partner strategy and performance and partner financial health. For example, in our MoneyLion business, our success also depends in part on the delivery of qualified consumer lead inquiries and conversions to completed transactions for various financial products to Productproduct Partners.partners. However, the failure of our Enterprisemarketplace platform to effectively connect and match consumers from our Channelchannel Partnerspartners with product offerings from our Productproduct Partnerspartners in a manner that results in converted customers and increased revenue for such Productproduct Partnerspartners could cause Productproduct Partnerspartners to cease spending marketing funds on our Enterprisemarketplace platform, which could have a material adverse impact on our ability to maintain or increase our Enterprisemarketplace revenue. Any factorsreduction thatin limitpartner thesales amountefforts, thattermination of key relationships, delays in payment, adverse changes in commercial terms or other adverse channel developments could materially and adversely affect our Productrevenue, Partners are willing to,margins and do,operating spend on marketing or advertising with us could have a material adverse effect on our business, financial condition, results of operations and cash flows. Additionally, during challenging macroeconomic conditions, our Product Partners may tighten underwriting standards for certain of their products, which would result in fewer opportunities for us to generate revenue from matching consumers from our Channel Partners with them.results.

TheIn addition, the success of our business and our ability to engage and retain customers in our platform are dependent in part on our ability to produce or acquire popular content, which in turn depends on our ability to retain content creators and rights to content for our platform. We may in the future incur increasing revenue-sharing costs to compensate content creators for producing original content.

AnyIn general, any changes in these relationships or loss of these partners or vendors, any failure of them to perform their obligations in a timely manner or at all or if they were to cease to provide such functions for any reason, could degrade the functionality of our platform, materially and adversely affect usage of our products and services, impose additional costs or requirements or disadvantage us compared to our competitors. We also rely on relationships with third-party partners to obtain and maintain customers, and our ability to acquire new customers could be materially harmed if we are unable to enter into or maintain these relationships on terms that are commercially reasonable to us, or at all.

Changes in industry structure and market conditions have and may continue to lead to charges related to discontinuance of certain of our products or businesses and asset impairments.

Our international operations involve risks that could increase our expenses, adversely affect our operating results and require increased time and attention of ourfrom management.

•Multiple and possibly overlapping tax regimes.regimes, which may increase our tax exposure and compliance burden.

In order toTo attract and retain personnel in a competitive marketplace,talent, we must provide competitive pay packages, including cash and equity-based compensation. Volatility in our stock price may adversely affect the perceived value of our equity compensation and limitations on shares reserved under our equity compensation plans could impair our efforts to attract, retain and motivate necessary personnel. Additionally, changes in immigration laws could impair our ability to attract and retain highly qualified employees. If we fail to attract, retain and motivate new or existing personnel, our business, results of operations and future growth prospects could suffer. Volatility in our stock price may from time to time adversely affect our ability to recruit or retain employees. In addition, we may not have an adequate number of shares reserved under our equity compensation plans, forcing us to reduce awards of equity-based compensation, which could impair our efforts to attract, retain and motivate necessary personnel. If we are unable to hire and retain qualified employees, or conversely, if we fail to manage employee performance or reduce staffing levels when required by market conditions, our business and operating results could be adversely affected.

Our decisions to provide many of our products and services to customers are based partly on information that they provide to us or authorize us to receive from third party sources. To the extent that these customers or third parties provide information to us in a manner that we are unable to verify,verify or if such information is incorrect or fraudulent, our decisioning process may not accurately reflect the associated risk. In addition, data provided by third-party sources, including consumer reporting agencies, is a component of our credit decisions and this data may contain inaccuracies. This may result in the inability to either approve otherwise qualified applicants or rejectedreject otherwise unqualified applicants through our platform or accurately analyze credit data, which may adversely impact our business and negatively impact our reputation.

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.

Information security risks in the financial technology services industry in particular are significant, in part because of new technologies, the useincreasing of the internet and telecommunications technologies (including mobile devices)digitalization to conduct financial and other business transactions and the increased sophistication and activities of organized criminals, perpetrators of fraud, hackers, terrorists and other malicious third parties. Recently, there have been a number of well-publicizedWell-publicized attacks or breaches affecting companies in the financial services industry, such as theincluding large-scale attacks by foreign nation state actors and a significant uptick in ransomware/extortion attacks at other companies, that have caused heightened concern by customers,customer and which may also intensify regulatory focus,scrutiny causeand concern, causing customers to lose trust in the security of the industry in general and resultresulting in reduced use of our services and increased costs, all of which could also have a material adverse effect on our business.

We have a 52/53-week fiscal year ending on the Friday closest to March 31. Fiscal 2025,2026, 20242025 and 20232024 in this report refers to fiscal years ended April 3, 2026, March 28, 2025,2025 and March 29, 20242024, respectively. Fiscal 2026 consisted of 53 weeks, whereas fiscal years 2025 and March 31, 2023, respectively,2024 each consisted of which52 was a 52-week year.weeks.

•Operating income (loss) increased $500$510 million, primarily due to increased net revenues,revenues described above and decreased legal costs related to ongoing litigation,litigation. lowerThis is partially offset by an increase in marketing costs, payment processing fees, amortization of intangible assets and restructuring costscompensation related to our acquisition of Avast.expenses.

•Net income (loss) increased $36$330 million and net income per share increased $0.08,$0.54, primarily due to increased operating income discussed above and decreased interest expense associated with our Term A and Term B facilities. This ispartially offset by thean absenceincrease of anin income tax benefit in the second quarter of fiscal 2024.expense.

•During fiscal 2025,2026, we returned $955$1,091 million of capital back to shareholders and bondholders. This was achieved through the repurchase of 1125 million shares of our common stock, totaling $272$634 million. Additionally, we paid out a total of $313$312 million in quarterly dividends and carried out $370$145 million in net debt pay downs, including $30 million in voluntary prepayments applied exclusively to the Term B facility.downs.

As a global company, our results of operations and cash flows may be influenced by global macroeconomic conditions,conditions including,and their impact on customer behavior. Global macroeconomic conditions include, but are not limited to, increased tariffs,tariffs and an uncertain global trade environment, foreign currency exchange rate fluctuations, the impact of interest rate fluctuations, elevated inflation, ongoing and new geopolitical conflicts, including the unknown impacts of current and future trade regulations, instability in the global banking sector, economicslow slowdowngrowth and recession risks, and changes in legislation or regulations and actions by regulators, including changes in enforcement and administrative policies, any of which may be difficult to predict and may persist for an extended period.

Despite this,challenging global macroeconomic conditions and although we recognize that inflation and broader economic uncertainty can influence customer behavior, we are confident in the long-term overall health of our business, the strength of our product offerings and our ability to continue to execute on our strategy, including bringing award-winning products and services in cybersecurity and offering comprehensive financial wellness to our customers.

We continue to monitor the direct and indirect impacts of these global macroeconomic or other geopolitical factors. If the economic uncertainty continues, we may experience additional negative impacts on customer renewals, customer collections, sales and marketing efforts, customer deployments, product development, or other financial metrics. Additional broader implications of these events on our business, results of operations, and overall financial position still remain uncertain and could result in further adverse impacts to our reported results. For further discussion of the potential impacts of global macroeconomic conditions and geopolitical factors on our business, please see “Risk Factors” in Part I, Item 1A and Part II, Item 7A below.

The preparation of our Consolidated Financial Statements and related notes in accordance with generally accepted accounting principles in the U.S. (U.S. GAAP) requires us to make estimates, including judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We have based our estimates, judgementsjudgments and assumptions on historical experience and on various other factors we believe to be reasonable under the circumstances. We evaluate our estimates, judgementsjudgments and assumptions on a regular basis and make changes accordingly. Management believes that the accounting estimates employed and the resulting amounts are reasonable; however, actual results may differ from these estimates. Making estimates, judgments and assumptions about future events is inherently unpredictable and is subject to significant uncertainties, some of which are beyond our control. Should any of these estimates, judgementsjudgments or assumptions change or prove to have been incorrect, it could have a material impact on our results of operations, financial position and cash flows.

We use a two-step process to recognize liabilities for unrecognized tax benefits. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. There is judgementjudgment and complexity involved in assessing if the tax position is more likely than not. If we determine that the tax position will more likely than not be sustained on audit, the second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as this requires us to determine the probability of various outcomes. We re-evaluate these unrecognized tax benefits on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit and new audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision in the period.

ASU 2024-03 and ASU 2025-01, Income Statement - Reporting Comprehensive Income (Subtopic 220-40): Expense Disaggregation Disclosures. In November 2024, the FASB issued new guidance requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the impact of the adoption of this guidance on our Condensed Consolidated Financial Statements and disclosures.

The following table summarizes supplemental key performance metrics for our solutions:

In order to properly reflect our customer cohorts that contribute to revenue given the dynamic nature of consumers and our product portfolio, our methodology is subject to change from time to time. The methodologies used to measure these metrics require judgment and arewe subject to change due to improvements or revisions to our methodology. From time to time, weregularly review our metrics and may discover inaccuracies or make adjustments to improve their accuracy,accuracy. which can result in adjustments toHowever, 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.

General and administrative expense decreased $313$378 million, primarily due to thea absence of $369$354 million inlitigation legalaccrual costsreversal related to our litigation with the Trustees of the University of Columbia and GSA in fiscalthe 2024.City Thisof wasNew partiallyYork offset by a $66 million legal contract dispute cost with E-commerce Partner B during fiscal 2025.(Columbia). Refer to Note 118 of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for additional information on theour legal contract disputelitigation with E-commerce Partner B.Columbia.

Amortization of intangible assets decreasedincreased $59$44 million, primarily due to certainour intangibleacquisition assetsof being fully amortized during fiscal 2024.MoneyLion.

Restructuring and other costs decreasedincreased $50$28 million, primarily due ato $48an million decreaseincrease in severance,severance and termination benefits, contract cancellation costs and other exit and disposal costsbenefits in connection with the SeptemberApril 20222025 Plan. See Note 12 of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for details of the fiscal 20252026 restructuring activities.

Our effective tax rate increaseddecreased primarily due to thea absencelower impact from U.S. taxation of anforeign incomeearnings, taxpartially benefitoffset inby theincreased secondimpacts quarter of fiscal 2024, in addition tofrom changes in unrecognized tax benefits and related interest and penalties, and the U.S. taxation on foreign earningspenalties in fiscal 2025.2026. See Note 13 of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for information about our unrecognized tax benefits.

Based on past performance and current expectations, we believe that our existing cash and cash equivalents, together with cash generated from operations, amounts available under our Revolving Facility and our future refinancing plans related to our upcoming maturities, will be sufficient to meet our working capital needs, support on-going business activities and finance the expected synergy costs related to the acquisition of Avast and MoneyLion through at least the next 12 months and to meet our known long-term contractual obligations. We are currently not aware of any trends or demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in our liquidity increasing or decreasing in any material way that will impact our capital needs during or beyond the next 12 months. However, our future liquidity and capital requirements may vary materially from those as of MarchApril 28,3, 20252026 depending on several factors, including, but not limited to, economic conditions; political climate; the expansion of sales and marketing activities; the costs to acquire or invest in businesses; outcome of income tax audits with relevant tax authorities; resolution of legal proceedings, including, but not limited to, regulatory proceedings, claims, mediations, arbitrations and litigation; and the risks and uncertainties discussed in “Risk Factors” in Part I, Item 1A.

OurNet cash flows provided by and used in investing activities of $1,011 million in fiscal 20252026 decreased $102 million,was primarily related to the cash consideration paid for the acquisition of a technology-enabled personal finance education and recommendation platform during the fourth quarter ofour fiscal 2025.2026 acquisitions including MoneyLion.

OurNet cash flows used in financing activities of $1,133 million in fiscal 20252026 decreased $991 million,was primarily due to the issuance of our 6.25% Senior Notes, lower voluntary prepaymentsrepayment of our Term A Facility, principal payments of our Term A and B facility andFacilities, repurchases of common stock under our repurchase program.program and quarterly dividend payments. This was partially offset by the repayment of our 5.0% Senior Notes, using the net proceeds from the 6.25%issuance Seniorof Notes.our Incremental Term Loan B of $750 million and Extended Term Loan A of $2,741 million.

As of MarchApril 28,3, 2025,2026, we had cash and cash equivalents of approximately $1,006$402 million, excluding restricted cash, of which $359$289 million was held by our foreign subsidiaries. Our cash and cash equivalents are managed with the objective to preserve principal, maintain liquidity and generate investment returns. The participation exemption system under current U.S. federal tax regulations generally allows us to make distributions of non-U.S. earnings to the U.S. without incurring additional U.S. federal tax; however, these distributions may be subject to applicable state or non-U.S. taxes.

We have an undrawn revolving credit facility of $1,494$1,495 million, net of our letters of credit, which expires in SeptemberMarch 2027.2031.

As of MarchApril 28,3, 2025,2026, our total outstanding principal amount of indebtedness is summarized as follows. See Note 10 of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for further information on our debt.

•If we are unable to develop new and enhanced solutions and products, or if we are unable to continually improve the performance, features, and reliability of our existing solutions and products, our business and operating results could be adversely affected.

•Our revenue and operating results depend significantly on our ability to retain our existing customers and expandincrease salestheir toadoption them,of our offerings, convert existing non-paying customers to paying customerscustomers, and add new customers.

•Changes in industry structure and market conditions have and may continue to lead to charges related to discontinuance of certain of our products or businesses and asset impairments.

•Our international operations involve risks that could increase our expenses, adversely affect our operating results and require increased time and attention of ourfrom management.

•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.

•We are affected by seasonality, which has in the past and may in the future impact our revenue and results of operations.

•Our solutions are highly regulated and theThe legal and regulatory regimes governing certain of our products and services are uncertain and evolving, which could impede our ability to market and provide our solutions or adversely affect our business, financial position and results of operations.evolving.

•From time to timetime, 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 failure of financial institutions or transactional counterparties could adversely affect our current and projected business operations and our financial condition and resultresults of operations.

•We rely on a variety of funding sources to support our business model. If our existing funding arrangements are not renewed or replaced or our existing funding sources are unwilling or unable to provide funding to us on terms acceptable to us, or at all, it could have a material adverse effect on our business, financial condition, results of operations and cash flows.

•Adverse macroeconomic conditions and government efforts to combat inflation, along with other interest rate pressures, have ledadversely toaffected and may continue to leadadversely to higher financing costs and may particularly have negative effects onaffect the consumer finance industry and our MoneyLion business.

•We may be required to issue shares under our contingent value rights agreement with certain former holders.agreement.

•Changes to our effective tax rate could increase our income tax expense and reduce (increase) our net income (loss), cash flows and working capitalcapital, and audits by tax authorities could result in additional tax payments for prior periods.

If we are unable to develop new and enhanced solutions,solutions and products, or if we are unable to continually improve the performance, features, and reliability of our existing solutions,solutions and products, our business and operating results could be adversely affected.

Our future success depends on our ability to effectively respond to evolving threatsconsumer tothreats, consumers,technological as well asadvancements, competitive technological developments and industry changes, by developing or introducing new and enhanced solutions and products on a timely basis. In the past, weWe have incurred, and will continue to incur, significant research and development expensesexpenses, asincluding weinvestments focusin onAI, to drive organic growth throughand internalreduce innovation.reliance on third-party technologies. If these investments do not produce the anticipated benefits, or if such benefits are delayed, our operating results could be adversely affected.

•Product and service interoperability challenges with customer’scustomers’ technology and third-party vendors;

In addition, third parties, including, but not limited to, operating systems and internet browser companies, have in the past and may in the future limit the interoperability of our solutions with their own products and services, in some casesincluding to promote theircompeting ownofferings. offerings or those of our competitors. Any suchSuch actions by third parties could delay the development ofof, ourimpair solutionsthe andfunctionality productsof, or ourreduce solutions and products may be unable to operate effectively. This could also result in decreasedthe demand for our solutions and products, which could result in decreased revenue, harm to our reputation, and adverselyadverse affecteffects on our business, financial condition, results of operations, and cash flows.

If we arefail notto successful in managingmanage these risks and challenges,effectively, or if our new or improved solutions or products are not technologically competitive or do not achieve market acceptance, our business and operating results could be adversely affected.

We operate in intensely competitive and dynamic markets thatcharacterized experience frequent andby rapid technological developments, changes inevolving industry and regulatory standards,standards evolvingand market trends, changes inchanging customer requirements and preferences, and frequent new product introductions and improvements. We have experienced, and expect to continue to experience, significant competitive pressures. If we are unable to anticipate or reactrespond effectively to these continually evolving conditions, we could experience a loss oflose market shareshare, experience pricing pressure, and aincur reduction in ourreduced revenues, which could materially and adversely affect our businessbusiness, financial condition, results of operations, and financialcash results. To compete successfully, we must maintain an innovative research and development effort to develop new solutions and products and enhance our existing solutions and products, and effectively adapt to changes in the technology, financial technology, privacy and data protection standards or trends.flows.

We have incorporated, and are continuing to develop and deploy, AI, including Gen AI, into many of our products, solutions and services. AI, including AI internally developed and AI present in third party solutions, presents challenges and risks that could affect our products, solutions and services, and therefore our business. For example, AI algorithms may be flawed, insufficient, of poor quality, reflect unwanted forms of bias, or contain other errors or inadequacies, any of which may not be easily detectable; AI has been known to produce false or “hallucinatory” inferences or outputs; AI can present ethical issues and may subject us to new or heightened legal, regulatory, ethical, or other challenges, including issues relating to discrimination, intellectual property infringement or misappropriation, violation of rights of publicity, inability to assert ownership of inventions and works of authorship, loss of trade secrets, defamation, data privacyprivacy, and cybersecurity; and inappropriate or controversial data practices by third-party partners, developers and end-users, or other factors adversely affecting public opinion of AI, could impair the acceptance of AI solutions, including those incorporated in our products and services. If the AI solutions that we create or use are deficient, inaccurate or controversial, we could incur operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business and financial results.

In addition, regulation of Gen AI is rapidly evolving worldwide as legislators and regulators are increasingly focused on these powerful emerging technologies. The technologies underlying Gen AI and its uses are currently subject to a variety of laws and regulations, including intellectual property, privacy, data protection and information security, consumer protection, competition, and equal opportunity laws, and are expected to be subject to increased regulation and new laws or new applications of existing laws and regulations. Gen AI is the subject of ongoing review by various U.S. governmental and regulatory agencies, and various U.S. states and other foreign jurisdictions are applying, or are considering applying, their platform moderation, cybersecurity, and data protection laws and regulations to Gen AI or are considering general legal frameworks for Gen AI. For example, the EU AI Act, which came into force on August 1, 2024, will generally become fully applicable after a two-year transitional period, with certain obligations taking effect at an earlier or later time. The EU AI Act introduces various requirements for AI systems and models placed on the market or put into service in the EU, including specific transparency and other requirements for general purpose AI systems and the models on which they are based. In addition, several U.S. statesstates, aresuch consideringas enactingCalifornia and Colorado, have proposed or have already enacted regulationslaws concerningregarding automated decision‑making, deepfakes, algorithmic discrimination and so called “high‑risk” AI technologies (mandating, among other provisions, requirements for risk management, impact assessments, consumer notices and human oversight). At the federal level, a December 2025 executive order endorsed a federal moratorium on enforcement of state AI laws and the White House released in March 2026 a National Policy Framework for Artificial Intelligence, outlining nonbinding legislative recommendations to inform congressional consideration of a unified federal approach to AI regulation. Ongoing tension between the states and the federal government over how best to regulate AI may result in increased uncertainty, risk and compliance costs for our business. If we cannot use AI, or if our use of AI technologies.is Atrestricted, theit federalcould andlead stateto level,business theredisruption, haveinefficiency, beenor variouscompetitive proposalsdisadvantage. (andReplacement inof somethese casestechnologies lawswith enacted)compliant addressingalternatives “deepfakes”could andrequire othersubstantial AI-generatedcapital syntheticexpenditures media.or lead to a loss of proprietary data.

Furthermore, because AI technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal, operational or technological risks that may arise relating to the use of AI.AI, including the increased use of agentic AI and the heightened risk it poses to data privacy and cybersecurity. For example, the increasing use of AI in techniques employed by threat actors will continue to increase the risk of successful attacks that may overwhelm our protection systems faster than we can effectively respond. The rapid evolution of AI, including potential government regulation of AI, requires us to invest significant resources to develop, test, and maintain AI in our products and services in a manner that meets evolving requirements and expectations and we may need to expend resources to adjust our offerings in certain jurisdictions if the legal frameworks are inconsistent across jurisdictions. Developing, testing, and deploying AI systems may also increase the cost profile of our offerings due to the nature of the computing costs involved in such systems.

As part of our business strategy, we may acquire or divest businesses or assets. For example, in 2019, we completedacquired the sale of certain of our enterprise security assets to Broadcom Inc. (the Broadcom sale), in January 2021, we completed the acquisition of Avira, in September 2022, we completed the acquisition of Avast, andMoneyLion in April 2025, we completed the acquisition of MoneyLion.2025. Our acquisition and divestiture activities have and may continue to involve a number of risks and challenges, including:

Our revenue and operating results depend significantly on our ability to retain our existing customers and expandincrease salestheir toadoption them,of our offerings, convert existing non-paying customers to paying customerscustomers, and add new customers.

It is important to our cyber and financial technology businesses that we retain existing customers and that our customers expand their use of our solutions and products over time. If our efforts to sell additional functionality, products and services to our customers and clients are not successful, our business and growth prospects would suffer. Customers may choose not to renew their membership with us at any time and may stop utilizing our productsrevenue-generating that generate us revenue from transaction, interchange or transfer fees, among others.products. For our solutions sold to customers on a monthly or annual subscription basis, renewing customers may require additional incentives to renew, may not renew for the same contract period, or may change their subscriptions. We therefore may be unable to retain our existing customers on the same or more profitable terms, if at all. In addition, we may not be able to accurately predict or anticipate future trends in customer retention or effectively respond to such trends.

•Our customers’ levels of satisfaction or dissatisfaction with our solutions, the value they place on our solutions and availability of theour solutions;

The intense competition weand face, in addition toevolving general and economic business conditions (including rising government debt levels, potential government policy shifts, changing U.S. consumer spending patterns, economic volatility, bank failures, fluctuating tariff rates, trade wars, and high inflation and interest rates, among other things), may put pressure onrequire us to change our pricing practices. In particular, the ongoing global conflicts could amplify disruptions to the financial and credit markets, increase risks of an information security or operational technology incident, cause cost fluctuations to us or third parties upon which we rely and increase costs to ensure compliance with global and local laws and regulations.

If our competitors offer deep discounts on certain solutions, provide offerings, or offer free introductory products that compete with ours, we may experience pricing pressure and may be unable to retain current customers and clients or attract new customers and clients at consistent prices within our operating budget. OrTo compete effectively, we may need to lower prices, offer promotional or freemium products, or otherwise change our pricing models. Conversely, if we increase prices orin offer similar free introductory productsresponse to compete successfully. Similarly, if external factors, such as economic conditions, marketcost trends,pressures or businessstrategic combinationsconsiderations, requirewe usmay toexperience raisereduced ourcustomer prices, our ability to acquire new customersacquisition and retain existing customers may be diminished.retention. Any such pricing changes maycould reduce revenue andrevenue, margins and could adversely affect our financial results.profitability.

Many of Avira’s and Avast’s users are freemium subscribers, meaning they do not pay for its basic services.services, Much ofand our anticipated growth instrategy connectionfor withtheir therespective Aviraproducts anddepends Avast acquisitions are attributable toupon attracting and converting Avira’s and Avast’s freemium users to a paid subscription option. Numerous factors, however, have previously and may continue to impede our ability to attract and retain free users, convert these users into paying customers and retain them as paying customers.

The discussion below contains forward-looking statements, which are subject to safe harbors under the Securities Act of 1933, as amended (the Securities Act) and the Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements include statements that represent our expectations or beliefs concerning future events, including, without limitation, references to our ability to utilize our deferred tax assets, as well as statements including words such as “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “goal,” “intent,” “momentum,” “projects,” “forecast,” “outlook,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” and similar expressions. In addition, projections of our future financial performance; beliefs regarding our business and strategies; anticipated growth and trends in our businesses and in our industries; the consummation of or anticipated impacts of acquisitions (including our ability to achieve synergies from acquisitions, including, but not limited to, our acquisition of MoneyLion), expectations about certain markets, divestitures, restructurings, stock repurchases, financings, debt repayments, investment activities and our liquidity; the outcome or impact of pending litigation, claims or disputes; risks associated with third party providers; evolving regulations and increased scrutiny from regulators; our intent to pay quarterly cash dividends in the future; plans for and anticipated benefits of our products and solutions; anticipated tax rates, benefits and expenses; the global macroeconomic outlook, including but not limited to, the impact of inflation, fluctuations in foreign currency exchange rates, changes in interest rates, and the impact of new trade policy, including the implementation of global tariffs; retaliatory trade regulations and policies; economic disruptions caused by the potential impact of volatility and conflict in the geopolitical and economic environment; general uncertainty in the financial and capital markets; and other global macroeconomic factors on our operations and financial performance; and other characterizations of future events or circumstances are forward-looking statements. These statements are only predictions, based on our current expectations about future events and may not prove to be accurate. We do not undertake any obligation to update these forward-looking statements to reflect events occurring or circumstances arising after the date of this report. These forward-looking statements involve risks and uncertainties, and our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements on the basis of several factors, including economic recessions, inflationary pressures and those other factors that we discuss in Part II Item 1A.1A, Risk Factors, of this Quarterly Report on Form 10-Q and Item 1A.1A, Risk FactorsFactors, of our Annual Report on Form 10-K for the fiscal year ended MarchApril 28,3, 2025.2026. We encourage you to read those sections carefully. There may also be other factors that have not been anticipated or that are not described in our periodic filings with the Securities and Exchange Commission (SEC), 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.

Our Cyber Safety Platform deliversincludes our security, comprehensive suites, and privacy products, which deliver technology solutions and superior threat protection to help people navigate the digital world,world securely, privately and with confidence. Our Trust-Based Solutions provideincludes innovativeour solutionsidentity protection, restoration support services, digital reputation, and insightssecure thatfinancial empowerwellness, consumersincluding toour managefirst-party theirMoneyLion identity, reputationproducts and financesour confidentlyEngine tomarketplace achieve freedom.offerings.

We have a 52/53-week fiscal year ending on the Friday closest to March 31. The three months ended JanuaryJuly 2,3, 2026 and December 27, 2024 each consisted of 13 weeks. The nine months ended January 2, 2026 consisted of 40 weeks, whereas the ninethree months ended DecemberJuly 27,4, 20242025 consisted of 3914 weeks. Our 20262027 fiscal year consists of 5352 weeks and ends on April 3,2, 2026.2027.

Below are our financial highlights for the thirdfirst quarter of fiscal 2026,2027, compared to the corresponding period in the prior year:

•Net revenues increased $792$79 million, primarily due to higherincreased sales in both our Cyber Safety Platform products and Trust-Based Solutions, includingpartially anoffset increase of $588 million due toby the acquisitionimpact of MoneyLion, and an increase of $87 million due to the favorable impact from the additional week in the first quarter of fiscal 2026.2026 on both segments.

•Operating income increased(loss) $124remained million,relatively flat, primarily due to increasedoffsetting increases in net revenuesrevenues, described above, largely offset by an increase in marketing costs, payment processing fees, amortizationcost of intangible assetsrevenues and compensation relatedoperating expenses.

•Net income decreased(loss) $40increased $80 million and net income per share decreasedincreased $0.06,$0.14, primarily due to ana increasedecrease in interest and income tax expense partially offset by an increase in operating income as discussed above.expense.

We continue to monitor the direct and indirect impacts of these global macroeconomic or other geopolitical factors. If the economic uncertainty continues, we may experience negative impacts on customer renewals, customer collections, sales and marketing efforts, customer deployments, product development, or other financial metrics. Additional broader implications of these events on our business, results of operations, and overall financial position still remain uncertain and could result in further adverse impacts to our reported results. For further discussion of the potential impacts of global macroeconomic conditions on our business, please see Part 1,I, Item III3 and “Risk Factors” in Part II, Item 1A below.

Our critical accounting policies and estimates were disclosed in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended MarchApril 28,3, 2025 and significant policies adopted as a result of our acquisition of MoneyLion are included in Note 1 on this Form 10-Q.2026. There have been no other material changes in the matters for which we make critical accounting estimates in the preparation of our Condensed Consolidated Financial Statements during the three and nine months ended JanuaryJuly 2,3, 2026.

Net revenues increased $792$79 million, primarily due to a $134 million increase in sales of our Cyber Safety Platform products and a $658$102 million increase in sales of our Trust-Based Solutions, includingpartially offset by a $588$23 million increasedecrease in Trust-Basedsales Solutionsof our Cyber Safety Platform, due to the acquisition of MoneyLion. Net revenues also increased $87$56 million due to the favorable impact fromof the additional week in the first quarter of fiscal 2026,2026. impacting both segment financials. Specifically, theThe additional week contributedhad $56 million to our Cyber Safety Platform anda $31 million toimpact on our Trust-Based Solutions.Solutions net revenues, for a total impact of $87 million across both segments.

Percentage of revenue in Americas increased primarily due to continued growth in our acquisitionFinancial ofWellness MoneyLionproduct offerings during the three and nine months ended JanuaryJuly 2,3, 2026 as compared to the three and nine months ended DecemberJuly 27,4, 2024.2025.

Cost of revenues increased $75$40 million, primarily due to a $43$35 million increase in partner revenue share mainly in Trust-Based Solutions, a $16 million increase in payment processing fees and an $11 million increase in amortization of intangible assets.Solutions.

Restructuring and other costs increased $9$22 million, primarily due to ana $19 million increase in severance and termination benefits in connection with the AprilFiscal 20252027 Plan. SeeRefer to Note 129 of the Notes to the Condensed Consolidated Financial Statements for details of the fiscal 20262027 restructuring activities.

Non-operating income (expense), net, decreased by $42$26 million, primarily due to a $20$32 million decrease in impairmentinterest of our non-marketable equity investments and a $15 million gain on sale of nonfinancial assets in the third quarter of fiscal 2026.expense.

Our effective tax rate for the three and nine months ended JanuaryJuly 2,3, 2026 and threeJuly and4, nine months ended December 27, 2024,2025, differs from the federal statutory income tax rate primarily due to state taxes, changes in unrecognized tax benefits and related interest and penalties, foreign exchange impacts, increasesstock-based in valuation allowances,compensation, and the U.S. taxation on foreign earnings. The effective tax rate decreased primarily due to foreign currency movements on the remeasurement of unrecognized tax benefits and deferred tax liabilities on intangible assets.

The Organization for Economic Cooperation and Development (OECD) and many countries have proposed to reallocate a portion of profits of large multinational enterprises (MNEMNEs) with an annual global turnover exceeding €20 billion to markets where sales arise (Pillar One), as well as enact a global minimum tax rate of at least 15% for MNEMNEs with an annual global turnover exceeding €750 million (Pillar Two). On December 12, 2022, the European Union reached an agreement to implement the Pillar Two directive of the OECD’s reform of international taxation at the European Union level. The agreement affirms that all Member States must transpose the Pillar Two directive by December 31, 2023. The rules were therefore applicable for fiscal years starting on or after December 31, 2023. Ireland, Czech Republic, and certain jurisdictions in which we operate have enacted legislation to implement Pillar Two and other countries are actively considering changes to their tax laws to adopt certain parts of the OECD’s proposals. The enactment of Pillar Two legislation is not expected to have a material adverse effect on our effective tax rate and Condensed Consolidated Financial Statements in the near term. Moreover, in June 2025, the G7 agreed to exclude United States MNEs from certain aspects of the Pillar Two global minimum tax rules (the G7 Statement) in exchange for the United States not imposing retaliatory taxes in the Act. We will continue to monitor and reflect the impact of such legislative changes, including the G7 Statement, which has not yet been incorporated into the OECD framework, in future Condensed Consolidated Financial Statements as appropriate.

Based on past performance and current expectations, we believe that our existing cash and cash equivalents, together with cash generated from operations, amounts available under our Revolving Facility and our future refinancing plans related to our upcoming maturities, will be sufficient to meet our working capital needs, support on-going business activities and finance the expected synergy costs related to theour acquisition of MoneyLionacquisitions through at least the next 12 months and to meet our known long-term contractual obligations. We are currently not aware of any trends or demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in our liquidity increasing or decreasing in any material way that will impact our capital needs during or beyond the next 12 months. However, our future liquidity and capital requirements may vary materially from those as of JanuaryJuly 2,3, 2026, depending on several factors, including, but not limited to, economic conditions; political climate; the expansion of sales and marketing activities; the costs to acquire or invest in businesses; outcome of income tax audits with relevant tax authorities; resolution of legal proceedings, including, but not limited to, regulatory proceedings, claims, mediations, arbitrations and litigation; and the risks and uncertainties discussed in “Risk Factors” in Part II, Item 1A below.

Net cash provided by operating activities of $1,066$434 million for the ninethree months ended JanuaryJuly 2,3, 2026 was primarily comprised of net income adjusted for the net effect of non-cash items. Changes in working capital sources and uses of cash include decreases in Instacash Advances held for sale, contract liabilities, and accrued compensation and benefits offset by increases in other liabilities and income taxes payable, accounts receivable, net and accounts payable.

Net cash used in investing activities of $822$15 million for the ninethree months ended JanuaryJuly 2,3, 2026 was primarily related to the cash consideration paidpayments for our acquisitionoriginations of MoneyLion.notes receivables, partially offset by proceeds from principal repayments of notes receivables.

Net cash used in financing activities of $634$267 million for the ninethree months ended JanuaryJuly 2,3, 2026 was primarily due to mandatory and voluntary prepayments of our Term A and B Facilities, repurchases of common stock under our repurchase program andprogram, quarterly dividend payments.payments, Thisprincipal was partially offset by proceeds from the issuancepayments of our Incremental Term LoanA and B ofFacilities $741and million,tax netpayments related to vesting of debtstock issuance cost.units.

As of JanuaryJuly 2,3, 2026, we had cash and cash equivalents of $616$533 million, excluding restricted cash, of which $403$306 million was held by our foreign subsidiaries. Our cash,cash and cash equivalents and short-term investments are managed with the objective to preserve principal, maintain liquidity and generate investment returns. The participation exemption system under current U.S. federal tax regulations generally allows us to make distributions of non-U.S. earnings to the U.S. without incurring additional U.S. federal tax,tax; however, these distributions may be subject to applicable state or foreignnon-U.S. taxes.

We have an undrawn revolving credit facility of $1,494$1,495 million, net of our letters of credit, which expires in SeptemberMarch 2027.2031.

During the ninethree months ended JanuaryJuly 2,3, 2026 and DecemberJuly 27,4, 2024,2025, we executed repurchases of 164 million and 115 million of our common stock under our existing stock repurchase program for an aggregate amount of $434$100 million and $272$134 million, respectively.

As of JanuaryJuly 2,3, 2026, our total outstanding principal amount of indebtedness is summarized as follows. See Note 108 of the Notes to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for further information on our debt.

The Amended Credit Agreement contains customary representations and warranties and affirmative and negative covenants, including compliance with specified financial ratios.ratios, Asand ofincludes Januarya 2,springing 2026,maturity weprovision wereapplicable in compliance with all debt covenants. See Note 10 of the Notessolely to the CondensedExtended ConsolidatedTerm FinancialA Statements included in this Quarterly Report on Form 10-Q for further information regarding financial ratiosFacility and debtRevolving covenantFacility compliance.pursuant to which the obligations under such facilities may become due and payable prior to the stated maturity dates.

On FebruaryAugust 5,6, 2026, we announced a cash dividend of $0.125 per share of common stock to be paid in MarchSeptember 2026. Any future dividends and dividend equivalents will be subject to the approval of our Board of Directors.

Under our stock repurchase program, we may purchase shares of our outstanding common stock on the open market (including through trading plans intended to qualify under Rule 10b5-1 under the Exchange Act) and through accelerated stock repurchase transactions. As of JanuaryJuly 2,3, 2026, the remaining balance of our stock repurchase authorization was $2,294$1,994 million and does not have an expiration date. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and other investment opportunities.

Our principal commitments consist of principal and interest payments related to our debt instruments, obligations under our purchase agreements, obligations under various non-cancellable leases and potential other legal contingencies. 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 JanuaryJuly 2,3, 2026, we are unable to make reasonably reliable estimates of the period of cash settlement with the respective taxing authorities. Therefore, $1,578$1,610 million in long-term income taxes payable has been excluded from our quarterly review of timing of contractual obligations.