v3.26.1
Business Combinations
 3 Months Ended
Jul. 03, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
Fiscal 2026 MoneyLion acquisition
On December 10, 2024, we entered into a definitive agreement to acquire MoneyLion and we completed the acquisition on April 17, 2025 for total consideration of approximately $951 million, net of cash acquired. The consideration paid included cash and the fair value of assumed and converted equity awards and contingent value rights (CVRs). We accounted for the MoneyLion acquisition as a business combination and finalized our purchase price accounting during the fourth quarter of fiscal 2026. Refer to our Annual Report on Form 10-K for the fiscal year ended April 3, 2026 for additional information related to the MoneyLion acquisition, including the form of consideration paid and the allocation of purchase price.
Unaudited pro forma information
The following unaudited pro forma financial information represents the combined historical results for the three months ended July 4, 2025, as if the acquisition had been completed on March 30, 2024, the first day of fiscal 2025. The results below include the alignment of fiscal reporting periods and the impact of nonrecurring pro forma adjustments, including amortization of acquired intangible assets, interest on debt issued to finance the acquisition, stock-based compensation related to awards issued in conjunction with the acquisition, acquisition-related transaction costs, accounting policy alignment and the income tax effect of other pro forma adjustments. The unaudited pro forma results do not include any anticipated synergies or other expected benefits of the acquisition. The following table summarizes the unaudited pro forma financial information:
Three Months Ended
(In millions)July 4, 2025
Net revenues$1,289 
Net income (loss)$141 
The unaudited pro forma financial information is provided for informational purposes only and is not indicative of future operations or results that would have been achieved had the acquisition been completed as of the beginning of fiscal 2025.
Fiscal 2026 acquisition
On March 10, 2026, we acquired all of the outstanding shares of a technology-enabled company that provides a digital personal insurance marketplace platform in the United States for a total purchase consideration of $175 million, net of $6 million cash acquired. The platform delivers insurance comparison and advisory services using data-driven matching capabilities, real-time bidding technology, and conversational interfaces supported by licensed insurance advisors. The acquisition brings additional insurance capabilities into the Engine marketplace.
The following table represents our preliminary aggregate purchase price allocation to total identifiable intangible assets acquired and net assets assumed based on their estimated fair values as of March 10, 2026:
(In millions, except for useful lives)AmountWeighted-Average Estimated Useful Life
(Years)
Developed technology$265
Customer relationships209
Strategic partnerships194
Trade names33
Total identified intangible assets68
Net liabilities assumed
(7)
Goodwill (1)
120
Total aggregate purchase price$181
(1)    Non-deductible for tax purposes.
The allocation of the purchase price is based upon a preliminary valuation, and as additional information becomes available, our estimates and assumptions may be subject to refinement within the measurement period, which may be up to one year from the acquisition date. Adjustments to the purchase price may require adjustments to goodwill prospectively. Goodwill is allocated to our Trust-Based Solutions segment.
During the first quarter of fiscal 2027, we recorded measurement period adjustments resulting in a decrease to goodwill of $51 million, net of tax, primarily related to the preliminary valuation of identifiable intangible assets acquired, which resulted in the recognition of $68 million of identifiable intangible assets, consisting of developed technology, customer relationships, strategic partnerships and trade names, and a $17 million deferred tax liability associated with these assets.
Pro forma financial information has not been presented for this acquisition as the impact to our Condensed Consolidated Financial Statements was not material.