Avast - Full year result 2021
Avast plc, together with its subsidiaries ('Avast', 'the Group' or 'the Company'), a leading global cybersecurity provider, announces its results for the year ended 31 December 2021.
The Group delivered another strong year of top line organic growth, high levels of profitability and cash flow generation.
● Billings at $948.4m up 2.9% at actual rates, with organic growth1 of 4.3%
● Revenue at $941.1m up 5.4% at actual rates, with organic growth of 7.5%
● Consumer Direct Revenue at $811.2m, up 11.1% at actual rates, with organic growth of 9.4%
● Adjusted EBITDA up 4.5% to $517.6m; Adjusted EBITDA margin2 at 55.0%, down 50bps
● Adjusted fully diluted earnings per share ('EPS') up 7.8% to $0.37 (versus $0.35 at YE 2020)
● Continued strong cash generation with Unlevered Free Cash Flow up 5.8% to $477.4m and Levered Free Cash Flow up 8.6% to $450.1m
● Resilient balance sheet with $469.0m of cash and available liquidity3. Net debt / LTM ('last twelve months') Adjusted EBITDA at 0.8x at year end
● On a statutory basis, Revenue up from $892.9m to $941.1m, Operating profit increased from $335.4m to $394.6m, cash flows from operating activities increased from $456.5m to $469.4m, fully diluted EPS increased from $0.16 to $0.34 mainly due to significant unrealised FX gain arising from Euro denominated loan and lower amortisation of acquisition intangibles
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