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Net Revenue Increased by 24% to $491 Million and Adjusted EBITDA Increased by 43% to $234 Million
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Core Direct to Consumer (“DTC”) Subscribers Increased YoY by 16% to 20.1 Million, Up 640 Thousand QoQ
McAfee Corp. , a global leader in online protection, announced its financial results for the three months ended September 25, 2021.
“McAfee delivered another strong quarter, with revenue growing 24% year-over-year,” said Peter Leav, McAfee’s President and Chief Executive Officer. “Our continued commitment to secure our customers’ online footprint helped us add 640 thousand net new direct-to-consumer subscribers, a year-over-year increase of 16% in Q3. We continue to invest in our online protection services and diversified go-to-market channel, as consumers increasingly adopt digital services.”
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Third Quarter Fiscal 2021 Financial Highlights from Continuing Operations
- Net revenue was $491 million, reflecting 24% growth year-over-year
- Net income of $2,390 million, inclusive of $2,251 million gain, net of estimated taxes and transaction costs, on the divestiture of the Enterprise business
- Adjusted EBITDA(1) of $234 million or a 48% Adjusted EBITDA(1) Margin, inclusive of approximately $21 million in stranded costs attributed to the divestiture of our Enterprise business
- McAfee’s net cash provided by operating activities was $90 million for the quarter
- McAfee’s Unlevered Free Cash Flow was $132 million for the quarter
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Business Highlights
- Added 640 thousand net new Direct-to-Consumer subscribers closing the quarter at 20.1 million Core DTC subscribers, compared to 17.3 million in the same period last year
- Signed a multi-year exclusive relationship with T-Mobile, with an intrusion detection and protection and credit monitoring services agreement
- Announced that Gagan Singh joined McAfee as its Executive Vice President, Chief Product and Revenue Officer
Commenting on the Company’s financial results, Venkat Bhamidipati, McAfee’s Executive Vice President and Chief Financial Officer, added, “We delivered solid results in Q3, as continued strong demand for our holistic consumer security offerings, across our diversified global go-to-market channels, coupled with our focus on operational discipline, resulted in $234 million in Adjusted EBITDA, or 48% Adjusted EBITDA margin.”