Mcafee Corp. (MCFE) 10-Q Quarterly Report May 2021

SAN JOSE – May 4, 2021 – McAfee Corp. (“McAfee,” or the “Company”) (NASDAQ: MCFE), the device-to-cloud cybersecurity company, today announced its financial results for the three months ended March 27, 2021.

“McAfee achieved significant increases in revenue, subscribers, profitability and cash flow to start Fiscal 2021. We continue to secure our customers’ ever-increasing digital footprint as people are living more of their lives online. This accelerating transformation combined with our market leading capabilities drove 25% year-over-year consumer revenue growth and an additional 885,000 net new direct-to-consumer subscribers in Q1. I am very pleased with our team’s continued execution across all regions.” said Peter Leav, McAfee’s President and Chief Executive Officer.

On March 8th, 2021, McAfee announced the pending sale of certain assets together with certain liabilities of our Enterprise business segment (substantially all of our “Enterprise Business”). For presentation purposes related to this announcement, the related assets, liabilities and financial results of the Enterprise Business were classified as discontinued operations in our condensed consolidated financial statements and are thus excluded from continuing operations for all periods presented. Moving forward McAfee will operate as one reportable segment.

First Quarter Fiscal 2021 Financial Highlights from Continuing Operations



Net revenue was $442 million, reflecting a 25% growth year-over-year



Net Income of $83 million or a Net Income Margin of 19%, as compared to $8 million or a Net Income Margin of 2% in the year ago period



Adjusted EBITDA of $199 million or a 45% Adjusted EBITDA Margin, inclusive of approximately $22 million stranded costs

First Quarter Fiscal 2021 Financial Highlights from Continuing and Discontinued Operations



Net revenue was $773 million, reflecting a 13% growth year-over-year



Net Income of $94 million or a Net Income Margin of 12%, as compared to $9 million or a Net Income Margin of 1% in the year ago period



Adjusted EBITDA of $316 million or a 41% Adjusted EBITDA Margin



McAfee’s combined Net cash provided by operating activities was $259 million for the quarter, up 51% year-over-year



McAfee’s combined Unlevered Free Cash Flow was $298 million for the quarter, up 35% year-over-year

First Quarter Fiscal 2021 Business Highlights



McAfee ended the quarter with 18.9 million Core DTC subscribers, adding over 885,000 net new subscribers in the past three months compared to 668,000 net new subscribers during the previous quarter



Signed a multi-year extended agreement with Fujitsu Client Computing to deliver best in class consumer security solutions to Fujitsu device users



Renewed an agreement with the UK electrical retailer Dixons Carphone to offer McAfee consumer security services



Signed an extension & expansion agreement with the consumer division of Lumen, a US based service provider



Entered into a definitive agreement to sell certain assets together with certain liabilities, comprising substantially all of the Enterprise Business to Symphony Technology Group (“STG”) for $4 billion and announced a special one-time dividend of $4.50 per Class A common share upon transaction close

The following information was filed by Mcafee Corp. (MCFE) on Tuesday, May 4, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1783317/000095017021000127/mcfe-20210327.htm

View differences made from one quarter to another to evaluate Mcafee Corp.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Mcafee Corp..

Continue

Assess how Mcafee Corp.'s management team is paid from their Annual Proxy

Mcafee Corp.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Mcafee Corp. provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: MCFE
CIK: 1783317
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-21-000127
Submitted to the SEC: Thu May 06 2021 5:25:42 PM EST
Accepted by the SEC: Thu May 06 2021
Period: Saturday, March 27, 2021
Industry: Prepackaged Software