Mcafee Corp. (MCFE) 10-K Annual Report March 2021

SAN JOSE – February 23, 2021 – McAfee Corp. (“McAfee,” or the “Company”) (NASDAQ: MCFE), the device-to-cloud cybersecurity company, today announced its financial results for the three months and full fiscal year ended December 26, 2020.

In the fourth quarter net revenue was $777 million, up 14% year-over-year. For the full year 2020, net revenue was $2.9 billion, an increase of 10%.

“McAfee achieved significant increases in revenue, subscribers, profitability and cash flow to close out the year. We 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 23% revenue growth in our consumer business, 14% growth in total net revenue, and strong growth in adjusted EBITDA in Q4. I am very pleased with our team’s execution, which is a testament to the dedication of McAfee employees worldwide,” said Peter Leav, McAfee’s President and Chief Executive Officer.

Fourth Quarter and Full Year Fiscal 2020 Financial Highlights

Revenue:

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Consumer revenue for the fourth quarter was $426 million, reflecting 23% growth year-over-year and was $1.6 billion, up 20% for the full year FY20.

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Enterprise revenue for the fourth quarter was $351 million, up 5% year-over-year and was $1.3 billion, up 1% for the full year FY20.

Unlevered Free Cash Flow:

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Net cash provided by operating activities was $760 million in the year ended December 26, 2020, up 53% compared to $496 million in the year ended December 28, 2019.

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Unlevered Free Cash Flow was $982 million for the year ended December 26, 2020, up more than 37% versus the prior year.

Consumer KPIs:

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The market leading growth in McAfee’s Consumer business is being driven by accelerating business fundamentals, with 18% year-over-year growth in Core DTC subscribers.

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McAfee ended the fourth quarter with 18.0 million Core DTC subscribers, adding approximately 2.8 million net new subscribers compared to the fourth quarter of 2019 and 668,000 net new subscribers during the past quarter alone.

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13th consecutive quarter of positive quarter over quarter and year over year Core DTC subscriber growth.

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Consumer trailing twelve-month dollar retention rate was 100% for the fourth quarter, versus 97% in the comparable period last year.

Recent Business Highlights

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Announced a five year extension with Asus for consumer security services across their product portfolio.

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Signed a three year agreement with LG to pre-install a 30-day free trial of McAfee consumer security on LG devices.

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Renewed an agreement with Costco to continue to offer consumer security products on PCs purchased through Costco.com.

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Expanded worldwide relationship with Ingram Micro Inc. to now provide access to McAfee enterprise products and solutions across Ingram Micro's global distribution network, including its regional Cloud Marketplaces and Centers of Excellence.

The following information was filed by Mcafee Corp. (MCFE) on Tuesday, February 23, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 4.2: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

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-K Annual Report
Accession Number: 0001564590-21-009891
Submitted to the SEC: Mon Mar 01 2021 4:32:40 PM EST
Accepted by the SEC: Mon Mar 01 2021
Period: Saturday, December 26, 2020
Industry: Prepackaged Software