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McAfee reports Q4 and full year 2009 results |
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McAfee, Inc. has reported financial results for the fourth quarter and full year ended December 31, 2009. McAfee's revenues hit a record $525.7 million, increasing 24 percent year-over-year and eight percent quarter-over-quarter. Deferred revenue was a record $1.4 billion, up nine percent year-over-year and six percent quarter-over-quarter.  Cash flow from operations increased 108 percent year-over-year to $145 million, though it declined four percent quarter-over-quarter. GAAP earnings per diluted share were $0.34. Days sales outstanding (DSOs) were 50 days compared to 69 days for the same period last year. GAAP Net Income for the quarter was $54.5 million, against $45.4 million during the same quarter in the previous year, an increase of 20 percent. GAAP operating income was $72.2 million, up 122 percent from $32.6 million in the same quarter during the previous year. McAfee said currency fluctuations had a positive impact on revenue of $23 million year-over-year and $9 million quarter-over-quarter, and also had a positive impact of $9 million on deferred revenue year-over-year and a negative impact of $9 million quarter-over-quarter. For the full year 2009, McAfee's total net revenue was $1,9 billion, 20 percent higher than $1.6 billion in 2008. GAAP operating income for the year was $222.3 million, up 17 percent from $189.6 million a year ago. Net income was $173.4 million, one percent higher than $172.2 million in 2008. Net income per diluted share for the year was $1.09, one cent higher than $1.08 in 2008. At December 31, 2009, McAfee reported cash and marketable securities of $950 million, compared with $906 million at the end of the third quarter of 2009. Deferred revenue reached a record $1.407 billion at the end of the fourth quarter of 2009, including a negative foreign currency impact of approximately $9 million quarter-over-quarter. Approximately 77 percent of revenue during the fourth quarter of 2009 came from prior period deferred revenue. For its outlook for the first quarter of 2010, McAfee expects net revenue during the first quarter to be between $500 million to $520 million. GAAP net income for the same period is expected at around $0.30 to $0.36 per diluted share, reflecting an assumed 26 percent annual GAAP tax rate. Dave DeWalt, president and CEO of McAfee said the results were a “testament to the power of our business model, strength of our team and ongoing solid demand for comprehensive security solutions." McAfee also announced that its Board of Directors has approved a stock repurchase program of up to $500 million through December 2011. The company said it might begin the repurchase at the conclusion of its current quarterly blackout period following its announcement of Q4 2009 financial results. The company also announced that its COO and CFO Rocky Pimentel would be retiring later this year, and that it has initiated an external search for a new CFO in a process that is expected to be completed later in the year. |
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