AVG collects reports of previous years for improvement

Revenue for the fourth quarter of 2011 was $74.3 million, compared with $57.4 million for the fourth quarter of fiscal www.avg.com/activation 2010, an increase www.avg.com/activate of 29 percent. For the fiscal year 2011, revenue Install Avg With License Number activation  was $272.4 million, avg.com/retail compared to $217.2 million reported in fiscal year 2010, an increase of 25 percent avg.com/activation.

Net income for the fourth quarter of 2011 was $0.8 million, compared to net income of $10.1 million in the fourth quarter a year ago. Reduced net income in the fourth quarter of 2011 reflects increased investment in new products and initiatives intended to drive long-term growth, certain professional costs including those related to AVG's conversion to U.S. GAAP and controls based avg.com/retail assessments related to its IPO and future public reporting, interest costs, the impact of the deferred Install Avg With License Number activation  tax asset release, the impact of acquisition accounting for TuneUp and the payment  www.avg.com/activate to AVG's German distributor in connection with the settlement of pre-existing relationships avg.com/activation between the parties. These increased costs www.avg.com/activation were offset by optimization of AVG's revenue streams in the security business. Loss per diluted ordinary share was $(0.03) for the fourth quarter of 2011, as compared to earnings per diluted ordinary share of $0.16 in the fourth quarter of 2010(1).

Non-GAAP adjusted net income for the fourth quarter of 2011 was $10.9 million, resulting in $0.21 per diluted share(2). This compares to non-GAAP adjusted net income of $13.4 million, resulting in $0.26 per diluted share avg.com/activation, for the same period of the prior year. Reduced non-GAAP adjusted net income www.avg.com/activation in the fourth quarter of 2011 reflects increased investment in new products and initiatives avg.com/retail intended to drive long-term growth, certain Install Avg With License Number activation  professional costs including  www.avg.com/activate those related to AVG's conversion to U.S. GAAP and controls based assessments related to its IPO and future public reporting, interest costs, the impact of the deferred tax asset release and the impact of acquisition accounting for TuneUp. These increased costs were offset by optimization of AVG's revenue streams in the security business. Non-GAAP results for the fourth quarter avg.com/activation of 2011 exclude $3.4 million in share-based compensation expense, $1.9 million in acquisition amortization www.avg.com/activation and $3.7 million relating to an acquisition adjustment and reflect a $1.2 million adjustment to normalize to a tax rate of 14 percent.

Net income for fiscal year 2011 was $100.4 million avg.com/retail, resulting in $1.69 per diluted ordinary share, compared www.avg.com/activate to net income of $57.9 million, resulting in $0.99 per diluted Install Avg With License Number activation  ordinary share www.avg.com/activation, in fiscal year 2010 avg.com/activation.

Non-GAAP adjusted net income Install Avg With License Number activation  for fiscal year 2011 was $56.5 million, resulting in $1.11 per diluted share. This compares www.avg.com/activate to non-GAAP adjusted net income, of $66.2 million, resulting in $1.31 per diluted share, reported in 2010. Non-GAAP results for fiscal year 2011 exclude $6.4 million www.avg.com/activation in share-based avg.com/retail compensation expense, $4.5 million in acquisition amortization and $3.7 million relating avg.com/activation to an acquisition adjustment and reflect a $58.5 million adjustment to normalize to a tax rate of 14 percent.

Deferred revenue as  Install Avg With License Number activation  of December 31, 2011 was $151.1 million, an increase of $15.7 million, or 12 percent, compared to $135.4 million at December 31, 2010, and an increase of $10.9 million, or 8 percent avg.com/activation www.avg.com/activate, compared to $140.2 million avg.com/retail at September www.avg.com/activation 30, 2011. Cash and cash equivalents totaled $60.7 million as of December 31, 2011.

AVG generated $20.2 million in cash from operating activities in the fourth quarter of 2011, and $24.4 million in non-GAAP unlevered free cash flow, an increase of 24 percent over the same period of the prior year. For the fiscal year, AVG generated $82.9 million in cash from operating  www.avg.com/activation activities and $89.6 million in non-GAAP unlevered free cash flow, an increase of 18 percent Install Avg With License Number activation  over fiscal year 2010. For the avg.com/activation fiscal year, this equates to a 33 percent revenue to non-GAAP unlevered free cash flow www.avg.com/activate conversion avg.com/retail rate. In the fourth quarter of 2011 and in full year 2011, AVG made a $3.2 million adjustment (net of tax) to non-GAAP unlevered free cash flow associated with Install Avg With License Number activation  its acquisition of its German distributor.


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