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AVG Technologies

AVG's Cash & Cash Equivalents fell 73.2% yoy to USD 33.2 mil in 2016

By Helgi Library - April 2, 2020

AVG Technologies's total assets reached USD 539 mil at the end of 2016, down 21.8% compared to the previous year. ...

AVG's Cash & Cash Equivalents remain unchanged yoy at USD mil in 1Q2016

By Helgi Library - October 12, 2020

AVG Technologies's total assets reached USD 655 mil at the end of 1Q2016, down 1.19% compared to the previous year. ...

Profit Statement 2014 2015 2016
Sales USD mil 374 428 419
Gross Profit USD mil 322 364 333
EBITDA USD mil 113 117 35.9
EBIT USD mil 79.3 77.3 -0.200
Financing Cost USD mil 4.00 16.7 24.1
Pre-Tax Profit USD mil 74.0 60.6 -24.3
Net Profit USD mil 53.9 49.2 -28.4
Dividends USD mil 0 ... ...
Balance Sheet 2014 2015 2016
Total Assets USD mil 647 689 539
Non-Current Assets USD mil 436 467 446
Current Assets USD mil 211 221 92.6
Working Capital USD mil 22.8 11.6 12.4
Shareholders' Equity USD mil 37.2 99.6 195
Liabilities USD mil 610 589 344
Total Debt USD mil 225 215 38.5
Net Debt USD mil 86.0 91.3 5.30
Ratios 2014 2015 2016
ROE % 233 72.0 -19.3
ROCE % 16.1 10.5 -6.06
Gross Margin % 86.1 85.0 79.5
EBITDA Margin % 30.2 27.2 8.58
EBIT Margin % 21.2 18.0 -0.048
Net Margin % 14.4 11.5 -6.78
Net Debt/EBITDA 0.762 0.783 0.148
Net Debt/Equity % 231 91.7 2.71
Cost of Financing % 3.14 7.59 19.0
Valuation 2014 2015 2016
Market Capitalisation USD mil 1,038 1,059 1,063
Enterprise Value (EV) USD mil 1,124 1,150 1,068
Number Of Shares mil 52.6 52.8 53.0
Share Price USD 19.7 20.1 20.1
EV/EBITDA 9.96 9.86 29.7
EV/Sales 3.01 2.69 2.55
Price/Earnings (P/E) 19.3 21.5 -37.4
Price/Book Value (P/BV) 27.9 10.6 5.44
Dividend Yield % 0 ... ...

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summary Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                      
Sales USD mil         217 272 356 407 374    
Gross Profit USD mil         188 241 302 338 322    
EBIT USD mil         65.6 68.5 80.4 110 79.3    
Net Profit USD mil         57.9 100 45.8 63.7 53.9    
ROE %         -702 -62.2 -26.6 -951 233    
EBIT Margin %         30.2 25.2 22.6 27.0 21.2    
Net Margin %         26.7 36.9 12.9 15.7 14.4    
Employees ... ...     630 870 918 1,013 1,379    
balance sheet                      
Total Assets USD mil         176 312 323 307 647    
Non-Current Assets USD mil ... ... ...   64.2 189 202 196 436    
Current Assets USD mil ... ... ...   112 123 122 111 211    
Shareholders' Equity USD mil         -0.760 -322 -22.6 9.17 37.2    
Liabilities USD mil         177 634 346 298 610    
Non-Current Liabilities USD mil ... ... ... ... 30.7 219 122 67.5 314    
Current Liabilities USD mil ... ... ...   146 223 224 230 256    
Net Debt/EBITDA ...       -0.848 2.05 0.457 -0.091 0.762    
Net Debt/Equity % ...       8,171 -51.1 -201 -135 231    
Cost of Financing % ... ...     -2.73 13.1 13.1 12.5 3.14    
cash flow                      
Total Cash From Operations USD mil ... ...     87.9 82.9 119 145 109    
Total Cash From Investing USD mil ... ...     -15.3 -69.5 -30.2 -39.8 -165    
Total Cash From Financing USD mil ... ...     -54.4 -15.3 -100 -114 154    
Net Change In Cash USD mil ... ...     15.4 -1.96 -11.3 -8.85 96.6    
valuation                      
Market Capitalisation USD mil ... ... ... ... ... ... 860 942 1,038    
Number Of Shares mil         38.6 39.0 54.3 54.7 52.6    
Share Price USD ... ... ... ... ... ... 15.8 17.2 19.7    
Earnings Per Share (EPS) USD         0.985 1.69 0.830 1.16 1.02    
Book Value Per Share USD         -0.015 -6.32 -0.416 0.168 0.707    
Dividend Per Share USD         1.29 5.42 0.014 0 0 ... ...
Price/Earnings (P/E) ... ... ... ... ... ... 19.1 14.8 19.3    
Price/Book Value (P/BV) ... ... ... ... ... ... -38.1 103 27.9    
Dividend Yield % ... ... ... ... ... ... 0.088 0 0 ... ...
Earnings Per Share Growth % ...       -9.58 71.1 -50.8 40.3 -12.0    
Book Value Per Share Growth % ...       -94.3 41,981 -93.4 -140 322   ...
income statement Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                      
Sales USD mil         217 272 356 407 374    
Cost of Goods & Services USD mil         29.0 31.2 54.4 68.8 51.8    
Gross Profit USD mil         188 241 302 338 322    
Staff Cost USD mil ...       40.7 60.7 73.5 70.9 75.8    
Other Cost #REF! ...       74.3 100 129 132 134    
EBITDA USD mil         73.2 80.4 99.3 135 113    
Depreciation USD mil         7.60 11.8 18.9 24.9 33.5    
EBIT USD mil         65.6 68.5 80.4 110 79.3    
Financing Cost USD mil ... ...     -0.029 14.9 21.2 7.95 4.00    
Extraordinary Cost USD mil ... ...     -1.69 2.24 1.77 -0.575 1.33    
Pre-Tax Profit USD mil         67.4 51.4 57.5 103 74.0    
Tax USD mil         9.39 49.3 11.1 39.0 19.6    
Minorities USD mil         0 0 0 0 0.534    
Net Profit USD mil         57.9 100 45.8 63.7 53.9    
Dividends USD mil         49.8 211 0.753 0 0 ... ...
growth rates                      
Total Revenue Growth % ...       19.4 25.4 30.7 14.4 -8.12    
Operating Cost Growth % ... ...     66.7 49.2 21.1 -3.52 6.89    
EBITDA Growth % ...       10.1 9.75 23.5 36.0 -16.4    
EBIT Growth % ...       8.26 4.40 17.4 36.9 -27.9    
Pre-Tax Profit Growth % ...       14.1 -23.7 11.8 78.7 -27.9    
Net Profit Growth % ...       10.3 73.4 -54.4 39.1 -15.4    
ratios                      
ROE %         -702 -62.2 -26.6 -951 233    
ROCE % ... ... ... ... 74.7 69.6 21.3 29.1 16.1    
Gross Margin %         86.7 88.5 84.7 83.1 86.1    
EBITDA Margin %         33.7 29.5 27.9 33.2 30.2    
EBIT Margin %         30.2 25.2 22.6 27.0 21.2    
Net Margin %         26.7 36.9 12.9 15.7 14.4    
Payout Ratio %         85.9 210 1.64 0 0 ... ...
Cost of Financing % ... ...     -2.73 13.1 13.1 12.5 3.14    
Net Debt/EBITDA ...       -0.848 2.05 0.457 -0.091 0.762    
balance sheet Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                      
Non-Current Assets USD mil ... ... ...   64.2 189 202 196 436    
Property, Plant & Equipment USD mil ... ... ...   10.3 12.4 14.6 15.3 18.0    
Intangible Assets USD mil         42.2 106 122 144 367    
Goodwill USD mil ... ... ...   33.9 71.4 81.3 84.8 245    
Current Assets USD mil ... ... ...   112 123 122 111 211    
Inventories USD mil ... ... ...   0.523 0.883 0.702 1.02 1.03    
Receivables USD mil ... ... ...   25.0 25.4 32.7 26.2 35.4    
Cash & Cash Equivalents USD mil         63.1 60.7 51.9 42.3 139    
Total Assets USD mil         176 312 323 307 647    
Shareholders' Equity USD mil         -0.760 -322 -22.6 9.17 37.2    
Of Which Minority Interest USD mil ... ... ... ... 0 0 0 0 0    
Liabilities USD mil         177 634 346 298 610    
Non-Current Liabilities USD mil ... ... ... ... 30.7 219 122 67.5 314    
Long-Term Debt USD mil         1.05 184 85.0 30.0 223    
Deferred Tax Liabilities USD mil ... ... ... ... 0 0 0 0.342 25.6    
Current Liabilities USD mil ... ... ...   146 223 224 230 256    
Short-Term Debt USD mil ... ... ...   0 41.1 12.2 0 2.30    
Trade Payables USD mil ... ... ...   5.24 11.0 8.76 11.4 13.6    
Provisions USD mil ... ... ... ... 0 0 0 0 0    
Equity And Liabilities USD mil         176 312 323 307 647    
growth rates                      
Total Asset Growth % ...       22.4 77.1 3.80 -5.16 111    
Shareholders' Equity Growth % ...       -95.2 42,305 -93.0 -141 305    
Net Debt Growth % ... ...     33.1 -365 -72.5 -127 -797    
Total Debt Growth % ... ... ...   -2.05 21,371 -56.9 -69.1 650    
ratios                      
Total Debt USD mil ...       1.05 225 97.2 30.0 225    
Net Debt USD mil ...       -62.1 165 45.3 -12.3 86.0    
Working Capital USD mil ... ... ...   20.3 15.2 24.6 15.8 22.8    
Capital Employed USD mil ... ... ...   84.5 204 226 212 459    
Net Debt/Equity % ...       8,171 -51.1 -201 -135 231    
Cost of Financing % ... ...     -2.73 13.1 13.1 12.5 3.14    
cash flow Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                      
Net Profit USD mil         57.9 100 45.8 63.7 53.9    
Depreciation USD mil         7.60 11.8 18.9 24.9 33.5    
Non-Cash Items USD mil ... ... ... ... 27.7 -34.4 64.0 47.8 28.4    
Change in Working Capital USD mil ... ... ... ... -5.31 5.05 -9.40 8.79 -7.01    
Total Cash From Operations USD mil ... ...     87.9 82.9 119 145 109    
Capital Expenditures USD mil ... ... ...   -11.7 -11.4 -17.9 -18.3 -15.3    
Other Investments USD mil ... ... ...   -3.65 -58.2 -12.3 -21.5 -150    
Total Cash From Investing USD mil ... ...     -15.3 -69.5 -30.2 -39.8 -165    
Dividends Paid USD mil         -49.8 -211 -0.753 0 223    
Issuance Of Shares USD mil ... ... ...   0 -4.70 -8.30 0 -34.0    
Issuance Of Debt USD mil ... ... ... ... -0.022 224 -128 -67.2 195    
Total Cash From Financing USD mil ... ...     -54.4 -15.3 -100 -114 154    
Net Change In Cash USD mil ... ...     15.4 -1.96 -11.3 -8.85 96.6    
ratios                      
Days Sales Outstanding days ... ... ...   42.0 34.0 33.5 23.5 34.5    
Days Sales Of Inventory days ... ... ...   6.59 10.3 4.71 5.39 7.25    
Days Payable Outstanding days ... ... ...   66.0 129 58.8 60.2 95.8    
Cash Conversion Cycle days ... ... ...   -17.5 -84.7 -20.6 -31.4 -54.0    
Cash Earnings USD mil         65.5 112 64.7 88.6 87.4    
Cash Earnings Per Share USD         1.70 2.88 1.19 1.62 1.66    
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 13.3 10.6 11.9    
Free Cash Flow USD mil ... ...     72.6 13.4 89.1 105 -56.2    
Free Cash Flow Yield % ... ... ... ... ... ... 10.4 11.2 -5.41    
other data Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
other data                      
ROA %         36.2 41.2 14.4 20.2 11.3    
Gross Margin %         86.7 88.5 84.7 83.1 86.1    
Employees ... ...     630 870 918 1,013 1,379    
Cost Per Employee USD per month ... ...     5,381 5,815 6,671 5,833 4,580    
Cost Per Employee (Local Currency) USD per month ... ...     5,381 5,815 6,671 5,833 4,580    
Staff Cost (As % Of Total Cost) % ...       26.8 29.8 26.7 23.9 25.7    
Effective Tax Rate %         13.9 95.8 19.4 38.0 26.5    
Enterprise Value (EV) USD mil ... ... ... ... ... ... 905 929 1,124    
EV/EBITDA ... ... ... ... ... ... 9.12 6.88 9.96    
EV/Capital Employed ... ... ... ... ... ... 4.00 4.38 2.45    
EV/Sales ... ... ... ... ... ... 2.54 2.28 3.01    
EV/EBIT ... ... ... ... ... ... 11.3 8.44 14.2    
Capital Expenditures (As % of Sales) % ... ... ...   5.38 4.18 5.03 4.50 4.08    
Sales from Subscription USD mil         167 176 197 251 282   ...
Sales from Platform-derived USD mil         50.3 96.7 159 156 92.5   ...
Cost of Sales from Subscription USD mil         26.7 23.4 27.1 30.0 39.1   ...
Cost of Sales from Platform-derived USD mil         2.29 7.85 27.3 38.8 12.8   ...
Active Users at Period End mil ...       98.0 108 146 177 197   ...
Average Active Users mil ... ...     98.0 103 127 161 187   ...
Revenue per Average Active User USD ... ...     2.21 2.64 2.80 2.52 2.00   ...
Subscription Users mil ... ...     12.0 15.0 15.0 16.0 19.0   ...
Average Number of Subscribers mil ... ...     11.0 13.5 15.0 16.0 18.0   ...
Subscription Revenue per Average Subscriber USD ... ...     15.2 13.0 13.1 15.9 16.0   ...
Search Volume mil ... ... ... ... ... ... 7,202 6,712 3,283   ...
Platform-derived revenue per '000 searches ... ... ... ... ... ... 22.0 23.0 28.0   ...
ZEN users mil ... ... ... ... ... ... ... ... 0   ...
ZEN (As % of Total Users) % ... ... ... ... ... ... ... ... 0   ...
Gross Margin (Subscription) %         84.0 86.7 86.3 88.0 86.1   ...
Gross Margin (Platform-derived) % ... ...     95.4 91.9 82.8 75.2 86.2   ...
Subscription (As % Of Sales) %         76.8 64.5 55.3 61.6 75.3   ...
Consumer Revenues USD mil ... ... ... ... ... ... 310 358 316 ... ...
SMB Revenues USD mil ... ... ... ... ... ... 45.9 49.3 58.5 ... ...
Consumer (As % of Revenues) % ... ... ... ... ... ... 87.1 87.9 84.4 ... ...
SMB (As % of Revenues) % ... ... ... ... ... ... 12.9 12.1 15.6 ... ...
EBIT (Consumer) USD mil ... ... ... ... ... ... 141 165 158 ... ...
EBIT (SMB) USD mil ... ... ... ... ... ... 8.57 13.5 2.26 ... ...
EBIT Margin (Consumer) % ... ... ... ... ... ... 45.6 46.1 50.0 ... ...
EBIT Margin (SMB) % ... ... ... ... ... ... 18.7 27.4 3.86 ... ...
Mobile Revenues USD mil ... ... ... ... ... ... ... ... ...   ...
Mobile (As % of Revenues) % ... ... ... ... ... ... ... ... ...   ...

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AVG Technologies (AVG) is originally a Czech Republic-based security software company now headquartered in Amsterdam, Netherlands. The Company develops antivirus software and Internet security services. It was formed in 1991 by Czech engineers Jan Gritzbach and Tomáš Hofer, has corporate offices in Europe, Israel, Brazil, Canada and the United States and is listed on the New York Stock Exchange. The company specializes in computer security software. Its most well known product is AVG AntiVirus. The Company has a broad product portfolio ranging from desktop/mobile software to dynamic Internet search solutions.

AVG Technologies Logo

Finance

AVG Technologies has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 14.9% a year during that time to total of USD 35.9 mil in 2016, or 8.58% of sales. That’s compared to 25.4% average margin seen in last five years.

The company netted USD -28.4 mil in 2016 implying ROE of -19.3% and ROCE of -6.06%. Again, the average figures were -138% and 14.2%, respectively when looking at the previous 5 years.

AVG Technologies’s net debt amounted to USD 5.30 mil at the end of 2016, or 2.71% of equity. When compared to EBITDA, net debt was 0.148x, down when compared to average of 0.412x seen in the last 5 years.

Valuation

AVG Technologies stock traded at USD 20.1 per share at the end of 2016 resulting in a market capitalization of USD 1,063 mil. Over the previous five years, stock price grew by 0% or % a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 29.7x and price to earnings (PE) of -37.4x as of 2016.