AVG Technologies recently reported its results for the third quarter ended September 30, 2013.
Revenue for the third quarter of 2013 was $100.1 million, compared with $95.3 million in the third quarter of 2012.
Non-GAAP net income for the third quarter of 2013 was $28.8 million, or $0.52 per diluted ordinary share. This compares with non-GAAP net income of $23.4 million, or $0.43 per diluted ordinary share, for the same period of the prior year1.
GAAP net income for the third quarter of 2013 was $4.8 million, or $0.09 per diluted ordinary share. This compares with net income of $19.0 million, or $0.35 per diluted ordinary share in the prior year’s third quarter. In the third quarter of 2013, AVG incurred a $11.3 million non-cash tax charge as the results of an internal group restructuring completed in the quarter, which equates to a $0.21 per share reduction in GAAP EPS and a non-cash tax credit of $1.6 million, a $0.03 per share benefit to non-GAAP EPS.
Non-GAAP unlevered free cash flow was $21.4 million for the quarter, compared with $26.8 million for the same period in the prior year. Operating cash flow was $24.8 million for quarter, compared with $24.9 million for the third quarter last year. At September 30, 2013, deferred revenue was $189.5 million and net cash was $15.8 million.
“I am encouraged with the base we are building as we refine our focus and expand our ability to deliver privacy, protection and performance solutions for the next wave of Internet users around the world,” commented Gary Kovacs, CEO of AVG Technologies. “In the third quarter, active user count increased substantially to 172 million, with mobile users reaching 57 million alone. We were also able to translate 5% revenue growth into 23% net income growth as we focused on optimizing for our core businesses.”
“I remain excited by the opportunities ahead of us as the Internet continues to grow in each of our lives,” concluded Kovacs.
Full details of the results can be found at AVG Media Center
November 11, 2013