The Avast PLC Directors propose to pay a final dividend of 11.2 cents per share in respect of the year ending 31 December 2020 (payment of $115.3m). Combined with the interim dividend of 4.8 cents per share paid in October 2020 (payment of $49.3m), this gives a total dividend for the financial year of 16.0 cents (total payment of $164.6m), which represents 40% of the Group's levered free cash flow for the period, in accordance with the Company's dividend policy. Subject to shareholder approval, the final dividend will be paid in USD on 18 June 2021 to shareholders on the register on 14 May 2021. There will be an option for shareholders to elect to receive the dividend in pounds sterling and such an election should be made no later than 28 May 2021. The foreign exchange rate at which dividends declared in US dollars will be converted into pounds sterling will be calculated based on the average exchange rate over the five business days prior to 3 June 2021 and announced shortly thereafter.
Other financial highlights include:
● Adjusted Billings at $922.0m up 1.2% at actual rates, with organic growth of 7.1%
● Adjusted Revenue at $892.9m up 2.3% at actual rates, with organic growth of 7.9%
● Consumer Direct Desktop Adjusted Revenue at $699.7m, up 10.6% at actual rates, with organic growth of 11.3%
● Adjusted EBITDA up 2.6% to $495.5m; Adjusted EBITDA margin at 55.5%, up 17bps
● Adjusted fully diluted earnings per share ('EPS') up 9.8% to $0.35 (versus $0.32 at YE 2019)
● Proposed final dividend payable in June 2021 of 11.2 US cents per share;
● Continued strong cash generation with Unlevered Free Cash Flow up 6.2% to $451.1m and Levered Free Cash Flow up 11.9% to $414.3m
● Resilient balance sheet with $215.4m of cash and available liquidity. Net debt / LTM ('last twelve months') Adjusted EBITDA at 1.5x at year end
● On a statutory basis, Revenue up from $871.1m to $892.9m, Operating profit including $25m COVID-19 donations paid decreased from $344.6m to $335.4m, cash flows from operating activities increased from $399.1m to $456.5m, fully diluted EPS decreased from $0.24 to $0.16 mainly due to significant unrealised FX loss arising from Euro denominated loan
