Magenta Buyer LLC

Overview Key strengths Key risks Broad and market-leading security product portfolio following the combination of McAfee?s Enterprise and FireEye?s Products businesses S&P Global Ratings-adjusted leverage of about 8x 40,000+ customers with net retention rates in the high-90% Operates within a very competitive landscape Ongoing cost reduction initiatives expected to result in leverage improving to the 7x area in 2022 Historical performance is behind security industry averages over the past three to five years Magenta Buyer LLC?s performance during its first year as a stand-alone company has been in line with S&P Global Ratings-base case expectations. Bookings and revenues are tracking well and cash flow generation has been strong compared to our 2021 model. Liquidity continues to be very good with

...Good performance out of the gate Magenta Buyer LLC's performance during its first year as a stand-alone company has been in line with S&P Global Ratings-base case expectations. Bookings and revenues are tracking well and cash flow generation has been strong compared to our 2021 model. Liquidity continues to be very good with $563 million in balance sheet cash and full access to its $125 million revolving credit facility. The company generated just over $100 million in S&P Global Ratings-adjusted free cash flow in the first quarter of 2022. We expect the company to manage any macroeconomic weakness given improving profitability and liquidity....

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