Solid Quarterly Revenue and Adjusted EBITDA
Growth
Avid® (Nasdaq:AVID) announced its first quarter 2016 financial
results today, provided second quarter 2016 financial guidance and
reaffirmed its guidance for the full year 2016.
Q1 2016 Non-GAAP Highlights
- Revenue grew by 20.3% over Q1 2015 to $143.8 million
- Gross margin of 71.2% represents an expansion of 10.7
percentage points over Q1 2015
- Adjusted EBITDA of $38.5 million increased by 227% over Q1
2015, reflecting improved revenue conversion and impact of
efficiency program
- Adjusted free cash flow use of $9.4 million, in line with
original guidance for Q1
- Reported bookings of $92.5 million below original expectations
driven by:
- Delayed buying decisions for shared storage solutions in
anticipation of Avid’s next generation NEXIS shared storage
release
- Volatility from the ongoing transition of the broader
enterprise media market
Avid Everywhere Momentum Continues
- Over 35,800 users on the MediaCentral platform at the end of
March 31st, 2016, an increase of 51% year on year
- Nearly 35,000 paying subscribers as of the end of Q1 2016, an
increase of over 38% since the beginning of the year and over 3X Q1
2015
- Bookings attributable to recurring revenue (“recurring revenue
bookings”) represented approximately 34% of total Q1 2016 bookings,
up from 29% in 2015
“Our work so far in 2016 demonstrates the continued momentum of
the Avid Everywhere strategy, the increased adoption of the Avid
MediaCentral Platform by our global base of customers and strong
progress as we move steadily towards completing the
transformation,” said Louis Hernandez, Jr, Chairman, President, and
CEO of Avid. “I’m excited to see the impact of our
groundbreaking product innovations that we launched earlier this
month at the National Association of Broadcasters conference,
including the first of its kind NEXIS shared storage, which won
Best of Show and ProTools cloud collaboration, which brings the
power of the MediaCentral platform to the entire audio creative
market. At AvidConnect, we were also excited to showcase the
first certified applications from our partners and a deep platform
integration with Adobe’s Premiere Pro editing solution, validating
our strategy and welcoming an outstanding partner to the
platform. We also continue to execute our efficiency program
as expected, which leverages our platform-based approach to achieve
a leaner and more directed cost structure. As more customers
fully embrace the power of the platform in 2016, we expect that we
will be well positioned to increase long-term sustainable
shareholder value.”
Avid’s 2016 second quarter financial guidance is set forth in
the table below. The Company also re-affirmed its full year 2016
guidance, as originally provided on March 15, 2016. The second
quarter 2016 guidance reflects partial year realization of the cost
efficiency program, as well as the cash spend required to implement
the program during the first half of 2016. The previously
announced growth initiatives are expected to have a more pronounced
positive financial impact in the second half of 2016 leading to
improved cash flow generation.
Q2 2016 Financial Guidance (in millions)
Bookings (Constant Currency) |
|
$105-$120 |
Bookings |
|
$99-$115 |
Non-GAAP Revenue |
|
$105-$120 |
Adjusted EBITDA |
|
$3-$9 |
Adjusted Operating
Expenses |
|
$62-$65 |
Adjusted Free Cash
Flow |
|
($32.5)-($27.5) |
|
|
|
Guidance and Financial and Operational
Metrics
All guidance presented by the Company is inherently uncertain
and subject to numerous risks and uncertainties. Our actual
future results of operations and cash flows could differ materially
from those shown in the table above. For a discussion of some
of the key assumptions underlying the guidance, as well as the key
risks and uncertainties associated with these forward-looking
statements, please see “Forward Looking Statements” below as well
as the Avid Technology Q1 2016 Business Update presentation posted
on Avid’s investor relations website.
Avid includes non-GAAP financial measures in this press release,
including non-GAAP revenue, adjusted EBITDA, adjusted free cash
flow, non-GAAP operating income (loss), non-GAAP operating income
(loss) per share, adjusted operating expenses and non-GAAP gross
margin. The Company also includes the operational metric of
bookings, revenue backlog and recurring revenue bookings in this
release. Avid believes the non-GAAP financial measures and
operational metrics provided in this release provide helpful
information to investors with respect to evaluating the Company’s
performance. Unless noted, all financial information is
reported based on actual exchange rates. Definitions of the
non-GAAP financial measures are included in our Form 8-K filed
today. Reconciliations of the non-GAAP financial measures in this
release to the Company's comparable GAAP financial measures for the
periods presented are set forth below and are also included in the
supplemental financial and operational data sheet available on our
investor relations webpage at ir.avid.com, which also includes
definitions of the operational metrics.
Conference Call
A conference call to discuss Avid's financial results for the
first quarter of 2016 will be held on Wednesday, May 4, 2016 at
5:00 p.m. ET. The call will be open to the public and can be
accessed by dialing 719-325-2463 and referencing confirmation code
4563906. You may also listen to the call on the Avid Investor
Relations website. To listen via the website, go to the
events tab at ir.avid.com for complete details prior to the start
of the conference call. A replay of the call will also be
available on the Avid Investor Relations website shortly after the
completion of the call.
Forward-Looking Statements
Certain information provided in this press release, including
the tables attached hereto, include forward-looking statements that
involve risks and uncertainties, including projections and
statements about our anticipated plans, objectives, expectations
and intentions. Among other things, this press release includes
estimated results of operations for 2016, 2017 and 2018, which
estimates are based on a variety of assumptions about key factors
and metrics that will determine our future results of operations,
including, for example, overall market growth rates in the range of
3.0-3.3%, realization of identified efficiency programs and market
based cost inflation. Other forward-looking statements
include, without limitation, statements based upon or otherwise
incorporating judgments or estimates relating to future performance
such as future operating results and expenses; earnings; bookings;
backlog; revenue backlog conversion rate; product mix and free cash
flow; our long-term and recent cost savings initiatives and the
anticipated benefits therefrom; our future strategy and business
plans; our product plans, including products under development,
such as cloud and subscription based offerings; our liquidity and
ability to raise capital; the anticipated benefits of the Orad
acquisition, including estimated synergies, including effects on
future financial and operating results; and our liquidity. The
projected future results of operations, and the other
forward-looking statements in this release are based on current
expectations as of the date of this release and subject to known
and unknown risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
statements, including but not limited to the effect on our sales,
operations and financial performance resulting from: our liquidity;
our ability to execute our strategic plan, including cost savings
initiatives, and meet customer needs; our ability to retain and
hire key personnel; our ability to produce innovative products in
response to changing market demand, particularly in the media
industry; our ability to successfully accomplish our product
development plans; competitive factors; history of losses;
fluctuations in our revenue, based on, among other things, our
performance and risks in particular geographies or markets; our
higher indebtedness and ability to service it and meet the
obligations thereunder; restrictions in our credit facilities; our
move to a subscription model and related effect on our revenues and
ability to predict future revenues; elongated sales cycles;
fluctuations in foreign currency exchange rates; seasonal factors;
adverse changes in economic conditions; variances in our revenue
backlog and the realization thereof; the identified material
weaknesses in our internal control over financial reporting; and
the possibility of legal proceedings adverse to our company.
Moreover, the business may be adversely affected by future
legislative, regulatory or changes, including tax law changes, as
well as other economic, business and/or competitive factors. The
risks included above are not exhaustive. Other factors that could
adversely affect our business and prospects are set forth in
our public filings with the SEC. Forward-looking statements
contained herein are made only as to the date of this press release
and we undertake no obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
About Avid
Through Avid Everywhere™, Avid delivers the industry's most
open, innovative and comprehensive media platform connecting
content creation with collaboration, asset protection, distribution
and consumption. Media organizations and creative professionals use
Avid solutions to create the most listened to, most watched and
most loved media in the world—from the most prestigious and
award-winning feature films, to the most popular television shows,
news programs and televised sporting events, as well as a majority
of today’s most celebrated music recordings and live concerts.
Industry leading solutions include Pro Tools®, Media Composer®,
ISIS®, Avid NEXIS™, Interplay®, ProSet and RealSet, Maestro,
PlayMaker, and Sibelius®. For more information about Avid solutions
and services, visit www.avid.com, connect with Avid on Facebook,
Instagram, Twitter, YouTube, LinkedIn, or subscribe to Avid
Blogs.
© 2016 Avid Technology, Inc. All rights reserved. Avid, the Avid
logo, Avid Everywhere, Avid NEXIS, iNEWS, Interplay, ISIS,
AirSpeed, MediaCentral, Media Composer, Pro Tools, and Sibelius are
trademarks or registered trademarks of Avid Technology, Inc. or its
subsidiaries in the United States and/or other countries. The
Interplay name is used with the permission of the Interplay
Entertainment Corp. which bears no responsibility for Avid
products. All other trademarks are the property of their respective
owners. Product features, specifications, system requirements and
availability are subject to change without notice.
|
|
|
|
|
AVID TECHNOLOGY, INC. |
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
(unaudited
- in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
Net
revenues: |
|
|
|
|
|
Products |
|
$ |
84,509 |
|
|
$ |
80,029 |
|
|
Services |
|
|
59,038 |
|
|
|
39,557 |
|
|
Total net
revenues |
|
|
143,547 |
|
|
|
119,586 |
|
|
|
|
|
|
|
Cost of
revenues: |
|
|
|
|
|
Products |
|
|
27,124 |
|
|
|
31,797 |
|
|
Services |
|
|
14,410 |
|
|
|
15,695 |
|
|
Amortization of
intangible assets |
|
|
1,950 |
|
|
|
- |
|
|
Total
cost of revenues |
|
|
43,484 |
|
|
|
47,492 |
|
|
|
|
|
|
|
Gross
profit |
|
|
100,063 |
|
|
|
72,094 |
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Research and
development |
|
|
21,404 |
|
|
|
23,173 |
|
|
Marketing and
selling |
|
|
31,619 |
|
|
|
28,045 |
|
|
General and
administrative |
|
|
17,730 |
|
|
|
19,387 |
|
|
Amortization of
intangible assets |
|
|
786 |
|
|
|
374 |
|
|
Restructuring costs,
net |
|
|
2,777 |
|
|
|
- |
|
|
Total
operating expenses |
|
|
74,316 |
|
|
|
70,979 |
|
|
|
|
|
|
|
Operating
income |
|
|
25,747 |
|
|
|
1,115 |
|
|
|
|
|
|
|
Interest
and other expense, net |
|
|
(4,183 |
) |
|
|
(723 |
) |
Income
before income taxes |
|
|
21,564 |
|
|
|
392 |
|
|
|
|
|
|
|
Provision
for income taxes |
|
|
635 |
|
|
|
561 |
|
Net income
(loss) |
|
$ |
20,929 |
|
|
$ |
(169 |
) |
|
|
|
|
|
|
Net income
(loss) per common share - basic and diluted |
|
$ |
0.53 |
|
|
$ |
(0.00 |
) |
|
|
|
|
|
|
Weighted-average common shares outstanding - basic |
|
|
39,566 |
|
|
|
39,387 |
|
Weighted-average common shares outstanding - diluted |
|
|
39,640 |
|
|
|
39,387 |
|
|
|
|
|
|
|
AVID
TECHNOLOGY, INC. |
|
|
|
|
Reconciliations of GAAP financial measures to Non-GAAP
financial measures |
|
|
(unaudited - in
thousands) |
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
Non-GAAP
revenue |
|
|
2016 |
|
|
|
2015 |
|
GAAP
revenue |
|
$ |
143,547 |
|
|
$ |
119,586 |
|
Amortization of
acquired deferred revenue |
|
|
269 |
|
|
|
- |
|
Non-GAAP
revenue |
|
|
143,816 |
|
|
|
119,586 |
|
|
|
|
|
|
Non-GAAP gross
profit |
|
|
|
|
GAAP gross
profit |
|
|
100,063 |
|
|
|
72,094 |
|
Amortization of
acquired deferred revenue |
|
|
269 |
|
|
|
- |
|
Amortization of
intangible assets |
|
|
1,950 |
|
|
|
- |
|
Stock-based
compensation |
|
|
179 |
|
|
|
254 |
|
Non-GAAP gross
profit |
|
|
102,461 |
|
|
|
72,348 |
|
|
|
|
|
|
Non-GAAP
operating expenses |
|
|
|
|
GAAP operating
expenses |
|
|
74,316 |
|
|
|
70,979 |
|
Less Amortization of
intangible assets |
|
|
(786 |
) |
|
|
(374 |
) |
Less Stock-based
compensation |
|
|
(1,919 |
) |
|
|
(2,208 |
) |
Less Restructuring
costs, net |
|
|
(2,777 |
) |
|
|
- |
|
Less Restatement
costs |
|
|
(80 |
) |
|
|
(1,807 |
) |
Less Acquisition,
integration and other costs |
|
|
(515 |
) |
|
|
(2,342 |
) |
Less Efficiency program
costs |
|
|
(716 |
) |
|
|
- |
|
Non-GAAP
operating expenses |
|
|
67,523 |
|
|
|
64,248 |
|
|
|
|
|
|
Non-GAAP
operating income |
|
|
|
|
GAAP operating
income |
|
|
25,747 |
|
|
|
1,115 |
|
Amortization of
acquired deferred revenue |
|
|
269 |
|
|
|
- |
|
Amortization of
intangible assets |
|
|
2,736 |
|
|
|
374 |
|
Stock-based
compensation |
|
|
2,098 |
|
|
|
2,462 |
|
Restructuring costs,
net |
|
|
2,777 |
|
|
|
- |
|
Restatement costs |
|
|
80 |
|
|
|
1,807 |
|
Acquisition,
integration and other costs |
|
|
515 |
|
|
|
2,342 |
|
Efficiency program
costs |
|
|
716 |
|
|
|
- |
|
Non-GAAP
operating Income |
|
|
34,938 |
|
|
|
8,100 |
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
Non-GAAP
operating income (from above) |
|
|
34,938 |
|
|
|
8,100 |
|
Depreciation and
amortization |
|
|
3,611 |
|
|
|
3,677 |
|
Adjusted
EBITDA |
|
|
38,549 |
|
|
|
11,777 |
|
|
|
|
|
|
Adjusted free
cash flow |
|
|
|
|
GAAP net cash
(used in) provided by operating activities |
|
|
(11,209 |
) |
|
|
4,630 |
|
Capital
expenditures |
|
|
(4,518 |
) |
|
|
(2,940 |
) |
Restructuring
payments |
|
|
3,533 |
|
|
|
428 |
|
Restatement
payments |
|
|
- |
|
|
|
2,117 |
|
Acquisition,
integration and other payments |
|
|
773 |
|
|
|
- |
|
Efficiency program
payments |
|
|
1,981 |
|
|
|
- |
|
Adjusted free
cash flow |
|
$ |
(9,440 |
) |
|
$ |
4,235 |
|
|
|
|
|
|
|
|
|
|
|
These
non-GAAP measures reflect how Avid manages its businesses
internally.
Avid’s non-GAAP measures may vary from how other
companies present non-GAAP measures. Non-GAAP financial
measures are not based on a comprehensive set of accounting rules
or principles. This non-GAAP information supplements, and is
not intended to represent a measure of performance in
accordance with, disclosures required by generally accepted
accounting principles, or GAAP. Non-GAAP financial measures
should be considered in addition to, not as a substitute for
or superior to, financial measures determined in accordance with
GAAP. |
|
AVID
TECHNOLOGY, INC. |
|
|
|
|
Condensed
Consolidated Balance Sheets |
|
|
|
|
(unaudited - in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
87,830 |
|
|
$ |
17,902 |
|
Accounts receivable, net of
allowances of $8,816 and $9,226 at March 31, 2016 and December 31,
2015, respectively |
|
|
43,732 |
|
|
|
58,807 |
|
Inventories |
|
|
51,652 |
|
|
|
48,073 |
|
Prepaid expenses |
|
|
10,475 |
|
|
|
6,548 |
|
Other current assets |
|
|
6,029 |
|
|
|
6,119 |
|
Total current assets |
|
|
199,718 |
|
|
|
137,449 |
|
|
|
|
|
|
Property and equipment, net |
|
|
36,664 |
|
|
|
35,481 |
|
Intangible assets, net |
|
|
30,494 |
|
|
|
33,219 |
|
Goodwill |
|
|
32,643 |
|
|
|
32,643 |
|
Long-term deferred tax assets,
net |
|
|
2,070 |
|
|
|
2,011 |
|
Other long-term assets |
|
|
10,174 |
|
|
|
7,123 |
|
Total assets |
|
$ |
311,763 |
|
|
$ |
247,926 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' DEFICIT |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
31,325 |
|
|
$ |
45,511 |
|
Accrued compensation and
benefits |
|
|
27,974 |
|
|
|
28,124 |
|
Accrued expenses and other current
liabilities |
|
|
36,078 |
|
|
|
35,354 |
|
Income taxes payable |
|
|
588 |
|
|
|
1,023 |
|
Short-term debt |
|
|
- |
|
|
|
5,000 |
|
Deferred revenues |
|
|
178,959 |
|
|
|
189,887 |
|
Total current liabilities |
|
|
274,924 |
|
|
|
304,899 |
|
|
|
|
|
|
Long-term debt |
|
|
192,130 |
|
|
|
95,950 |
|
Long-term deferred tax liabilities,
net |
|
|
2,672 |
|
|
|
3,443 |
|
Long-term deferred revenues |
|
|
129,463 |
|
|
|
158,495 |
|
Other long-term liabilities |
|
|
16,179 |
|
|
|
14,711 |
|
Total liabilities |
|
|
615,368 |
|
|
|
577,498 |
|
|
|
|
|
|
Stockholders'
deficit: |
|
|
|
|
Common stock |
|
|
423 |
|
|
|
423 |
|
Additional paid-in capital |
|
|
1,055,358 |
|
|
|
1,055,838 |
|
Accumulated deficit |
|
|
(1,298,389 |
) |
|
|
(1,319,318 |
) |
Treasury stock at cost |
|
|
(56,063 |
) |
|
|
(58,336 |
) |
Accumulated other
comprehensive loss |
|
|
(4,934 |
) |
|
|
(8,179 |
) |
Total stockholders' deficit |
|
|
(303,605 |
) |
|
|
(329,572 |
) |
Total liabilities and stockholders'
deficit |
|
$ |
311,763 |
|
|
$ |
247,926 |
|
|
|
|
|
|
AVID TECHNOLOGY, INC. |
|
|
|
Condensed Consolidated Statements of Cash
Flows |
|
|
|
(unaudited
- in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
March 31, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
Net income
(loss) |
$ |
20,929 |
|
|
$ |
(169 |
) |
|
Adjustments
to reconcile net income (loss) to net cash (used in) provided by
operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
6,347 |
|
|
|
4,051 |
|
|
|
Provision
(recovery) for doubtful accounts |
|
319 |
|
|
|
(206 |
) |
|
|
Stock-based
compensation expense |
|
2,098 |
|
|
|
2,461 |
|
|
|
Non-cash
interest expense |
|
3,878 |
|
|
|
- |
|
|
|
Unrealized
foreign currency transaction losses (gains) |
|
2,936 |
|
|
|
(6,690 |
) |
|
|
(Benefit)
provision for deferred taxes |
|
(784 |
) |
|
|
5 |
|
|
|
Changes in
operating assets and liabilities, net of effects from
acquisitions: |
|
|
|
|
|
|
Accounts
receivable |
|
14,800 |
|
|
|
3,097 |
|
|
|
|
Inventories |
|
(3,579 |
) |
|
|
8,276 |
|
|
|
|
Prepaid
expenses and other current assets |
|
(4,061 |
) |
|
|
(2,510 |
) |
|
|
|
Accounts
payable |
|
(14,216 |
) |
|
|
(3,440 |
) |
|
|
|
Accrued
expenses, compensation and benefits and other liabilities |
|
(960 |
) |
|
|
1,627 |
|
|
|
|
Income
taxes payable |
|
1,093 |
|
|
|
267 |
|
|
|
|
Deferred
revenues |
|
(40,009 |
) |
|
|
(2,139 |
) |
Net
cash (used in) provided by operating activities |
|
(11,209 |
) |
|
|
4,630 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
Purchases
of property and equipment |
|
(4,518 |
) |
|
|
(2,940 |
) |
|
Increase in
other long-term assets |
|
(8 |
) |
|
|
(13 |
) |
|
Increase in
restricted cash |
|
(4,544 |
) |
|
|
- |
|
Net
cash used in investing activities |
|
(9,070 |
) |
|
|
(2,953 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
Proceeds
from long-term debt |
|
100,000 |
|
|
|
- |
|
|
Proceeds
from the issuance of common stock under employee stock plans |
|
- |
|
|
|
719 |
|
|
Common
stock repurchases for tax withholdings on net settlement of equity
awards |
|
(307 |
) |
|
|
(793 |
) |
|
Proceeds
from revolving credit facilities |
|
25,000 |
|
|
|
8,000 |
|
|
Payments on
revolving credit facilities |
|
(30,000 |
) |
|
|
(8,000 |
) |
|
Payments
for credit facility issuance costs |
|
(4,919 |
) |
|
|
(582 |
) |
Net
cash provided by (used in) financing activities |
|
89,774 |
|
|
|
(656 |
) |
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash and cash equivalents |
|
433 |
|
|
|
(586 |
) |
Net
increase in cash and cash equivalents |
|
69,928 |
|
|
|
435 |
|
Cash and
cash equivalents at beginning of period |
|
17,902 |
|
|
|
25,056 |
|
Cash and
cash equivalents at end of period |
$ |
87,830 |
|
|
$ |
25,491 |
|
|
|
|
|
|
|
|
|
AVID TECHNOLOGY, INC. |
|
|
|
|
|
|
|
|
|
Supplemental Revenue Information |
|
|
|
|
|
|
|
|
|
(unaudited
- in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
|
|
Revenue
Backlog* |
|
2016 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-2011 |
$ |
16,529 |
|
|
$ |
25,868 |
|
|
$ |
66,928 |
|
|
|
|
|
|
Post-2010 |
$ |
291,893 |
|
|
$ |
322,514 |
|
|
$ |
345,748 |
|
|
|
|
|
|
Deferred
Revenue |
$ |
308,422 |
|
|
$ |
348,382 |
|
|
$ |
412,676 |
|
|
|
|
|
|
Other Backlog |
$ |
188,550 |
|
|
$ |
203,704 |
|
|
$ |
115,965 |
|
|
|
|
|
|
Total
Revenue Backlog |
$ |
496,972 |
|
|
$ |
552,086 |
|
|
$ |
528,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post
2010 |
$ |
480,443 |
|
|
$ |
526,218 |
|
|
$ |
461,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
expected timing of recognition of revenue backlog as of March 31,
2016 is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2018 |
|
|
Thereafter |
|
Total |
|
Orders executed prior
to January 1, 2011 |
$ |
15,434 |
|
|
$ |
952 |
|
|
$ |
144 |
|
|
$ |
- |
|
|
$ |
16,530 |
|
|
Orders executed or
materially modified on or after January 1, 2011 |
$ |
124,222 |
|
|
$ |
71,502 |
|
|
$ |
40,592 |
|
|
$ |
55,577 |
|
|
$ |
291,893 |
|
|
Other Backlog |
$ |
94,986 |
|
|
$ |
35,140 |
|
|
$ |
15,678 |
|
|
$ |
42,745 |
|
|
$ |
188,549 |
|
|
Total
Revenue Backlog |
$ |
234,642 |
|
|
$ |
107,594 |
|
|
$ |
56,414 |
|
|
$ |
98,322 |
|
|
$ |
496,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
*A
definition of Revenue Backlog is included in the supplemental
financial and operational data sheet available on our investor
relations webpage at ir.avid.com. |
|
Note:
current estimates could change based on a number of factors,
including (i) the timing of delivery of products and services, (ii)
customer cancellations or change order, (iii) changes in the
estimated period of time Implied Maintenance Release PCS is
provided to customers, including as a result of changes in business
practices. |
|
|
Media Contact
Sara Griggs
Avid
310.821.0801
sara.griggs@avid.com
Investor Contact
Jonathan Huang
Avid
978.640.5126
jonathan.huang@avid.com
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