Avid Technology Announces Q4 2016 Results and Issues Q1 and FY 2017 Guidance


Met or Exceeded Guidance for All Metrics and Delivered Positive Adjusted Free Cash Flow in Q4

Strong Sequential Bookings Growth

Efficiency Program Reduces Operating Expenses 29% Year-over-Year in Q4

Positive Adjusted Free Cash Flow Expected in 2017

BURLINGTON, Mass., March 23, 2017 (GLOBE NEWSWIRE) -- Avid® (Nasdaq:AVID) announced its fourth quarter and full year 2016 financial results today and provided financial guidance for first quarter and full year 2017.

Highlights of Fourth Quarter 2016 Results

  • GAAP and Non-GAAP Revenue was $115.3 million, in-line with guidance and down $23.5 million and $24.4 million year-over-year for GAAP and Non-GAAP, respectively. GAAP and Non-GAAP Revenue was down $3.7 million sequentially.
  • GAAP Gross Margin was 60.3%, up 1.2 percentage points year-over-year and down 3.1 percentage points sequentially; non-GAAP Gross Margin was 61.9%, up 1.1 percentage points year-over-year and down 3.2 percentage points sequentially.
  • GAAP Operating Expenses were $58.5 million, down $23.8 million year-over-year and down $8.4 million sequentially; Non-GAAP Operating Expenses were $50.1 million, below the guidance range, down $21.2 million year-over-year and down $8.3 million sequentially.
  • GAAP Net Income was $5.2 million, up $9.6 million year-over-year and down $3.9 million sequentially; Adjusted EBITDA was $25.2 million, above the guidance range, up $8.2 million year-over-year and up $2.4 million sequentially.  
  • GAAP Net Cash used in Operating Activities was $270 thousand, down $2.3 million year-over-year and an improvement of $3.6 million sequentially; Adjusted Free Cash Flow was $2.0 million, in-line with guidance, down $0.3 million year-over-year and an improvement of $4.6 million sequentially.
  • Bookings and Constant Currency Bookings were $125.3 million and $134.5 million, in-line with guidance and down $67.8 million and $66.5 million year-over-year, respectively. The declines were attributable to the large Sinclair Enterprise deal booked in December 2015. Bookings and Constant Currency Bookings were up sequentially $35.7 million and $39.7 million, respectively.

Avid Everywhere Momentum Continues

  • More than 42,700 enterprise users on the MediaCentral platform at the end of 2016, a 29% increase from the beginning of the year
  • More than 60,700 paying individual, cloud-enabled subscribers, a substantial majority of whom are new customers to Avid, at the end of 2016, a 2.4x increase since the beginning of the year
       -   Added more than 10,700 paying subscribers in Q4, representing a 21% increase from the end of Q3 2016, and largest quarterly paying subscriber increase in Avid’s history 
  • Digital bookings in Q4 2016 increased 27% year-over-year and 46% sequentially; digital bookings in 2016 increased 43% from 2015.
  • Bookings attributable to recurring revenue represented 45% of total bookings in Q4 2016, up from 39% in Q3 2016; bookings attributable to recurring revenue represented 38% of total bookings in 2016, flat from 2015, which included the impact of the large Sinclair Enterprise deal.

“Thanks to strong execution in key focus areas we met or exceeded quarterly guidance for all of our metrics and delivered positive Adjusted Free Cash Flow,” said Louis Hernandez, Jr, Chairman and CEO of Avid. “We saw sequential bookings growth across all customer tiers and geographies. This performance included a rebound in storage, an improvement in Orad applications, continued growth of cloud-enabled subscribers and digital sales, and traction on enterprise deals such as the global enterprise and cloud agreement with Al Jazeera. Execution on our efficiency program drove a 29% year-over-year reduction in operating expenses. We are confident that we can complete the remaining efficiency program in 2017, which includes more than $30 million of additional annual savings.

“Our Q4 results reveal an emerging financial model that will be more predictable and have a significantly improved Adjusted Free Cash Flow conversion of Adjusted EBITDA.  This is a direct result of our achievements with the transformation: the roll-off of non-marketed products; completion of the efficiency program; and the cessation by the second quarter of 2017 of pre-2011 amortization and elimination of implied PCS revenue. As Avid’s transformation comes to a close, we are quickly preparing for the next phase of our plan by focusing on investments and partnerships that will drive our cloud-enabled growth strategy,” Mr. Hernandez concluded.

Financial Guidance

Avid’s first quarter and full year 2017 financial guidance are set forth in the table below.

The guidance range for Q1 includes the impact of the commercial agreement we announced with Beijing Jetsen Technology Co., Ltd. (“Jetsen”) on January 31, 2017. As our exclusive distributor in the region, Jetsen has committed to minimum bookings and cash payments of $76 million over three years, which includes annual growth of approximately 15%. Guidance ranges for revenue are informed by our recurring revenue and revenue backlog, as well as expectations for our bookings performance. Additional cost savings related to the continued execution of our efficiency program are reflected in the guidance ranges for Non-GAAP Operating Expenses, Adjusted EBITDA and Adjusted Free Cash Flow. Guidance ranges imply a significantly improved Adjusted Free Cash Flow conversion of Adjusted EBITDA, due to our improving core operating margins and reduction of the impact related to pre-2011 amortization and elimination of implied PCS revenue.

“As we head into 2017, we are encouraged by the core trends in our Q4 performance which provides important visibility into our guidance for 2017. We believe our amended noteholder agreement will provide Avid with greater financial flexibility as we complete the transformation and deliver a scalable and sustainably profitable business,” said Brian E. Agle, Avid’s Senior Vice President and Chief Financial Officer.

Q1 and Full Year 2017 Guidance

 (in $ millions)Q1 2017Full Year 2017
Bookings (Constant Currency)$162-$176 
Bookings$154-$168 
Revenue$100-$110$405-$435
Non-GAAP Operating Expenses$54-$58$205-$220
Adjusted EBITDA$8-$14$45-$55
Adjusted Free Cash Flow($2)-$6$7-$20

All guidance presented by the Company is inherently uncertain and subject to numerous risks and uncertainties. Avid’s actual future results of operations and cash flows could differ materially from those shown in the tables 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 Fourth Quarter and Full Year 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 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.

The earnings release also includes forward-looking non-GAAP financial measures, including Adjusted EBITDA, non-GAAP Operating Expenses and Adjusted Free Cash Flow. Reconciliations of these forward-looking non-GAAP financial measures were not included in the Earnings Release due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible at this time. As a result, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.

Conference Call

A conference call to discuss Avid's financial results for the fourth quarter and full year 2016 will be held on Thursday, March 23, 2017 at 5:00 p.m. ET. The call will be open to the public and can be accessed by dialing 719-325-2278 and referencing confirmation code 2768857. 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 2017, 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, anticipated market uptake of new products, 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, except as required by law.

About Avid
Through Avid Everywhere™, Avid delivers the most open and efficient media platform, connecting content creation with collaboration, asset protection, distribution and consumption. Avid’s preeminent customer community uses Avid’s comprehensive tools and workflow solutions to create, distribute and monetize the most watched, loved and listened to media in the world—from prestigious and award-winning feature films, to popular television shows, news programs and televised sporting events, and celebrated music recordings and live concerts. With the most flexible deployment and pricing options, Avid’s industry-leading solutions include Pro Tools®, Media Composer®, 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 FacebookInstagram, Twitter, YouTubeLinkedIn, or subscribe to Avid Blogs.

© 2017 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, Avid Everywhere, Avid NEXIS, iNEWS, Interplay, AirSpeed, MediaCentral, Media Composer, PhaseFind, Pro Tools, ScriptSync 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. 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 Twelve Months Ended
   December 31, December 31,
    2016   2015   2016   2015 
          
Net revenues:        
 Products $  59,269  $  91,247  $  283,110  $  336,371 
 Services    56,026     47,559     228,820     169,224 
   Total net revenues    115,295     138,806     511,930     505,595 
          
Cost of revenues:        
 Products    29,174     39,465     111,579     131,881 
 Services    14,702     15,447     59,828     61,501 
 Amortization of intangible assets     1,950     1,950     7,800     4,063 
   Total cost of revenues    45,826     56,862     179,207     197,445 
          
Gross profit    69,469     81,944     332,723     308,150 
          
Operating expenses:        
 Research and development    18,773     24,190     81,564     95,898 
 Marketing and selling    21,311     30,091     110,338     122,511 
 General and administrative    13,112     21,463     61,471     74,109 
 Amortization of intangible assets    363     786     2,498     2,354 
 Restructuring costs, net    4,959     5,766     12,837     6,305 
   Total operating expenses    58,518     82,296     268,708     301,177 
          
Operating income (loss)    10,951     (352)    64,015     6,973 
          
Interest and other expense, net    (4,622)    (1,727)    (18,671)    (6,408)
Income (loss) before income taxes    6,329     (2,079)    45,344     565 
          
Provision for (benefit from) income taxes    1,108     2,306     (2,875)    (1,915)
Net income (loss) $  5,221  $  (4,385) $  48,219  $  2,480 
          
Net income (loss) per common share - basic and diluted $  0.13  $  (0.11) $  1.20  $  0.06 
          
Weighted-average common shares outstanding - basic  40,637   39,439   40,021   39,423 
Weighted-average common shares outstanding - diluted  40,746   39,439   40,176   40,380 
          


AVID TECHNOLOGY, INC.                 
Reconciliations of GAAP financial measures to Non-GAAP financial measures             
(unaudited - in thousands)                 
  Three Months Ended Twelve Months Ended Three Months Ended Three Months Ended 
  December 31, December 31, September 30, March 31, 
Non-GAAP revenue  2016   2015   2016   2015   2016   2015   2016   2015  
GAAP revenue $   115,295   $   138,806   $   511,930   $   505,595   $   119,019   $   137,436   $   143,547   $   119,586   
Amortization of acquired deferred revenue    -     858     594     858     -     -     269     -  
Non-GAAP revenue    115,295      139,664      512,524      506,453      119,019      137,436      143,816      119,586   
Pre-2011 Revenue    2,268     12,017     24,772     58,543     5,368     13,635     9,338     17,483  
Elim PCS    8,100     7,000     52,900     22,500     12,000     15,500     17,600     -   
Non-GAAP Revenue w/o Pre-2011 and Elim    104,927      120,647      434,852      425,410      101,651      108,301      116,878      102,103   
                  
Non-GAAP gross profit                 
GAAP gross profit    69,469      81,944      332,723      308,150      75,391      87,814      100,063      72,094   
Amortization of acquired deferred revenue    -     858     594     858     -     -     269     -  
Amortization of intangible assets    1,950     1,950     7,800     4,063     1,950     1,950     1,950     -  
Stock-based compensation    (48)    171     440     823     157     183     179     254  
Non-GAAP gross profit    71,371      84,923      341,557      313,894      77,498      89,947      102,461      72,348   
Pre-2011 Revenue    2,268     12,017     24,772     58,543     5,368     13,635     9,338     17,483  
Elim PCS    8,100     7,000     52,900     22,500     12,000     15,500     17,600     -  
Non-GAAP gross profit w/o Pre-2011 and Elim    61,003      65,906      263,885      232,851      60,130      60,812      75,523      54,865   
                  
Non-GAAP operating expenses                 
GAAP operating expenses    58,518      82,296      268,708      301,177      66,887      73,409      74,316      70,979   
Less Amortization of intangible assets    (363)    (786)    (2,498)    (2,354)    (567)    (786)    (786)    (374) 
Less Stock-based compensation    (1,847)    (1,612)    (7,475)    (8,691)    (1,571)    (2,206)    (1,919)    (2,208) 
Less Restructuring costs, net    (4,959)    (5,766)    (12,837)    (6,305)    (5,314)    -     (2,777)    -  
Less Restatement costs    (109)    (51)    (295)    (1,039)    (38)    (287)    (80)    (1,807) 
Less Acquisition, integration and other costs    (129)    (1,595)    (587)    (9,232)    336     (1,965)    (515)    (2,342) 
Less Efficiency program costs    (967)    (1,144)    (4,305)    (1,144)    (1,338)    -     (716)    -  
Non-GAAP operating expenses    50,144      71,342      240,711      272,412      58,395      68,165      67,523      64,248   
                  
Non-GAAP operating income                 
GAAP operating income (loss)    10,951      (352)    64,015      6,973      8,504      14,405      25,747      1,115   
Amortization of acquired deferred revenue    -     858     594     858     -     -     269     -  
Amortization of intangible assets    2,313     2,736     10,298     6,417     2,517     2,736     2,736     374  
Stock-based compensation    1,799     1,783     7,915     9,514     1,728     2,389     2,098     2,462  
Restructuring costs, net    4,959     5,766     12,837     6,305     5,314     -     2,777     -  
Restatement costs    109     51     295     1,039     38     287     80     1,807  
Acquisition, integration and other costs    129     1,595     587     9,232     (336)    1,965     515     2,342  
Efficiency program costs    967     1,144     4,305     1,144     1,338     -     716     -  
Non-GAAP operating income    21,227      13,581      100,846      41,482      19,103      21,782      34,938      8,100   
                  
Adjusted EBITDA                 
Non-GAAP operating income (from above)    21,227      13,581      100,846      41,482      19,103      21,782      34,938      8,100   
Depreciation    3,997     3,416     15,181     13,672     3,762     3,168     3,611     3,677  
Adjusted EBITDA    25,224      16,997      116,027      55,154      22,865      24,950      38,549      11,777   
Pre-2011 Revenue    2,268     12,017     24,772     58,543     5,368     13,635     9,338     17,483  
Elim PCS    8,100     7,000     52,900     22,500     12,000     15,500     17,600     -  
Adjusted EBITDA w/o Pre-2011 and Elim    14,856      (2,020)    38,355      (25,889)    5,497      (4,185)    11,611      (5,706) 
                  
Adjusted free cash flow                 
GAAP net cash (used in) provided by operating activities   (270)    2,061      (49,195)    (34,026)    (3,909)    (9,873)    (11,209)    4,630   
Capital expenditures    (1,322)    (4,220)    (11,003)    (15,330)    (2,360)    (4,368)    (4,518)    (2,940) 
Restructuring payments    1,959     564     10,940     1,616     1,496     316     3,533     428  
Restatement payments    153     321     153     3,945     -     -     -     2,117  
Acquisition, integration and other payments    24     1,988     1,841     6,946     196     3,368     773     -  
Efficiency program payments    1,412     1,556     6,942     1,556     1,947     -     1,981     -  
Adjusted free cash flow $   1,956   $   2,270   $   (40,322) $   (35,293) $   (2,630) $   (10,557) $   (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)    
     
  December 31, December 31,
   2016   2015 
ASSETS    
Current assets:    
  Cash and cash equivalents $  44,948  $  17,902 
  Accounts receivable, net of allowances of $8,618 and $9,226     
     at December 31, 2016 and December 31, 2015, respectively     43,520     58,807 
  Inventories    50,701     48,073 
  Prepaid expenses    6,031     6,548 
  Other current assets    5,805     6,119 
      Total current assets  151,005   137,449 
     
  Property and equipment, net    30,146     35,481 
  Intangible assets, net    22,932     33,219 
  Goodwill    32,643     32,643 
  Long-term deferred tax assets, net    1,245     2,011 
  Other long-term assets    11,610     7,123 
      Total assets $  249,581  $  247,926 
     
LIABILITIES AND STOCKHOLDERS' DEFICIT    
Current liabilities:    
  Accounts payable $  26,435  $  45,511 
  Accrued compensation and benefits    25,387     28,124 
  Accrued expenses and other current liabilities    34,088     35,354 
  Income taxes payable    1,012     1,023 
  Short-term debt    5,000     5,000 
  Deferred revenues    146,014     189,887 
      Total current liabilities  237,936   304,899 
     
  Long-term debt  188,795   95,950 
  Long-term deferred tax liabilities, net    913     3,443 
  Long-term deferred revenues    79,670     158,495 
  Other long-term liabilities    12,178     14,711 
      Total liabilities  519,492   577,498 
     
Stockholders' deficit:    
  Common stock    423     423 
  Additional paid-in capital    1,043,063     1,055,838 
  Accumulated deficit    (1,271,148)    (1,319,318)
  Treasury stock at cost    (32,353)    (58,336)
  Accumulated other comprehensive loss    (9,896)    (8,179)
      Total stockholders' deficit  (269,911)  (329,572)
      Total liabilities and stockholders' deficit $  249,581  $  247,926 
     


    
AVID TECHNOLOGY, INC.   
Condensed Consolidated Statements of Cash Flows   
(unaudited - in thousands)   
        
     Twelve Months Ended
     December 31,
      2016   2015 
        
Cash flows from operating activities:   
 Net income$  48,219  $  2,480 
 Adjustments to reconcile net income to net cash used in operating activities:   
  Depreciation and amortization   25,479     20,088 
  Provision (recovery) for doubtful accounts   886     (23)
  Stock-based compensation expense   7,916     9,514 
  Non-cash provision for restructuring   1,137     - 
  Non-cash interest expense   9,620     2,890 
  Unrealized foreign currency transaction gains   (2,599)    (7,013)
  Benefit from deferred taxes   (1,842)    (6,693)
  Changes in operating assets and liabilities:   
   Accounts receivable   14,321     2,442 
   Inventories   (2,628)    3,056 
   Prepaid expenses and other assets   (1,839)    10,000 
   Accounts payable   (18,959)    11,232 
   Accrued expenses, compensation and benefits and other liabilities   (6,280)    (11,842)
   Income taxes payable   (9)    (1,041)
   Deferred revenues   (122,617)    (69,116)
Net cash used in operating activities   (49,195)    (34,026)
        
Cash flows from investing activities:   
 Purchases of property and equipment   (11,003)    (15,330)
 Payments for business acquisitions, net of cash acquired   -     (65,967)
 Increase in other long-term assets   (30)    (43)
 Increase in restricted cash   (4,544)    (456)
Net cash used in investing activities   (15,577)    (81,796)
        
Cash flows from financing activities:   
 Proceeds from long-term debt, net of issuance costs   100,000     120,401 
 Repayment of debt   (3,750)    - 
 Payments for repurchase of common stock   -     (7,999)
 Cash paid for capped call transaction   -     (10,125)
 Proceeds from the issuance of common stock under employee stock plans   6,184     5,035 
 Common stock repurchases for tax withholdings for net settlement of equity awards   (941)    (1,559)
 Proceeds from revolving credit facilities   25,000     70,500 
 Payments on revolving credit facilities   (30,000)    (65,500)
 Payments for credit facility issuance costs   (5,041)    (1,195)
Net cash provided by financing activities   91,452     109,558 
        
Effect of exchange rate changes on cash and cash equivalents   366     (890)
Net increase (decrease) in cash and cash equivalents   27,046     (7,154)
Cash and cash equivalents at beginning of period   17,902     25,056 
Cash and cash equivalents at end of period$  44,948  $  17,902 
        


           
AVID TECHNOLOGY, INC.          
Supplemental Revenue Information          
(unaudited - in thousands)          
            
  December 31, September 30, December 31,     
 Revenue Backlog*2016 2016 2015     
            
 Pre-2011$1,095  $3,364  $25,868      
 Post-2010$  224,589  $  236,644  $  322,514      
 Deferred Revenue$   225,684  $   240,008  $   348,382      
 Other Backlog$203,625  $197,153  $203,704      
   Total Revenue Backlog$429,309  $437,161  $552,086      
            
 Post 2010 $   428,214  $   433,797  $   526,218      
            
 The expected timing of recognition of revenue backlog as of December 31, 2016 is as follows:     
            
   2017  2018  2019 Thereafter Total 
 Orders executed prior to January 1, 2011$952 $143 $- $- $1,095  
 Orders executed or materially modified on or$136,090 $43,734 $23,306 $21,458 $224,589  
   after January 1, 2011          
 Other Backlog$79,808 $47,135 $26,808 $49,874 $203,625  
   Total Revenue Backlog$   216,850  $   91,012  $   50,114  $   71,332  $   429,309  
            
 *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.
  

            

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