Avid Technology Announces Q4 and FY 2021 Results


$119.1 Million Q4 Revenue and Year-Over-Year Growth of 14.2% in Q4 and 13.7% in FY 2021

$34.1 Million Q4 Subscription Revenue and Year-Over-Year Growth of 38.8% in Q4 and 48.9% in FY 2021

$0.33 Q4 Net Income per Common Share and Year-Over-Year Growth of 106.3% in Q4 and 256.0% in FY 2021

$0.46 Q4 Non-GAAP Earnings per Share and Year-Over-Year Growth of 39.4% in Q4 and 92.3% in FY 2021

BURLINGTON, Mass., March 01, 2022 (GLOBE NEWSWIRE) -- Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, today announced its financial results for the fourth quarter and full year ended December 31, 2021.

Total revenue increased 14.2% year-over-year in the fourth quarter, led by enterprise and creative subscription growth as well as favorable demand for integrated solutions, continuing the sustained growth trend with four consecutive quarters of year-over-year revenue growth. During the fourth quarter, the recurring revenue components of the Company’s business remained strong with subscription revenue of $34.1 million, up 38.8% year-over-year, and subscription & maintenance revenue of $65.5 million, up 17.9% year-over-year.

The revenue growth, combined with an increased mix of higher-gross margin software subscription revenue and improving integrated solutions gross margin, resulted in fourth quarter Non-GAAP Earnings per Share of $0.46. This strong profitability resulted in net cash provided by operating activities of $27.1 million and Free Cash Flow of $25.0 million in the fourth quarter.

For the full year 2021, Avid’s total revenue increased 13.7% to $409.9 million. Subscription revenue grew 48.9%, to $108.4 million, surpassing 26% of total revenue, up from 20% of total revenue in 2020. During 2021, the Company drove a 150 basis point increase in gross margin to 64.8%. The higher gross margin resulted in continued strong trends in profitability with net income per common share of $0.89 and Non-GAAP Earnings per Share of $1.25, an increase of 92.3% year-over-year. The strong profitability resulted in favorable cash generation with net cash provided by operating activities of $62.5 million and Free Cash Flow of $55.7 million, an increase of 64.4% year-over-year.

Fourth Quarter 2021 Financial and Business Highlights

  • Subscription revenue was $34.1 million, an increase of 38.8% year-over-year.
  • Paid Cloud-enabled software subscriptions increased by 28.3% year-over-year to approximately 410,600 at December 31, 2021 and increased by approximately 21,700 during the fourth quarter.
  • Subscription and Maintenance revenue was $65.5 million, up 17.9% year-over-year.
  • Total revenue was $119.1 million, an increase of 14.2% year-over-year.
  • Gross margin was 65.8%, an increase of 310 basis points year-over-year. Non-GAAP Gross Margin was 66.2%, an increase of 310 basis points year-over-year.
  • Operating expenses were $61.2 million, an increase of 12.2% year-over-year.   Non-GAAP Operating Expenses were $55.8 million, an increase of 20.4% year-over-year.
  • Net income was $15.2 million, an increase of 114.7% year-over-year. Non-GAAP Net Income was $20.9 million, an increase of 37.0% year-over-year.
  • Adjusted EBITDA was $25.0 million, an increase of 15.3% year-over-year. Adjusted EBITDA Margin was 21.0%, an increase of 30 basis points year-over-year.  
  • Net income per common share was $0.33, an increase of 106.3% year-over-year. Non-GAAP Earnings per Share was $0.46, an increase of 39.4% year-over-year.
  • Net cash provided by operating activities was $27.1 million in the quarter, an increase of $10.6 million compared to the prior quarter, but a decrease of ($3.6) million compared to the prior year period.
  • Free Cash Flow was $25.0 million in the quarter, an increase of $11.0 million compared to the prior quarter, but a decrease of ($5.6) million compared to the prior year period.
  • Repurchased 461,910 shares for $13.9 million during the fourth quarter, under the $115 million share repurchase authorization announced on September 9, 2021.

FY 2021 Financial and Business Highlights

  • Subscription revenue was $108.4 million, an increase of 48.9% year-over-year.
  • Subscription and Maintenance revenue was $230.9 million, an increase of 17.2% year-over-year.
  • Total revenue was $409.9 million, an increase of 13.7% year-over-year.
  • LTM Recurring Revenue represented 78.0% of the Company’s revenue for the year ended December 31, 2021, an increase of 380 basis points year-over-year.
  • Gross margin was 64.8%, an increase of 150 basis points year-over-year. Non-GAAP Gross Margin was 65.3%, an increase of 160 basis points year-over-year.
  • Operating expenses were $219.5 million, an increase of 11.6% year-over-year. Non-GAAP Operating Expenses were $200.4 million, an increase of 11.6% year-over-year.
  • Net income was $41.4 million, an increase of 274.1% year-over-year. Non-GAAP Net Income was $57.9 million, an increase of 98.8% year-over-year.
  • Adjusted EBITDA was $75.5 million, an increase of 28.7% year-over-year. Adjusted EBITDA Margin was 18.4%, an increase of 210 basis points year-over-year.
  • Net income per common share was $0.89, an increase of 256.0% year-over-year. Non-GAAP Earnings per Share was $1.25, an increase of 92.3% year-over-year.
  • Net cash provided by operating activities was $62.5 million in 2021, an increase of 58.0% year-over-year.
  • Free Cash Flow was $55.7 million in 2021, an increase of 64.4% year-over-year.
  • Annual Contract Value was $352.1 million at December 31, 2021, an increase of 17.1% year-over-year.
  • Repurchased 874,085 shares for $25.1 million during 2021, under the $115 million share repurchase authorization announced on September 9, 2021.

Jeff Rosica, Avid’s CEO and President, stated, “We ended 2021 with strong fourth quarter performance and good momentum heading into 2022.   During the fourth quarter, we continued to exceed our expectations for adoption of subscription solutions by our enterprise customers, and we continued to see solid growth in subscriptions for our creative tools. This strength in our subscription business, combined with growing storage and audio integrated solutions revenue and stable maintenance revenue, allowed us to deliver continued improvement in profitability and strong Free Cash Flow.”   Mr. Rosica added, “As we begin 2022, we continue to see strength across the end markets for our solutions, and we will continue to make selective investments in new products and innovation to enable Avid to continue delivering the industry-leading solutions that our customers depend on and to achieve our company strategy and our long-term growth and profitability targets.”

Ken Gayron, Executive Vice President and Chief Financial Officer of Avid, said, “We continued to make substantial progress in driving our higher gross margin subscription and maintenance revenue during the fourth quarter, which together accounted for 55% of our total revenue in the quarter. This growth, combined with improving integrated solutions gross margin, enabled us to deliver strong profitability and Free Cash Flow in the fourth quarter and positions us well as we enter 2022.” Mr. Gayron continued, “Additionally, given our strong Free Cash Flow and high confidence in our strategy and long-term model, and with the goal of enhancing shareholder returns, we continued to repurchase shares in the fourth quarter under the Company’s share repurchase program.”

First Quarter and Full Year 2022 Guidance

For the first quarter of 2022, Avid is providing guidance for Revenue, Subscription & Maintenance Revenue, Non-GAAP Earnings per Share, and Adjusted EBITDA. For the full year 2022, Avid is providing guidance for Revenue, Subscription & Maintenance Revenue, Non-GAAP Earnings per Share, Adjusted EBITDA, and Free Cash Flow.

($ in millions, except per share amounts)Q1 2022 Guidance
Revenue$100 - $106
Subscription & Maintenance Revenue$60 - $64
Non-GAAP Earnings per Share$0.30 - $0.38
Adjusted EBITDA$18.5 - $22.5
Q1 Non-GAAP Earnings per Share assumes 46.0 million shares outstanding.
  
 Full Year 2022 Guidance
Revenue$430 - $450
Subscription & Maintenance Revenue$266 - $274
Non-GAAP Earnings per Share$1.40 - $1.51
Adjusted EBITDA$84 - $94
Free Cash Flow$60 - $67
2022 Non-GAAP Earnings per Share assumes 46.2 million shares outstanding.
 

All guidance presented by the Company is inherently uncertain and subject to numerous risks and uncertainties. Avid’s actual future results of operations 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 Q4 and Full-Year 2021 Business Update presentation posted on Avid’s Investor Relations website at ir.avid.com.

Conference Call to Discuss Fourth Quarter and FY 2021 Results on March 1, 2022

Avid will host a conference call to discuss its financial results for the fourth quarter and FY 2021 on Tuesday, March 1, 2022 at 5:30 p.m. ET. Participants may join the webcast in listen-only mode and access the presentation slides using the link on the Avid Investor Relations website, which can be found on the Events & Presentations tab at ir.avid.com. Participants who would like to ask a question can access the call by dialing +1 646-828-8193 and referencing confirmation code 7636999. Please connect at least 15 minutes in advance to ensure a timely connection to the call. A replay of the call will also be available for a limited time and can be accessed on the Events & Presentations tab of the Avid Investor Relations website shortly after the completion of the call.

Non-GAAP Financial Measures and Operational Metrics

Avid includes non-GAAP financial measures in this press release, including Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Net Income, and Non-GAAP Earnings per Share. The Company also includes the operational metrics of Cloud-enabled software subscriptions, Recurring Revenue, LTM Recurring Revenue % and Annual Contract Value 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 and operating information is reported based on actual exchange rates. Definitions of the non-GAAP financial measures and the operational metrics are included in our Form 8-K filed today. Reconciliations of the non-GAAP financial measures presented in this press release to the Company's comparable GAAP financial measures for the periods presented are set forth below and are included in the supplemental financial and operational data sheet available on our Investor Relations website at ir.Avid.com, which also includes definitions of all operational metrics.

This press release also includes expectations for future Adjusted EBITDA, Non-GAAP Earnings per Share and Free Cash Flow, which are forward-looking non-GAAP financial measures. Reconciliations of these forward-looking non-GAAP measures are not included in this press release or elsewhere, due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from the estimation of the non-GAAP results, together with some of the excluded information not being ascertainable or accessible at this time. As a result, we are unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.

Forward-Looking Statements

Certain information provided in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include statements regarding our future financial performance or position, results of operations, business strategy, plans and objectives of management for future operations, and other statements that are not historical fact. You can identify forward-looking statements by their use of forward-looking words such as “may”, “will”, “anticipate”, “expect”, “believe”, “estimate”, “intend”, “plan”, “should”, “seek”, or other comparable terms.

Readers of this press release should understand that these forward-looking statements are not guarantees of performance or results. Forward-looking statements provide our current expectations and beliefs concerning future events and are subject to risks, uncertainties, and factors relating to our business and operations, all of which are difficult to predict and could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements.

These risks, uncertainties, and factors include, but are not limited to: risks related to the impact of the coronavirus (COVID-19) outbreak on our business, suppliers, consumers, customers and employees; economic, social, and political instability, security concerns, and the risk of war or armed conflict, particularly in areas of heightened geopolitical tension and open conflict such as Ukraine where we have outsourced research and development activities; our liquidity; our ability to execute our strategic plan including our cost saving strategies, and to 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; fluctuations in subscription and maintenance renewal rates; 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; risks related to the availability and prices of raw materials, including any negative effects caused by inflation, armed conflict and related sanctions, weather conditions, or health pandemics; disruptions or inefficiencies in our supply chain and/or operations, including from armed conflict and related sanctions and the COVID-19 outbreak; the costs, disruption, and diversion of management's attention due to the COVID-19 outbreak; the possibility of legal proceedings adverse to our Company; and other risks described in our reports filed from time to time with the U.S. Securities and Exchange Commission. Moreover, the business may be adversely affected by future legislative, regulatory or other changes, including tax law changes, as well as other economic, business and/or competitive factors. The risks included above are not exhaustive. We caution readers not to place undue reliance on any forward-looking statements included in this press release which speak only as to the date of this press release. We undertake no responsibility to update or revise any forward-looking statements, except as required by law.

Avid Powers Greater Creators

People who create media for a living become greater creators with Avid’s award-winning technology solutions to make, manage and monetize today’s most celebrated video and audio content—from iconic movies and bingeworthy TV series, to network news and sports, to recorded music and the live stage. What began more than 30 years ago with our invention of nonlinear digital video editing has led to individual artists, creative teams and organizations everywhere subscribing to our powerful tools and collaborating securely in the cloud. We continue to re-imagine the many ways editors, musicians, producers, journalists and other content creators will bring their stories to life. Discover the possibilities at avid.com and join the conversation on social media with the multitude of brilliant creative people who choose Avid for a lifetime of success.

© 2022 Avid Technology, Inc., Avid and its logo are property of Avid. All rights reserved. Other trademarks are property of their respective owners.



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, 
     2021   2020   2021   2020  
            
Net revenues:          
 Subscription $34,059  $24,539  $108,443  $72,831  
 Maintenance  31,414   30,985   122,411   124,175  
 Integrated solutions and other  53,591   48,777   179,090   163,460  
 Total net revenues  119,064   104,301   409,944   360,466  
            
Cost of revenues:         
 Subscription  4,753   2,413   14,963   6,870  
 Maintenance  5,846   6,190   22,981   21,651  
 Integrated solutions and other  30,118   30,348   106,196   103,625  
 Total cost of revenues  40,717   38,951   144,140   132,146  
            
Gross profit   78,347   65,350   265,804   228,320  
            
Operating expenses:         
 Research and development  16,920   14,902   65,559   57,018  
 Marketing and selling  28,983   22,660   95,494   87,637  
 General and administrative  15,158   12,908   57,372   47,052  
 Restructuring costs, net  115   4,038   1,116   5,046  
 Total operating expenses  61,176   54,508   219,541   196,753  
            
Operating income  17,171   10,842   46,263   31,567  
            
Interest expense, net  (1,609)  (4,565)  (7,149)  (20,001) 
Other income, net  389   636   4,841   868  
Income before income taxes  15,951   6,913   43,955   12,434  
            
Provision for (benefit from) income taxes  735   (174)  2,567   1,372  
Net income  $15,216  $7,087  $41,388  $11,062  
            
Net income per common share - basic $0.34  $0.16  $0.92  $0.25  
Net income per common share - diluted $0.33  $0.16  $0.89  $0.25  
            
Weighted-average common shares outstanding - basic  45,061   44,288   45,101   43,822  
Weighted-average common shares outstanding - diluted  45,773   45,541   46,303   44,878  
            



AVID TECHNOLOGY, INC.        
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures    
(unaudited - in thousands)        
           
           
           
    Three Months Ended Twelve Months Ended
    December 31, December 31,
     2021   2020   2021   2020 
GAAP Revenue        
 GAAP Revenue $ 119,064  $ 104,301  $ 409,944  $ 360,466 
           
Non-GAAP Gross Profit        
 GAAP Gross Profit  78,347   65,350   265,804   228,320 
  Stock-based compensation  439   431   1,801   1,339 
 Non-GAAP Gross Profit $ 78,786  $ 65,781  $ 267,605  $ 229,659 
 GAAP Gross Margin  65.8%  62.7%  64.8%  63.3%
 Non-GAAP Gross Margin  66.2%  63.1%  65.3%  63.7%
           
Non-GAAP Operating Expenses        
 GAAP Operating Expenses  61,176   54,508   219,541   196,753 
  Less Amortization of intangible assets (73)  (105)  (388)  (411)
  Less Stock-based compensation  (3,208)  (2,101)  (12,681)  (9,325)
  Less Restructuring costs, net  (115)  (4,038)  (1,116)  (5,046)
  Less Acquisition, integration and other costs (985)  (1,015)  (3,068)  (832)
  Less Efficiency program costs  -   (886)  (48)  (1,331)
  Less Digital Transformation costs  (1,028)  -   (1,836)  - 
  Less COVID-19 related expenses  -   (27)  (22)  (278)
 Non-GAAP Operating Expenses $ 55,767  $ 46,336  $ 200,382  $ 179,530 
           
Non-GAAP Operating Income and Adjusted EBITDA       
 GAAP net income  15,216   7,087   41,388   11,062 
  Interest and other expense  1,220   3,929   2,308   19,133 
  Provision for income taxes  735   (174)  2,567   1,372 
 GAAP Operating Income  17,171   10,842   46,263   31,567 
  Amortization of intangible assets  73   105   388   411 
  Stock-based compensation  3,647   2,532   14,482   10,664 
  Restructuring costs, net  115   4,038   1,116   5,046 
  Acquisition, integration and other costs 985   1,015   3,068   832 
  Efficiency program costs  -   886   48   1,331 
  Digital Transformation costs  1,028   -   1,836   - 
  COVID-19 related expenses  -   27   22   278 
 Non-GAAP Operating Income $ 23,019  $ 19,445  $ 67,223  $ 50,129 
  Depreciation  1,932   2,188   8,255   8,505 
 Adjusted EBITDA $ 24,951  $ 21,633  $ 75,478  $ 58,634 
 GAAP net income margin  12.8%  6.8%  10.1%  3.1%
 Adjusted EBITDA Margin  21.0%  20.7%  18.4%  16.3%
           
Non-GAAP Net Income        
 GAAP net income  15,216   7,087   41,388   11,062 
  Amortization of intangible assets  73   105   388   411 
  Stock-based compensation  3,647   2,532   14,482   10,664 
  Restructuring costs, net  115   4,038   1,116   5,046 
  Acquisition, integration and other costs 985   1,015   3,068   832 
  Efficiency program costs  -   886   48   1,331 
  Digital Transformation costs  1,028   -   1,836   - 
  Gain on forgiveness of PPP Loan  -   -   (7,800)  - 
  COVID-19 related expenses  -   27   22   278 
  Loss on Extinguishment of debt  -   -   3,748   - 
  Tax impact of non-GAAP adjustments (198)  (461)  (382)  (496)
 Non-GAAP Net Income $ 20,866  $ 15,229  $ 57,914  $ 29,128 
 Weighted-average share count (Basic)  45,061   44,288   45,101   43,822 
 Weighted-average share count (Diluted)  45,773   45,541   46,303   44,878 
 Non-GAAP Earnings per Share (Basic) $ 0.46  $ 0.34  $ 1.28  $ 0.66 
 Non-GAAP Earnings per Share (Diluted) $ 0.46  $ 0.33  $ 1.25  $ 0.65 
           
Free Cash Flow        
 Net cash provided by operating activities  27,071   30,704   62,489   39,555 
  Capital expenditures  (2,069)  (73)  (6,819)  (5,692)
 Free Cash Flow $ 25,002  $ 30,631  $ 55,670  $ 33,863 
 Free Cash Flow conversion from Adjusted EBITDA 100.2%  141.6%  73.8%  57.8%
           



AVID TECHNOLOGY, INC.    
Condensed Consolidated Balance Sheets    
(unaudited - in thousands)    
       
       
       
       
    December 31,December 31,
     2021   2020 
  Assets    
 Current Assets    
  Cash and Cash Equivalents $56,818  $79,899 
  Restricted Cash  2,416   1,422 
  Accounts receivable, net of allowances of $1,456 and $1,478  
  at December 30, 2021 and December 31, 2020, respectively  77,046   78,614 
  Inventories  19,922   26,568 
  Prepaid Expenses  5,464   6,044 
  Contract Assets  18,903   18,579 
  Other Current Assets  1,953   2,366 
 Total Current Assets  182,522   213,492 
       
  Property and Equipment, Net  16,028   16,814 
  Goodwill  32,643   32,643 
  Right of Use Assets  24,143   29,430 
  Deferred Tax Assets, Net  5,210   6,801 
  Other Long-Term Assets  13,454   5,958 
 Total Assets $274,000  $305,138 
       
  Liabilities and Stockholders' Deficit    
 Current Liabilities    
  Accounts Payable $26,854  $21,823 
  Accrued Compensation and Benefits  35,458   29,105 
  Accrued Expenses and Other Current Liabilities  37,552   42,264 
  Income Taxes Payable  868   1,664 
  Short-Term Debt  9,158   4,941 
  Deferred Revenues  87,475   87,974 
 Total Current Liabilities  197,365   187,771 
       
  Long-Term Debt  160,806   202,759 
  Long-Term Deferred Revenues  10,607   11,284 
  Long-Term Lease Liabilities  23,379   28,462 
  Other Long-Term Liabilities  5,917   7,786 
 Total Liabilities  398,074   438,062 
       
 Stockholders' Deficit    
  Common Stock  455   442 
  Treasury Stock  (25,090)  - 
  Additional Paid in Capital  1,031,633   1,036,658 
  Accumulated Deficit  (1,126,959)  (1,168,347)
  Accumulated Other Comprehensive Loss  (4,113)  (1,677)
 Total Stockholders' Deficit  (124,074)  (132,924)
       
 Total Liabilities and Stockholders' Deficit $274,000  $305,138 
       



AVID TECHNOLOGY, INC.   
Condensed Consolidated Statements of Cash Flows   
(unaudited - in thousands)   
    Twelve Months Ended
    December 31,
     2021   2020 
       
Cash flows from operating activities:   
 Net income$41,388  $11,062 
 Adjustments to reconcile net income to net cash provided by operating activities:   
  Depreciation and amortization 8,254   8,505 
  Provision for doubtful accounts 694   1,298 
  Loss on extinguishment of debt 2,579   - 
  Stock-based compensation expense 13,737   10,664 
  Non-cash provision for restructuring 956   5,046 
  Non-cash interest expense 515   3,651 
  Gain on extinguishment of PPP loan (7,800)  - 
  Unrealized foreign currency transaction (gains) loss (2,101)  1,570 
  Provision for deferred taxes 1,591   827 
  Changes in operating assets and liabilities:   
   Accounts receivable 875   (6,124)
   Inventories 6,646   2,598 
   Prepaid expenses and other assets (1,156)  6,176 
   Accounts payable 5,032   (18,141)
   Accrued expenses, compensation and benefits and other liabilities 69   10,432 
   Income taxes payable (796)  (281)
   Deferred revenue and contract assets (7,994)  2,272 
Net cash provided by operating activities 62,489   39,555 
       
Cash flows from investing activities:   
 Purchases of property and equipment (6,819)  (5,692)
Net cash used in investing activities (6,819)  (5,692)
       
Cash flows from financing activities:   
 Proceeds from revolving line of credit -   22,000 
 Repayment from revolving line of credit -   (22,000)
 Proceeds from long-term debt 180,000   7,800 
 Repayment of debt (210,456)  (2,250)
 Payments for repurchase of common stock (24,787)  - 
 Payments for repurchase of outstanding Notes -   (28,867)
 Proceeds from the issuance of common stock under employee stock plans 808   547 
 Common stock repurchases for tax withholdings for net settlement of equity awards (19,557)  (2,365)
 Prepayment for loss on extinguishment of debt (1,169)  - 
 Partial unwind capped call cash receipt -   875 
 Payments for credit facility issuance costs (2,574)  (289)
Net cash used in financing activities (77,735)  (24,549)
       
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (1,016)  1,748 
Net (decrease) increase in cash, cash equivalents, and restricted cash (23,081)  11,062 
Cash, cash equivalents and restricted cash at beginning of the period$83,637   72,575 
Cash, cash equivalents and restricted cash at end of the period$60,556  $83,637 
Supplemental information:   
Cash and cash equivalents$56,818   79,899 
Restricted cash 2,416   1,422 
Restricted cash included in other long-term assets 1,322   2,316 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$60,556  $83,637 
       



AVID TECHNOLOGY, INC.
Supplemental Revenue Information
(unaudited - in millions)         
          
          
 Dec 31, Sep 30, Dec 31,    
 2021 2021 2020     
Revenue Backlog*         
          
Deferred Revenue$ 98.1 $ 86.8 $ 99.3    
Other Backlog314.7 315.0 336.2    
Total Revenue Backlog$ 412.8 $ 401.8 $ 435.5    
          
          
The expected timing of recognition of revenue backlog as of December 31, 2021 is as follows:
          
 2022 2023 2024 Thereafter Total
          
Deferred Revenue$ 87.4 $ 5.7 $ 2.9 $ 2.1 $ 98.1
Other Backlog138.6 83.3 54.9 37.9 $ 314.7
Total Revenue Backlog$ 226.0 $ 89.0 $ 57.8 $ 40.0 $ 412.8
          
*A definition of Revenue Backlog is included in our Form 10-K and the supplemental financial and operational data sheet available on our investor relations webpage at ir.avid.com.
          
 
 



 

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