Continued Strong Growth in Cloud-Enabled Subscriptions
Efficiency Program and Completion of Transformation in Q2 2017 On-Track
Full-Year Guidance Updated to Reflect Transition of Storage Product and Continued Enterprise Market Volatility
BURLINGTON, Mass., Nov. 09, 2016 (GLOBE NEWSWIRE) -- Avid® (Nasdaq:AVID) announced its third quarter 2016 financial results today and updated its guidance for full year 2016.
Third Quarter 2016 Financial Highlights
- GAAP and non-GAAP Revenue was $119.0 million, slightly below the guidance range due to the transition of the storage product and higher proportion of recurring revenue bookings, and down $18.4 million year-over-year
- GAAP Gross Margin of 63.3% was down 0.6 percentage points year-over-year; non-GAAP Gross Margin of 65.1% was down 0.3 percentage points year-over-year
- GAAP Operating Expenses were $66.9 million, down $6.5 million year-over-year; non-GAAP Operating Expenses were $58.4 million, in-line with guidance and down $9.8 million year-over-year
- GAAP Net Income was $9.1 million, down $2.0 million year-over-year; Adjusted EBITDA was $22.9 million, in-line with guidance and down $2.1 million year-over-year
- GAAP Net Cash used in Operating Activities was $3.9 million, an improvement of $6.0 million year-over-year and an improvement of $29.9 million quarter-over-quarter; Adjusted Free Cash Flow use was $2.6 million, in-line with guidance, an improvement of $7.9 million year-over-year and an improvement of $27.6 million quarter-over-quarter
- Bookings and Constant Currency Bookings were $89.5 million and $94.8 million, respectively, below guidance due to transition of the storage product and enterprise market volatility, and down $25.6 million and $26.2 million year-over-year, respectively
Avid Everywhere Momentum Continues
- More than 40,000 enterprise users on the MediaCentral platform at the end of Q3 2016, an increase of 43% year-over-year
- More than 50,000 paying individual, cloud-enabled subscribers, a substantial majority of whom are new users, at the end of Q3 2016, a 2.9x increase year-over-year
- Bookings attributable to recurring revenue represented approximately 39% of total Q3 2016 bookings, up from 28% in Q3 2015
“We are pleased that our non-GAAP Operating Expenses, Adjusted EBITDA and Adjusted Free Cash Flow were in-line with guidance and that growth of our cloud-enabled subscribers and enterprise users on the MediaCentral platform continues to be very robust,” said Louis Hernandez, Jr, Chairman, President, and CEO of Avid. “Our Bookings and non-GAAP Revenue fell short of guidance due primarily to the transition of the storage product line, as some existing enterprise clients deferred normal upgrade and renewal decisions and new customers postponed investments until the release of functionality targeted to the enterprise market. We believe the enterprise-class functionality recently rolled out for NEXIS will set the course for improved growth, but not enough to make up the third quarter shortfall. In light of these factors and continued volatility in the enterprise market, we are more heavily risk-adjusting the timing of certain enterprise deals and reducing our financial guidance for full-year 2016.
“Continued momentum of key growth metrics and our improvement in Adjusted Free Cash Flow demonstrate that the transformation is on-track. We have executed $67 million of the $76 million savings we had planned for 2016 and delivered a $28 million sequential improvement in Adjusted Free Cash Flow in the quarter. We will continue to invest in growth areas and are working towards launching full cloud-enabled versions of the MediaCentral platform and the entire Avid Everywhere suite of products. As the platform matures and we position the company for growth, we expect we’ll continue to realize efficiencies, including additional opportunities of more than $30 million in annualized cost savings,” Mr. Hernandez concluded.
Financial Guidance
The Company updated its full-year 2016 guidance, as originally provided on March 15, 2016 and updated on August 3, 2016. The Company is reducing its full-year guidance for Bookings, non-GAAP Revenue, Adjusted EBITDA and Adjusted Free Cash Flow, as a result of the storage product transition and continued volatility in the enterprise market. The Company is improving its guidance for non-GAAP Operating Expenses, as a result of accelerated implementation of executed cost savings.
| Updated Full-Year 2016 Financial Guidance (in millions) | |
| Bookings (Constant Currency) | $415-$445 |
| Bookings | $391-$421 |
| Non-GAAP Revenue | $502-$517 |
| Non-GAAP Operating Expenses | $247-$253 |
| Adjusted EBITDA | $100-$107 |
| Adjusted Free Cash Flow | ($47)-($37) |
| Q4 2016 Financial Guidance (in millions) | |
| Bookings (Constant Currency) | $115-$145 |
| Bookings | $107-$137 |
| Non-GAAP Revenue | $105-$120 |
| Non-GAAP Operating Expenses | $56-$62 |
| Adjusted EBITDA | $9-$16 |
| Adjusted Free Cash Flow | ($5)-$5 |
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 Q3 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 non-GAAP Revenue, 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 third quarter of 2016 will be held on Wednesday, November 9, 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, 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 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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Net revenues: | ||||||||||||||||
| Products | $ | 63,740 | $ | 88,945 | $ | 223,841 | $ | 245,124 | ||||||||
| Services | 55,279 | 48,491 | 172,794 | 121,665 | ||||||||||||
| Total net revenues | 119,019 | 137,436 | 396,635 | 366,789 | ||||||||||||
| Cost of revenues: | ||||||||||||||||
| Products | 26,793 | 32,256 | 82,405 | 92,416 | ||||||||||||
| Services | 14,885 | 15,416 | 45,126 | 46,054 | ||||||||||||
| Amortization of intangible assets | 1,950 | 1,950 | 5,850 | 2,113 | ||||||||||||
| Total cost of revenues | 43,628 | 49,622 | 133,381 | 140,583 | ||||||||||||
| Gross profit | 75,391 | 87,814 | 263,254 | 226,206 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 19,953 | 25,225 | 62,791 | 71,708 | ||||||||||||
| Marketing and selling | 27,231 | 31,564 | 89,027 | 92,420 | ||||||||||||
| General and administrative | 13,822 | 15,834 | 48,359 | 52,646 | ||||||||||||
| Amortization of intangible assets | 567 | 786 | 2,135 | 1,568 | ||||||||||||
| Restructuring costs, net | 5,314 | - | 7,878 | 539 | ||||||||||||
| Total operating expenses | 66,887 | 73,409 | 210,190 | 218,881 | ||||||||||||
| Operating income | 8,504 | 14,405 | 53,064 | 7,325 | ||||||||||||
| Interest and other expense, net | (4,707 | ) | (2,519 | ) | (14,049 | ) | (4,681 | ) | ||||||||
| Income before income taxes | 3,797 | 11,886 | 39,015 | 2,644 | ||||||||||||
| (Benefit from) provision for income taxes | (5,321 | ) | 768 | (3,983 | ) | (4,221 | ) | |||||||||
| Net income | $ | 9,118 | $ | 11,118 | $ | 42,998 | $ | 6,865 | ||||||||
| Net income per common share - basic and diluted | $ | 0.23 | $ | 0.28 | $ | 1.08 | $ | 0.17 | ||||||||
| Weighted-average common shares outstanding - basic | 40,194 | 39,231 | 39,814 | 39,417 | ||||||||||||
| Weighted-average common shares outstanding - diluted | 40,476 | 39,750 | 39,950 | 40,727 | ||||||||||||
| AVID TECHNOLOGY, INC. | ||||||||||||||||
| Reconciliations of GAAP financial measures to Non-GAAP financial measures | ||||||||||||||||
| (unaudited - in thousands) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| Non-GAAP revenue | 2016 | 2015 | 2016 | 2015 | ||||||||||||
| GAAP revenue | $ | 119,019 | $ | 137,436 | $ | 396,635 | $ | 366,789 | ||||||||
| Amortization of acquired deferred revenue | - | - | 594 | - | ||||||||||||
| Non-GAAP revenue | 119,019 | 137,436 | 397,229 | 366,789 | ||||||||||||
| Non-GAAP gross profit | ||||||||||||||||
| GAAP gross profit | 75,391 | 87,814 | 263,254 | 226,206 | ||||||||||||
| Amortization of acquired deferred revenue | - | - | 594 | - | ||||||||||||
| Amortization of intangible assets | 1,950 | 1,950 | 5,850 | 2,113 | ||||||||||||
| Stock-based compensation | 157 | 183 | 488 | 652 | ||||||||||||
| Non-GAAP gross profit | 77,498 | 89,947 | 270,186 | 228,971 | ||||||||||||
| Non-GAAP operating expenses | ||||||||||||||||
| GAAP operating expenses | 66,887 | 73,409 | 210,190 | 218,881 | ||||||||||||
| Less Amortization of intangible assets | (567 | ) | (786 | ) | (2,135 | ) | (1,568 | ) | ||||||||
| Less Stock-based compensation | (1,571 | ) | (2,206 | ) | (5,628 | ) | (7,080 | ) | ||||||||
| Less Restructuring costs, net | (5,314 | ) | - | (7,878 | ) | (539 | ) | |||||||||
| Less Restatement costs | (38 | ) | (287 | ) | (186 | ) | (988 | ) | ||||||||
| Less Acquisition, integration and other recoveries (costs) | 336 | (1,965 | ) | (458 | ) | (7,640 | ) | |||||||||
| Less Efficiency program costs | (1,338 | ) | - | (3,338 | ) | - | ||||||||||
| Non-GAAP operating expenses | 58,395 | 68,165 | 190,567 | 201,066 | ||||||||||||
| Non-GAAP operating income | ||||||||||||||||
| GAAP operating income | 8,504 | 14,405 | 53,064 | 7,325 | ||||||||||||
| Amortization of acquired deferred revenue | - | - | 594 | - | ||||||||||||
| Amortization of intangible assets | 2,517 | 2,736 | 7,985 | 3,681 | ||||||||||||
| Stock-based compensation | 1,728 | 2,389 | 6,116 | 7,732 | ||||||||||||
| Restructuring costs, net | 5,314 | - | 7,878 | 539 | ||||||||||||
| Restatement costs | 38 | 287 | 186 | 988 | ||||||||||||
| Acquisition, integration and other (recoveries) costs | (336 | ) | 1,965 | 458 | 7,640 | |||||||||||
| Efficiency program costs | 1,338 | - | 3,338 | - | ||||||||||||
| Non-GAAP operating income | 19,103 | 21,782 | 79,619 | 27,905 | ||||||||||||
| Adjusted EBITDA | ||||||||||||||||
| Non-GAAP operating income (from above) | 19,103 | 21,782 | 79,619 | 27,905 | ||||||||||||
| Depreciation | 3,762 | 3,168 | 11,184 | 10,257 | ||||||||||||
| Adjusted EBITDA | 22,865 | 24,950 | 90,803 | 38,162 | ||||||||||||
| Adjusted free cash flow | ||||||||||||||||
| GAAP net cash used in operating activities | (3,909 | ) | (9,873 | ) | (48,925 | ) | (36,087 | ) | ||||||||
| Capital expenditures | (2,360 | ) | (4,368 | ) | (9,681 | ) | (11,110 | ) | ||||||||
| Restructuring payments | 1,496 | 316 | 8,981 | 1,052 | ||||||||||||
| Restatement payments | - | - | - | 3,624 | ||||||||||||
| Acquisition, integration and other payments | 196 | 3,368 | 1,817 | 4,958 | ||||||||||||
| Efficiency program payments | 1,947 | - | 5,530 | - | ||||||||||||
| Adjusted free cash flow | $ | (2,630 | ) | $ | (10,557 | ) | $ | (42,278 | ) | $ | (37,563 | ) | ||||
| 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) | ||||||||
| September 30, | December 31, | |||||||
| 2016 | 2015 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 47,717 | $ | 17,902 | ||||
| Accounts receivable, net of allowances of $8,491 and $9,226 | ||||||||
| at September 30, 2016 and December 31, 2015, respectively | 40,850 | 58,807 | ||||||
| Inventories | 55,634 | 48,073 | ||||||
| Prepaid expenses | 6,901 | 6,548 | ||||||
| Other current assets | 7,104 | 6,119 | ||||||
| Total current assets | 158,206 | 137,449 | ||||||
| Property and equipment, net | 32,969 | 35,481 | ||||||
| Intangible assets, net | 25,245 | 33,219 | ||||||
| Goodwill | 32,643 | 32,643 | ||||||
| Long-term deferred tax assets, net | 2,028 | 2,011 | ||||||
| Other long-term assets | 11,827 | 7,123 | ||||||
| Total assets | $ | 262,918 | $ | 247,926 | ||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 25,852 | $ | 45,511 | ||||
| Accrued compensation and benefits | 27,439 | 28,124 | ||||||
| Accrued expenses and other current liabilities | 33,434 | 35,354 | ||||||
| Income taxes payable | 658 | 1,023 | ||||||
| Short-term debt | 5,000 | 5,000 | ||||||
| Deferred revenues | 157,468 | 189,887 | ||||||
| Total current liabilities | 249,851 | 304,899 | ||||||
| Long-term debt | 188,301 | 95,950 | ||||||
| Long-term deferred tax liabilities, net | 1,367 | 3,443 | ||||||
| Long-term deferred revenues | 82,540 | 158,495 | ||||||
| Other long-term liabilities | 13,592 | 14,711 | ||||||
| Total liabilities | 535,651 | 577,498 | ||||||
| Stockholders' deficit: | ||||||||
| Common stock | 423 | 423 | ||||||
| Additional paid-in capital | 1,043,563 | 1,055,838 | ||||||
| Accumulated deficit | (1,276,369 | ) | (1,319,318 | ) | ||||
| Treasury stock at cost | (34,784 | ) | (58,336 | ) | ||||
| Accumulated other comprehensive loss | (5,566 | ) | (8,179 | ) | ||||
| Total stockholders' deficit | (272,733 | ) | (329,572 | ) | ||||
| Total liabilities and stockholders' deficit | $ | 262,918 | $ | 247,926 | ||||
| AVID TECHNOLOGY, INC. | |||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||
| (unaudited - in thousands) | |||||||||
| Nine Months Ended | |||||||||
| September 30, | |||||||||
| 2016 | 2015 | ||||||||
| Cash flows from operating activities: | |||||||||
| Net income | $ | 42,998 | $ | 6,865 | |||||
| Adjustments to reconcile net income to net cash used in operating activities: | |||||||||
| Depreciation and amortization | 19,169 | 13,936 | |||||||
| Provision (recovery) for doubtful accounts | 890 | (175 | ) | ||||||
| Stock-based compensation expense | 6,116 | 7,731 | |||||||
| Non-cash provision for restructuring | 1,137 | - | |||||||
| Non-cash interest expense | 7,935 | 1,544 | |||||||
| Unrealized foreign currency transaction losses (gains) | 2,021 | (5,098 | ) | ||||||
| Benefit for deferred taxes | (5,187 | ) | (6,504 | ) | |||||
| Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||
| Accounts receivable | 17,057 | 6,844 | |||||||
| Inventories | (7,561 | ) | 4,028 | ||||||
| Prepaid expenses and other current assets | (1,493 | ) | 1,772 | ||||||
| Accounts payable | (19,627 | ) | 4,932 | ||||||
| Accrued expenses, compensation and benefits and other liabilities | (4,384 | ) | (17,764 | ) | |||||
| Income taxes payable | 347 | 1,268 | |||||||
| Deferred revenues | (108,343 | ) | (55,466 | ) | |||||
| Net cash used in operating activities | (48,925 | ) | (36,087 | ) | |||||
| Cash flows from investing activities: | |||||||||
| Purchases of property and equipment | (9,681 | ) | (11,110 | ) | |||||
| Payments for business and technology acquisitions, net of cash acquired | - | (65,967 | ) | ||||||
| Increase in other long-term assets | (17 | ) | (575 | ) | |||||
| Increase in restricted cash | (4,544 | ) | (1,047 | ) | |||||
| Net cash used in investing activities | (14,242 | ) | (78,699 | ) | |||||
| Cash flows from financing activities: | |||||||||
| Proceeds from long-term debt | 100,000 | 120,401 | |||||||
| Repayment of debt | (2,500 | ) | - | ||||||
| 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 | 5,914 | 3,113 | |||||||
| Common stock repurchases for tax withholdings for net settlement of equity awards | (803 | ) | (1,442 | ) | |||||
| Proceeds from revolving credit facilities | 25,000 | 49,500 | |||||||
| Payments on revolving credit facilities | (30,000 | ) | (39,500 | ) | |||||
| Payments for credit facility issuance costs | (5,020 | ) | (1,193 | ) | |||||
| Net cash provided by financing activities | 92,591 | 112,755 | |||||||
| Effect of exchange rate changes on cash and cash equivalents | 391 | (1,045 | ) | ||||||
| Net increase (decrease) in cash and cash equivalents | 29,815 | (3,076 | ) | ||||||
| Cash and cash equivalents at beginning of period | 17,902 | 25,056 | |||||||
| Cash and cash equivalents at end of period | $ | 47,717 | $ | 21,980 | |||||
| AVID TECHNOLOGY, INC. | ||||||||||||||||||||
| Supplemental Revenue Information | ||||||||||||||||||||
| (unaudited - in thousands) | ||||||||||||||||||||
| September 30, | June 30, | September 30, | ||||||||||||||||||
| Revenue Backlog* | 2016 | 2016 | 2015 | |||||||||||||||||
| Pre-2011 | $ | 3,364 | $ | 8,732 | $ | 37,885 | ||||||||||||||
| Post-2010 | $ | 236,644 | $ | 258,420 | $ | 326,622 | ||||||||||||||
| Deferred Revenue | $ | 240,008 | $ | 267,152 | $ | 364,507 | ||||||||||||||
| Other Backlog | $ | 197,153 | $ | 197,591 | $ | 148,776 | ||||||||||||||
| Total Revenue Backlog | $ | 437,161 | $ | 464,743 | $ | 513,283 | ||||||||||||||
| Post 2010 | $ | 433,797 | $ | 456,011 | $ | 475,398 | ||||||||||||||
| The expected timing of recognition of revenue backlog as of September 30, 2016 is as follows: | ||||||||||||||||||||
| 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||
| Orders executed prior to January 1, 2011 | $ | 2,268 | $ | 952 | $ | 144 | $ | - | $ | 3,364 | ||||||||||
| Orders executed or materially modified on or after January 1, 2011 | $ | 46,235 | $ | 101,735 | $ | 43,433 | $ | 45,242 | $ | 236,645 | ||||||||||
| Other Backlog | $ | 31,632 | $ | 78,312 | $ | 27,995 | $ | 59,213 | $ | 197,152 | ||||||||||
| Total Revenue Backlog | $ | 80,135 | $ | 180,999 | $ | 71,572 | $ | 104,455 | $ | 437,161 | ||||||||||
| *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. | ||||||||||||||||||||