EX-99.1 2 exhibit_99-1x05112012.htm RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES exhibit_99-1_05112012


EXHIBIT 99.1

AVID TECHNOLOGY, INC.
(in thousands except per share data, unaudited)

Reconciliations of GAAP financial measures to Non-GAAP financial measures:
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross
 
Operating
 
Operating
 
Tax
 
Net
 
 
Profit
 
Expenses
 
Loss
 
Provision
 
Loss
GAAP
 
$
77,564

 
$
89,826

 
$
(12,262
)
 
$
521

 
$
(12,977
)
Amortization of intangible assets
 
650

 
(1,611
)
 
2,261

 
 
 
2,261

Restructuring costs, net
 
 
 
(168
)
 
168

 
 
 
168

Acquisition and other costs (a)
 
 
 
(231
)
 
231

 
 
 
231

Tax adjustment
 
 
 
 
 
 
 
253

 
(253
)
Stock-based compensation included in:
 
 
 
 
 
 
 
 
 
 
Cost of products revenues
 
94

 
 
 
94

 
 
 
94

Cost of services revenues
 
157

 
 
 
157

 
 
 
157

Research and development expenses
 
 
 
(306
)
 
306

 
 
 
306

Marketing and selling expenses
 
 
 
(1,261
)
 
1,261

 
 
 
1,261

General and administrative expenses
 
 
 
(1,315
)
 
1,315

 
 
 
1,315

Non-GAAP
 
$
78,465

 
$
84,934

 
$
(6,469
)
 
$
774

 
$
(7,437
)
Weighted-average shares outstanding - diluted
 
 
 
 
 
 
 
 
 
38,662

Non-GAAP net loss per share - diluted
 
 
 
 
 
 
 
 
 
$
(0.19
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31, 2011 (Revised)
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross
 
Operating
 
Operating
 
Tax
 
Net
 
 
Profit
 
Expenses
 
(Loss) Income
 
Benefit
 
(Loss) Income
GAAP
 
$
99,439

 
$
101,290

 
$
(1,851
)
 
$
(2,318
)
 
$
(30
)
Amortization of intangible assets
 
657

 
(2,063
)
 
2,720

 
 
 
2,720

Restructuring costs, net
 
 
 
(8,770
)
 
8,770

 
 
 
8,770

Tax adjustment
 
 
 
 
 
 
 
750

 
(750
)
Stock-based compensation included in:
 
 
 
 
 
 
 
 
 
 
Cost of products revenues
 
2

 
 
 
2

 
 
 
2

Cost of services revenues
 
156

 
 
 
156

 
 
 
156

Research and development expenses
 
 
 
(300
)
 
300

 
 
 
300

Marketing and selling expenses
 
 
 
(1,105
)
 
1,105

 
 
 
1,105

General and administrative expenses
 
 
 
(985
)
 
985

 
 
 
985

Non-GAAP
 
$
100,254

 
$
88,067

 
$
12,187

 
$
(1,568
)
 
$
13,258

Weighted-average shares outstanding - diluted
 
 
 
 
 
 
 
 
 
38,584

Non-GAAP net income per share - diluted
 
 
 
 
 
 
 
 
 
$
0.34

 
 
 
 
 
 
 
 
 
 
 
(a) Represents costs included in general and administrative expenses
 
 
 
 
 
 






AVID TECHNOLOGY, INC.
(in thousands except per share data, unaudited)

Reconciliations of GAAP financial measures to Non-GAAP financial measures:
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2011 (Revised)
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross
 
Operating
 
Operating
 
Tax
 
Net
 
 
Profit
 
Expenses
 
(Loss) Income
 
Provision
 
(Loss) Income
GAAP
 
$
88,365

 
$
92,739

 
$
(4,374
)
 
$
2,672

 
$
(7,549
)
Amortization of intangible assets
 
685

 
(2,159
)
 
2,844

 
 
 
2,844

Restructuring costs, net
 
 
 
(2,707
)
 
2,707

 
 
 
2,707

Legal settlement and acquisition-related costs (a)
 
 
 
(163
)
 
163

 
 
 
163

Tax adjustment
 
 
 
 
 
 
 
1,008

 
(1,008
)
Stock-based compensation included in:
 
 
 
 
 
 
 
 
 
 
Cost of products revenues
 
168

 
 
 
168

 
 
 
168

Cost of services revenues
 
63

 
 
 
63

 
 
 
63

Research and development expenses
 
 
 
(435
)
 
435

 
 
 
435

Marketing and selling expenses
 
 
 
(1,051
)
 
1,051

 
 
 
1,051

General and administrative expenses
 
 
 
(1,970
)
 
1,970

 
 
 
1,970

Non-GAAP
 
$
89,281

 
$
84,254

 
$
5,027

 
$
3,680

 
$
844

Weighted-average shares outstanding - diluted
 
 
 
 
 
 
 
 
 
38,530

Non-GAAP net income per share - diluted
 
 
 
 
 
 
 
 
 
$
0.02

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2011 (Revised)
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross
 
Operating
 
Operating
 
Tax
 
Net
 
 
Profit
 
Expenses
 
Loss
 
Benefit
 
Loss
GAAP
 
82,368

 
93,459

 
(11,091
)
 
(590
)
 
(11,146
)
Amortization of intangible assets
 
685

 
(2,161
)
 
2,846

 
 
 
2,846

Restructuring costs, net
 
 
 
(162
)
 
162

 
 
 
162

Legal settlement and acquisition-related costs (a)
 
 
 
(392
)
 
392

 
 
 
392

Loss on sales of assets
 
 
 
(597
)
 
597

 
 
 
597

Tax adjustment
 
 
 
 
 
 
 
245

 
(245
)
Stock-based compensation included in:
 
 
 
 
 
 
 
 
 
 
Cost of products revenues
 
110

 
 
 
110

 
 
 
110

Cost of services revenues
 
277

 
 
 
277

 
 
 
277

Research and development expenses
 
 
 
(427
)
 
427

 
 
 
427

Marketing and selling expenses
 
 
 
(1,356
)
 
1,356

 
 
 
1,356

General and administrative expenses
 
 
 
(1,846
)
 
1,846

 
 
 
1,846

Non-GAAP
 
$
83,440

 
$
86,518

 
$
(3,078
)
 
$
(345
)
 
$
(3,378
)
Weighted-average shares outstanding - diluted
 
 
 
 
 
 
 
 
 
38,413

Non-GAAP net loss per share - diluted
 
 
 
 
 
 
 
 
 
$
(0.09
)
 
 
 
 
 
 
 
 
 
 
 
(a) Represents costs included in general and administrative expenses
 
 
 
 
 
 






AVID TECHNOLOGY, INC.
(in thousands except per share data, unaudited)

Reconciliations of GAAP financial measures to Non-GAAP financial measures:
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2011 (Revised)
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross
 
Operating
 
Operating
 
Tax
 
Net
 
 
Profit
 
Expenses
 
(Loss) Income
 
Provision
 
(Loss) Income
GAAP
 
$
87,166

 
$
90,692

 
$
(3,526
)
 
$
957

 
$
(4,783
)
Amortization of intangible assets
 
666

 
(2,145
)
 
2,811

 
 
 
2,811

Restructuring recoveries, net
 
 
 
1,476

 
(1,476
)
 
 
 
(1,476
)
Tax adjustment
 
 
 
 
 
 
 
55

 
(55
)
Stock-based compensation included in:
 
 
 
 
 
 
 
 
 
 
Cost of products revenues
 
139

 
 
 
139

 
 
 
139

Cost of services revenues
 
268

 
 
 
268

 
 
 
268

Research and development expenses
 
 
 
(472
)
 
472

 
 
 
472

Marketing and selling expenses
 
 
 
(1,218
)
 
1,218

 
 
 
1,218

General and administrative expenses
 
 
 
(2,036
)
 
2,036

 
 
 
2,036

Non-GAAP
 
$
88,239

 
$
86,297

 
$
1,942

 
$
1,012

 
$
630

Weighted-average shares outstanding - diluted
 
 
 
 
 
 
 
 
 
38,686

Non-GAAP net income per share - diluted
 
 
 
 
 
 
 
 
 
$
0.02