0000896841-23-000017.txt : 20230301 0000896841-23-000017.hdr.sgml : 20230301 20230301160640 ACCESSION NUMBER: 0000896841-23-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230301 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230301 DATE AS OF CHANGE: 20230301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AVID TECHNOLOGY, INC. CENTRAL INDEX KEY: 0000896841 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 042977748 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36254 FILM NUMBER: 23693474 BUSINESS ADDRESS: STREET 1: 75 NETWORK DRIVE CITY: BURLINGTON STATE: MA ZIP: 01803 BUSINESS PHONE: 978-640-6789 MAIL ADDRESS: STREET 1: 75 NETWORK DRIVE CITY: BURLINGTON STATE: MA ZIP: 01803 FORMER COMPANY: FORMER CONFORMED NAME: AVID TECHNOLOGY INC DATE OF NAME CHANGE: 19930203 8-K 1 avid-20230301.htm 8-K avid-20230301
0000896841false00008968412023-03-012023-03-0100008968412022-03-012022-03-01


        


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 1, 2023

AVID TECHNOLOGY, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware1-3625404-2977748
(State or Other Jurisdiction
of Incorporation)		(Commission File Number)(I.R.S. Employer
Identification No.)
75 Blue Sky Drive, Burlington, Massachusetts 01803
   (Address of Principal Executive Offices) (Zip Code)

978 640-6789
(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueAVIDNasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
 
Emerging growth company ☐
 


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.

On March 1, 2023, Avid Technology, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2022 (the “Press Release”). The full text of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 7.01 Regulation FD Disclosure.

The information contained in Item 2.02 is incorporated by reference herein.

Non-GAAP and Operational Measures. The attached Press Release includes financial measures that are not based on generally accepted accounting principles, or GAAP. These non-GAAP financial measures, which are not based on a comprehensive set of accounting rules or principles, include the following: Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Operating Income, Adjusted EBITDA, Adjusted EBITDA Margin, Non-GAAP Net Income, Non-GAAP Earnings Per Share, and Free Cash Flow.

•Non-GAAP Gross Margin is defined as GAAP gross margin, excluding stock-based compensation expense.
•Non-GAAP Operating Expenses are defined as GAAP operating expense excluding restructuring costs, stock-based compensation, amortization of intangible assets as well as other unusual items such as costs related to M&A related activity, efficiency program, transformation costs and COVID-19 related costs.
•Non-GAAP Operating Income is defined as GAAP operating income excluding restructuring costs, stock-based compensation, amortization of intangible assets as well as other unusual items such as costs related to M&A related activity, efficiency program, transformation costs and COVID-19 related costs.
•Adjusted EBITDA is defined as Non-GAAP operating income excluding depreciation expense.
•Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by GAAP Net Revenues.
•Non-GAAP Net Income is defined as GAAP net income excluding restructuring costs, stock-based compensation, amortization of intangible assets, loss on extinguishment of debt, gain on forgiveness of PPP loan, Non-GAAP tax adjustments, as well as other unusual items such as costs related to M&A related activity, efficiency program, transformation costs and COVID-19 related costs.
•Non-GAAP tax adjustments are defined as the tax impact on non-GAAP adjustments and excludes the deferred tax benefit associated with the release of a reserve against an uncertain tax position.
•Non-GAAP Earnings Per Share is defined as Non-GAAP Net Income divided by weighted-average common shares outstanding.
•Free Cash Flow is defined as GAAP operating cash flow less capital expenditures.

Reconciliations of these non-GAAP financial measures to their most comparable GAAP measures are contained in the tables accompanying the Press Release. The Press Release furnished herewith also includes forward-looking non-GAAP financial measures, including estimated Adjusted EBITDA, Non-GAAP Earnings Per Share and Free Cash Flow for future periods. Reconciliations of these forward-looking non-GAAP financial measures are not included in the Press Release furnished herewith 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.

These non-GAAP financial measures reflect how Avid manages its businesses internally. Avid’s Non-GAAP measures may vary from how other companies present non-GAAP measures. This non-GAAP information supplements, and is not intended to represent a measure of performance in accordance with, disclosures required by 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.

The Press Release furnished herewith also includes or references the operational metrics of Cloud-enabled software subscriptions, Recurring Revenue, LTM Recurring Revenue %, Annual Contract Value and Revenue Backlog.


Definitions of these operational metrics appear below and are also included in the supplemental financial and operational data sheet available on our investor relations webpage at ir.avid.com.

•Cloud-enabled software subscriptions as of the end of a quarter represent the number of paid subscription licenses under an active contract as of that date, excluding any licenses that may be receiving service under an active contract but that are not paid for at that time by the customer, whether due to a promotion, cancellation or otherwise.
•Recurring Revenue is defined as the sum of subscription revenue, maintenance revenue and revenue under our long-term contractual agreements.
•LTM Recurring Revenue % is Recurring Revenue divided by Total Net Revenue for the most recent four quarters.
•Annual Recurring Revenue (ARR) is an operating metric that represents the contracted value of all subscription, cloud and maintenance customer support agreements normalized to a one-year period. Total ARR includes only active contractually committed agreements and is the sum of Subscription ARR and Maintenance ARR. Subscription ARR represents the contracted value of our term subscription offerings and our cloud offerings normalized to a one-year period. Subscription ARR is calculated at the end of a period as the sum of (1) the total contract value of each active term subscription agreement divided by the term of the agreement plus (2) the annualized value of active recurring cloud subscription and services agreements. Maintenance ARR represents the contracted value of all term maintenance customer support agreements normalized to a one-year period. Maintenance ARR is calculated at the end of a period by dividing the total contract value of each active maintenance customer support agreement by the term of the agreement.
•Annual Contract Value is defined, as of a given date, as the sum of the following three components: (i) the annual value of all long-term contractual agreements in effect on such date, calculated by dividing the total value of each contract (excluding expected maintenance revenue included in (ii) below and expected subscription revenue included in (iii) below) divided by the total number of years of such contract, (ii) maintenance revenue for the quarter ended on such date, multiplied by four, and (iii) subscription revenue for the quarter ended on such date, multiplied by four.
•Revenue Backlog consists of firm orders received and includes both (i) orders where the customer has been invoiced in advance of our performance obligations being fulfilled and (ii) orders for future product deliveries or services that have not yet been invoiced by us.

Limitation on Incorporation by Reference. The information furnished in Items 2.02 and 7.01, including the Press Release furnished herewith as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Cautionary Note Regarding Forward-Looking Statements. This Form 8-K, and the Press Release furnished herewith as Exhibit 99.1 contain forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary notes in the Press Release regarding these forward-looking statements.

Item 9.01  Financial Statements and Exhibits.

(d)                   Exhibits.
Exhibit
Number		Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


AVID TECHNOLOGY, INC.
(Registrant)
Date: March 1, 2023
By: /s/ Kenneth Gayron
Name: Kenneth Gayron  
Title: Executive Vice President and Chief Financial Officer

 EX-99.1 2 a03-01x2023exhibit991.htm EX-99.1 Document

Exhibit 99.1
Avid Technology Announces Q4 and FY 2022 Results

Q4 revenue of $116.1M, which includes a ($3.3M) one-time non-cash adjustment, was in the middle of the implied Q4 guidance range; excluding the adjustment, Q4 revenue of $119.4M would have been at the high end of the implied Q4 guidance range

Subscription ARR of $141.3M, an increase of 37.1% year-over-year and 38.8% at constant currency, and total ARR of $244.9M, an increase of 10.2% year-over-year and 13.4% at constant currency

Exceeded 500,000 paid Cloud-Enabled Software Subscriptions as of December 31, 2022

Introduction of Annual Recurring Revenue (ARR) guidance for Q1 and FY 2023

BURLINGTON, Mass., March 1, 2023 -- 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, 2022.

As reported, fourth quarter revenue was $116.1 million, a decrease of (2.5%) year-over-year, net income was $25.3 million, an increase of 66.0% year-over-year, Adjusted EBITDA was $24.8 million, a decrease of (0.6%) year-over-year, net income per common share was $0.57, an increase of $0.24 year-over-year, and Non-GAAP Earnings per Share was $0.45, a decrease of ($0.01) year-over year. Revenue was in the middle of our implied Q4 guidance range, Adjusted EBITDA was below our implied Q4 guidance range and Non-GAAP Earnings per Share was within our implied Q4 guidance range.

During the fourth quarter, we recorded a one-time, non-cash adjustment to revenue of ($3.3 million) related to a corrective change in methodology for calculating standalone selling price for subscription term-based licenses in the amount of $0.1 million for FY 2020, ($2.1 million) for FY 2021 and ($1.3 million) for the nine months ending September 30, 2022, as outlined in our 10-K filed today. The adjustment related to the period from FY 2020 to FY 2022 and represented 0.3% of the total revenue over the three years. The adjustment also negatively impacted net income and Adjusted EBITDA in the fourth quarter, but had no impact on net cash provided by operating activities, Free Cash Flow or ARR.

Excluding the adjustment, fourth quarter revenue would have been $119.4 million, an increase of 0.3% year-over-year (or 4.4% at constant currency), net income would have been $27.7 million, an increase of 82.0% year-over year (or 97.3% at constant currency), Adjusted EBITDA would have been $27.2 million, an increase of 9.2% year-over year (or 17.9% at constant currency), net income per common share would have been $0.63, an increase of $0.30 year-over year (or an increase of $0.34 at constant currency) and Non-GAAP Earnings per Share would have been $0.51, an increase of $0.05 year-over-year (or an increase of $0.10 at constant currency). Excluding the adjustment, revenue and Non-GAAP Earnings per Share would have been in the high end of our implied Q4 guidance range and Adjusted EBITDA would have been within our implied Q4 guidance range.

The recurring components of the Company’s revenue remained strong during the fourth quarter as paid subscriptions reached 506,000 as of the end of 2022, an increase of 23.2% year-over-year. Subscription ARR was $141.3 million (as of December 31, 2022), an increase of 37.1% year-over-year, and total ARR was $244.9 million (as of December 31, 2022), an increase of 10.2% year-over-year. At constant currency, subscription ARR increased 38.8% year-over-year and total ARR increased 13.4% year-over-year. In the fourth quarter, integrated solutions revenue was $40.8 million, an increase of 55% sequentially, as we continued to work to resolve supply chain challenges. As a result of continued strong integrated solutions orders during the fourth quarter, the backlog of unshipped orders was reduced during the quarter but remained above what we believe to be normal levels as of the end of 2022, at over $20 million.

Net cash provided by operating activities was $22.5 million in the fourth quarter and $48.0 million for FY 2022. Free Cash Flow was $18.3 million in the fourth quarter and $32.8 million for FY 2022. Free Cash Flow was lower


year-over-year due to a greater use of cash in working capital, primarily from timing of cash billings related to multi-year enterprise subscriptions. In addition, higher capital expenditures, prepaid expenses due to our temporary Digital Transformation Initiative (DTI) investments and capitalized software development also negatively impacted Free Cash Flow. The Company expects that Free Cash Flow will be higher in 2023, as outlined in our guidance below.

Fourth Quarter 2022 Financial and Business Highlights

•Paid Cloud-enabled software subscriptions increased by approximately 23,100 during the quarter to approximately 506,000 as of December 31, 2022, an increase of 23.2% year-over-year.
•Subscription ARR was $141.3 million, an increase of 37.1% year-over-year. At constant currency, Subscription ARR increased 38.8% year-over-year.
•Total ARR was $244.9 million, an increase of 10.2% year-over-year. At constant currency, ARR increased 13.4% year-over-year.
•Subscription revenue was $42.5 million, an increase of 24.6% year-over-year. At constant currency, subscription revenue increased 29.6% year-over-year. Excluding the one-time adjustment in the quarter, subscription revenue would have increased 34.3% year-over-year and 39.2% year-over-year at constant currency.
•Subscription and maintenance revenue was $68.9 million, an increase of 5.3% year-over-year. At constant currency, Subscription and maintenance revenue increased 9.3% year-over-year. Excluding the one-time adjustment in the quarter, subscription and maintenance revenue would have increased 10.3% year-over-year and 14.3% year-over-year at constant currency.
•Total revenue was $116.1 million, a decrease of (2.5%) year-over-year. At constant-currency, total revenue increased 1.7% year-over-year. Excluding the one-time adjustment in the quarter, total revenue would have increased 0.3% year-over-year and 4.4% year-over-year at constant currency.
•Gross margin was 64.2%, a decrease of (160 basis points) year-over-year and Non-GAAP Gross Margin was 64.6%, a decrease of (160 basis points) year-over-year.
•Operating expenses were $58.0 million, a decrease of (5.2%) year-over-year. Non-GAAP Operating Expenses were $52.5 million, a decrease of (5.9%) year-over-year.
•Net income was $25.3 million, an increase of 66.0% year-over-year, due in part to a one-time non-cash tax benefit of $11.3 million in Q4 2022. Net income was 21.8% of revenue. Non-GAAP Net Income was $19.9 million, a decrease of (4.5%) year-over-year. Non-GAAP Net Income was 17.2% of revenue. Excluding the one-time adjustment in the quarter, net income would have increased 82.0% year-over-year and 97.3% year-over-year at constant currency, and Non-GAAP Net Income would have increased 7.1% year-over-year and 17.9% year-over-year at constant currency.
•Adjusted EBITDA was $24.8 million, a decrease of (0.6%) year-over-year. At constant-currency, Adjusted EBITDA increased 8.0% year-over-year. Adjusted EBITDA Margin was 21.4%, an increase of 40 basis points year-over-year. Excluding the one-time adjustment in the quarter, Adjusted EBITDA increased 9.2% year-over-year and 17.9% year-over-year at constant currency.
•Net income per common share was $0.57, an increase of $0.24 year-over-year, due in part to the one-time non-cash tax benefit in Q4 2022 mentioned above. Non-GAAP Earnings per Share was $0.45, a decrease of ($0.01) year-over-year. Excluding the one-time adjustment in the quarter, Net income per common share would have increased $0.30 year-over-year and $0.34 year-over-year at constant currency, and Non-GAAP Earnings per Share would have increased $0.05 year-over-year and $0.10 year-over-year at constant currency.
•Net cash provided by operating activities was $22.5 million in the quarter, a decrease of ($4.6) million compared to the prior year period.
•Free Cash Flow was $18.3 million in the quarter, a decrease of ($6.7) million compared to the fourth quarter of 2022, due to the items mentioned above.
•The Company repurchased 364,760 shares for $9.3 million during the fourth quarter, under the $115 million share repurchase authorization announced on September 9, 2021.

FY 2022 Financial and Business Highlights



•Paid Cloud-enabled software subscriptions increased during the year by approximately 95,400 to approximately 506,000 as of December 31, 2022, an increase of 23.2% year-over-year.
•Subscription revenue was $151.3 million, an increase of 39.5% year-over-year. At constant currency, subscription revenue increased 44.7% year-over-year. Excluding the one-time adjustment in the fourth quarter, subscription revenue would have increased 42.6% year-over-year and 47.7% year-over-year at constant currency.
•Subscription and maintenance revenue was $261.2 million, up 13.1% year-over-year. At constant currency, Subscription and maintenance revenue increased 16.4% year-over-year. Excluding the one-time adjustment in the fourth quarter, subscription and maintenance revenue would have increased 14.6% year-over-year and 17.8% year-over-year at constant currency.
•Total revenue was $417.4 million, an increase of 1.8% year-over-year. At constant-currency, total revenue increased 5.3% year-over-year. Excluding the one-time adjustment in the fourth quarter, total revenue would have increased 2.6% year-over-year and 6.1% year-over-year at constant currency.
•Gross margin was 65.7%, an increase of 90 basis points year-over-year. Non-GAAP Gross Margin was 66.2%, an increase of 90 basis points year-over-year.
•Operating expenses were $220.6 million, an increase of 0.5% year-over-year. Non-GAAP Operating Expenses were $203.3 million, an increase of 1.4% year-over-year.
•Net income was $55.2 million, an increase of 33.5% year-over-year, due in part to the one-time non-cash tax benefit in Q4 2022 mentioned above. Net income was 13.2% of revenue. Non-GAAP Net Income was $63.3 million, an increase of 9.3% year-over-year. Non-GAAP Net Income was 15.2% of revenue. Excluding the one-time adjustment in the quarter, net income would have increased 39.4% year-over year and 59.2% year-over-year at constant currency, and Non-GAAP Net Income would have increased 13.5% year-over-year and 26.4% year-over-year at constant currency.
•Adjusted EBITDA was $81.6 million, an increase of 8.1% year-over-year. At constant-currency, Adjusted EBITDA increased 17.9% year-over-year. Adjusted EBITDA Margin was 19.5%, an increase of 110 basis points year-over-year. Excluding the one-time adjustment in the fourth quarter, Adjusted EBITDA would have increased 11.3% year-over-year and 21.3% year-over-year at constant currency.
•Net income per common share was $1.23, an increase of $0.34 year-over-year, due in part to the one-time non-cash tax benefit in Q4 2022 mentioned above. Non-GAAP Earnings per Share was $1.41, an increase of $0.16 year-over-year. Excluding the one-time adjustment in the quarter, Net income per common share would have increased $0.40 year-over-year and $0.55 year-over-year at constant currency, and Non-GAAP Earnings per Share would have increased $0.22 year-over-year and $0.37 year-over-year at constant currency.
•Net cash provided by operating activities was $48.0 million in 2022, a decrease of (23.2%) year-over-year.
•Free Cash Flow was $32.8 million in 2022, a decrease of (41.1%) year-over-year, due to the items mentioned above.
•LTM Recurring Revenue % was 84.5% of the Company’s revenue for the year-ended 2022, up from 78.0% for the prior year period.
•The Company repurchased 2,036,524 shares for $52.8 million during 2022, under the $115 million share repurchase authorization announced on September 9, 2021.

Jeff Rosica, Avid’s Chief Executive Officer and President, stated, “We remain pleased with the overall business performance in the fourth quarter as we continue to see strong growth in our software subscription business for both creative and enterprise customers. Our customers continue to adopt our enterprise subscription offerings, which, combined with creative subscription growth, resulted in solid growth in ARR. In addition, we continued making progress in resolving supply chain challenges in our integrated solutions that we experienced throughout 2022.” Mr. Rosica added, “While the one-time, non-cash adjustment to revenue we took in the fourth quarter impacted our results for the quarter, absent this adjustment, we would have been at the high-end of our implied Q4 guidance range for revenue and Non-GAAP Earnings per Share, and so, as we start 2023, we are confident in the underlying performance of the business as our product innovations continue to drive strong customer demand for our solutions.”

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 59% of our total revenue in the quarter. This growth, combined with lower operating expenses, enabled us to deliver solid profitability in 2022 and, we believe, positions us well as we enter 2023.” Mr. Gayron continued, “Given the importance of ARR as a measure of the growth of our subscription and maintenance business, we have added ARR to our forward guidance for Q1 and FY 2023. Additionally, given our high confidence in our strategy and long-term model, we continued to repurchase shares in the fourth quarter under the Company’s share repurchase program.”

First Quarter and Full Year 2023 Guidance

For the first quarter of 2023, Avid is providing guidance for ARR, Revenue, Subscription & Maintenance Revenue, Non-GAAP Earnings per Share, and Adjusted EBITDA. For the full year 2023, Avid is providing guidance for ARR, Revenue, Subscription & Maintenance Revenue, Non-GAAP Earnings per Share, Adjusted EBITDA, and Free Cash Flow, as adjusted.

($ in millions, except per share amounts) Q1 2023 Guidance
ARR, at end of period $247 - $251
Revenue  $97 - $105
Subscription & Maintenance Revenue   $63 - $67
Non-GAAP Earnings per Share   $0.21 - $0.29
Adjusted EBITDA    $16 - $20
Q1 Non-GAAP Earnings per Share assumes 44.2 million shares outstanding.

Full Year 2023 Guidance
ARR, at end of period  $270 - $280
Revenue  $447 - $472
Subscription & Maintenance Revenue$292 - $302
Non-GAAP Earnings per Share $1.53 - $1.75
Adjusted EBITDA $95 - $105
Free Cash Flow, as adjusted  $50 - $60
2023 Non-GAAP Earnings per Share assumes 43.5 million shares outstanding. Free Cash Flow, as adjusted, excludes $7.0 million expected cash costs for restructuring.

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 FY 2022 Earnings presentation posted on Avid’s Investor Relations website at ir.Avid.com.

Conference Call to Discuss Fourth Quarter and FY 2022 Results on March 1, 2023

Avid will host a conference call to discuss its financial results for the fourth quarter and FY 2022 on Wednesday, March 1, 2023, 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. Please connect at least 5 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.

Corrective Change in Methodology for Calculating Standalone Selling Price

More information on the one-time, non-cash adjustment taken during the fourth quarter to correct an immaterial error in methodology for calculating standalone selling price for subscription term-based licenses in prior periods is detailed in Management’s Discussion and Analysis and the Notes to Consolidated Financial Statements in our 10-K filed today.

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, Annual Recurring Revenue, 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. Constant currency growth rates are calculated using the same historical budget exchange rates for both the historical and current periods. 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: the effect of the continuing worldwide macroeconomic uncertainty and its impacts, including inflation, market volatility and fluctuations in foreign currency exchange and interest rates on our business and results of operations, including impacts related to acts of war, armed conflict, and cyber conflict, such as for example, the Russian invasion of Ukraine, and related international sanctions and reprisals; risks related to the impact of the ongoing coronavirus (COVID-19) pandemic and subsequent variants on our business, suppliers, consumers, customers and employees; economic, social, and political instability, security concerns, and the risk of war, armed conflict and/or cyber conflict, particularly originating in, and complicated by, areas of heightened geopolitical tension and open conflict such as Ukraine, where we have outsourced research and development activities, Russia, and bordering territories; 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; the impact of changes in accounting treatment interpretations over time; our higher indebtedness and ability to service it and meet the obligations thereunder; our ability to mitigate and remediate material weaknesses in our internal controls; 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; seasonal factors; other adverse changes in external 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, inefficiencies, and/or complications in our operations and/or dynamic and unpredictable global supply chain, including interruptions, delays, complications, and other impacts related to armed conflict and/or cyber conflict and related international sanctions and reprisals and the ongoing COVID-19 pandemic and subsequent variants; the costs, disruption, and diversion of management's attention due to the ongoing COVID-19 pandemic and subsequent variants, armed conflict and/or cyber conflict and related international sanctions and reprisals; 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 35 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.

© 2023 Avid Technology, Inc., Avid and its logo are property of Avid. All rights reserved. Other trademarks are property of their respective owners.



Contacts
Investor contact:PR contact:
Whit RappoleJim Sheehan
AvidAvid
ir@Avid.comjim.sheehan@Avid.com


AVID TECHNOLOGY, INC.
Consolidated Statements of Operations
(unaudited - in thousands except per share data)
Three Months EndedTwelve Months Ended
 December 31,December 31,
 2022202120222021
Net revenues:  
Subscriptions$42,452 $34,059 $151,330 $108,443 
Maintenance26,463 31,414 109,845 122,411 
Integrated solutions & other47,184 53,591 156,238 179,090 
Total net revenues116,099 119,064 417,413 409,944 
Cost of revenues:
Subscriptions5,447 4,753 23,504 14,963 
Maintenance4,534 5,846 19,913 22,981 
Integrated solutions & other31,589 30,118 99,558 106,196 
Total cost of revenues41,570 40,717 142,975 144,140 
Gross profit74,529 78,347 274,438 265,804 
Operating expenses:
Research and development17,035 16,920 66,904 65,559 
Marketing and selling26,015 28,983 95,977 95,494 
General and administrative14,948 15,158 57,189 57,372 
Restructuring costs, net(2)115 513 1,116 
Total operating expenses57,996 61,176 220,583 219,541 
Operating income16,533 17,171 53,855 46,263 
Interest expense, net(3,189)(1,609)(9,350)(7,149)
Other income, net825 389 832 4,841 
Income before income taxes14,169 15,951 45,337 43,955 
(Benefit from) Provision for income taxes(11,091)735 (9,904)2,567 
Net income$25,260 $15,216 $55,241 $41,388 
Net income per common share – basic$0.58$0.34$1.24$0.92
Net income per common share – diluted$0.57$0.33$1.23$0.89
Weighted-average common shares outstanding – basic43,836 45,061 44,531 45,101 
Weighted-average common shares outstanding – diluted43,991 45,773 44,856 46,303 



AVID TECHNOLOGY, INC.
Reconciliations of GAAP financial measures to Non-GAAP financial measures
(unaudited - in thousands except per share data)
Three Months EndedTwelve Months Ended
December 31,December 31,
2022202120222021
GAAP revenue
GAAP revenue$116,099 $119,064 $417,413 $409,944 
Non-GAAP Gross Profit
GAAP gross profit$74,529 $78,347 $274,438 $265,804 
Stock-based compensation461 439 2,064 1,801 
Non-GAAP Gross Profit$74,990 $78,786 $276,502 $267,605 
GAAP Gross Margin64.2 %65.8 %65.7 %64.8 %
Non-GAAP Gross Margin64.6 %66.2 %66.2 %65.3 %
Non-GAAP Operating Expenses
GAAP operating expenses$57,996 $61,176 $220,583 $219,541 
Less Amortization of intangible assets(37)(73)(189)(388)
Less Stock-based compensation(5,029)(3,208)(14,440)(12,681)
Less Restructuring costs, net2 (115)(513)(1,116)
Less Acquisition, integration and other costs(75)(985)(506)(3,068)
Less Efficiency program costs— — — (48)
Less Digital Transformation costs(371)(1,028)(1,685)(1,836)
Less COVID-19 related expenses— — — (22)
Non-GAAP Operating Expenses$52,486 $55,767 $203,250 $200,382 
Non-GAAP Operating Income and Adjusted EBITDA
GAAP net income$25,260 $15,216 $55,241 $41,388 
Interest and other expense2,364 1,220 8,518 2,308 
Provision for income taxes(11,091)735 (9,904)2,567 
GAAP operating income$16,533 $17,171 $53,855 $46,263 
Amortization of intangible assets37 73 189 388 
Stock-based compensation5,490 3,647 16,504 14,482 
Restructuring costs, net(2)115 513 1,116 
Acquisition, integration and other costs75 985 506 3,068 
Efficiency program costs— — — 48 
Digital Transformation costs371 1,028 1,685 1,836 
COVID-19 related expenses— — — 22 
Non-GAAP Operating Income$22,504 $23,019 $73,252 $67,223 
Depreciation2,301 1,932 8,324 8,255 
Adjusted EBITDA$24,805 $24,951 81,576 75,478 
GAAP net income margin21.8 %12.8 %13.2 %10.1 %
Adjusted EBITDA Margin21.4 %21.0 %19.5 %18.4 %


Non-GAAP Net Income
GAAP net income$25,260 $15,216 $55,241 $41,388 
Amortization of intangible assets37 73 189 388 
Stock-based compensation5,490 3,647 16,504 14,482 
Restructuring costs, net(2)115 513 1,116 
Acquisition, integration and other costs75 985 506 3,068 
Efficiency program costs— — — 48 
Digital Transformation costs371 1,028 1,685 1,836 
Gain on forgiveness of PPP Loan— — — (7,800)
COVID-19 related expenses— — — 22 
Loss on extinguishment of debt— — — 3,748 
Non-GAAP tax adjustments(11,313)(198)(11,316)(382)
Non-GAAP Net Income$19,918 $20,866 $63,322 $57,914 
Weighted-average common shares outstanding - basic43,836 45,061 44,531 45,101 
Weighted-average common shares outstanding - diluted43,991 45,773 44,856 46,303 
Net Income per Share (Basic)$0.58 $0.34 $1.24 $0.92 
Net Income per Share (Diluted)$0.57 $0.33 $1.23 $0.89 
Non-GAAP Earnings Per Share - basic$0.45 $0.46 $1.42 $1.28 
Non-GAAP Earnings Per Share - diluted$0.45 $0.46 $1.41 $1.25 
Free Cash Flow
GAAP net cash provided by operating activities$22,456 $27,071 $48,019 $62,489 
Capital expenditures(4,184)$(2,069)(15,251)$(6,819)
Free Cash Flow$18,272 $25,002 $32,768 $55,670 
Free Cash Flow conversion of Adjusted EBITDA73.7 %100.2 %40.2 %73.8 %

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.
Consolidated Balance Sheets
(unaudited - in thousands, except per share data)
December 31,December 31,
20222021
ASSETS 
Current assets: 
Cash and cash equivalents$35,247 $56,818 
Restricted cash2,413 2,416 
Accounts receivable, net of allowances of $601 and $1,456 at December 31, 2022 and 2021, respectively76,849 77,046 
Inventories20,981 19,922 
Prepaid expenses8,360 5,464 
Contract assets32,295 18,903 
Other current assets2,826 1,953 
Total current assets178,971 182,522 
Property and equipment, net23,684 16,028 
Goodwill32,643 32,643 
Right of use assets21,395 24,143 
Deferred tax assets, net15,859 5,210 
Other long-term assets14,901 13,454 
Total assets$287,453 $274,000 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$45,904 $26,854 
Accrued compensation and benefits22,602 35,458 
Accrued expenses and other current liabilities36,031 37,552 
Income taxes payable62 868 
Short-term debt9,710 9,158 
Deferred revenue76,308 87,475 
Total current liabilities190,617 197,365 
Long-term debt172,958 160,806 
Long-term deferred revenue17,842 10,607 
Long-term lease liabilities20,470 23,379 
Other long-term liabilities4,348 5,917 
Total liabilities406,235 398,074 
Stockholders’ deficit:
Common stock462 455 
Treasury stock(77,933)(25,090)
Additional paid-in capital1,036,287 1,031,633 
Accumulated deficit(1,071,718)(1,126,959)
Accumulated other comprehensive loss(5,880)(4,113)
Total stockholders’ deficit(118,782)(124,074)
Total liabilities and stockholders’ deficit$287,453 $274,000 


AVID TECHNOLOGY, INC.
Consolidated Statements of Cash Flows
(unaudited - in thousands)
Twelve Months Ended
 December 31,
 20222021
Cash flows from operating activities:  
Net income$55,241 $41,388 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization8,324 8,254 
Provision for doubtful accounts1,056 694 
Loss on extinguishment of debt— 2,579 
Stock-based compensation expense16,555 13,737 
Non-cash provision for restructuring495 956 
Non-cash interest expense516 515 
Gain on forgiveness of PPP loan— (7,800)
Loss on disposal of fixed assets548 — 
Unrealized foreign currency transaction (gains)(788)(2,101)
(Benefit from) provision for deferred taxes(10,649)1,591 
Changes in operating assets and liabilities:
Accounts receivable(859)875 
Inventories(1,059)6,646 
Prepaid expenses and other assets(7,238)(1,156)
Accounts payable19,049 5,032 
Accrued expenses, compensation and benefits and other liabilities(16,066)69 
Income taxes payable(805)(796)
Deferred revenue and contract assets(16,301)(7,994)
Net cash provided by operating activities48,019 62,489 
Cash flows from investing activities:
Purchases of property and equipment(15,251)(6,819)
Net cash used in investing activities(15,251)(6,819)
Cash flows from financing activities:  
Proceeds from revolving line of credit44,000 — 
Repayment on revolving line of credit(44,000)— 
Proceeds from long-term debt20,000 180,000 
Repayment of debt(6,871)(210,456)
Payments for repurchase of common stock(52,993)(24,787)
Proceeds from the issuance of common stock under employee stock plans928 808 
Common stock repurchases for tax withholdings for net settlement of equity awards(12,822)(19,557)
Prepayment penalty on extinguishment of debt— (1,169)
Payments for credit facility issuance costs(942)(2,574)
Net cash used in financing activities(52,700)(77,735)


Effect of exchange rate changes on cash, cash equivalents and restricted cash(1,772)(1,016)
Net (decrease) in cash, cash equivalents and restricted cash(21,704)(23,081)
Cash, cash equivalents and restricted cash at beginning of period60,556 83,637 
Cash, cash equivalents and restricted cash at end of period$38,852 $60,556 
Supplemental information:
Cash and cash equivalents$35,247 $56,818 
Restricted cash$2,413 2,416 
Restricted cash included in other long-term assets$1,192 1,322 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$38,852 $60,556 


AVID TECHNOLOGY, INC.
Supplemental Revenue Information
(unaudited - in millions)
Backlog Disclosure for Quarter Ended December 31, 2022
December 31,September 30,December 31,
202220222021
Revenue Backlog*
Deferred Revenue$94.2 $76.7 $98.1 
Other Backlog288.6 302.5 314.7 
Total Revenue Backlog$382.8 $379.2 $412.8 
The expected timing of recognition of revenue backlog as of December 31, 2022 is as follows:
202320242025ThereafterTotal
Deferred Revenue$76.6 $10.2 $5.1 $2.3 $94.2 
Other Backlog147.3 66.8 48.2 26.3 288.6 
Total Revenue Backlog$223.9 $77.0 $53.3 $28.6 $382.8 
*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.


































AVID TECHNOLOGY, INC.
Impact of one-time, non-cash revenue adjustment in Q4 2022
(unaudited - in millions)

Q4 2022
Q4 Implied Guidance1
Q4
As Reported
Adjustment2
Excluding Adjustment
Revenue$111 - $123$116.1$3.3$119.4
Net income25.32.427.7
Non-GAAP Net Income19.92.422.4
Adj. EBITDA$26 - $3024.82.427.2
Net income per common share (diluted)3
$0.57$0.06$0.63
Non-GAAP Earnings per Share3
$0.44 - $0.54$0.45$0.06$0.51
FY 2022
FY 2022 Guidance1
FY 2022
As Reported
Adjustment2
Excluding Adjustment
Revenue$412 - $424$417.4$3.3$420.7
Net income55.22.457.7
Non-GAAP Net Income63.32.465.8
Adj. EBITDA$83 - $8781.62.484.0
Net income per common share (diluted)4
$1.23$0.06$1.29
Non-GAAP Earnings per Share4
$1.40 - $1.50$1.41$0.06$1.47
(1) Guidance provided November 8, 2022
(2) One-time, non-cash adjustment to revenue and the drop through impact on the bonus during Q4 2022
(3) Weighted-average share count (diluted) 44.0M for Q4 2022
(4) Weighted-average share count (diluted) 44.9M for FY 2022

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