Avid® (NASDAQ: AVID), a leading technology provider that powers the
media and entertainment industry, today announced its first quarter
2020 financial results, which were in line with the business update
provided on April 7, 2020.
During the first quarter, the Company reported a record increase
in cloud-enabled software subscriptions, stable maintenance revenue
and growing contribution from long-term agreements with customers
which resulted in the Recurring Revenue portion of the Company’s
business growing 10% year-over-year and Annual Contract Value
growing 11% year-over-year. In addition, the Company believes
it is currently benefitting from a trend of large and medium sized
media companies that are looking to Avid to support their needs for
business continuity and work-from-home during the global
pandemic. This trend appears to be accelerating adoption of
the cloud-based solutions for media production workflows that Avid
previously introduced.
Due to the rapid spread of the COVID-19 global pandemic in the
second half of March, the non-Recurring Revenue portions of the
Company’s business, which generally depend disproportionately on
sales activity during the last few weeks of a given quarter, were
down year-over-year in the first quarter. The COVID-19 global
pandemic has caused the postponement or cancellation of many music
festivals and major sporting events, and the suspension of many
film and television productions, which negatively impacted the
Company’s product sales for the first quarter. In addition,
the travel restrictions put in place in many areas worldwide during
March negatively impacted professional services revenue in the
first quarter as the restrictions limited the Company’s ability to
deliver certain professional services and to complete certain
project milestones at the end of the quarter.
First Quarter 2020 Financial and Business
Highlights
- Subscription revenue was $14.0 million, up 50.4%
year-over-year.
- Record increase in cloud-enabled software subscriptions of
approximately 30,000 during Q1 2020, to approximately 218,000 at
March 31, 2020, an increase of 58.6% year-over-year in total paid
subscriptions.
- Subscription and Maintenance revenue was $45.8 million, up
10.8% year-over-year, and above the original guidance range
provided on March 7, 2020.
- Total revenue was $86.5 million, down (16.3%) year-over-year
primarily due to a reduction in non-recurring product and
professional services revenue.
- Recurring Revenue was $62.9 million, an increase of 10.4%
year-over-year.
- Gross margin was 61.5%, up 220 basis points
year-over-year. Non-GAAP Gross Margin was 61.7%, up 40 basis
points year-over-year.
- Operating expenses were $53.6 million, a decrease of (4.1%)
year-over-year. Non-GAAP Operating Expenses were $51.3
million, a decrease of (3.4%) year-over-year.
- Operating income was ($0.5) million, a decrease of (108.4%)
year-over-year. Non-GAAP Operating Income was $2.0 million, a
decrease of (80.0%) year-over-year.
- Adjusted EBITDA was $4.2 million, a decrease of (66.9%)
year-over-year. Adjusted EBITDA Margin was 4.8%, down (740)
basis points year-over-year.
- Net loss per common share was ($0.14), down from ($0.01) in Q1
2019. Non-GAAP Net Loss per Share was ($0.08), down from
Non-GAAP Net Income per Share of $0.11 in Q1 2019.
- Net cash (used in) operating activities was ($5.6) million in
Q1 2020, a decrease of ($12.0) million compared to Net cash
provided by operating activities of $6.4 million in Q1 2019.
- Free Cash Flow was ($7.1) million, a decrease of ($11.7)
million compared to $4.6 million in Q1 2019.
- LTM Recurring Revenue was 66.3% of the Company’s revenue for
the twelve months ended March 31, 2020, up 930 basis points from
57.0% for the twelve months ended March 31, 2019.
- Annual Contract Value was $264 million at the end of Q1 2020,
up 11.4% from $237 million at the end of Q1 2019.
Jeff Rosica, Avid’s CEO and President stated, “As the
intensification of the COVID-19 global pandemic impacted the
Company’s business in the second half of March, Avid management
responded expeditiously to institute plans to manage the business
through the global crisis by implementing cost-savings measures
while continuing to build recurring revenue sources from
subscriptions and cloud-based services, all with a continued focus
on employee safety, ensuring business continuity and supporting
customers.”
Mr. Rosica continued, “While the COVID-19 global pandemic has
generated short-term headwinds for certain portions of the
Company’s business, we believe it has also created opportunities to
grow other, strategic portions of the business. Avid signed a
new, significant multimillion dollar cloud services agreement, to
be delivered during the first half of 2020, with a major media
company to enable that customer to globally deploy cloud-based
business continuity solutions to ensure productions could continue
with remote workers, including those working-from-home. We
have observed that customer interest in the Company’s cloud-based
business continuity, shared storage and remote production solutions
has increased substantially as the COVID-19 situation has
progressed, and our recent agreement to extend our partnership with
Microsoft solidifies our commitment to delivering cloud-based
solutions for our customers.”
Ken Gayron, Executive Vice President and Chief Financial Officer
of Avid, said, “Given the headwinds that we have experienced in our
non-recurring revenue since the middle of March, we have taken what
we believe to be appropriate measures to aggressively reduce our
cost structure and to manage our cash flow through this
situation. We believe these cost savings actions will result
in benefits to our cost structure and improve our cash flow profile
moving forward.”
Cost Saving Actions
Avid has put in place a plan to reduce its operating expenses,
non-material cost of goods sold, and capital expenditures to offset
its expectations for the decline in revenues for products and
professional services due to the impact of the COVID-19 global
pandemic. The Company has implemented actions that are
expected to reduce Non-GAAP Operating Expenses by at least $30
million year-over-year in 2020 from a combination of temporary
furloughs and wage reductions for all staff, through the end of the
third quarter, with senior management and the board of directors
taking commensurate reductions; a hiring freeze; elimination of
merit increases and 401K match; reduced marketing spending due to
the cancellation of trade shows; reduction in usage of consultants,
contractors and outside services, and reduction in other business
activities, including travel and other discretionary
spending. The cost savings actions are also expected to
reduce non-material cost of goods sold by at least $10 million
year-over-year in 2020, which is expected to protect gross margin
at the expected lower product and professional services
volumes.
Supply Chain Update
During the first quarter, the Company did not experience any
material production issues related to its supply chain. In
early May, the Company’s contract manufacturing partners in Mexico
resumed needed production of the Company’s products. Based on
current information, the Company doesn’t expect any production
issues that would impact its second quarter production. The
Company will continue to monitor its supply chain providers
globally as the COVID-19 situation evolves.
Conference Call to Discuss First Quarter 2020 Results on
May 7, 2020
Avid will host a conference call to discuss its financial
results for the first quarter of 2020 on Thursday, May 7, 2020 at
5:00 p.m. ET. The call will be open to the public and can be
accessed by dialing +1 323-994-2131 and referencing confirmation
code 107655. You may also access the presentation slides and
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 for a limited time on 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
Operating Income, and Non-GAAP Net Income (Loss) 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
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 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 all operational metrics. Unless
noted, all financial and operating information is reported based on
actual exchange rates.
This earnings press release also includes forward-looking
non-GAAP financial measures, including Non-GAAP Operating Expenses.
Reconciliations of these forward-looking non-GAAP financial
measures are not included in the earnings release 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 financial measures, 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.
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, as amended. 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: 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
impact of the coronavirus (COVID-19) outbreak on our business,
suppliers, consumers, customers and employees; risks related to the
availability and prices of raw materials, including any negative
effects caused by inflation, weather conditions, or health
pandemics; disruptions or inefficiencies in our supply chain and/or
operations, including from 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 includes 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.
About Avid
Avid delivers the most open and efficient media platform,
connecting content creation with collaboration, asset protection,
distribution, and consumption. Avid’s preeminent customer community
uses Avid’s comprehensive tools and workflow solutions to create,
distribute and monetize the most watched, loved and listened to
media in the world-from prestigious and award-winning feature films
to popular television shows, news programs and televised sporting
events, and celebrated music recordings and live concerts. With the
most flexible deployment and pricing options, Avid’s
industry-leading solutions include Media Composer®, Pro Tools®,
Avid NEXIS®, MediaCentral®, iNEWS®, AirSpeed®, Sibelius®, Avid
VENUE™, Avid FastServe®™, Maestro™, and PlayMaker™. 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.
© 2020 Avid Technology, Inc. All rights reserved. Avid, the Avid
logo, Avid NEXIS, Avid FastServe, AirSpeed, iNews, Maestro,
MediaCentral, Media Composer, NewsCutter, PlayMaker, Pro Tools,
Avid VENUE, and Sibelius are trademarks or registered trademarks of
Avid Technology, Inc. or its subsidiaries in the United States
and/or other countries. All other trademarks are the property of
their respective owners. Product features, specifications, system
requirements and availability are subject to change without
notice.
Contacts |
|
Investor contact: |
PR contact: |
Whit Rappole |
Jim Sheehan |
Avid |
Avid |
ir@avid.com |
jim.sheehan@avid.com |
(978) 275-2032 |
(978) 640-3152 |
|
|
AVID TECHNOLOGY, INC.Consolidated
Statements of Operations(unaudited - in thousands, except
per share data)
|
Three Months Ended |
|
March 31, |
|
2020 |
|
2019 |
Net
revenues: |
|
|
|
|
|
Products |
$ |
34,711 |
|
|
$ |
54,396 |
|
Services |
51,742 |
|
|
48,923 |
|
Total net revenues |
86,453 |
|
|
103,319 |
|
|
|
|
|
|
|
Cost of
revenues: |
|
|
|
|
|
Products |
20,962 |
|
|
27,600 |
|
Services |
12,340 |
|
|
12,487 |
|
Amortization of intangible assets |
— |
|
|
1,950 |
|
Total cost of revenues |
33,302 |
|
|
42,037 |
|
Gross profit |
53,151 |
|
|
61,282 |
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Research and development |
15,425 |
|
|
16,285 |
|
Marketing and selling |
25,289 |
|
|
24,878 |
|
General and administrative |
12,744 |
|
|
13,788 |
|
Amortization of intangible assets |
— |
|
|
363 |
|
Restructuring costs, net |
145 |
|
|
558 |
|
Total operating expenses |
53,603 |
|
|
55,872 |
|
|
|
|
|
|
|
Operating (loss)
income |
(452 |
) |
|
5,410 |
|
|
|
|
|
|
|
Interest and other expense,
net |
(5,283 |
) |
|
(5,185 |
) |
(Loss) income before
income taxes |
(5,735 |
) |
|
225 |
|
Provision for income
taxes |
122 |
|
|
438 |
|
Net loss |
$ |
(5,857 |
) |
|
$ |
(213 |
) |
|
|
|
|
|
|
Net loss per common share –
basic and diluted |
$ |
(0.14 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
Weighted-average common shares
outstanding – basic and diluted |
43,254 |
|
|
42,046 |
|
|
|
|
|
|
|
AVID TECHNOLOGY, INC.Reconciliations of
GAAP financial measures to Non-GAAP financial
measures(unaudited - in thousands, except per share
data)
|
Three Months Ended |
|
March 31, |
|
2020 |
|
2019 |
GAAP
revenue |
|
|
|
|
|
GAAP revenue |
$ |
86,453 |
|
|
$ |
103,319 |
|
|
|
|
|
|
|
Non-GAAP Gross
Profit |
|
|
|
|
|
GAAP gross
profit |
$ |
53,151 |
|
|
$ |
61,282 |
|
Amortization of intangible
assets |
— |
|
|
1,950 |
|
Stock-based compensation |
200 |
|
|
69 |
|
Non-GAAP Gross
Profit |
$ |
53,351 |
|
|
$ |
63,301 |
|
Non-GAAP Gross
Margin |
61.7 |
% |
|
61.3 |
% |
|
|
|
|
|
|
Non-GAAP Operating
Expenses |
|
|
|
|
|
GAAP operating
expenses |
$ |
53,603 |
|
|
$ |
55,872 |
|
Less Amortization of
intangible assets |
(96 |
) |
|
(363 |
) |
Less Stock-based
compensation |
(1,909 |
) |
|
(1,669 |
) |
Less Restructuring costs,
net |
(145 |
) |
|
(558 |
) |
Less Restatement costs |
— |
|
|
8 |
|
Less Acquisition, integration
and other costs |
183 |
|
|
(151 |
) |
Less Efficiency program
costs |
(131 |
) |
|
(3 |
) |
Less COVID-19 related
expenses |
(186 |
) |
|
— |
|
Non-GAAP Operating
Expenses |
$ |
51,319 |
|
|
$ |
53,136 |
|
|
|
|
|
|
|
Non-GAAP Operating
Income |
|
|
|
|
|
GAAP operating (loss)
income |
$ |
(452 |
) |
|
$ |
5,410 |
|
Amortization of intangible
assets |
96 |
|
|
2,313 |
|
Stock-based compensation |
2,109 |
|
|
1,738 |
|
Restructuring costs, net |
145 |
|
|
558 |
|
Restatement costs |
— |
|
|
(8 |
) |
Acquisition, integration and
other costs |
(183 |
) |
|
151 |
|
Efficiency program costs |
131 |
|
|
3 |
|
COVID-19 related expenses |
186 |
|
|
— |
|
Non-GAAP Operating
Income |
$ |
2,032 |
|
|
$ |
10,165 |
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
|
Non-GAAP Operating
Income (from above) |
$ |
2,032 |
|
|
$ |
10,165 |
|
Depreciation |
2,142 |
|
|
2,428 |
|
Adjusted
EBITDA |
$ |
4,174 |
|
|
$ |
12,593 |
|
Adjusted EBITDA
Margin |
4.8 |
% |
|
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net (Loss)
Income |
|
|
|
|
|
Non-GAAP Operating
Income (from above) |
$ |
2,032 |
|
|
$ |
10,165 |
|
Less Non-GAAP Interest and
other expense |
(5,276 |
) |
|
(5,185 |
) |
Less Non-GAAP Income Tax |
(132 |
) |
|
(476 |
) |
Non-GAAP Net (Loss)
Income |
$ |
(3,376 |
) |
|
$ |
4,504 |
|
Weighted-average
common shares outstanding - diluted |
43,254 |
|
|
42,585 |
|
Non-GAAP (Loss)
Earnings Per Share - diluted |
$ |
(0.08 |
) |
|
$ |
0.11 |
|
|
|
|
|
|
|
Free Cash
Flow |
|
|
|
|
|
GAAP net cash (used
in) provided by operating activities |
$ |
(5,605 |
) |
|
$ |
6,376 |
|
Capital expenditures |
(1,479 |
) |
|
(1,767 |
) |
Free Cash
Flow |
$ |
(7,084 |
) |
|
$ |
4,609 |
|
Free Cash Flow
conversion of Adjusted EBITDA |
(169.7 |
)% |
|
36.6 |
% |
|
|
|
|
|
|
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)
|
March 31, |
|
December 31, |
|
2020 |
|
2019 |
ASSETS |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
81,182 |
|
|
$ |
69,085 |
|
Restricted cash |
1,663 |
|
|
1,663 |
|
Accounts receivable, net of allowances of $1,453 and $958 at March
31, 2020 and December 31, 2019, respectively. |
59,965 |
|
|
73,773 |
|
Inventories |
32,601 |
|
|
29,166 |
|
Prepaid expenses |
10,101 |
|
|
9,425 |
|
Contract assets |
22,162 |
|
|
19,494 |
|
Other current assets |
7,147 |
|
|
6,125 |
|
Total current assets |
214,821 |
|
|
208,731 |
|
Property and equipment, net |
18,873 |
|
|
19,580 |
|
Goodwill |
32,643 |
|
|
32,643 |
|
Right of use assets |
29,002 |
|
|
29,747 |
|
Long-term deferred tax assets, net |
7,640 |
|
|
7,479 |
|
Other long-term assets |
5,456 |
|
|
6,113 |
|
Total assets |
$ |
308,435 |
|
|
$ |
304,293 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
34,989 |
|
|
$ |
39,888 |
|
Accrued compensation and benefits |
19,185 |
|
|
19,524 |
|
Accrued expenses and other current liabilities |
33,044 |
|
|
36,759 |
|
Income taxes payable |
1,964 |
|
|
1,945 |
|
Short-term debt |
31,400 |
|
|
30,554 |
|
Deferred revenue |
82,441 |
|
|
83,589 |
|
Total current liabilities |
203,023 |
|
|
212,259 |
|
Long-term debt |
220,426 |
|
|
199,034 |
|
Long-term deferred revenue |
12,971 |
|
|
14,312 |
|
Long-term lease liabilities |
28,063 |
|
|
28,127 |
|
Other long-term liabilities |
5,414 |
|
|
5,646 |
|
Total liabilities |
469,897 |
|
|
459,378 |
|
|
|
|
|
|
|
Stockholders’
deficit: |
|
|
|
|
|
Common stock |
$ |
434 |
|
|
$ |
430 |
|
Additional paid-in capital |
1,028,115 |
|
|
1,027,824 |
|
Accumulated deficit |
(1,185,266 |
) |
|
(1,179,409 |
) |
Accumulated other comprehensive loss |
(4,745 |
) |
|
(3,930 |
) |
Total stockholders’ deficit |
(161,462 |
) |
|
(155,085 |
) |
Total liabilities and stockholders’ deficit |
$ |
308,435 |
|
|
$ |
304,293 |
|
|
|
|
|
|
|
|
|
AVID TECHNOLOGY, INC.Consolidated
Statements of Cash Flows(unaudited - in thousands)
|
Three Months
Ended |
|
March
31, |
|
2020 |
|
2019 |
Cash flows from
operating activities: |
|
|
|
|
|
Net loss |
$ |
(5,857 |
) |
|
$ |
(213 |
) |
Adjustments to reconcile net
loss to net cash (used in) provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
2,142 |
|
|
4,740 |
|
Allowance for (recovery from) doubtful accounts |
497 |
|
|
(9 |
) |
Stock-based compensation expense |
2,109 |
|
|
1,738 |
|
Non-cash interest expense |
2,820 |
|
|
3,359 |
|
Unrealized foreign currency transaction losses (gains) |
51 |
|
|
(586 |
) |
Benefit from deferred taxes |
(207 |
) |
|
(1 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
13,311 |
|
|
6,444 |
|
Inventories |
(3,435 |
) |
|
(1,372 |
) |
Prepaid expenses and other assets |
(1,631 |
) |
|
(3,861 |
) |
Accounts payable |
(4,858 |
) |
|
(810 |
) |
Accrued expenses, compensation and benefits and other
liabilities |
(5,323 |
) |
|
(2,837 |
) |
Income taxes payable |
40 |
|
|
261 |
|
Deferred revenue and contract assets |
(5,264 |
) |
|
(477 |
) |
Net cash (used in)
provided by operating activities |
(5,605 |
) |
|
6,376 |
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
Purchases of property and equipment |
(1,479 |
) |
|
(1,767 |
) |
Net cash used in
investing activities |
(1,479 |
) |
|
(1,767 |
) |
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
Proceeds from revolving line of credit |
22,000 |
|
|
— |
|
Repayment of debt |
(351 |
) |
|
(3,928 |
) |
Proceeds from the issuance of common stock under employee stock
plans |
— |
|
|
309 |
|
Common stock repurchases for tax withholdings for net settlement of
equity awards |
(1,818 |
) |
|
(1,690 |
) |
Partial unwind capped call cash receipt |
— |
|
|
(22 |
) |
Net cash provided by
(used in) financing activities |
19,831 |
|
|
(5,331 |
) |
|
|
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
(402 |
) |
|
(55 |
) |
Net increase (decrease) in
cash, cash equivalents and restricted cash |
12,345 |
|
|
(777 |
) |
Cash, cash equivalents and
restricted cash at beginning of period |
72,575 |
|
|
68,094 |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
84,920 |
|
|
$ |
67,317 |
|
Supplemental
information: |
|
|
|
|
|
Cash and cash equivalents |
$ |
81,182 |
|
|
$ |
55,326 |
|
Restricted cash |
1,663 |
|
|
9,020 |
|
Restricted cash included in
other long-term assets |
2,075 |
|
|
2,971 |
|
Total cash, cash equivalents
and restricted cash shown in the statement of cash flows |
$ |
84,920 |
|
|
$ |
67,317 |
|
|
|
|
|
|
|
|
|
AVID TECHNOLOGY, INC.Supplemental
Revenue Information(unaudited - in millions)
Backlog Disclosure
for Quarter Ended March 31, 2020 |
|
|
|
|
|
|
|
March 31, |
December 31, |
March 31, |
|
|
|
2020 |
2019 |
2019 |
|
|
Revenue
Backlog* |
|
|
|
|
|
|
|
|
|
|
|
Deferred Revenue |
$95.4 |
$97.9 |
$101.3 |
|
|
Other Backlog |
339.6 |
342.3 |
358.4 |
|
|
Total Revenue Backlog |
$435.0 |
$440.2 |
$459.7 |
|
|
|
|
|
|
|
|
The expected
timing of recognition of revenue backlog as of March 31, 2020 is as
follows: |
|
|
|
|
|
|
|
2020 |
2021 |
2022 |
Thereafter |
Total |
|
|
|
|
|
|
Deferred
Revenue |
$74.2 |
$14.7 |
$4.1 |
$2.4 |
$95.4 |
Other
Backlog |
102.0 |
99.3 |
75.7 |
62.6 |
339.6 |
Total Revenue Backlog |
$176.2 |
$114.0 |
$79.8 |
$65.0 |
$435.0 |
|
|
|
|
|
|
*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. |
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