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Avid Technology Announces Q1 2023 Results

Subscription ARR of $150 million, an increase of 30.1% year-over-year, and total Annual Recurring Revenue (ARR) of $247 million, an increase of 8.1% year-over-year

Subscription revenue of $39.4M, an increase of 19.5% year-over-year, driven by a net increase of 20,700 Active Paid Software Subscriptions in the quarter

Reaffirming 2023 annual guidance

BURLINGTON, Mass., May 04, 2023 (GLOBE NEWSWIRE) — Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, today announced its financial results for the first quarter of 2023, which ended on March 31, 2023.

Total revenue decreased (2.8%) year-over-year in the first quarter, or (0.1%) at constant currency, largely resulting from a decline in perpetual software revenue, which is reported in integrated solutions and other revenue, partially offset by strong growth in subscription revenue. Active Paid Software Subscriptions reached 526,700 as of March 31, 2023, an increase of 22.0% year-over-year. At March 31, 2023, Subscription ARR was $150 million, an increase of 30.1% year-over-year, and total ARR was $247 million, an increase of 8.1% year-over-year. At constant currency, Subscription ARR increased 31.1% year-over-year and total ARR increased 9.2% year-over-year.

In the first quarter, subscription revenue was $39.4 million, up 19.5% year-over-year, or 21.2% at constant currency, and subscription & maintenance revenue was $62.0 million, up 1.2% year-over-year, or 4.1% at constant currency. Maintenance revenue was $22.6 million in the first quarter, down 20.0% year-over-year, primarily driven by enterprise customers continuing to transition to subscription. Maintenance revenue is expected to stabilize through the remainder of 2023, as a result of an expected increase in shipments from the integrated solutions backlog beginning in the second quarter of 2023, as well as modifications to maintenance pricing. Integrated solutions revenue was $28.7 million in the first quarter, up 1.8% year-over-year, as demand continued to be healthy. However, supply chain constraints continued to limit production capacity, resulting in $20 million of unshipped contractually committed backlog at the end of the quarter.

During the first quarter, Gross Margin was 63.6% and Non-GAAP Gross Margin was 64.0%, down 280 basis points year-over-year, as continuing supply chain challenges negatively impacted audio hardware gross margin due to temporary higher production costs as well as shipments from aged backlog at older prices that do not reflect price increases during 2022. These challenges in audio gross margin, which are expected to be temporary, had a flow through impact on net income (loss), Adjusted EBITDA and Free Cash Flow in the quarter. The Company is proactively managing the associated costs and pricing for its audio hardware and believes these measures will have a positive effect on gross margin in the audio hardware business and the Company’s overall gross margin for the remainder of 2023. Subscription and maintenance gross margin remained strong at 85.5% during the first quarter.

First Quarter 2023 Financial and Business Highlights

  • Active Paid Software Subscriptions increased by approximately 20,700 during the quarter to approximately 526,700 as of March 31, 2023, an increase of 22.0% year-over-year.
  • Subscription ARR was $150 million, an increase of 30.1% year-over-year. At constant currency, Subscription ARR increased 31.1% year-over-year.
  • Total ARR was $247 million, an increase of 8.1% year-over-year. At constant currency, ARR increased 9.2% year-over-year.
  • Subscription revenue was $39.4 million, an increase of 19.5% year-over-year. At constant currency, subscription revenue increased 21.2% year-over-year.
  • Subscription and maintenance revenue was $62.0 million, an increase of 1.2% year-over-year. At constant currency, subscription and maintenance revenue increased 4.1% year-over-year.
  • Total revenue was $97.8 million, a decrease of (2.8%) year-over-year. At constant-currency, total revenue decreased (0.1%) year-over-year.
  • Gross margin was 63.6%, a decrease of (270 basis points) year-over-year and Non-GAAP Gross Margin was 64.0%, a decrease of (280 basis points) year-over-year.
  • Subscription and maintenance gross margin was 85.5% in the first quarter, an increase of 330 basis points year-over-year. Non-GAAP Subscription and Maintenance Gross Margin was 85.9% in the first quarter, an increase of 320 basis points year-over-year.
  • Integrated solutions gross margin was 28.7% in the first quarter, a decrease of (1250 basis points) year-over-year. Non-GAAP Integrated Solutions Gross Margin was 29.2% in the first quarter, a decrease of (1240 basis points) year-over-year.
  • Operating expenses were $58.7 million, an increase of 9.7% year-over-year. Non-GAAP Operating Expenses were $52.2 million, an increase of 5.0% year-over-year.
  • Net loss was ($0.4 million), a decrease of ($11.0 million) year-over-year. Net loss was (0.4%) of revenue. Non-GAAP Net Income was $6.6 million, a decrease of ($8.2 million) year-over-year. Non-GAAP Net Income was 6.7% of revenue.
  • Adjusted EBITDA was $12.7 million, a decrease of (33.9%) year-over-year. At constant-currency, Adjusted EBITDA decreased (27.2%) year-over-year. Adjusted EBITDA Margin was 13.0%, a decrease of (620 basis points) year-over-year.
  • Net loss per common share was ($0.01), a decrease of ($0.24) year-over-year. Non-GAAP Earnings per Share was $0.15, a decrease of ($0.18) year-over-year.
  • Net cash (used in) operating activities was ($2.6) million in the quarter, a decrease of ($10.5) million compared to the first quarter of 2022.
  • Free Cash Flow was ($6.5) million in the quarter, a decrease of ($11.2) million compared to the first quarter of 2022.
  • LTM Recurring Revenue % was 85.0% of the Company’s revenue for the 12 months ended March 31, 2023, up from 79.1% for the 12 months ended March 31, 2022.
  • The Company repurchased 15,706 shares for $0.4 million during the first quarter.   Through March 31, 2023, the Company has repurchased 2.9 million shares for $78.4 million under the $115 million share repurchase authorization announced on September 9, 2021.

Jeff Rosica, Avid’s Chief Executive Officer and President, stated, “We ended the first quarter with continued strong subscription growth, as well as a continued favorable bookings trend, which gives us confidence in our full-year 2023 outlook. Our customers continue to adopt both our enterprise subscription and creative subscription offerings, resulting in strong growth in Subscription ARR, which we believe is a key metric in measuring the health of our business.   In addition, as we work through the resolution of the ongoing supply chain issues, we did face some specific challenges and additional costs in the quarter, related to our audio hardware products, that were more significant than expected.   This created substantial and unexpected gross margin headwinds for audio hardware, which impacted overall profitability and Free Cash Flow in the quarter.” Mr. Rosica added, “We remain confident in our growing subscription and SaaS business, which, combined with the actions we are taking to improve our audio hardware margins and proactively manage our cost structure, we believe, will enable us to meet our 2023 guidance.”

Ken Gayron, Executive Vice President and Chief Financial Officer of Avid, said, “As the media markets we serve continue to invest in technology solutions such as ours to gain efficiencies, we continue to focus our investments on our subscription and cloud offerings.” Mr. Gayron added, “We believe these investments will drive continued strong growth in our subscription business and ARR as we look forward. We believe ARR is a key metric for assessing the growth of our strategic recurring revenue and normalizes the impact of accounting methodologies in a given period. Additionally, the actions we are taking to realign our cost structure to support our expanding subscription business give me confidence in our 2023 guidance.”

Second Quarter and Full-Year 2023 Guidance

For the second quarter of 2023, Avid is providing guidance for ARR, Revenue, Non-GAAP Earnings per Share and Adjusted EBITDA. For the full year 2023, Avid is affirming its guidance for ARR, Revenue, Subscription & Maintenance Revenue, Non-GAAP Earnings per Share, Adjusted EBITDA and Free Cash Flow, as adjusted, that was issued on March 1, 2023.

      

($ in millions, except per share amounts) Q2 2023 Guidance
ARR, at end of period $246 – $251
Revenue $101 – $111
Non-GAAP Earnings per Share $0.15 – $0.30
Adjusted EBITDA $13 – $20

Q2 Non-GAAP Earnings per Share assumes 44.1 million shares outstanding.

($ in millions, except per share amounts)  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 $50 – $60

2023 Non-GAAP Earnings per Share assumes 44.0 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 Q1 2023 Earnings presentation posted on Avid’s Investor Relations website at ir.Avid.com.

Conference Call to Discuss First Quarter 2023 Results on May 4, 2023

Avid will host a conference call to discuss its financial results for the first quarter 2023 on Thursday, May 4, 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.

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 Subscription and Maintenance Gross Margin, Non-GAAP Integrated Solutions Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Net Income, and Non-GAAP Earnings per Share. The Company also includes the operational metrics of Active Paid Software Subscriptions, Annual Recurring Revenue (or ARR), Subscription ARR, Recurring Revenue, and LTM Recurring Revenue % 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 current period budget exchange rates as of January 2023 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, as adjusted, 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 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 cost increases, interruptions, delays, complications, and other impacts related to armed conflict and/or cyber conflict and related international sanctions and reprisals; 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; the costs, disruption, and diversion of management’s attention due to 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 Rappole Jim Sheehan
Avid  Avid
[email protected]   [email protected]  

                                                                                                                                                                                                                     

 
AVID TECHNOLOGY, INC.
Consolidated Statements of Operations
(unaudited – in thousands except per share data)
 
  Three Months Ended
  March 31,
    2023       2022  
Net revenues:      
Subscription $ 39,385     $ 32,954  
Maintenance   22,650       28,327  
Integrated solutions & other   35,776       39,368  
Total net revenues   97,811       100,649  
       
Cost of revenues:      
Subscription   4,264       5,602  
Maintenance   4,747       5,277  
Integrated solutions & other   26,607       23,006  
Total cost of revenues   35,618       33,885  
Gross profit   62,193       66,764  
       
Operating expenses:      
Research and development   19,426       16,736  
Marketing and selling   22,657       21,927  
General and administrative   16,614       14,811  
Restructuring costs, net         15  
Total operating expenses   58,697       53,489  
       
Operating income   3,496       13,275  
       
Interest expense, net   (3,715 )     (1,476 )
Other income (expense), net   147       (87 )
(Loss) income before income taxes   (72 )     11,712  
Provision for income taxes   309       1,126  
Net (loss) income $ (381 )   $ 10,586  
       
Net (loss) income per common share – basic $ (0.01 )   $ 0.24  
Net (loss) income per common share – diluted $ (0.01 )   $ 0.23  
       
Weighted-average common shares outstanding – basic   43,813       44,817  
Weighted-average common shares outstanding – diluted   43,813       45,408  

 
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,
    2023       2022  
GAAP revenue      
GAAP revenue $ 97,811     $ 100,649  
       
Non-GAAP Gross Profit      
GAAP gross profit $ 62,193     $ 66,764  
Stock-based compensation   429       426  
Non-GAAP Gross Profit $ 62,622     $ 67,190  
GAAP Gross Margin   63.6 %     66.3 %
Non-GAAP Gross Margin   64.0 %     66.8 %
       
Non-GAAP Operating Expenses      
GAAP operating expenses $ 58,697     $ 53,489  
Less Amortization of intangible assets   (37 )     (58 )
Less Stock-based compensation   (4,664 )     (2,996 )
Less Restructuring costs, net         (15 )
Less Early Retirement Program   (1,202 )      
Less Acquisition, integration and other costs   (315 )     (459 )
Less Digital Transformation costs   (297 )     (243 )
Non-GAAP Operating Expenses $ 52,182     $ 49,718  
       
Non-GAAP Operating Income and Adjusted EBITDA      
GAAP net (loss) income $ (381 )   $ 10,586  
Interest and other expense   3,568       1,563  
Provision for income taxes   309       1,126  
GAAP operating income $ 3,496     $ 13,275  
Amortization of intangible assets   37       58  
Stock-based compensation   5,093       3,422  
Restructuring costs, net         15  
Early Retirement Program   1,202        
Acquisition, integration and other costs   315       459  
Digital Transformation costs   297       243  
Non-GAAP Operating Income $ 10,440     $ 17,472  
Depreciation   2,297       1,803  
Adjusted EBITDA $ 12,737     $ 19,275  
GAAP net income margin   (0.4 )%     10.5 %
Adjusted EBITDA Margin   13.0 %     19.2 %
       
       
       
Non-GAAP Net Income      
GAAP net (loss) income $ (381 )   $ 10,586  
Amortization of intangible assets   37       58  
Stock-based compensation   5,093       3,422  
Restructuring costs, net         15  
Early Retirement Program   1,202        
Acquisition, integration and other costs   315       459  
Digital Transformation costs   297       243  
Tax impact of non-GAAP adjustments         (3 )
Non-GAAP Net Income $ 6,563     $ 14,780  
Weighted-average common shares outstanding – basic   43,813       44,817  
Weighted-average common shares outstanding – diluted   43,813       45,408  
GAAP net (loss) income Per Share – basic $ (0.01 )   $ 0.24  
GAAP net (loss) income Per Share – diluted $ (0.01 )   $ 0.23  
Non-GAAP Earnings Per Share – basic $ 0.15     $ 0.33  
Non-GAAP Earnings Per Share – diluted $ 0.15     $ 0.33  
       
Free Cash Flow      
GAAP net cash provided by operating activities $ (2,556 )   $ 7,916  
Capital expenditures   (3,931 )     (3,244 )
Free Cash Flow $ (6,487 )   $ 4,672  
Free Cash Flow conversion of Adjusted EBITDA   (50.9 )%     24.2 %
       
Non-GAAP Gross Profit by Revenue Type      
Subscription Revenue   39,385       32,954  
Maintenance Revenue   22,650       28,327  
Subscription & Maintenance Revenue   62,035       61,281  
       
Subscription Cost of Revenues   4,264       5,602  
Maintenance Cost of Revenues   4,747       5,277  
Subscription & Maintenance Cost of Revenues   9,011       10,879  
Subscription & Maintenance Stock-based compensation   295       301  
Non-GAAP Subscription & Maintenance Cost of Revenues   8,716       10,578  
Subscription & Maintenance Gross Margin   85.5%       82.2%  
Non-GAAP Subscription & Maintenance Gross Margin   85.9%       82.7%  
       
Integrated Solutions Revenue   28,710       28,210  
Integrated Solutions Cost of Revenues   20,457       16,599  
Integrated Solutions Stock-based compensation   135       125  
Non-GAAP Integrated Solutions Cost of Revenues   20,322       16,474  
Integrated Solutions Gross Margin   28.7%       41.2%  
Non-GAAP Integrated Solutions Gross Margin   29.2%       41.6%  
       

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, except per share data)
 
  March 31,   December 31,
    2023       2022  
ASSETS      
Current assets:      
Cash and cash equivalents $ 20,855     $ 35,247  
Restricted cash   2,463       2,413  
Accounts receivable, net of allowances of $559 and $601 at March 31, 2023 and December 31, 2022, respectively   62,855       76,849  
Inventories   26,371       20,981  
Prepaid expenses   9,247       8,360  
Contract assets   31,966       32,295  
Other current assets   2,538       2,826  
Total current assets   156,295       178,971  
Property and equipment, net   25,586       23,684  
Goodwill   32,643       32,643  
Right of use assets   21,905       21,395  
Deferred tax assets, net   16,118       15,859  
Other long-term assets   21,364       14,901  
Total assets $ 273,911     $ 287,453  
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable $ 50,081     $ 45,904  
Accrued compensation and benefits   21,526       22,602  
Accrued expenses and other current liabilities   32,696       36,031  
Income taxes payable   217       62  
Short-term debt   9,716       9,710  
Deferred revenue   62,717       76,308  
Total current liabilities   176,953       190,617  
Long-term debt   170,690       172,958  
Long-term deferred revenue   19,734       17,842  
Long-term lease liabilities   21,025       20,470  
Other long-term liabilities   4,245       4,348  
Total liabilities   392,647       406,235  
       
Stockholders’ deficit:      
Common stock   464       462  
Treasury stock   (78,353 )     (77,933 )
Additional paid-in capital   1,036,538       1,036,287  
Accumulated deficit   (1,072,099 )     (1,071,718 )
Accumulated other comprehensive loss   (5,286 )     (5,880 )
Total stockholders’ deficit   (118,736 )     (118,782 )
Total liabilities and stockholders’ deficit $ 273,911     $ 287,453  

 
AVID TECHNOLOGY, INC.
Consolidated Statements of Cash Flows
(unaudited – in thousands)
 
  Three Months Ended
  March 31,
    2023       2022  
Cash flows from operating activities:      
Net (loss) income $ (381 )   $ 10,586  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization   2,297       1,803  
Recovery for doubtful accounts   (42 )     (135 )
Stock-based compensation expense   5,093       3,422  
Non-cash provision for restructuring         15  
Non-cash interest expense   149       126  
Loss on disposal of fixed assets         548  
Unrealized foreign currency transaction gains   675       (128 )
(Provision for) benefit from deferred taxes   (259 )     1,055  
Changes in operating assets and liabilities:      
Accounts receivable   14,036       19,770  
Inventories   (5,390 )     2,105  
Prepaid expenses and other assets   (3,688 )     (2,067 )
Accounts payable   4,177       (5,473 )
Accrued expenses, compensation and benefits and other liabilities   (4,570 )     (9,993 )
Income taxes payable   155       (723 )
Deferred revenue and contract assets   (14,808 )     (12,995 )
Net cash (used in) provided by operating activities   (2,556 )     7,916  
       
Cash flows from investing activities:      
Purchases of property and equipment   (3,931 )     (3,244 )
Net cash used in investing activities   (3,931 )     (3,244 )
       
Cash flows from financing activities:      
Repayment of debt principal   (2,410 )     (53 )
Payments for repurchase of common stock   (572 )     (10,562 )
Common stock repurchases for tax withholdings for net settlement of equity awards   (4,840 )     (8,936 )
Payments for credit facility issuance costs         (440 )
Net cash used in financing activities   (7,822 )     (19,991 )
       
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (83 )     (254 )
Net decrease in cash, cash equivalents and restricted cash   (14,392 )     (15,573 )
Cash, cash equivalents and restricted cash at beginning of period   38,852       60,556  
Cash, cash equivalents and restricted cash at end of period $ 24,460     $ 44,983  
Supplemental information:      
Cash and cash equivalents $ 20,855     $ 41,245  
Restricted cash $ 2,463     $ 2,013  
Restricted cash included in other long-term assets $ 1,142     $ 1,725  
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 24,460     $ 44,983  

 
AVID TECHNOLOGY, INC.
Supplemental Revenue Information
(unaudited – in millions)
 
Backlog Disclosure for Quarter Ended March 31, 2023      
           
  March 31, December 31, March 31,    
    2023   2022   2022    
Revenue Backlog*          
           
Deferred Revenue $82.5 $94.2 $92.3    
Other Backlog   259.1   288.6   283.0    
Total Revenue Backlog $341.6 $382.8 $375.3    
           
The expected timing of recognition of revenue backlog as of March 31, 2023 is as follows:  
           
    2023   2024   2025 Thereafter Total
           
Deferred Revenue $62.7 $8.9 $7.0 $3.9 $82.5
Other Backlog   140.1   52.0   40.5   26.5   259.1
Total Revenue Backlog $202.8 $60.9 $47.5 $30.4 $341.6
           
*A definition of Revenue Backlog is included in our Form 10-K and the supplemental financial and operational data sheet available on our investor relations webpage at ir.avid.com.

 

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