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Avid Technology, Inc. (AVID) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Avid Technology, Inc.

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CIK: 1054554 Ticker: AVID


Exhibit 99.1


Avid Technology Announces Q4 2016 Results and Issues Q1 and FY 2017 Guidance
Met or Exceeded Guidance for All Metrics and Delivered Positive Adjusted Free Cash Flow in Q4
Strong Sequential Bookings Growth
Efficiency Program Reduces Operating Expenses 29% Year-over-Year in Q4
Positive Adjusted Free Cash Flow Expected in 2017

BURLINGTON, MA, March 23, 2017
Avid® (NASDAQ:AVID) announced its fourth quarter and full year 2016 financial results today and provided financial guidance for first quarter and full year 2017.

Highlights of Fourth Quarter 2016 Results
•
GAAP and Non-GAAP Revenue was $115.3 million, in-line with guidance and down $23.5 million and $24.4 million year-over-year for GAAP and Non-GAAP, respectively. GAAP and Non-GAAP Revenue was down $3.7 million sequentially.
•
GAAP Gross Margin was 60.3%, up 1.2 percentage points year-over-year and down 3.1 percentage points sequentially; non-GAAP Gross Margin was 61.9%, up 1.1 percentage points year-over-year and down 3.2 percentage points sequentially.
•
GAAP Operating Expenses were $58.5 million, down $23.8 million year-over-year and down $8.4 million sequentially; Non-GAAP Operating Expenses were $50.1 million, below the guidance range, down $21.2 million year-over-year and down $8.3 million sequentially.
•
GAAP Net Income was $5.2 million, up $9.6 million year-over-year and down $3.9 million sequentially; Adjusted EBITDA was $25.2 million, above the guidance range, up $8.2 million year-over-year and up $2.4 million sequentially.
•
GAAP Net Cash used in Operating Activities was $270 thousand, down $2.3 million year-over-year and an improvement of $3.6 million sequentially; Adjusted Free Cash Flow was $2.0 million, in-line with guidance, down $0.3 million year-over-year and an improvement of $4.6 million sequentially.
•
Bookings and Constant Currency Bookings were $125.3 million and $134.5 million, in-line with guidance and down $67.8 million and $66.5 million year-over-year, respectively. The declines were attributable to the large Sinclair Enterprise deal booked in December 2015. Bookings and Constant Currency Bookings were up sequentially $35.7 million and $39.7 million, respectively.

Avid Everywhere Momentum Continues
•
More than 42,700 enterprise users on the MediaCentral platform at the end of 2016, a 29% increase from the beginning of the year
•
More than 60,700 paying individual, cloud-enabled subscribers, a substantial majority of whom are new customers to Avid, at the end of 2016, a 2.4x increase since the beginning of the year
◦
Added more than 10,700 paying subscribers in Q4, representing a 21% increase from the end of Q3 2016, and largest quarterly paying subscriber increase in Avid’s history
•
Digital bookings in Q4 2016 increased 27% year-over-year and 46% sequentially; digital bookings in 2016 increased 43% from 2015.


The following information was filed by Avid Technology, Inc. (AVID) on Thursday, March 23, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Avid Technology, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss) Statement
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accounts Receivable (details)
Accounts Receivable (notes)
Accounts Receivable (tables)
Acquisition Acquisition (notes)
Acquisition Fair Value Of Assets Acquired And Liabilities Assumed (details)
Acquisition Intangible Assets Acquired (details)
Business (notes)
Business Description Of Business (details)
Business Subsequent Event (tables)
Capital Stock (details)
Capital Stock (notes)
Capital Stock (tables)
Capital Stock Preferred Stock (details)
Capital Stock, Allocated Share-based Compensation Expense (details)
Capital Stock, Employee Stock Purchase Plan (details)
Capital Stock, Restricted Stock And Restricted Stock Units (details)
Capital Stock, Stock Options (details)
Commitments And Contingencies (details)
Commitments And Contingencies (notes)
Commitments And Contingencies (tables)
Employee Benefit Plans (details)
Employee Benefit Plans (notes)
Employee Benefit Plans Deferred Compensation Plans (details)
Fair Value Measurements (details)
Fair Value Measurements (notes)
Fair Value Measurements (tables)
Income Taxes (details)
Income Taxes (notes)
Income Taxes (tables)
Income Taxes Deferred Tax Assets (details)
Income Taxes Deferred Tax Liability Not Recognized (details)
Intangible Assets And Goodwill (details)
Intangible Assets And Goodwill (notes)
Intangible Assets And Goodwill (tables)
Inventories (details)
Inventories (notes)
Inventories (tables)
Long Term Debt And Credit Agreement (details)
Long Term Debt And Credit Agreement (notes)
Long-term Debt And Credit Agreement Carrying Value Of Long Term Debt (details)
Long-term Debt And Credit Agreement Carrying Value Of Long Term Debt (tables)
Long-term Debt And Credit Agreement Unamortized Debt Issuance Costs And Discounts (details)
Net Income Per Share (details)
Net Income Per Share (notes)
Net Income Per Share (tables)
Other Long-term Liabilities (details)
Other Long-term Liabilities (notes)
Other Long-term Liabilities (tables)
Product And Geographic Information (details)
Product And Geographic Information (notes)
Product And Geographic Information (tables)
Property And Equipment (details)
Property And Equipment (notes)
Property And Equipment (tables)
Quarterly Results (unaudited) (details)
Quarterly Results (unaudited) (notes)
Quarterly Results (unaudited) (tables)
Restructuring Costs And Accruals (details)
Restructuring Costs And Accruals (notes)
Restructuring Costs And Accruals (tables)
Summary Of Significant Accounting Policies Allowance For Doubtful Accounts (details)
Summary Of Significant Accounting Policies Allowance For Doubtful Accounts (tables)
Summary Of Significant Accounting Policies Allowance For Sales Returns And Exchanges (details)
Summary Of Significant Accounting Policies Allowance For Sales Returns And Exchanges (tables)
Summary Of Significant Accounting Policies Description Of Business (details)
Summary Of Significant Accounting Policies Property Plant And Equipment Useful Lives (tables)
Summary Of Significant Accounting Policies Property, Plant And Equipment (details)
Summary Of Significant Accounting Policies Revenue Recognition (details)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (notes)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (policies)
Ticker: AVID
CIK: 896841
Form Type: 10-K Annual Report
Accession Number: 0000896841-17-000052
Submitted to the SEC: Wed Mar 22 2017 7:31:57 PM EST
Accepted by the SEC: Thu Mar 23 2017
Period: Saturday, December 31, 2016
Industry: Prepackaged Software

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