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Avid Technology, Inc. (AVID) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Avid Technology, Inc.

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CIK: 1054554 Ticker: AVID


Exhibit 99.1
Avid Technology Announces Q4 and Full Year 2018 Results

Returns to GAAP Revenue growth with Adjusted EBITDA exceeding guidance and Free Cash Flow at the high end of guidance

BURLINGTON, Mass., March 14, 2019 --
Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, today announced its fourth quarter and full-year 2018 financial results, provided guidance for the first quarter of 2019 and reaffirmed full-year 2019 guidance.

Fourth Quarter 2018 Financial and Business Highlights
•
Revenue was $112.7 million, an increase of 5% year-over-year and 8% sequentially. Revenue excluding non-cash revenue was $112.4 million, an increase of 7% year-over-year and 10% sequentially.
•
Gross Margin was 59.0%, up 450 basis points year-over-year. Non-GAAP Gross Margin was 60.8%, up 480 basis points year-over-year.
•
Operating Expenses were $54.4 million, an increase of 1% year-over-year and 2% sequentially largely driven by a $5.2M legal settlement recognized as a credit in Q4 2017 offset by savings from operational efficiency initiatives. Excluding the non-recurring settlement, operating expenses declined by $4.4 million year-over year.
•
Operating Income was $12.1 million, an improvement of $7.3 million year-over-year and $5.0 million sequentially.
•
Adjusted EBITDA was $21.3 million, an increase of 42% year-over-year and 46% sequentially. Adjusted EBITDA Margin was 18.9%, up 490 basis points year-over-year and sequentially.
•
GAAP net income per common share was $0.14, up from net loss per common share of ($0.02) in Q4 2017.
•
Net cash provided by operating activities was $20.1 million.
•
Free Cash Flow was $17.7 million.
•
Software revenue from subscriptions increased 77% year-over-year, surpassing $10 million in the quarter.
•
Revenue through the Company’s e-commerce activities was up 50% year-over-year.

2018 Financial and Business Highlights
•
Revenue was $413.3 million, a decrease of 1% year-over-year. Revenue, excluding non-cash revenue, was $407.1 million, an increase of 5% year-over-year.
•
Gross Margin was 57.9%, up 10 basis points year-over-year. Non-GAAP Gross Margin was 59.8%, up 10 basis points year-over-year.
•
Operating Expenses were $225.5 million, a decrease of 5% year-over-year largely driven by savings from operational efficiency initiatives.
•
Operating Income was $13.7 million, an increase of 161%, or $8.4 million, year-over-year.
•
Adjusted EBITDA was $47.5 million, a decrease of 2% year-over-year. Adjusted EBITDA Margin was 11.5%, flat with 2017.


The following information was filed by Avid Technology, Inc. (AVID) on Thursday, March 14, 2019 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 (Loss) Income Statement
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accounts Receivable (Details)
Accounts Receivable (Notes)
Accounts Receivable (Tables)
Acquisition Fair Value Of Assets Acquired And Liabilities Assumed (Details)
Business (Notes)
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-Lived Assets (Notes)
Long-Lived Assets (Tables)
Long-Lived Assets Long-Lived Assets (Details)
Long-Lived Assets Long-Lived Assets (Tables)
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)
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)
Revenue Deferred Revenue Activity (Details)
Revenue Deferred Revenue Activity (Tables)
Revenue Revenue From Contract With Customer (Details)
Revenue Revenue From Contract With Customer (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 Revenue, Initial Application Period Cumulative Effect Transition (Details)
Summary Of Significant Accounting Policies Revenue, Initial Application Period Cumulative Effect Transition (Tables)
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: 0000896841-19-000019
Submitted to the SEC: Thu Mar 14 2019 1:48:47 PM EST
Accepted by the SEC: Fri Mar 15 2019
Period: Monday, December 31, 2018
Industry: Prepackaged Software

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