Last10K.com

Avid Technology, Inc. (AVID) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Avid Technology, Inc.

HISTORY TOOLS
CIK: 1054554 Ticker: AVID

Exhibit 99.1
Avid Technology Announces Second Quarter 2021 Results

19.7% Year-Over-Year Revenue Growth, driven by Continued Subscription Growth and Recovery in Integrated Solutions

$6.6 million in Net Cash Provided by Operating Activities and Free Cash Flow of $5.6 million in the Quarter

Net Income per Share of $0.15 and Non-GAAP Net Income per Share of $0.25, a 108% Improvement Year-Over-Year

Full Year 2021 Guidance: Raises Free Cash Flow Guidance and Reaffirms All Other Guidance

BURLINGTON, Mass., August 3, 2021 -- Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, today announced its financial results for the second quarter ended June 30, 2021, provided guidance for the third quarter of 2021, raised full-year guidance for Free Cash Flow, and reaffirmed all other full-year 2021 guidance.

Total revenue increased 19.7% year-over-year in the second quarter, driven by (i) continued growth in Subscription revenue, which was $21.5 million, an increase of 30.9% year-over-year and (ii) a recovery in Integrated Solutions revenue, which was $31.3 million, an increase of 50.5% year-over-year.

During the second quarter, net income was $7.0 million, an increase of 279.7% year-over-year, and Adjusted EBITDA was $15.8 million, an increase of 17.1% year-over-year. The improvement in profitability also resulted in significant year-over-year improvement in net cash provided by operating activities to $6.6 million, and Free Cash Flow to $5.6 million.

Second Quarter 2021 Financial and Business Highlights

•Subscription revenue was $21.5 million, an increase of 30.9% year-over-year.

•Paid Cloud-enabled software subscriptions, including MediaCentral subscriptions, increased by 43.2%, year-over-year to approximately 346,000 at June 30, 2021, and increased by approximately 19,000 from March 31, 2021.

•Subscription and Maintenance revenue was $52.0 million, an increase of 10.5% year-over-year.

•Total revenue was $94.9 million, an increase of 19.7% year-over-year.

•LTM Recurring Revenue % was 76.1% of the Company’s revenue for the 12 months ended June 31, 2021, up from 69.8% for the 12 months ended June 30, 2020.

•Annual Contract Value was $293.1 million as of June 30, 2021, an increase of 10.5% from $265.3 million as of June 30, 2020.

•Gross margin was 63.4%, a decrease of 160 basis points year-over-year. Non-GAAP Gross Margin was 63.9%, a decrease of 150 basis points year-over-year. One-time items of $1.2M negatively impacted GAAP and Non-GAAP Gross Margin by 120 basis points in the second quarter of 2021.

•Operating expenses were $51.1 million, an increase of 17.6% year-over-year, as the second quarter of 2020 included significant temporary cost savings initiatives put in place due to the COVID-19 pandemic. Non-GAAP Operating Expenses were $47.0 million, an increase of 16.0% year-over-year.

•Net income was $7.0 million, an increase of 279.7% year-over-year. Net income was 7.4% of revenue, an increase of 510 basis points year-over year. Non-GAAP Net Income was $11.6 million, an increase of

The following information was filed by Avid Technology, Inc. (AVID) on Tuesday, August 3, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Avid Technology, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Avid Technology, Inc..

Continue

Assess how Avid Technology, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Avid Technology, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Mgmt Change
Other
Filter Subcategory:
All
Debt
Product
Expense
Earnings
Geography
Cash Flow
Other
Inside Avid Technology, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consoldated Statements Of Stockholders' Deficit Statement
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Contingencies (Details)
Contingencies (Notes)
Contingencies (Tables)
Fair Value Measurements (Details)
Fair Value Measurements (Notes)
Fair Value Measurements (Tables)
Financial Information (Notes)
Financial Information (Policies)
Inventories (Details)
Inventories (Notes)
Inventories (Tables)
Leases Leases (Details)
Leases Leases (Notes)
Leases Leases (Tables)
Leases Maturity Schedule (Details)
Leases Supplemental Balance Sheet Information (Details)
Long-Term Debt And Credit Agreement (Notes)
Long-Term Debt And Credit Agreement (Tables)
Long-Term Debt And Credit Agreement - Schedule Of Long Term Debt (Details)
Long-Term Debt And Credit Agreement Debt Disclosure (Details)
Long-Term Debt And Credit Agreement Debt Disclosurre (Details)
Net Income Per Share Earnings Per Share (Details)
Net Income Per Share Earnings Per Share (Notes)
Net Income Per Share Earnings Per Share (Tables)
Net Income Per Share Weighted Average Shares Outstanding (Details)
Other Long-Term Liabilities (Details)
Other Long-Term Liabilities (Notes)
Other Long-Term Liabilities (Tables)
Restructuring Costs And Accruals (Details)
Restructuring Costs And Accruals (Notes)
Restructuring Costs And Accruals (Tables)
Revenue (Notes)
Revenue (Tables)
Revenue Contract Asset (Details)
Revenue Deferred Revenue Activity (Details)
Revenue Remaining Performance Obligations (Details)
Revenue Revenue By Geographic Regions (Details)
Revenue Revenue By Type (Details)
Stockholders' Equity (Notes)
Stockholders' Equity (Tables)
Stockholders' Equity - Narrative (Details)
Stockholders' Equity Non-Vested Restricted Stock (Details)
Stockholders' Equity Options Activity (Details)
Stockholders' Equity Stock-Based Compensation Expense (Details)

Material Contracts, Statements, Certifications & more

Avid Technology, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: AVID
CIK: 896841
Form Type: 10-Q Quarterly Report
Accession Number: 0000896841-21-000208
Submitted to the SEC: Tue Nov 09 2021 5:04:13 PM EST
Accepted by the SEC: Tue Nov 09 2021
Period: Thursday, September 30, 2021
Industry: Prepackaged Software

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/avid/0000896841-21-000208.htm