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Avid Technology, Inc. (AVID) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Avid Technology, Inc.

HISTORY TOOLS
CIK: 1054554 Ticker: AVID

Exhibit 99.1
Avid Technology Announces Q4 and FY 2021 Results

$119.1 Million Q4 Revenue and Year-Over-Year Growth of 14.2% in Q4 and 13.7% in FY 2021

$34.1 Million Q4 Subscription Revenue and Year-Over-Year Growth of 38.8% in Q4 and 48.9% in FY 2021

$0.33 Q4 Net Income per Common Share and Year-Over-Year Growth of 106.3% in Q4 and 256.0% in FY 2021

$0.46 Q4 Non-GAAP Earnings per Share and Year-Over-Year Growth of 39.4% in Q4 and 92.3% in FY 2021


BURLINGTON, Mass., March 1, 2022 -- Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, today announced its financial results for the fourth quarter and full year ended December 31, 2021.

Total revenue increased 14.2% year-over-year in the fourth quarter, led by enterprise and creative subscription growth as well as favorable demand for integrated solutions, continuing the sustained growth trend with four consecutive quarters of year over year revenue growth. During the fourth quarter, the recurring revenue components of the Company’s business remained strong with subscription revenue of $34.1 million, up 38.8% year-over-year, and subscription & maintenance revenue of $65.5 million, up 17.9% year-over-year.

The revenue growth, combined with an increased mix of higher-gross margin software subscription revenue and improving integrated solutions gross margin, resulted in fourth quarter Non-GAAP Earnings per Share of $0.46. This strong profitability resulted in net cash provided by operating activities of $27.1 million, and Free Cash Flow of $25.0 million in the fourth quarter.

For the full year 2021, Avid’s total revenue increased 13.7% to $409.9 million. Subscription revenue grew 48.9%, to $108.4 million, surpassing 26% of total revenue, up from 20% of total revenue in 2020. During 2021, the Company drove a 150 basis point increase in gross margin to 64.8%. The higher gross margin resulted in continued strong trends in profitability with net income per common share of $0.89 and Non-GAAP Earnings per Share of $1.25, an increase of 92.3% year-over-year. The strong profitability resulted in favorable cash generation with net cash provided by operating activities of $62.5 million and Free Cash Flow of $55.7 million, an increase of 64.4% year-over-year.

Fourth Quarter 2021 Financial and Business Highlights

•Subscription revenue was $34.1 million, an increase of 38.8% year-over-year.
•Paid Cloud-enabled software subscriptions increased by 28.3% year-over-year to approximately 410,600 at December 31, 2021 and increased by approximately 21,700 during the fourth quarter.
•Subscription and Maintenance revenue was $65.5 million, up 17.9% year-over-year.
•Total revenue was $119.1 million, an increase of 14.2% year-over-year.
•Gross margin was 65.8%, an increase of 310 basis points year-over-year. Non-GAAP Gross Margin was 66.2%, an increase of 310 basis points year-over-year.
•Operating expenses were $61.2 million, an increase of 12.2% year-over-year. Non-GAAP Operating Expenses were $55.8 million, an increase of 20.4% year-over-year.
•Net income was $15.2 million, an increase of 114.7% year-over-year. Non-GAAP Net Income was $20.9 million, an increase of 37.0% year-over-year.
•Adjusted EBITDA was $25.0 million, an increase of 15.3% year-over-year. Adjusted EBITDA Margin was 21.0%, an increase of 30 basis points year-over-year.
•Net income per common share was $0.33, an increase of 106.3% year-over-year. Non-GAAP Earnings per Share was $0.46, an increase of 39.4% year-over-year.


The following information was filed by Avid Technology, Inc. (AVID) on Tuesday, March 1, 2022 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

Audit Information
Cover
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
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Notes)
Business (Notes)
Capital Stock (Details)
Capital Stock (Notes)
Capital Stock (Tables)
Capital Stock Capital Stock, Stock Repurchase (Details)
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)
Inventories (Details)
Inventories (Notes)
Inventories (Tables)
Leases (Details)
Leases (Notes)
Leases (Tables)
Long Term Debt And Credit Agreement (Details)
Long-Term Debt And Credit Agreement - Credit Agreement (Details)
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, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant 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)
Revenue Deferred Revenue Activity (Details)
Revenue Revenue From Contract With Customer (Details)
Summary Of Significant Accounting Policies Allowance For Doubtful Accounts (Details)
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 Leases (Details)
Summary Of Significant Accounting Policies Property, Plant And Equipment (Details)
Summary Of Significant Accounting Policies Revenue, Initial Application Period Cumulative Effect Transition (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: 0000896841-22-000020
Submitted to the SEC: Tue Mar 01 2022 4:30:13 PM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Friday, December 31, 2021
Industry: Prepackaged Software

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