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Avid Technology, Inc. (AVID) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Avid Technology, Inc.

HISTORY TOOLS
CIK: 1054554 Ticker: AVID

Exhibit 99.1
Avid Technology Announces Q4 and FY 2022 Results

Q4 revenue of $116.1M, which includes a ($3.3M) one-time non-cash adjustment, was in the middle of the implied Q4 guidance range; excluding the adjustment, Q4 revenue of $119.4M would have been at the high end of the implied Q4 guidance range

Subscription ARR of $141.3M, an increase of 37.1% year-over-year and 38.8% at constant currency, and total ARR of $244.9M, an increase of 10.2% year-over-year and 13.4% at constant currency

Exceeded 500,000 paid Cloud-Enabled Software Subscriptions as of December 31, 2022

Introduction of Annual Recurring Revenue (ARR) guidance for Q1 and FY 2023

BURLINGTON, Mass., March 1, 2023 -- 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, 2022.

As reported, fourth quarter revenue was $116.1 million, a decrease of (2.5%) year-over-year, net income was $25.3 million, an increase of 66.0% year-over-year, Adjusted EBITDA was $24.8 million, a decrease of (0.6%) year-over-year, net income per common share was $0.57, an increase of $0.24 year-over-year, and Non-GAAP Earnings per Share was $0.45, a decrease of ($0.01) year-over year. Revenue was in the middle of our implied Q4 guidance range, Adjusted EBITDA was below our implied Q4 guidance range and Non-GAAP Earnings per Share was within our implied Q4 guidance range.

During the fourth quarter, we recorded a one-time, non-cash adjustment to revenue of ($3.3 million) related to a corrective change in methodology for calculating standalone selling price for subscription term-based licenses in the amount of $0.1 million for FY 2020, ($2.1 million) for FY 2021 and ($1.3 million) for the nine months ending September 30, 2022, as outlined in our 10-K filed today. The adjustment related to the period from FY 2020 to FY 2022 and represented 0.3% of the total revenue over the three years. The adjustment also negatively impacted net income and Adjusted EBITDA in the fourth quarter, but had no impact on net cash provided by operating activities, Free Cash Flow or ARR.

Excluding the adjustment, fourth quarter revenue would have been $119.4 million, an increase of 0.3% year-over-year (or 4.4% at constant currency), net income would have been $27.7 million, an increase of 82.0% year-over year (or 97.3% at constant currency), Adjusted EBITDA would have been $27.2 million, an increase of 9.2% year-over year (or 17.9% at constant currency), net income per common share would have been $0.63, an increase of $0.30 year-over year (or an increase of $0.34 at constant currency) and Non-GAAP Earnings per Share would have been $0.51, an increase of $0.05 year-over-year (or an increase of $0.10 at constant currency). Excluding the adjustment, revenue and Non-GAAP Earnings per Share would have been in the high end of our implied Q4 guidance range and Adjusted EBITDA would have been within our implied Q4 guidance range.

The recurring components of the Company’s revenue remained strong during the fourth quarter as paid subscriptions reached 506,000 as of the end of 2022, an increase of 23.2% year-over-year. Subscription ARR was $141.3 million (as of December 31, 2022), an increase of 37.1% year-over-year, and total ARR was $244.9 million (as of December 31, 2022), an increase of 10.2% year-over-year. At constant currency, subscription ARR increased 38.8% year-over-year and total ARR increased 13.4% year-over-year. In the fourth quarter, integrated solutions revenue was $40.8 million, an increase of 55% sequentially, as we continued to work to resolve supply chain challenges. As a result of continued strong integrated solutions orders during the fourth quarter, the backlog of unshipped orders was reduced during the quarter but remained above what we believe to be normal levels as of the end of 2022, at over $20 million.

Net cash provided by operating activities was $22.5 million in the fourth quarter and $48.0 million for FY 2022. Free Cash Flow was $18.3 million in the fourth quarter and $32.8 million for FY 2022. Free Cash Flow was lower

The following information was filed by Avid Technology, Inc. (AVID) on Wednesday, March 1, 2023 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 (Tables)
Long Term Debt And Credit Agreement (Details)
Long-Term Debt And Credit Agreement (Tables)
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 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)
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 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: 0000896841-23-000019
Submitted to the SEC: Wed Mar 01 2023 4:56:34 PM EST
Accepted by the SEC: Wed Mar 01 2023
Period: Saturday, December 31, 2022
Industry: Prepackaged Software

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