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Avid Technology, Inc. (AVID) SEC Filing 10-Q Quarterly Report for the period ending Friday, June 30, 2023

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Avid Technology, Inc.

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CIK: 896841 Ticker: AVID

Exhibit 99.1

Avid Technology Announces Q1 2023 Results

Subscription ARR of $150 million, an increase of 30.1% year-over-year, and total Annual Recurring Revenue (ARR) of $247 million, an increase of 8.1% year-over-year

Subscription revenue of $39.4M, an increase of 19.5% year-over-year, driven by a net increase of 20,700 Active Paid Software Subscriptions in the quarter

Reaffirming 2023 annual guidance

BURLINGTON, Mass., May 4, 2023 -- Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, today announced its financial results for the first quarter of 2023, which ended on March 31, 2023.

Total revenue decreased (2.8%) year-over-year in the first quarter, or (0.1%) at constant currency, largely resulting from a decline in perpetual software revenue, which is reported in integrated solutions and other revenue, partially offset by strong growth in subscription revenue. Active Paid Software Subscriptions reached 526,700 as of March 31, 2023, an increase of 22.0% year-over-year. At March 31, 2023, Subscription ARR was $150 million, an increase of 30.1% year-over-year, and total ARR was $247 million, an increase of 8.1% year-over-year. At constant currency, Subscription ARR increased 31.1% year-over-year and total ARR increased 9.2% year-over-year.

In the first quarter, subscription revenue was $39.4 million, up 19.5% year-over-year, or 21.2% at constant currency, and subscription & maintenance revenue was $62.0 million, up 1.2% year-over-year, or 4.1% at constant currency. Maintenance revenue was $22.6 million in the first quarter, down 20.0% year-over-year, primarily driven by enterprise customers continuing to transition to subscription. Maintenance revenue is expected to stabilize through the remainder of 2023, as a result of an expected increase in shipments from the integrated solutions backlog beginning in the second quarter of 2023, as well as modifications to maintenance pricing. Integrated solutions revenue was $28.7 million in the first quarter, up 1.8% year-over-year, as demand continued to be healthy. However, supply chain constraints continued to limit production capacity, resulting in $20 million of unshipped contractually committed backlog at the end of the quarter.

During the first quarter, Gross Margin was 63.6% and Non-GAAP Gross Margin was 64.0%, down 280 basis points year-over-year, as continuing supply chain challenges negatively impacted audio hardware gross margin due to temporary higher production costs as well as shipments from aged backlog at older prices that do not reflect price increases during 2022. These challenges in audio gross margin, which are expected to be temporary, had a flow through impact on net income (loss), Adjusted EBITDA and Free Cash Flow in the quarter. The Company is proactively managing the associated costs and pricing for its audio hardware and believes these measures will have a positive effect on gross margin in the audio hardware business and the Company’s overall gross margin for the remainder of 2023. Subscription and maintenance gross margin remained strong at 85.5% during the first quarter.

First Quarter 2023 Financial and Business Highlights

•Active Paid Software Subscriptions increased by approximately 20,700 during the quarter to approximately 526,700 as of March 31, 2023, an increase of 22.0% year-over-year.

The following information was filed by Avid Technology, Inc. (AVID) on Thursday, May 4, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Avid Technology, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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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
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 Disclosure1 (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)
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 Stock-Based Compensation Expense (Details)

Material Contracts, Statements, Certifications & more

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

Exhibit 3.1: Articles Of Incorporation
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: 0000896841-23-000131
Submitted to the SEC: Wed Aug 09 2023 5:12:59 PM EST
Accepted by the SEC: Wed Aug 09 2023
Period: Friday, June 30, 2023
Industry: Prepackaged Software

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