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AVID TECHNOLOGY, INC.

(AVID)
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AVID TECHNOLOGY, INC. : Other Events, Financial Statements and Exhibits (form 8-K)

09/10/2021 | 06:04am EST

Item 8.01. Other Events.

On September 9, 2021, Avid Technology, Inc. (the "Company") announced that the Company's Board of Directors approved a share repurchase program authorizing the Company to repurchase up to an aggregate of $115 million of its outstanding shares of common stock.

Under the share buyback program, the Company is authorized to repurchase, from time to time, outstanding shares of its common stock in the open market, through privately negotiated transactions, or otherwise, including pursuant to plans entered into from time to time that meet the conditions of Rule 10b5-1 under the Securities Exchange Act of 1934 (the "Exchange Act"). The Company cannot predict when or if it will repurchase any shares of common stock as such repurchases will depend on a number of factors, including market conditions, applicable legal requirements, cash flows, and the Company's capital needs. The Company has no obligation to repurchase any amount of its common stock, and the program may be suspended or discontinued at any time.

A copy of the Company's press release announcing the share repurchase program is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

Cautionary Note Regarding Forward-Looking Statements. This Form 8-K and the Press Release filed herewith as Exhibit 99.1 contain forward-looking statements, including, for example, statements regarding the Company's plans to repurchase outstanding shares of its common stock and the timing and ability of the Company to repurchase shares of its common stock. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements, including changes in price and volume and the volatility of the Company's common stock, adverse developments affecting prices and trading of securities listed on the Nasdaq Stock Market generally, and unexpected or otherwise unplanned or alternative requirements with respect to the Company's capital investments. Please refer to the cautionary note in the Press Release regarding these forward-looking statements.


Item 9.01  Financial Statements and Exhibits.

(d)          Exhibits.

Exhibit
Number              Description
99.1                  Press Release     dated     September 9    , 2021
104                 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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Financials (USD)
Sales 2021 402 M - -
Net income 2021 39,3 M - -
Net Debt 2021 97,3 M - -
P/E ratio 2021 38,3x
Yield 2021 -
Capitalization 1 499 M 1 499 M -
EV / Sales 2021 3,97x
EV / Sales 2022 3,52x
Nbr of Employees 1 362
Free-Float 92,4%
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Mean consensus OUTPERFORM
Number of Analysts 4
Last Close Price 33,29 $
Average target price 42,50 $
Spread / Average Target 27,7%
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Managers and Directors
Jeff Rosica President, Chief Executive Officer & Director
Kenneth Gayron Chief Financial Officer & Executive Vice President
Peter Miles Westley Chairman
Kevin W. Riley Chief Technology Officer & SVP-Technology
Dave Perillo Senior VP-Operations & Supply Chain
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