(unaudited, in AFX unless noted, in $ millions, except per share amounts)
Please refer to SEC filings for a definition of the non-GAAP measures and operational metrics used herei
Q1
2019
Q2 2019
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Q3
2020
Net Revenue
Subscription
$ 9.3
$ 9.8
$ 10.3
$ 15.8
$
14.0
$ 16.4
$ 17.9
Maintenance
32.0
31.6
33.4
33.4
31.8
30.6
30.8
Subscription and Maintenance
41.3
41.4
43.7
49.3
45.8
47.0
48.7
Perpetual
8.1
8.6
8.7
9.5
5.4
6.8
9.0
Software Licenses and Maintenance
49.4
50.0
52.3
58.8
51.1
53.8
57.7
Hardware & Integrated Software
46.3
41.7
34.2
50.3
29.3
20.8
26.8
Professional Services & Training
7.6
7.0
6.9
7.2
6.0
4.6
5.9
Total Net Revenue
$ 103.3
$ 98.7
$ 93.5
$ 116.3
$ 86.5
$ 79.3
$ 90.4
US & Rest of Americas
$ 46.3
$ 46.9
$ 40.7
$ 50.9
$ 41.5
$ 38.8
$ 40.7
Europe, Middle East & Africa
$ 37.2
$ 37.4
$ 40.6
$ 46.6
$ 33.2
$ 28.7
$ 37.5
Asia-Pacific
$ 19.9
$ 14.4
$ 12.1
$ 18.8
$ 11.7
$ 11.8
$ 12.2
Non-GAAP Gross Margin %
Software Licenses and Maintenance
84.8%
85.2%
86.7%
85.8%
85.2%
85.6%
85.2%
Hardware & Integrated Software
43.8%
36.5%
34.2%
43.1%
32.2%
25.8%
30.3%
Professional Services & Training
14.5%
11.1%
14.5%
18.8%
5.7%
8.9%
23.7%
Total Non-GAAP Gross Margin %
61.3%
59.4%
62.1%
63.2%
61.7%
65.4%
64.9%
Non-GAAP Operating Expenses
$ 53.1
$ 51.8
$ 47.3
$ 54.4
$ 51.3
$ 40.5
$ 41.4
Adjusted EBITDA
$ 12.6
$ 9.4
$ 12.8
$ 21.2
$ 4.2
$ 13.5
$ 19.3
Non-GAAP Net Income (Loss)
$ 4.5
$ 0.9
$ 4.6
$ 12.2
($ 3.4)
$ 5.1
$ 12.2
Net Income (Loss) per Share
$ 0.11
$ 0.02
$ 0.10
$ 0.28
($ 0.08)
$ 0.12
$ 0.27
Free Cash Flow
$ 4.6
($ 4.5)
($ 4.6)
$ 17.0
($ 7.1)
($ 5.2)
$ 15.5
Other Metrics
Cash & Cash Equivalents
$ 55.3
$ 51.0
$ 52.3
$ 69.1
$ 81.2
$ 55.7
$ 49.1
Long Term Debt
$ 218.2
$ 200.2
$ 199.6
$ 199.6
$ 220.4
$ 227.4
$ 204.1
Accounts Receivable DSO
53
54
53
58
64
61
61
Inventory Turns
4.8
4.8
4.9
5.4
4.6
4.6
4.6
Deferred Revenue
$ 101.3
$ 93.5
$ 85.0
$ 97.9
$ 95.4
$ 85.7
$ 81.2
Contractually Committed Backlog
358.4
351.3
358.6
342.3
339.6
336.5
321.7
Total Revenue Backlog (1)
$ 459.7
$ 444.8
$ 443.6
$ 440.2
$ 435.0
$ 422.2
$ 402.9
Cloud-enabled software subscriptions
137,141
147,676
170,225
187,871
217,504
242,008
269,199
LTM Recurring Revenue % (3)
57.0%
58.1%
59.4%
62.1%
66.3%
69.8%
71.2%
Annual Contract Value (4)
$ 237.1
$ 244.6
$ 255.3
$ 279.8
$ 264.2
$ 265.3
$ 271.9
Revenue Backlog consists of firm orders received and includes both (i) orders where the customer has been invoiced in advance of our performance obligations being fulfilled and (ii) orders for future product deliveries or services that have not yet been invoiced by us.
Cloud-enabledsoftware subscriptions as of a given date represent the number of paid subscription licenses under an active contract as of that date, excluding any licenses that may be receiving service under an active contract but that are not paid for at that time by the customer, whether due to a promotion, cancellation or otherwise.
LTM Recurring Revenue % is Recurring Revenue divided by Total Net Revenue for the most recent four quarters. Recurring Revenue is defined as the sum, without duplication, of subscription revenue, maintenance revenue, and revenue under our long-term contractual agreements.
Annual Contract Value is defined, as of a given date, as the sum, without
duplication, of the following three components: (i) the annual value of all long- term contractual agreements in effect on such date, calculated by dividing the total value of each contract (excluding expected maintenance revenue included in (ii) below and expected subscription revenue included in (iii) below) divided by the total number of years of such contract, (ii) maintenance revenue for the quarter ended on such date, multiplied by four, and (iii) subscription revenue for the quarter ended on such date, multiplied by four.
Avid Technology Inc. published this content on 28 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2020 22:34:04 UTC
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