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OFFON

AVID TECHNOLOGY, INC.

(AVID)
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Q3 2021 Earnings Data Sheet

11/09/2021 | 04:31pm EST

AVID TECHNOLOGY, INC.

Investor Relations Datasheet

(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 herein.

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Net Revenue

Subscription

$ 17.9

$ 24.5

$ 24.9

$ 21.5

$ 28.0

Maintenance

30.8

31.0

29.9

30.4

30.7

Subscription and Maintenance

48.7

55.5

54.7

52.0

58.7

Perpetual

9.0

6.7

7.1

5.9

5.7

Software Licenses and Maintenance

57.7

62.2

61.8

57.8

64.4

Hardware & Integrated Software

26.8

35.9

26.2

31.3

31.2

Professional Services & Training

5.9

6.1

6.4

5.7

6.1

Total Net Revenue

$ 90.4

$ 104.3

$ 94.4

$ 94.9

$ 101.6

US & Rest of Americas

$ 40.7

$ 46.5

$ 44.7

$ 46.2

$ 50.2

Europe, Middle East & Africa

$ 37.5

$ 42.9

$ 36.5

$ 34.1

$ 38.8

Asia-Pacific

$ 12.2

$ 14.9

$ 13.2

$ 14.6

$ 12.6

Non-GAAP Gross Margin %

Software Licenses and Maintenance

85.2%

84.2%

82.7%

79.8%

82.5%

Hardware & Integrated Software

30.3%

34.2%

36.8%

44.7%

40.7%

Professional Services & Training

23.7%

18.5%

17.4%

8.2%

9.2%

Total Non-GAAP Gross Margin %

64.9%

63.1%

65.6%

63.9%

65.3%

Non-GAAP Operating Expenses

$ 41.4

$ 46.3

$ 46.3

$ 47.0

$ 51.3

Adjusted EBITDA

$ 19.3

$ 21.6

$ 17.7

$ 15.8

$ 17.0

Non-GAAP Net Income (Loss)

$ 12.2

$ 15.2

$ 13.0

$ 11.6

$ 12.4

Net Income (Loss) per Share

$ 0.27

$ 0.33

$ 0.28

$ 0.25

$ 0.27

Free Cash Flow

$ 15.5

$ 30.6

$ 11.1

$ 5.6

$ 14.0

Other Metrics

Cash & Cash Equivalents

$ 49.1

$ 79.9

$ 55.6

$ 53.3

$ 50.5

Long Term Debt

$ 204.1

$ 202.8

$ 175.1

$ 165.2

$ 163.0

Accounts Receivable DSO

61

69

58

57

53

Inventory Turns

4.6

4.9

4.3

5.7

6.3

Deferred Revenue

$ 81.2

$ 99.3

$ 97.5

$ 91.6

$ 86.8

Contractually Committed Backlog

321.7

336.2

319.3

309.4

315.0

Total Revenue Backlog (1)

$ 402.9

$ 435.5

$ 416.8

$ 401.0

$ 401.8

Cloud-enabled software subscriptions (2)

288,044

320,123

347,940

369,629

388,961

LTM Recurring Revenue % (3)

71.2%

74.2%

75.3%

76.1%

77.1%

Annual Contract Value (4)

$ 271.9

$ 300.6

$ 302.0

$ 293.1

$ 328.0

  1. 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.
  2. Cloud-enabledsoftware subscriptions as of the end of a quarter 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. Starting in the third quarter of 2021, subscription numbers include all paid and active seats under multi-seat licenses. For comparison purposes only, subscription numbers for the quarters starting in the third quarter of 2020 were adjusted from previously published numbers to reflect the addition of these seats under multi-seat licenses.
  3. 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.
  4. 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.

© 2021, Avid Technology, Inc.

11/9/2021

Disclaimer

Avid Technology Inc. published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 21:28:13 UTC.


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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 37,6x
Yield 2021 -
Capitalization 1 473 M 1 473 M -
EV / Sales 2021 3,91x
EV / Sales 2022 3,46x
Nbr of Employees 1 362
Free-Float -
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Technical analysis trends AVID TECHNOLOGY, INC.
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Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 4
Last Close Price 32,72 $
Average target price 42,50 $
Spread / Average Target 29,9%
EPS Revisions
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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