Press Release

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March 9, 2021 at 4:05 PM EST

Avid Technology Announces Q4 and FY 2020 Results

15.3% Sequential Revenue Growth in the Fourth Quarter as End Markets Continue to Recover from COVID-19 Downturn

54.9% Year-Over-Year Subscription Revenue Growth in the Fourth Quarter Driven by Net Increase of Approximately 27,000 Paid Subscriptions and Strong Enterprise Subscription Sales in the Quarter

$30.7 million in Net Cash Provided by Operating Activities in the Fourth Quarter Leading to Free Cash Flow of $30.6 million in the Quarter

BURLINGTON, Mass., March 09, 2021 (GLOBE NEWSWIRE) -- 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, 2020.

Total revenue increased 15.3% sequentially in the fourth quarter, as many of Avid’s end markets showed continued signs of recovery from the COVID-19 pandemic, while still lower year-over-year. During the fourth quarter, the Recurring Revenue components of the Company’s business remained strong with reported subscription revenue of $24.5 million, up 54.9% year-over-year, reflecting strong enterprise subscription sales in the quarter. At the end of 2020, the Company had $231.3 million in Revenue Backlog expected to be recognized during the next 12 months, up 16.0% from the end of 2019. Also, in the fourth quarter, improved profitability and strong seasonal contribution from working capital resulted in Free Cash Flow of $30.6 million for the quarter, the highest quarterly amount since 2007.

The non-Recurring Revenue portions of the Company’s business related to product and professional services continued to show strong signs of sequential recovery during the fourth quarter, although they still remain below pre-COVID levels. Product revenue from perpetual software licenses and integrated solutions increased 19.2% sequentially, to $42.6 million, in the fourth quarter, but declined by 28.7% year-over-year.

For the full year 2020, Avid’s revenues were negatively impacted by the COVID-19 pandemic, decreasing 12.5% from 2019. However, subscription revenue grew 61.2%, to $72.8 million, surpassing 20% of total revenue, up from 11% in 2019. During 2020, the Company saw a 280 basis point increase in gross margin, to 63.3%, primarily due to a greater mix of software and subscription sales during the year. The benefit from the higher gross margin and a decrease in operating expenses from cost savings realized during the year resulted in improved profitability and cash generation. As of December 31, 2020, the Company had $79.9 million in cash and cash equivalents.

Fourth Quarter 2020 Financial and Business Highlights

  • Subscription revenue was $24.5 million, an increase of 54.9% year-over-year.
  • Paid Cloud-enabled software subscriptions increased by 57.8% year-over-year to approximately 296,000 at December 31, 2020, and increased by approximately 27,000 during the fourth quarter.
  • Subscription and maintenance revenue was $55.5 million, up 12.7% year-over-year.
  • Total revenue was $104.3 million, an increase of 15.3% sequentially, and a decrease of (10.3%) year-over-year.
  • Gross margin was 62.7%, a decrease of 30 basis points year-over-year. Non-GAAP Gross Margin was 63.1%, a decrease of 10 basis points year-over-year.
  • Operating expenses were $54.5 million, a decrease of (5.3%) year-over-year. Non-GAAP Operating Expenses were $46.3 million, a decrease of (14.9%) year-over-year.
  • Operating income was $10.8 million, a decrease of (31.0%) year-over-year. Non-GAAP Operating Income was $19.4 million, an increase of 2.1% year-over-year.
  • Adjusted EBITDA was $21.6 million, an increase of 2.0% year-over-year. Adjusted EBITDA Margin was 20.7%, a year-over-year increase of 250 basis points.  
  • Net income per common share was $0.16, a decline from $0.35 in the fourth quarter of 2019. Net income per common share in the prior year period included a one-time benefit of $0.14 per share related to a valuation allowance against certain deferred tax assets. Non-GAAP Net Income per Share was $0.33, up from $0.28 in the fourth quarter of 2019.
  • Net cash provided by operating activities was $30.7 million in the quarter, an increase of $12.2 million compared to Net cash provided by operating activities of $18.5 million in the prior year period.
  • Free Cash Flow was $30.6 million in the quarter, an increase of $13.7 million compared to Free Cash Flow of $17.0 million in the prior year period.

FY 2020 Financial and Business Highlights

  • Subscription revenue was $72.8 million, an increase of 61.2% year-over-year.
  • Subscription and maintenance revenue was $197.0 million, an increase of 12.2% year-over-year.
  • Total revenue was $360.5 million, a decrease of (12.5%) year-over-year.
  • LTM Recurring Revenue represented 74.2% of the Company’s revenue for the year ended December 31, 2020, an increase of 1,210 basis points, from 62.1% for the prior year.
  • Gross margin was 63.3%, an increase of 280 basis points year-over-year. Non-GAAP Gross Margin was 63.7%, an increase of 220 basis points year-over-year.
  • Operating expenses were $196.8 million, a decrease of (9.3%) year-over-year. Non-GAAP Operating Expenses were $179.5 million, a decrease of (13.1%) year-over-year.
  • Operating income was $31.6 million, a decrease of (1.7%) year-over-year. Non-GAAP Operating Income was $50.1 million, an increase of 7.1% year-over-year.
  • Adjusted EBITDA was $58.6 million, an increase of 4.7% year-over-year. Adjusted EBITDA Margin was 16.3%, an increase of 270 basis points year-over-year.
  • Net income per common share was $0.25, up from $0.17 in 2019. Non-GAAP Net Income per Share was $0.65, an increase of 27.3% from $0.51 in 2019.
  • Net cash provided by operating activities was $39.6 million in 2020, an increase of $19.9 million compared to Net cash provided by operating activities of $19.6 million in 2019.
  • Free Cash Flow was $33.9 million in 2020, an increase of $21.4 million compared to Free Cash Flow of $12.5 million in 2019.
  • Annual Contract Value was $300.6 million at December 31, 2020, an increase of 7.4% from $279.8 million at December 31, 2019.

Jeff Rosica, Avid’s CEO and President, stated, “We are excited about the strength of, and growth in, our Recurring Revenue business during the fourth quarter. The growth in our Recurring Revenue was driven primarily by the continued expansion in our subscription revenues, which have now experienced a second stage of growth as we had several enterprise customers adopt subscription plans during the quarter. On top of the continued turnaround and sequential improvement we experienced in the non-recurring elements of our business, we also saw strong fourth quarter bookings and billings performance that helped drive a stronger opening Revenue Backlog for 2021, thus better positioning us as we started the new year.” Mr. Rosica added, “As our customers adjust their business models, we believe they will continue to invest in value-added technology and that we are well-positioned to meet these needs for them. Importantly, we also expect the full-year benefit from our optimized cost structure will enable Avid to be a stronger and more profitable company in 2021 and beyond.”

Ken Gayron, Executive Vice President and Chief Financial Officer of Avid, said, “We are pleased that we continued to make substantial progress in driving our higher margin revenue streams and improving our cost structure during the fourth quarter, yielding our strongest quarterly Free Cash Flow since 2007. This improvement in Free Cash Flow further strengthened our balance sheet and positioned us for the successful refinancing of our bank debt that we completed in January 2021.” Mr. Gayron continued, “Our successful refinancing should reduce our annual interest costs by approximately $10 million, which, coupled with the expected improvement in our business, should allow us to drive further improvement in Free Cash Flow as we look forward to the remainder of 2021 and beyond.”

First Quarter and Full Year 2021 Guidance

For the first quarter of 2021, Avid is providing guidance for Revenue, Subscription & Maintenance Revenue, Adjusted EBITDA and Non-GAAP Net Income per Share. For the full-year 2021, Avid is providing guidance for Subscription & Maintenance Revenue and Free Cash Flow. Avid currently plans to add additional metrics to its guidance for full-year 2021 later in the year and to host an Investor Day in May 2021.

($ in millions, except per share amounts) Q1 2021
Revenue $88 - $94
Subscription & Maintenance Revenue $50 - $53
Adjusted EBITDA $12.2 - $15.8
Non-GAAP Net Income per Share $0.17 - $0.24
   
  Full-Year 2021
Subscription & Maintenance Revenue $214 - $221
Free Cash Flow $45 - $52

All guidance presented by the Company is inherently uncertain and subject to numerous risks and uncertainties. Avid’s actual future results of operations could differ materially from those shown in the table above. For a discussion of some of the key assumptions underlying the guidance, as well as the key risks and uncertainties associated with these forward-looking statements, please see “Forward-Looking Statements” below as well as the Avid Technology Q4 and Full-Year 2020 Business Update presentation posted on Avid’s Investor Relations website at ir.avid.com.

Conference Call to Discuss Fourth Quarter and FY 2020 Results on March 9, 2021

Avid will host a conference call to discuss its financial results for the fourth quarter and FY 2020 on Tuesday, March 9, 2021 at 5:00 p.m. ET. Participants may join the webcast in listen-only mode and access the presentation slides using the link on the Avid Investor Relations website, which can be found on the events tab at ir.avid.com. Participants who would like to ask a question can access the call by dialing +1 856-344-9206 and referencing confirmation code 1881087. Please connect at least 15 minutes in advance to ensure a timely connection to the call. A replay of the call will also be available for a limited time on the Avid Investor Relations website shortly after the completion of the call.

Non-GAAP Financial Measures and Operational Metrics

Avid includes non-GAAP financial measures in this press release, including Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Operating Income, Non-GAAP Net Income (Loss) per Share. The Company also includes the operational metrics of Cloud-enabled software subscriptions, Revenue Backlog, Recurring Revenue, LTM Recurring Revenue % and Annual Contract Value in this release. Avid believes the non-GAAP financial measures and operational metrics provided in this release provide helpful information to investors with respect to evaluating the Company’s performance. Unless noted, all financial and operating information is reported based on actual exchange rates. Definitions of the non-GAAP financial measures and the operational metrics are included in our Form 8-K filed today. Reconciliations of the non-GAAP financial measures presented in this press release to the Company's comparable GAAP financial measures for the periods presented are set forth below and are also included in the supplemental financial and operational data sheet available on our Investor Relations website at ir.avid.com, which also includes definitions of all operational metrics.

Forward-Looking Statements

Certain information provided in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include statements regarding our future financial performance or position, results of operations, business strategy, plans and objectives of management for future operations, and other statements that are not historical fact. You can identify forward-looking statements by their use of forward-looking words such as “may”, “will”, “anticipate”, “expect”, “believe”, “estimate”, “intend”, “plan”, “should”, “seek”, or other comparable terms.

Readers of this press release should understand that these forward-looking statements are not guarantees of performance or results. Forward-looking statements provide our current expectations and beliefs concerning future events and are subject to risks, uncertainties, and factors relating to our business and operations, all of which are difficult to predict and could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements.

These risks, uncertainties, and factors include, but are not limited to: risks related to the impact of the coronavirus (COVID-19) outbreak on our business, suppliers, consumers, customers and employees; our liquidity; our ability to execute our strategic plan including our cost saving strategies, and to meet customer needs; our ability to retain and hire key personnel; our ability to produce innovative products in response to changing market demand, particularly in the media industry; our ability to successfully accomplish our product development plans; competitive factors; history of losses; fluctuations in our revenue based on, among other things, our performance and risks in particular geographies or markets; our higher indebtedness and ability to service it and meet the obligations thereunder; restrictions in our credit facilities; our move to a subscription model and related effect on our revenues and ability to predict future revenues; fluctuations in subscription and maintenance renewal rates; elongated sales cycles; fluctuations in foreign currency exchange rates; seasonal factors; adverse changes in economic conditions; variances in our revenue backlog and the realization thereof; risks related to the availability and prices of raw materials, including any negative effects caused by inflation, weather conditions, or health pandemics; disruptions or inefficiencies in our supply chain and/or operations, including from the COVID-19 outbreak; the costs, disruption, and diversion of management's attention due to the COVID-19 outbreak; the possibility of legal proceedings adverse to our Company; and other risks described in our reports filed from time to time with the U.S. Securities and Exchange Commission. Moreover, the business may be adversely affected by future legislative, regulatory or other changes, including tax law changes, as well as other economic, business and/or competitive factors. The risks included above are not exhaustive. We caution readers not to place undue reliance on any forward-looking statements includes in this press release which speak only as to the date of this press release. We undertake no responsibility to update or revise any forward-looking statements, except as required by law.

About Avid

Avid delivers the most open and efficient media platform, connecting content creation with collaboration, asset protection, distribution, and consumption. Avid’s preeminent customer community uses Avid’s comprehensive tools and workflow solutions to create, distribute and monetize the most watched, loved and listened to media in the world—from prestigious and award-winning feature films to popular television shows, news programs and televised sporting events, and celebrated music recordings and live concerts. With the most flexible deployment and pricing options, Avid’s industry-leading solutions include Media Composer®, Pro Tools®, Avid NEXIS®, MediaCentral®, iNEWS®, AirSpeed®, Sibelius®, Avid VENUE™, FastServe®™ and Maestro™. For more information about Avid solutions and services, visit www.avid.com, connect with Avid on Facebook, Instagram, Twitter, YouTube, LinkedIn, or subscribe to Avid Blogs.

© 2021 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, Avid NEXIS, FastServe, AirSpeed, iNews, Maestro, MediaCentral, Media Composer, Pro Tools, Avid VENUE, and Sibelius are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. All other trademarks are the property of their respective owners. Product features, specifications, system requirements and availability are subject to change without notice.

Contacts  
Investor contact: PR contact:
Whit Rappole Jim Sheehan
Avid Avid
ir@avid.com jim.sheehan@avid.com
   



AVID TECHNOLOGY, INC.                
Condensed Consolidated Statements of Operations                
(unaudited - in thousands, except per share data)                
                   
      Three Months Ended   Twelve Months Ended
      December 31,   December 31,
        2020       2019       2020       2019  
                   
Net revenues:                
  Products   $ 42,642     $ 59,812     $ 140,762     $ 207,445  
  Services     61,659       56,494       219,704       204,343  
       Total net revenues     104,301       116,306       360,466       411,788  
                   
Cost of revenues:                
  Products     25,349       30,264       84,222       109,799  
  Services     13,602       12,769       47,924       49,176  
  Amortization of intangible assets     -       -       -       3,738  
       Total cost of revenues     38,951       43,033       132,146       162,713  
                   
Gross profit     65,350       73,273       228,320       249,075  
                   
Operating expenses:                
  Research and development     14,902       16,018       57,018       62,343  
  Marketing and selling     22,660       26,603       87,637       99,944  
  General and administrative     12,908       14,816       47,052       53,362  
  Amortization of intangible assets     -       -       -       694  
  Restructuring costs, net     4,038       113       5,046       629  
       Total operating expenses     54,508       57,550       196,753       216,972  
                   
Operating income     10,842       15,723       31,567       32,103  
                   
Interest and other expense, net     (3,929 )     (5,584 )     (19,133 )     (29,578 )
Income before income taxes     6,913       10,139       12,434       2,525  
                   
Provision for (benefit from) income taxes     (174 )     (5,231 )     1,372       (5,076 )
Net income   $ 7,087     $ 15,370     $ 11,062     $ 7,601  
                   
Net income per common share - basic   $ 0.16     $ 0.36     $ 0.25     $ 0.18  
Net income per common share - diluted   $ 0.16     $ 0.35     $ 0.25     $ 0.17  
                   
Weighted-average common shares outstanding - basic     44,288       43,060       43,822       42,649  
Weighted-average common shares outstanding - diluted     45,541       43,737       44,878       43,495  
                   



AVID TECHNOLOGY, INC.                
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures            
(unaudited - in thousands)                
    Three Months Ended   Twelve Months Ended
    December 31,   December 31,
GAAP revenue     2020       2019       2020       2019  
GAAP revenue   $ 104,301     $ 116,306     $ 360,466     $ 411,788  
                 
Non-GAAP Gross Profit                
GAAP gross profit     65,350       73,273       228,320       249,075  
Amortization of intangible assets     -       -       -       3,738  
Stock-based compensation     431       197       1,339       617  
Non-GAAP Gross Profit   $ 65,781     $ 73,470     $ 229,659     $ 253,430  
Non-GAAP Gross Margin     63.1 %     63.2 %     63.7 %     61.5 %
                 
Non-GAAP Operating Expenses                
GAAP operating expenses     54,508       57,550       196,753       216,972  
Less Amortization of intangible assets     (105 )     -       (411 )     (695 )
Less Stock-based compensation     (2,101 )     (1,973 )     (9,325 )     (7,341 )
Less Restructuring costs, net     (4,038 )     (113 )     (5,046 )     (631 )
Less Restatement costs     -       15       -       18  
Less Acquisition, integration and other costs     (1,015 )     (988 )     (832 )     (1,446 )
Less Efficiency program costs     (886 )     (59 )     (1,331 )     (250 )
Less COVID-19 related expenses     (27 )     -       (278 )     -  
Non-GAAP Operating Expenses   $ 46,336     $ 54,432     $ 179,530     $ 206,627  
                 
Non-GAAP Operating Income                
GAAP operating income     10,842       15,723       31,567       32,103  
Amortization of intangible assets     105       -       411       4,433  
Stock-based compensation     2,532       2,170       10,664       7,958  
Restructuring costs, net     4,038       113       5,046       631  
Restatement costs     -       (15 )     -       (18 )
Acquisition, integration and other costs     1,015       988       832       1,446  
Efficiency program costs     886       59       1,331       250  
COVID-19 related expenses     27       -       278       -  
Non-GAAP Operating Income   $ 19,445     $ 19,038     $ 50,129     $ 46,803  
                 
Adjusted EBITDA                
Non-GAAP Operating Income (from above)     19,445       19,038       50,129       46,803  
Depreciation     2,188       2,166       8,505       9,202  
Adjusted EBITDA   $ 21,633     $ 21,204     $ 58,634     $ 56,005  
Adjusted EBITDA Margin     20.7 %     18.2 %     16.3 %     13.6 %
                 
Non-GAAP Net Income                
Non-GAAP Operating Income (from above)     19,445       19,038       50,129       46,803  
Less Non-GAAP Interest and other expense     (3,929 )     (5,584 )     (19,133 )     (22,207 )
Less Non-GAAP Income Tax     (287 )     (1,299 )     (1,868 )     (2,417 )
Non-GAAP Net Income   $ 15,229     $ 12,155     $ 29,128     $ 22,179  
Weighted-average common shares outstanding - basic     44,288       43,060       43,822       42,649  
Weighted-average common shares outstanding - diluted     45,541       43,737       44,878       43,495  
Non-GAAP Earnings Per Share - basic   $ 0.34     $ 0.28     $ 0.66     $ 0.52  
Non-GAAP Earnings Per Share - diluted   $ 0.33     $ 0.28     $ 0.65     $ 0.51  
                 
Free Cash Flow                
GAAP net cash (used in) provided by operating activities     30,704       18,529       39,555       19,641  
Capital expenditures     (73 )     (1,556 )     (5,692 )     (7,185 )
Free Cash Flow   $ 30,631     $ 16,973     $ 33,863     $ 12,456  
Free Cash Flow conversion of Adjusted EBITDA     141.6 %     80.0 %     57.8 %     22.2 %
                 
These non-GAAP measures reflect how Avid manages its businesses internally. Avid’s non-GAAP measures may vary from how other companies present non-GAAP measures. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. This non-GAAP information supplements, and is not intended to represent a measure of performance in accordance with, disclosures required by generally accepted accounting principles, or GAAP. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP.   



AVID TECHNOLOGY, INC.        
Condensed Consolidated Balance Sheets        
(unaudited - in thousands)        
         
    December 31,   December 31,
      2020       2019  
ASSETS        
Current assets:        
    Cash and cash equivalents   $ 79,899     $ 69,085  
    Restricted cash     1,422       1,663  
    Accounts receivable, net of allowances of $1,478 and $958 at December 31, 2020 and December 31, 2019, respectively     78,614       73,773  
    Inventories     26,568       29,166  
    Prepaid expenses     6,044       9,425  
    Contract assets     18,579       19,494  
    Other current assets     2,366       6,125  
       Total current assets     213,492       208,731  
         
    Property and equipment, net     16,814       19,580  
    Goodwill     32,643       32,643  
    Right of use assets     29,430       29,747  
    Deferred tax assets, net     6,801       7,479  
    Other long-term assets     5,958       6,113  
       Total assets   $ 305,138     $ 304,293  
         
LIABILITIES AND STOCKHOLDERS' DEFICIT        
Current liabilities:        
    Accounts payable   $ 21,823     $ 39,888  
    Accrued compensation and benefits     29,105       19,524  
    Accrued expenses and other current liabilities     42,264       36,759  
    Income taxes payable     1,664       1,945  
    Short-term debt     4,941       30,554  
    Deferred revenues     87,974       83,589  
       Total current liabilities     187,771       212,259  
         
    Long-term debt     202,759       199,034  
    Long-term deferred revenues     11,284       14,312  
    Long-term lease liabilities     28,462       28,127  
    Other long-term liabilities     7,786       5,646  
       Total liabilities     438,062       459,378  
         
Stockholders' deficit:        
Common stock     442       430  
Additional paid-in capital     1,036,658       1,027,824  
Accumulated deficit     (1,168,347 )     (1,179,409 )
    Accumulated other comprehensive loss     (1,677 )     (3,930 )
       Total stockholders' deficit     (132,924 )     (155,085 )
       Total liabilities and stockholders' deficit   $ 305,138     $ 304,293  
         



AVID TECHNOLOGY, INC.      
Condensed Consolidated Statements of Cash Flows      
(unaudited - in thousands)      
               
          Twelve Months Ended
          December 31,
            2020       2019  
               
Cash flows from operating activities:      
  Net income $ 11,062     $ 7,601  
  Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization   8,505       13,634  
    Provision for doubtful accounts   1,298       208  
    Stock-based compensation expense   10,664       7,958  
    Non-cash provision for restructuring   5,046       -  
    Non-cash interest expense   3,651       6,143  
    Loss on extinguishment of debt   -       2,878  
    Unrealized foreign currency transaction loss   1,570       971  
    Benefit from (provision for) deferred taxes   827       (6,309 )
    Changes in operating assets and liabilities:      
      Accounts receivable   (6,124 )     (6,227 )
      Inventories   2,598       3,790  
      Prepaid expenses and other assets   6,176       (44 )
      Accounts payable   (18,141 )     626  
      Accrued expenses, compensation and benefits and other liabilities   10,432       (6,892 )
      Income taxes payable   (281 )     91  
      Deferred revenue and contract assets   2,272       (4,787 )
Net cash provided by operating activities   39,555       19,641  
               
Cash flows from investing activities:      
  Purchases of property and equipment   (5,692 )     (7,185 )
Net cash used in investing activities   (5,692 )     (7,185 )
               
Cash flows from financing activities:      
  Proceeds from revolving line of credit   22,000       -  
  Repayment on revolving line of credit   (22,000 )     -  
  Proceeds from long-term debt   7,800       79,292  
  Repayment of debt   (2,250 )     (1,438 )
  Payments for repurchase of outstanding Notes   (28,867 )     (76,269 )
  Proceeds from the issuance of common stock under employee stock plans   547       309  
  Common stock repurchases for tax withholdings for net settlement of equity awards   (2,365 )     (3,586 )
  Partial Unwind capped call cash receipt   875       27  
  Payments for credit facility issuance costs   (289 )     (5,979 )
Net cash used in financing activities   (24,549 )     (7,644 )
               
Effect of exchange rate changes on cash, cash equivalents, and restricted cash   1,748       (331 )
Net decrease in cash, cash equivalents, and restricted cash   11,062       4,481  
Cash, cash equivalents and restricted cash at beginning of the period   72,575       68,094  
Cash, cash equivalents and restricted cash at end of the period $ 83,637         $ 72,575  
Supplemental information:      
Cash and cash equivalents $ 79,899     $ 69,085  
Restricted cash   1,422       1,663  
Restricted cash included in other long-term assets   2,316       1,827  
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 83,637     $ 72,575  
               



   
AVID TECHNOLOGY, INC.  
Supplemental Revenue Information        
(unaudited - in millions)                    
                     
  Dec 31,   Sep 30,   Dec 31,          
  2020   2020   2019          
Revenue Backlog*                    
                     
Deferred Revenue $ 99.3   $ 81.2   $ 97.9          
Other Backlog 336.2   321.7   342.3          
Total Revenue Backlog $ 435.5   $ 402.9   $ 440.2          
                     
                     
The expected timing of recognition of revenue backlog as of December 31, 2020 is as follows:          
                     
  2021   2022   2023   Thereafter   Total  
                     
Deferred Revenue $ 88.0   $ 6.9   $ 2.5   $ 1.9   $ 99.3  
Other Backlog 143.3   99.9   65.5   27.5   $ 336.2  
Total Revenue Backlog $ 231.3   $ 106.8   $ 68.0   $ 29.4   $ 435.5  
                     
*A definition of Revenue Backlog is included in our Form 10-K and the supplemental financial and operational data sheet available on our investor relations webpage at ir.avid.com.  

 



 

 


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Source: Avid Technology, Inc.