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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
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
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
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
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 atDecember 31, 2020 , an increase of 7.4% from$279.8 million atDecember 31, 2019 .
First Quarter and Full Year 2021 Guidance
For the first quarter of 2021, Avid is providing guidance for Revenue, Subscription & Maintenance Revenue, Adjusted EBITDA and Non-GAAP Net Income per Share. For the full-year 2021, Avid is providing guidance for Subscription & Maintenance Revenue and Free Cash Flow. Avid currently plans to add additional metrics to its guidance for full-year 2021 later in the year and to host an Investor Day in
($ in millions, except per share amounts) | Q1 2021 |
Revenue | |
Subscription & Maintenance Revenue | |
Adjusted EBITDA | |
Non-GAAP Net Income per Share | |
Full-Year 2021 | |
Subscription & Maintenance Revenue | |
Free Cash Flow |
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
Conference Call to Discuss Fourth Quarter and FY 2020 Results on
Avid will host a conference call to discuss its financial results for the fourth quarter and FY 2020 on
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
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
© 2021
Contacts | |
Investor contact: | PR contact: |
Avid | Avid |
ir@avid.com | jim.sheehan@avid.com |
Condensed Consolidated Statements of Operations | |||||||||||||||||
(unaudited - in thousands, except per share data) | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
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 | |||||||||||||
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
(unaudited - in thousands) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
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. |
Condensed Consolidated Balance Sheets | ||||||||
(unaudited - in thousands) | ||||||||
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 |
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 | ||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||
(unaudited - in thousands) | |||||||||||||
Twelve Months Ended | |||||||||||||
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 | |||||||||
Supplemental Revenue Information | |||||||||||
(unaudited - in millions) | |||||||||||
2020 | 2020 | 2019 | |||||||||
Revenue Backlog* | |||||||||||
Deferred Revenue | |||||||||||
Other Backlog | 336.2 | 321.7 | 342.3 | ||||||||
Total Revenue Backlog | |||||||||||
The expected timing of recognition of revenue backlog as of |
|||||||||||
2021 | 2022 | 2023 | Thereafter | Total | |||||||
Deferred Revenue | |||||||||||
Other Backlog | 143.3 | 99.9 | 65.5 | 27.5 | |||||||
Total Revenue Backlog | |||||||||||
*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. |
Source: Avid Technology, Inc.