Categories: Wire Stories

Avid Technology Announces Q2 2022 Results

Subscription Revenue of $34.1M, an Increase of 58.7% Year-Over-Year, Driven by Increase of Cloud-Enabled Software Subscriptions to Over 450,300

Annual Recurring Revenue of $231.0M, an Increase of 14.1% Year-Over-Year

Net Income per Common Share of $0.16 and Non-GAAP Earnings per Share of $0.26, an Increase of 4.0% Year-Over-Year

BURLINGTON, Mass., Aug. 02, 2022 (GLOBE NEWSWIRE) — Avid� (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, today announced its financial results for the second quarter of 2022, which ended on June 30, 2022.

Total revenue increased 3.0% year-over-year in the second quarter, led by strong subscription growth, offset by continuing macro supply chain challenges that impacted the Company’s ability to ship a significant amount of the orders received for integrated solutions during the first half of 2022. During the second quarter, the recurring components of the Company’s business remained strong with subscription revenue of $34.1 million, up 58.7% year-over-year, and subscription & maintenance revenue of $61.9 million, up 19.2% year-over-year.

The revenue growth, combined with improved gross margin, resulted in Non-GAAP Earnings per Share of $0.26.

Second Quarter 2022 Financial and Business Highlights

  • Subscription revenue was $34.1 million, an increase of 58.7% year-over-year.
  • Paid Cloud-enabled software subscriptions increased by 21.8% year-over-year to approximately 450,300 as of June 30, 2022, and increased by approximately 18,500 during the second quarter.
  • Subscription and Maintenance revenue was $61.9 million, up 19.2% year-over-year.
  • Annual Recurring Revenue was $231.0 million, an increase of 14.1% year-over-year.
  • Subscription ARR was $121.2 million, an increase of 45.8% year-over-year.
  • Total revenue was $97.7 million, an increase of 3.0% year-over-year.
  • Gross margin was 64.9%, an increase of 150 basis points year-over-year. Non-GAAP Gross Margin was 65.5%, an increase of 160 basis points year-over-year.
  • Operating expenses were $53.4 million, an increase of 4.4% year-over-year.   Non-GAAP Operating Expenses were $49.6 million, an increase of 5.4% year-over-year.
  • Net income was $7.4 million, an increase of 5.2% year-over-year. Non-GAAP Net Income was $11.8 million, an increase of 1.7% year-over-year.
  • Adjusted EBITDA was $16.5 million, an increase of 4.1% year-over-year. Adjusted EBITDA Margin was 16.9%, an increase of 20 basis points year-over-year.  
  • Net income per common share was $0.16, an increase of 6.7% year-over-year. Non-GAAP Earnings per Share was $0.26, an increase of 4.0% year-over-year.
  • Net cash provided by operating activities was $7.3 million in the quarter, an increase of $0.7 million compared to the second quarter of 2021.
  • Free Cash Flow was $3.2 million in the quarter, a decrease of ($2.4) million compared to the prior year period.
  • LTM Recurring Revenue % was 79.7% of the Company’s revenue for the 12 months ended June 30, 2022, up from 76.1% for the 12 months ended June 30, 2021.
  • Repurchased 559,572 shares for $14.1 million during the second quarter, under the $115 million share repurchase authorization announced on September 9, 2021.

Jeff Rosica, Avid’s Chief Executive Officer and President, stated, “We are pleased by the continued growth from our subscription software business and continued healthy demand for our products during the second quarter.” Mr. Rosica continued, “We delivered year-over-year revenue and earnings growth in the second quarter despite having over $20 million of contractually committed orders for integrated solutions at the end of June that had not shipped in the first half due to the continued global supply chain challenges. We expect that supply chain conditions will gradually improve in the second half of 2022, resulting in favorable year-over-year growth and improved profitability in full-year 2022.”

Ken Gayron, Chief Financial Officer and Executive Vice President of Avid, added, “We continued to grow our Recurring Revenue streams and deliver profitable year-over-year growth during the second quarter.” Mr. Gayron continued, “Despite the challenges posed by supply chain, we ended the quarter with revenue and Adjusted EBITDA in line with our first half forecast and remain confident in our business trajectory and long-term model.   Additionally, we believe our strong capital and liquidity position provides flexibility in operating our business to drive long term strategic value through prudent capital allocation.”

Third Quarter and Full-Year 2022 Guidance

For the third quarter of 2022, Avid is providing guidance for revenue, Subscription & Maintenance Revenue, Non-GAAP Earnings per Share and Adjusted EBITDA. For the full-year 2022, Avid is reaffirming its guidance for Subscription & Maintenance Revenue due to the continued strong demand for these offerings. While Avid is also seeing healthy market conditions and strong demand for its integrated solutions, the impact on its integrated solutions business from the global supply chain challenges and the expected timing of the recovery from these challenges are adding variability to its full-year 2022 business plans. As a result, Avid is widening the range for full-year 2022 total revenue guidance, while keeping the same midpoint, to better reflect the range of possible outcomes for the year. Avid is adjusting its full-year guidance for Adjusted EBITDA and Non-GAAP EPS to reflect the wider revenue range. Avid is also adjusting its Free Cash Flow guidance for full-year 2022 as a result of several factors. First, Avid is seeing more rapid adoption of enterprise subscriptions globally—which is strategically important for the company and is positive for its long-term model, but which has different near term cash conversion characteristics than its individual creatives subscription business. Second, the expected timing of Avid’s integrated solutions manufacturing recovery happening later in the second half will likely lead to some cash collections from these shipments falling into early 2023. And third, to the extent it can, Avid plans to temporarily build up its inventories to a level that will provide a sufficient buffer and greater flexibility to better navigate the variability in anticipated supply chain conditions over the next several quarters, and most importantly, to better meet the strong demand the company is seeing.

($ in millions, except per share amounts)                                         Q3 2022 Guidance
Revenue   $100 – $112
Subscription & Maintenance Revenue   $67 – $70
Non-GAAP Earnings per Share   $0.27 – $0.39
Adjusted EBITDA   $17.5 – $23.5
Q3 Non-GAAP Earnings per Share assumes 45.0 million shares outstanding.
     
    Full-Year 2022 Guidance
Revenue   $425 – $455
Subscription & Maintenance Revenue   $266 – $274
Non-GAAP Earnings per Share   $1.37 – $1.53
Adjusted EBITDA   $83 – $95
Free Cash Flow   $45 – $59
2022 Non-GAAP Earnings per Share assumes 45.2 million shares outstanding.
     

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 Q2 2022 Earnings presentation posted on Avid’s Investor Relations website at ir.Avid.com.

Conference Call to Discuss Second Quarter 2022 Results on August 2, 2022

Avid will host a conference call to discuss its financial results for the second quarter 2022 on Tuesday, August 2, 2022 at 5:30 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 & Presentations tab at ir.Avid.com. Please connect at least 5 minutes in advance to ensure a timely connection to the call. A replay of the call will also be available for a limited time and can be accessed on the Events & Presentations tab of the Avid Investor Relations website shortly after the completion of the call.

Management to Participate in the Oppenheimer 25th Annual Technology, Internet & Communications Conference on August 9

What: Oppenheimer 25th Annual Technology, Internet & Communications Conference
Participants: Jeff Rosica, Chief Executive Officer and President
                   Ken Gayron, Chief Financial Officer and EVP
Type: Group presentation and 1×1 meetings
Date: Tuesday, August 9, 2022
Group presentation time: 8:15 a.m. ET
The group presentation will be available to the public via live webcast, and a replay will be available for a limited period. For details on how to watch online, please visit the Events & Presentations tab at http://ir.avid.com.

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 Net Income, and Non-GAAP Earnings per Share. The Company also includes the operational metrics of Cloud-enabled software subscriptions, Annual Recurring Revenue (ARR), Subscription ARR, 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 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.

This press release also includes expectations for future Adjusted EBITDA, Non-GAAP Earnings per Share and Free Cash Flow, which are forward-looking non-GAAP financial measures. Reconciliations of these forward-looking non-GAAP measures are not included in this press release or elsewhere, due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from the estimation of the non-GAAP results, together with some of the excluded information not being ascertainable or accessible at this time. As a result, we are unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.

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 ongoing coronavirus (COVID-19) pandemic and subsequent variants on our business, suppliers, consumers, customers and employees; economic, social, and political instability, security concerns, and the risk of war, armed conflict and/or cyber conflict, particularly originating in, and complicated by, areas of heightened geopolitical tension and open conflict such as Ukraine, where we have outsourced research and development activities, Russia, and bordering territories; 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, armed conflict and related sanctions, weather conditions, or health pandemics; disruptions, inefficiencies, and/or complications in our operations and/or dynamic and unpredictable global supply chain, including interruptions, delays, complications, and other impacts related to armed conflict and/or cyber conflict and related international sanctions and reprisals and the ongoing COVID-19 pandemic and subsequent variants; the costs, disruption, and diversion of management’s attention due to the ongoing COVID-19 pandemic and subsequent variants, armed conflict and/or cyber conflict and related international sanctions and reprisals; 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 included 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.

Avid Powers Greater Creators

People who create media for a living become greater creators with Avid’s award-winning technology solutions to make, manage and monetize today’s most celebrated video and audio content—from iconic movies and bingeworthy TV series, to network news and sports, to recorded music and the live stage. What began more than 30 years ago with our invention of nonlinear digital video editing has led to individual artists, creative teams and organizations everywhere subscribing to our powerful tools and collaborating securely in the cloud. We continue to re-imagine the many ways editors, musicians, producers, journalists and other content creators will bring their stories to life. Discover the possibilities at avid.com and join the conversation on social media with the multitude of brilliant creative people who choose Avid for a lifetime of success.

© 2022 Avid Technology, Inc., Avid and its logo are property of Avid. All rights reserved. Other trademarks are property of their respective owners.

Contacts

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

AVID TECHNOLOGY, INC.                
Condensed Consolidated Statements of Operations                
(unaudited – in thousands, except per share data)                
    Three Months Ended   Six Months Ended
    June 30,   June 30,
      2022       2021       2022       2021  
                 
Net revenues:                
Subscription   $ 34,142     $ 21,508     $ 67,096     $ 46,376  
Maintenance     27,775       30,443       56,102       60,295  
Integrated solutions & other     35,763       42,925       75,131       82,569  
Total net revenues     97,680       94,876       198,329       189,240  
                 
Cost of revenues:                
Subscription     6,292       3,575       11,894       6,190  
Maintenance     5,253       5,822       10,530       11,396  
Integrated solutions & other     22,769       25,341       45,775       50,100  
Total cost of revenues     34,314       34,738       68,199       67,686  
                 
Gross profit     63,366       60,138       130,130       121,554  
                 
Operating expenses:                
Research and development     16,023       16,093       32,759       31,510  
Marketing and selling     23,673       21,354       45,600       42,098  
General and administrative     13,364       13,678       28,175       27,313  
Restructuring costs, net     342       15       357       1,089  
Total operating expenses     53,402       51,140       106,891       102,010  
                 
Operating income     9,964       8,998       23,239       19,544  
                 
Interest expense, net     (1,944 )     (1,783 )     (3,420 )     (3,901 )
Other income (expense), net     79       150       (8 )     (3,405 )
Income before income taxes     8,099       7,365       19,811       12,238  
                 
Provision for income taxes     726       359       1,852       841  
Net income   $ 7,373     $ 7,006     $ 17,959     $ 11,397  
                 
Net income per common share – basic   $ 0.16     $ 0.15     $ 0.40     $ 0.25  
Net income per common share – diluted   $ 0.16     $ 0.15     $ 0.40     $ 0.25  
                 
Weighted-average common shares outstanding – basic     44,740       45,211       44,778       44,887  
Weighted-average common shares outstanding – diluted     45,110       46,550       45,280       46,420  
                 

AVID TECHNOLOGY, INC.                
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures        
(unaudited – in thousands)                
                 
    Three Months Ended   Six Months Ended
    June 30,   June 30,
      2022       2021       2022       2021  
GAAP Revenue                
GAAP Revenue   $ 97,680     $ 94,876     $ 198,329     $ 189,240  
                 
Non-GAAP Gross Profit                
GAAP Gross Profit     63,366       60,138       130,130       121,554  
Stock-based compensation     589       478       1,015       918  
Non-GAAP Gross Profit   $ 63,955     $ 60,616     $ 131,145     $ 122,472  
GAAP Gross Margin     64.9 %     63.4 %     65.6 %     64.2 %
Non-GAAP Gross Margin     65.5 %     63.9 %     66.1 %     64.7 %
                 
Non-GAAP Operating Expenses                
GAAP Operating Expenses     53,402       51,140       106,891       102,010  
Less Amortization of intangible assets     (57 )     (105 )     (115 )     (210 )
Less Stock-based compensation     (3,056 )     (3,159 )     (6,052 )     (6,136 )
Less Restructuring costs, net     (342 )     (15 )     (357 )     (1,089 )
Less Acquisition, integration and other costs     50       (838 )     (409 )     (1,207 )
Less Efficiency program costs                       (48 )
Less Digital Transformation Initiative     (445 )           (688 )      
Less COVID-19 related expenses           (20 )           (22 )
Non-GAAP Operating Expenses   $ 49,552     $ 47,003     $ 99,270     $ 93,298  
                 
Non-GAAP Operating Income and Adjusted EBITDA                
GAAP net income     7,373       7,006       17,959       11,397  
Interest and other expense     1,865       1,633       3,428       7,306  
Provision for income taxes     726       359       1,852       841  
GAAP Operating Income     9,964       8,998       23,239       19,544  
Amortization of intangible assets     57       105       115       210  
Stock-based compensation     3,645       3,637       7,067       7,054  
Restructuring costs, net     342       15       357       1,089  
Acquisition, integration and other costs   (50 )     838       409       1,207  
Efficiency program costs                       48  
Digital Transformation Initiative     445             688        
COVID-19 related expenses           20             22  
Non-GAAP Operating Income   $ 14,403     $ 13,613     $ 31,875     $ 29,174  
Depreciation     2,066       2,202       3,869       4,321  
Adjusted EBITDA   $ 16,469     $ 15,815     $ 35,744     $ 33,495  
GAAP net income margin     7.5 %     7.4 %     9.1 %     6.0 %
Adjusted EBITDA Margin     16.9 %     16.7 %     18.0 %     17.7 %
                 
Non-GAAP Net Income                
GAAP net income     7,373       7,006       17,959       11,397  
Amortization of intangible assets     57       105       115       210  
Stock-based compensation     3,645       3,637       7,067       7,054  
Restructuring costs, net     342       15       357       1,089  
Acquisition, integration and other costs   (50 )     838       409       1,207  
Efficiency program costs                       48  
Digital Transformation Initiative     445             688        
COVID-19 related expenses           20             22  
Loss on Extinguishment of debt                       3,748  
Tax impact of non-GAAP adjustments           (10 )     (3 )     (159 )
Non-GAAP Net Income   $ 11,812     $ 11,611     $ 26,592     $ 24,616  
Weighted-average share count (Basic)     44,740       45,211       44,778       44,887  
Weighted-average share count (Diluted)     45,110       46,550       45,280       46,420  
Non-GAAP Earnings per Share (Basic)   $ 0.26     $ 0.26     $ 0.59     $ 0.55  
Non-GAAP Earnings per Share (Diluted)   $ 0.26     $ 0.25     $ 0.59     $ 0.53  
                 
Free Cash Flow                
Net cash provided by operating activities     7,305       6,585       15,221       18,898  
Capital expenditures     (4,115 )     (1,021 )     (7,359 )     (2,275 )
Free Cash Flow   $ 3,190     $ 5,564     $ 7,862     $ 16,623  
Free Cash Flow conversion from Adjusted EBITDA     19.4 %     35.2 %     22.0 %     49.6 %
                                 
AVID TECHNOLOGY, INC.        
Condensed Consolidated Balance Sheets        
(unaudited – in thousands)        
    June 30,   December 31,
      2022       2021  
Assets        
Current Assets        
Cash and Cash Equivalents     44,332     $ 56,818  
Restricted Cash     2,413       2,416  
Accounts receivable, net of allowances of $1,653 and $1,456 at June 30, 2022 and December 31, 2021, respectively     53,878       77,046  
Inventories     19,249       19,922  
Prepaid Expenses     9,003       5,464  
Contract Assets     20,950       18,903  
Other Current Assets     2,199       1,953  
Total Current Assets     152,024       182,522  
         
Property and Equipment, Net     19,689       16,028  
Goodwill     32,643       32,643  
Right of Use Assets     21,874       24,143  
Deferred Tax Assets, Net     3,600       5,210  
Other Long-Term Assets     17,292       13,454  
Total Assets   $ 247,122     $ 274,000  
         
Liabilities and Stockholders’ Deficit        
Current Liabilities        
Accounts Payable     32,899     $ 26,854  
Accrued Compensation and Benefits     21,568       35,458  
Accrued Expenses and Other Current Liabilities     34,902       37,552  
Income Taxes Payable     92       868  
Short-Term Debt     8,701       9,158  
Deferred Revenues     68,724       87,475  
Total Current Liabilities     166,886       197,365  
         
Long-Term Debt     177,782       160,806  
Long-Term Deferred Revenues     12,209       10,607  
Long-Term Lease Liabilities     21,298       23,379  
Other Long-Term Liabilities     5,307       5,917  
Total Liabilities     383,482       398,074  
         
Stockholders’ Deficit        
Common Stock     461       455  
Treasury Stock     (50,049 )     (25,090 )
Additional paid-in capital     1,028,277       1,031,633  
Accumulated Deficit     (1,109,000 )     (1,126,959 )
Accumulated Other Comprehensive Loss     (6,049 )     (4,113 )
Total Stockholders’ Deficit     (136,360 )     (124,074 )
         
Total Liabilities and Stockholders’ Deficit   $ 247,122     $ 274,000  
         

AVID TECHNOLOGY, INC.      
Condensed Consolidated Statements of Cash Flows      
(unaudited – in thousands)      
  Six Months Ended
  June 30,
    2022       2021  
       
Cash flows from operating activities:      
Net income $ 17,959     $ 11,397  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization   3,869       4,321  
Provision for doubtful accounts   222       270  
Stock-based compensation expense   7,067       6,702  
Non-cash provision for restructuring   338       927  
Non-cash interest expense   247       257  
Loss on extinguishment of debt         2,579  
Loss on Disposal of Fixed Assets   548        
Unrealized foreign currency transaction gains   (1,729 )     (1,468 )
Benefit from deferred taxes   1,610       547  
Changes in operating assets and liabilities:      
Accounts receivable   22,945       19,599  
Inventories   672       2,326  
Prepaid expenses and other assets   (5,664 )     (2,629 )
Accounts payable   6,044       (48 )
Accrued expenses, compensation and benefits and other liabilities   (16,105 )     (14,942 )
Income taxes payable   (776 )     (16 )
Deferred revenue and contract assets   (22,026 )     (10,924 )
Net cash provided by operating activities   15,221       18,898  
       
Cash flows from investing activities:      
Purchases of property and equipment   (7,359 )     (2,275 )
Net cash used in investing activities   (7,359 )     (2,275 )
       
Cash flows from financing activities:      
Proceeds from revolving credit facility   19,000        
Proceeds from long-term debt         180,000  
Repayment of debt   (2,288 )     (205,824 )
Payments for repurchase of common stock   (25,262 )      
Proceeds from the issuance of common stock under employee stock plans   468       363  
Common stock repurchases for tax withholdings for net settlement of equity awards   (10,885 )     (14,038 )
Prepayment penalty on extinguishment of debt         (1,169 )
Payments for credit facility issuance costs   (440 )     (2,574 )
Net cash used in financing activities   (19,407 )     (43,242 )
       
Effect of exchange rate changes on cash, cash equivalents, and restricted cash   (941 )     56  
Net decrease in cash, cash equivalents, and restricted cash   (12,486 )     (26,563 )
Cash, cash equivalents and restricted cash at beginning of the period $ 60,556       83,638  
Cash, cash equivalents and restricted cash at end of the period $ 48,070     $ 57,075  
Supplemental information:      
Cash and cash equivalents   44,332     $ 53,337  
Restricted cash   2,413       1,422  
Restricted cash included in other long-term assets   1,325       2,316  
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 48,070     $ 57,075  
       

AVID TECHNOLOGY, INC.  
Supplemental Revenue Information          
(unaudited – in millions)                      
                       
  June 30,   March 31,   June 30,            
  2022   2022   2021              
Revenue Backlog*                      
                       
Deferred Revenue $ 80.9   $ 92.3   $ 91.6            
Other Backlog $ 285.4   $ 283.0   $ 309.4            
Total Revenue Backlog $ 366.3   $ 375.3   $ 401.0            
                       
                       
The expected timing of recognition of revenue backlog as of March 31, 2022 is as follows:            
                       
  2022   2023   2024   2025   Thereafter   Total
                       
Deferred Revenue $ 52.2   $ 20.7   $ 4.9   $ 2.0   $ 1.2   $ 80.9
Other Backlog 74.6   87.0   62.4   33.0   28.4   $ 285.4
Total Revenue Backlog $ 126.7   $ 107.6   $ 67.3   $ 35.0   $ 29.6   $ 366.3
                       
*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.    
                       

Alex

Recent Posts

OneConnect Releases Q3 2024 Results with Net Profit attributable to Parent Company Reaching RMB110 million

HONG KONG SAR - Media OutReach Newswire - 14 November 2024 - OneConnect Financial Technology…

10 hours ago

Sheffield Green Opens Offshore Wind Training Centre in Taiwan Chiayi

SINGAPORE - Media OutReach Newswire - 14 November 2024 - Singapore-headquartered and SGX-listed Sheffield Green…

10 hours ago

Eude Technology Establishes Strategic AI Research Partnership with Nanyang Technological University

SINGAPORE - Media OutReach Newswire – 14 November 2024 - Eude Technology PTE. LTD. (Eude…

10 hours ago

HKSTP Elite Global Inno Day Showcasing Impactful Innovations from Future Unicorns

HONG KONG SAR - Media OutReach Newswire - 14 November 2024 - The Elite Programme…

11 hours ago

Five Overseas Cities Win This Year’s Shanghai Award for Sustainability

SHANGHAI, CHINA - Media OutReach Newswire - 14 November 2024 - Morocco's Agadir, India's Trivandrum,…

12 hours ago

amfori Asia Sustainability Summit 2024

Shaping Responsible Supply Chains for a Sustainable Future HONG KONG SAR - Media OutReach Newswire…

12 hours ago