19.7% Year-Over-Year Revenue Growth, driven by Continued Subscription Growth and Recovery in Integrated Solutions
$6.6 million in Net Cash Provided by Operating Activities and Free Cash Flow of $5.6 million in the Quarter
Net Income per Share of $0.15 and Non-GAAP Net Income per Share of $0.25, a 108% Improvement Year-Over-Year
Full Year 2021 Guidance: Raises Free Cash Flow Guidance and Reaffirms All Other Guidance
BURLINGTON, Mass., Aug. 03, 2021 (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 ended June 30, 2021, provided guidance for the third quarter of 2021, raised full-year guidance for Free Cash Flow, and reaffirmed all other full-year 2021 guidance.
Total revenue increased 19.7% year-over-year in the second quarter, driven by (i) continued growth in Subscription revenue, which was $21.5 million, an increase of 30.9% year-over-year and (ii) a recovery in Integrated Solutions revenue, which was $31.3 million, an increase of 50.5% year-over-year.
During the second quarter, net income was $7.0 million, an increase of 279.7% year-over-year, and Adjusted EBITDA was $15.8 million, an increase of 17.1% year-over-year. The improvement in profitability also resulted in significant year-over-year improvement in net cash provided by operating activities to $6.6 million, and Free Cash Flow to $5.6 million.
Second Quarter 2021 Financial and Business Highlights
Jeff Rosica, Avids Chief Executive Officer and President, stated, We are pleased by the continued strong performance from our Subscriptions business and by the recovery of our Integrated Solutions business, including storage and live sound, during the second quarter. Mr. Rosica continued, We experienced gradual improvement in end market demand during the second quarter, and expect that the momentum from this recovery trend will continue into the second half of 2021 as we introduce several new product innovations across our portfolio.
Ken Gayron, Chief Financial Officer and Executive Vice President of Avid, added, We continued to grow our recurring revenue streams and deliver year-over-year growth in profitability and Free Cash Flow during the second quarter. Mr. Gayron continued, Having delivered this strong first half performance and favorable trajectory we are raising our 2021 Free Cash Flow Guidance and reaffirming all other items of our 2021 annual guidance.
Third Quarter and Full Year 2021 Guidance
For the third quarter of 2021, Avid is providing guidance for Revenue, Subscription & Maintenance Revenue, Non-GAAP Net Income per Share and Adjusted EBITDA. Avid has also increased its full-year 2021 guidance for Free Cash Flow and reaffirmed its full-year 2021 guidance for Revenue, Subscription & Maintenance Revenue, Non-GAAP Net Income per Share and Adjusted EBITDA that was issued on May 5, 2021.
($ in millions, except per share amounts) | Third Quarter 2021 | ||
Revenue | $94 $100 | ||
Subscription & Maintenance Revenue | $51 $55 | ||
Non-GAAP Net Income per Share | $0.20 $0.28 | ||
Adjusted EBITDA | $14 $18 | ||
Full-Year 2021 | |||
Revenue | $382 $402 | ||
Subscription & Maintenance Revenue | $217 $225 | ||
Non-GAAP Net Income per Share | $1.05 $1.27 | ||
Adjusted EBITDA | $69 $79 | ||
Free Cash Flow | $49 $57 | ||
All guidance presented by the Company is inherently uncertain and subject to numerous risks and uncertainties. Avids 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 2021 Earnings Call presentation posted on Avids Investor Relations website at ir.Avid.com.
Conference Call to Discuss Second Quarter 2021 Results on August 3, 2021
Avid will host a conference call to discuss its financial results for the first quarter on Tuesday, August 3, 2021, at 5:30 p.m. Eastern Time. 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 +1 929-477-0593 and referencing confirmation code 3169916. Please connect at least 15 minutes in advance to ensure a timely connection to the call. A replay of the webcast 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 Net Income, and Non-GAAP Net Income per Share. The Company also includes the operational metrics of Cloud-enabled software subscriptions, 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 Companys 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 Net Income 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 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. Avids preeminent customer community uses Avids comprehensive tools and workflow solutions to create, distribute and monetize the most watched, loved and listened to media in the worldfrom 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, Avids 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 | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Net revenues: | |||||||||||||||
Products | $ | 37,178 | $ | 27,635 | $ | 70,445 | $ | 62,346 | |||||||
Services | 57,698 | 51,646 | 118,795 | 103,388 | |||||||||||
Total net revenues | 94,876 | 79,281 | 189,240 | 165,734 | |||||||||||
Cost of revenues: | |||||||||||||||
Products | 20,083 | 16,954 | 39,576 | 37,916 | |||||||||||
Services | 14,655 | 10,765 | 28,110 | 23,105 | |||||||||||
Total cost of revenues | 34,738 | 27,719 | 67,686 | 61,021 | |||||||||||
Gross profit | 60,138 | 51,562 | 121,554 | 104,713 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 16,093 | 13,068 | 31,510 | 28,493 | |||||||||||
Marketing and selling | 21,354 | 19,690 | 42,098 | 44,979 | |||||||||||
General and administrative | 13,678 | 10,604 | 27,313 | 23,348 | |||||||||||
Restructuring costs, net | 15 | 140 | 1,089 | 285 | |||||||||||
Total operating expenses | 51,140 | 43,502 | 102,010 | 97,105 | |||||||||||
Operating income | 8,998 | 8,060 | 19,544 | 7,608 | |||||||||||
Interest and other expense, net | (1,633 | ) | (5,498 | ) | (7,306 | ) | (10,781 | ) | |||||||
Income (loss) before income taxes | 7,365 | 2,562 | 12,238 | (3,173 | ) | ||||||||||
Provision for income taxes | 359 | 717 | 841 | 839 | |||||||||||
Net income (loss) | $ | 7,006 | $ | 1,845 | $ | 11,397 | $ | (4,012 | ) | ||||||
Net income (loss) per common share – basic | $ | 0.15 | $ | 0.04 | $ | 0.25 | $ | (0.09 | ) | ||||||
Net income (loss) per common share – diluted | $ | 0.15 | $ | 0.04 | $ | 0.25 | $ | (0.09 | ) | ||||||
Weighted-average common shares outstanding – basic | 45,211 | 43,719 | 44,887 | 43,486 | |||||||||||
Weighted-average common shares outstanding – diluted | 46,550 | 44,180 | 46,420 | 43,486 | |||||||||||
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, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
GAAP Revenue | ||||||||||||||||
GAAP Revenue | $ | 94,876 | $ | 79,281 | $ | 189,240 | $ | 165,734 | ||||||||
Non-GAAP Gross Profit | ||||||||||||||||
GAAP Gross Profit | 60,138 | 51,562 | 121,554 | 104,713 | ||||||||||||
Stock-based compensation | 478 | 275 | 918 | 475 | ||||||||||||
Non-GAAP Gross Profit | $ | 60,616 | $ | 51,837 | $ | 122,472 | $ | 105,188 | ||||||||
GAAP Gross Margin | 63.4 | % | 65.0 | % | 64.2 | % | 63.2 | % | ||||||||
Non-GAAP Gross Margin | 63.9 | % | 65.4 | % | 64.7 | % | 63.5 | % | ||||||||
Non-GAAP Operating Expenses | ||||||||||||||||
GAAP Operating Expenses | 51,140 | 43,502 | 102,010 | 97,105 | ||||||||||||
Less Amortization of intangible assets | (105 | ) | (105 | ) | (210 | ) | (201 | ) | ||||||||
Less Stock-based compensation | (3,159 | ) | (2,450 | ) | (6,136 | ) | (4,359 | ) | ||||||||
Less Restructuring costs, net | (15 | ) | (140 | ) | (1,089 | ) | (285 | ) | ||||||||
Less Acquisition, integration and other costs | (838 | ) | – | (1,207 | ) | 183 | ||||||||||
Less Efficiency program costs | – | (235 | ) | (48 | ) | (366 | ) | |||||||||
Less COVID-19 related expenses | (20 | ) | (62 | ) | (22 | ) | (248 | ) | ||||||||
Non-GAAP Operating Expenses | $ | 47,003 | $ | 40,510 | $ | 93,298 | $ | 91,829 | ||||||||
Non-GAAP Operating Income and Adjusted EBITDA | ||||||||||||||||
GAAP net income (loss) | 7,006 | 1,845 | 11,397 | (4,012 | ) | |||||||||||
Interest and other expense | 1,633 | 5,498 | 7,306 | 10,781 | ||||||||||||
Provision for income taxes | 359 | 717 | 841 | 839 | ||||||||||||
GAAP Operating Income | 8,998 | 8,060 | 19,544 | 7,608 | ||||||||||||
Amortization of intangible assets | 105 | 105 | 210 | 201 | ||||||||||||
Stock-based compensation | 3,637 | 2,726 | 7,054 | 4,835 | ||||||||||||
Restructuring costs, net | 15 | 140 | 1,089 | 285 | ||||||||||||
Acquisition, integration and other costs | 838 | – | 1,207 | (183 | ) | |||||||||||
Efficiency program costs | – | 235 | 48 | 366 | ||||||||||||
COVID-19 related expenses | 20 | 62 | 22 | 248 | ||||||||||||
Non-GAAP Operating Income | $ | 13,613 | $ | 11,328 | $ | 29,174 | $ | 13,360 | ||||||||
Depreciation | 2,202 | 2,172 | 4,321 | 4,314 | ||||||||||||
Adjusted EBITDA | $ | 15,815 | $ | 13,500 | $ | 33,495 | $ | 17,674 | ||||||||
GAAP net income margin | 7.4 | % | 2.3 | % | 6.0 | % | -2.4 | % | ||||||||
Adjusted EBITDA Margin | 16.7 | % | 17.0 | % | 17.7 | % | 10.7 | % | ||||||||
Non-GAAP Net Income | ||||||||||||||||
GAAP net income (loss) | 7,006 | 1,845 | 11,397 | (4,012 | ) | |||||||||||
Amortization of intangible assets | 105 | 105 | 210 | 201 | ||||||||||||
Stock-based compensation | 3,637 | 2,726 | 7,054 | 4,835 | ||||||||||||
Restructuring costs, net | 15 | 140 | 1,089 | 285 | ||||||||||||
Acquisition, integration and other costs | 838 | – | 1,207 | (183 | ) | |||||||||||
Efficiency program costs | – | 235 | 48 | 366 | ||||||||||||
COVID-19 related expenses | 20 | 62 | 22 | 248 | ||||||||||||
Loss on Extinguishment of debt | – | – | 3,748 | 7 | ||||||||||||
Tax impact of non-GAAP adjustments | (10 | ) | (31 | ) | (159 | ) | (41 | ) | ||||||||
Non-GAAP Net Income | $ | 11,611 | $ | 5,082 | $ | 24,616 | $ | 1,706 | ||||||||
Weighted-average share count (Basic) | 45,211 | 43,719 | 44,887 | 43,486 | ||||||||||||
Weighted-average share count (Diluted) | 46,550 | 44,180 | 46,420 | 43,486 | ||||||||||||
Non-GAAP Earnings per Share (Basic) | $ | 0.26 | $ | 0.12 | $ | 0.55 | $ | 0.04 | ||||||||
Non-GAAP Earnings per Share (Diluted) | $ | 0.25 | $ | 0.12 | $ | 0.53 | $ | 0.04 | ||||||||
Free Cash Flow | ||||||||||||||||
Net cash provided by operating activities | 6,585 | (3,507 | ) | 18,898 | (9,112 | ) | ||||||||||
Capital expenditures | (1,021 | ) | (1,733 | ) | (2,275 | ) | (3,212 | ) | ||||||||
Free Cash Flow | $ | 5,564 | $ | (5,240 | ) | $ | 16,623 | $ | (12,324 | ) | ||||||
Free Cash Flow conversion from Adjusted EBITDA | 35.2 | % | -38.8 | % | 49.6 | % | -69.7 | % | ||||||||
AVID TECHNOLOGY, INC. | |||||||
Condensed Consolidated Balance Sheets | |||||||
(unaudited – in thousands) | |||||||
June 30, | December 31, | ||||||
2021 | 2020 | ||||||
Assets | |||||||
Current Assets | |||||||
Cash and Cash Equivalents | $ | 53,337 | $ | 79,899 | |||
Restricted Cash | 1,422 | 1,422 | |||||
Accounts receivable, net of allowances of $1,369 and $1,478 | |||||||
at June 30, 2021 and December 31, 2020, respectively | 58,746 | 78,614 | |||||
Inventories | 24,242 | 26,568 | |||||
Prepaid Expenses | 8,774 | 6,044 | |||||
Contract Assets | 21,828 | 18,579 | |||||
Other Current Assets | 2,265 | 2,366 | |||||
Total Current Assets | 170,614 | 213,492 | |||||
Property and Equipment, Net | 14,762 | 16,814 | |||||
Goodwill | 32,643 | 32,643 | |||||
Right of Use Assets | 26,561 | 29,430 | |||||
Deferred Tax Assets, Net | 6,254 | 6,801 | |||||
Other Long-Term Assets | 5,871 | 5,958 | |||||
Total Assets | $ | 256,705 | $ | 305,138 | |||
Liabilities and Stockholders’ Deficit | |||||||
Current Liabilities | |||||||
Accounts Payable | $ | 21,775 | $ | 21,823 | |||
Accrued Compensation and Benefits | 23,103 | 29,105 | |||||
Accrued Expenses and Other Current Liabilities | 32,904 | 42,264 | |||||
Income Taxes Payable | 1,648 | 1,664 | |||||
Short-Term Debt | 16,961 | 4,941 | |||||
Deferred Revenues | 80,745 | 87,974 | |||||
Total Current Liabilities | 177,136 | 187,771 | |||||
Long-Term Debt | 165,178 | 202,759 | |||||
Long-Term Deferred Revenues | 10,838 | 11,284 | |||||
Long-Term Lease Liabilities | 25,819 | 28,462 | |||||
Other Long-Term Liabilities | 7,476 | 7,786 | |||||
Total Liabilities | 386,447 | 438,062 | |||||
Stockholders’ Deficit | |||||||
Common Stock | 452 | 442 | |||||
APIC | 1,029,675 | 1,036,658 | |||||
Accumulated Deficit | (1,156,950 | ) | (1,168,347 | ) | |||
Accumulated Other Comprehensive Loss | (2,919 | ) | (1,677 | ) | |||
Total Stockholders’ Deficit | (129,742 | ) | (132,924 | ) | |||
Total Liabilities and Stockholders’ Deficit | $ | 256,705 | $ | 305,138 | |||
AVID TECHNOLOGY, INC. | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(unaudited – in thousands) | |||||||
Six Months Ended | |||||||
June 30, | |||||||
2021 | 2020 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | 11,397 | $ | (4,012 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 4,321 | 4,330 | |||||
Provision for doubtful accounts | 270 | 1,205 | |||||
Stock-based compensation expense | 6,702 | 4,835 | |||||
Non-cash provision for restructuring | 927 | – | |||||
Non-cash interest expense | 257 | 3,433 | |||||
Loss on extinguishment of debt | 2,579 | – | |||||
Unrealized foreign currency transaction gains | (1,468 | ) | (112 | ) | |||
Benefit from deferred taxes | 547 | 383 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 19,599 | 18,783 | |||||
Inventories | 2,326 | (484 | ) | ||||
Prepaid expenses and other assets | (2,629 | ) | (547 | ) | |||
Accounts payable | (48 | ) | (22,003 | ) | |||
Accrued expenses, compensation and benefits and other liabilities | (14,942 | ) | (4,057 | ) | |||
Income taxes payable | (16 | ) | 66 | ||||
Deferred revenue and contract assets | (10,924 | ) | (10,932 | ) | |||
Net cash provided by (used in) operating activities | 18,898 | (9,112 | ) | ||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (2,275 | ) | (3,212 | ) | |||
Net cash used in investing activities | (2,275 | ) | (3,212 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from revolving line of credit | – | 22,000 | |||||
Proceeds from long-term debt | 180,000 | 7,800 | |||||
Repayment of debt | (205,824 | ) | (695 | ) | |||
Payments for repurchase of outstanding Notes | – | (28,867 | ) | ||||
Proceeds from the issuance of common stock under employee stock plans | 363 | – | |||||
Common stock repurchases for tax withholdings for net settlement of equity awards | (14,038 | ) | (2,357 | ) | |||
Payment for loss on extinguishment of debt | (1,169 | ) | – | ||||
Partial unwind capped call cash receipt | – | 875 | |||||
Payments for credit facility issuance costs | (2,574 | ) | (289 | ) | |||
Net cash (used in) provided by financing activities | (43,242 | ) | (1,533 | ) | |||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 56 | 682 | |||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (26,563 | ) | (13,175 | ) | |||
Cash, cash equivalents and restricted cash at beginning of the period | 83,638 | 72,575 | |||||
Cash, cash equivalents and restricted cash at end of the period | $ | 57,075 | $ | 59,400 | |||
Supplemental information: | |||||||
Cash and cash equivalents | $ | 53,337 | $ | 55,662 | |||
Restricted cash | 1,422 | 1,663 | |||||
Restricted cash included in other long-term assets | 2,316 | 2,075 | |||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 57,075 | $ | 59,400 | |||
AVID TECHNOLOGY, INC. | ||||||||||
Supplemental Revenue Information | ||||||||||
(unaudited – in millions) | ||||||||||
Jun 30, | Mar 31, | Jun 30, | ||||||||
2021 | 2021 | 2020 | ||||||||
Revenue Backlog* | ||||||||||
Deferred Revenue | $ 91.6 | $ 97.5 | $ 85.7 | |||||||
Other Backlog | 309.4 | 319.3 | 337.9 | |||||||
Total Revenue Backlog | $ 401.0 | $ 416.8 | $ 423.6 | |||||||
The expected timing of recognition of revenue backlog as of June 30, 2021 is as follows: | ||||||||||
2021 | 2022 | 2023 | Thereafter | Total | ||||||
Deferred Revenue | $ 57.9 | $ 27.0 | $ 3.4 | $ 3.3 | $ 91.6 | |||||
Other Backlog | 61.3 | 100.0 | 76.3 | 71.8 | $ 309.4 | |||||
Total Revenue Backlog | $ 119.2 | $ 127.0 | $ 79.7 | $ 75.1 | $ 401.0 | |||||
*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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