Categories: Wire Stories

Avid Technology Announces Second Quarter 2021 Results

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

  • Subscription revenue was $21.5 million, an increase of 30.9% year-over-year.
  • Paid Cloud-enabled software subscriptions, including MediaCentral subscriptions, increased by 43.2%, year-over-year to approximately 346,000 at June 30, 2021, and increased by approximately 19,000 from March 31, 2021.
  • Subscription and Maintenance revenue was $52.0 million, an increase of 10.5% year-over-year.
  • Total revenue was $94.9 million, an increase of 19.7% year-over-year.
  • LTM Recurring Revenue % was 76.1% of the Company’s revenue for the 12 months ended June 31, 2021, up from 69.8% for the 12 months ended June 30, 2020.
  • Annual Contract Value was $293.1 million as of June 30, 2021, an increase of 10.5% from $265.3 million as of June 30, 2020.
  • Gross margin was 63.4%, a decrease of 160 basis points year-over-year. Non-GAAP Gross Margin was 63.9%, a decrease of 150 basis points year-over-year. One-time items of $1.2M negatively impacted GAAP and Non-GAAP Gross Margin by 120 basis points in the second quarter of 2021.
  • Operating expenses were $51.1 million, an increase of 17.6% year-over-year, as the second quarter of 2020 included significant temporary cost savings initiatives put in place due to the COVID-19 pandemic.   Non-GAAP Operating Expenses were $47.0 million, an increase of 16.0% year-over-year.
  • Net income was $7.0 million, an increase of 279.7% year-over-year.  Net income was 7.4% of revenue, an increase of 510 basis points year-over year. Non-GAAP Net Income was $11.6 million, an increase of 128.5% year-over-year. Non-GAAP Net Income was 12.2% of revenue, an increase of 580 basis points year-over-year.
  • Net income per common share was $0.15, up from net income per common share of $0.04 in the second quarter of 2020. Non-GAAP Net Income per Share was $0.25, up from Non-GAAP Net Income per Share of $0.12 in the second quarter of 2020.
  • Adjusted EBITDA was $15.8 million, an increase of 17.1% year-over-year. Adjusted EBITDA Margin was 16.7%, a year-over-year decrease of 30 basis points, as the second quarter of 2020 included significant temporary cost savings initiatives put in place due to the COVID-19 pandemic.
  • Net cash provided by operating activities was $6.6 million in the quarter, an increase of $10.1 million compared to Net cash used in operating activities of ($3.5) million in the prior year period.
  • Free Cash Flow was $5.6 million in the quarter, an increase of $10.8 million from ($5.2) million in the prior year period.

Jeff Rosica, Avid’s 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. 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 2021 Earnings Call presentation posted on Avid’s 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 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 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. 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   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.

Alex

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