Avid Technology Announces Third Quarter 2021 Results

Rhea-AI Summary

Avid reported a 12.4% year-over-year revenue growth, reaching $101.6 million in Q3 2021, driven by a 56.4% increase in subscription revenue to $28.0 million. The company generated $16.5 million in net cash from operating activities, resulting in $14.0 million of free cash flow. Avid raised its full-year 2021 guidance for subscription and maintenance revenue to $225 million - $230 million and revised total revenue guidance to $398 million - $404 million. While net income rose to $14.8 million, adjusted EBITDA fell by 11.9%.

Positive

• Subscription revenue increased 56.4% year-over-year to $28.0 million.
• Total revenue grew 12.4% year-over-year to $101.6 million.
• Net income rose 85.0% year-over-year to $14.8 million.
• Free Cash Flow was $14.0 million, supported by strong profitability.
• Raised full-year 2021 guidance for subscription & maintenance revenue to $225 million - $230 million.

Negative

• Adjusted EBITDA decreased 11.9% year-over-year.
• Operating expenses increased 24.8% year-over-year to $56.4 million.
• Net cash from operating activities fell by $1.5 million compared to the prior year.

12.4% Year-Over-Year Revenue Growth

56.4% Year-Over-Year Subscription Revenue Growth

$16.5 million in Net Cash Provided by Operating Activities Leading to Free Cash Flow of $14.0 million

Raises Subscription & Maintenance Revenue Guidance and Raises High-End of Revenue Guidance for Full-Year 2021

BURLINGTON, Mass., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, today announced its financial results for the third quarter ended September 30, 2021, raised full-year 2021 guidance for Subscription & Maintenance Revenue, raised the high-end and tightened the range for total revenue and tightened the range towards the high-end of guidance on all other full-year 2021 metrics.

Total revenue increased 12.4% year-over-year in the third quarter to $101.6 million, as the Recurring Revenue components of the Company’s business continued on a strong trajectory. Subscription revenue was $28.0 million, an increase of 56.4% year-over-year, reflecting continued growth in paid subscriptions for creative tools, including an acceleration in Pro Tools net adds in the third quarter, and strong enterprise subscription sales in the quarter.

The continued revenue growth resulted in GAAP net income per share of $0.32 and Non-GAAP Net Income per Share of $0.27, which was at the higher end of the guidance range provided for the third quarter. This strong profitability resulted in net cash provided by operating activities of $16.5 million, and Free Cash Flow of $14.0 million for the quarter.

Third Quarter 2021 Financial and Business Highlights

• Subscription revenue was $28.0 million, an increase of 56.4% year-over-year.
• Paid Cloud-enabled software subscriptions increased by 35.0% year-over-year to approximately 389,000 at September 30, 2021 and increased by approximately 19,300 from June 30, 2021.
• Subscription & Maintenance revenue was $58.7 million, an increase of 20.5% year-over-year.
• Total revenue was $101.6 million, an increase of 12.4% year-over-year.
• LTM Recurring Revenue % was 77.1% of the Company’s revenue for the 12 months ended September 30, 2021, up from 71.2% for the 12 months ended September 30, 2020.
• Annual Contract Value was $328.0 million as of September 30, 2021, a year-over-year increase of 20.6%, from $271.9 million as of September 30, 2020.
• Gross margin was 64.8%, an increase of 40 basis points year-over-year. Non-GAAP Gross Margin was 65.3%, an increase of 40 basis points year-over-year.  
• Operating expenses were $56.4 million, an increase of 24.8% year-over-year.   Non-GAAP Operating Expenses were $51.3 million, an increase of 24.1% year-over-year. The prior year included significant temporary cost savings initiatives that were put in place due to the COVID-19 pandemic, including a $6.0 million benefit from temporary employee furloughs in the third quarter of 2020, which affect comparisons to the prior year period for operating expenses, net income, Adjusted EBITDA, net cash provided by operating activities and Free Cash Flow.
• Net income was $14.8 million, an increase of 85.0% year-over-year.   Net income in the third quarter of 2021 included a one-time $7.9 million benefit from the forgiveness of the PPP loan and accrued interest.   Non-GAAP Net Income was $12.4 million, an increase of 1.9% year-over-year.   Both net income and Non-GAAP Net Income in the third quarter of 2020 benefitted from the significant temporary cost savings discussed above.
• Net income per common share was $0.32 up from net income per common share of $0.18 in the third quarter of 2020. Net income per common share in the third quarter of 2021 included a one-time benefit of $0.17 per common share from the forgiveness of the PPP loan and accrued interest. Non-GAAP Net Income per Share was $0.27, unchanged from the third quarter of 2020.   Both net income per common share and Non-GAAP Net Income per Share in the third quarter of 2020 benefitted from the significant temporary cost savings discussed above.
• Adjusted EBITDA was $17.0 million, a decrease of 11.9% year-over-year. Adjusted EBITDA Margin was 16.8%, a year-over-year decrease of 460 basis points. Adjusted EBITDA in the third quarter of 2020 benefitted from the significant temporary cost savings discussed above.
• Net cash provided by operating activities was $16.5 million in the quarter, a decrease of $1.5 million compared to net cash provided by operating activities of $18.0 million in the prior year period.   Free Cash Flow was $14.0 million in the quarter, a decrease of $1.5 million from $15.5 million in the prior year period. Both net cash provided by operating activities and Free Cash Flow in the third quarter of 2020 benefitted from the significant temporary cost savings discussed above.
• Share repurchases under the $115 million share repurchase authorization announced on September 9, 2021 totaled approximately 412,000 shares for $11.2 million during the third quarter.
  

Jeff Rosica, Avid’s Chief Executive Officer and President, stated, “We are pleased that we were able to significantly grow our revenue in the third quarter due to the strong performance of our subscription business and the strengthening recovery of our end markets, which allowed us to continue to deliver strong profitability and Free Cash Flow. As we enter the fourth quarter, which historically has been our strongest quarter, we believe we are well positioned to finish 2021 on a high note, and our momentum gives us confidence as we look out to 2022.”  

Ken Gayron, Chief Financial Officer and Executive Vice President of Avid, added, “We continued to grow our LTM Recurring Revenue %, which reached 77% of our total revenue as of the third quarter, and we delivered 56.4% year over year growth in subscription revenues. We also generated robust Free Cash Flow during the third quarter as a result of solid profitability and working capital management. Based on the strength in our business, we are raising guidance for Subscription & Maintenance Revenue for full-year 2021, we are raising the high-end and tightening the range of our total revenue guidance and we are tightening the range towards the high-end of guidance on all other full-year 2021 metrics.” Mr. Gayron continued, “Additionally, given the high degree of confidence we have in our plan, we announced a $115 million share repurchase authorization in September. Under this plan, we repurchased $11.2 million of our shares during the third quarter, and we have repurchased a total of $20 million of our shares as of November 8. Share repurchases are an important element of our capital deployment strategy which we expect will enhance overall shareholder returns.”

Full Year 2021 Guidance

Avid has revised its full-year 2021 guidance as shown in the table below.

($ in millions, except per share amounts)	Prior Guidance Full-Year 2021	New Guidance Full-Year 2021
Revenue	$382 - $402	$398 – $404
Subscription & Maintenance Revenue	$217 - $225	$225 – $230
Non-GAAP Net Income per Share	$1.05 - $1.27	$1.18 – $1.26
Adjusted EBITDA	$69 - $79	$73 – $78
Free Cash Flow	$49 - $57	$52 – $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 Q3 2021 Earnings Call presentation posted on Avid’s Investor Relations website at ir.Avid.com.

Conference Call to Discuss Third Quarter 2021 Results on November 9, 2021

Avid will host a conference call to discuss its financial results for the third quarter on Tuesday, November 9, 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 +1 929-477-0577 and referencing confirmation code 9008735. Please connect at least 5 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 and its variants 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 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.

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 September 30,								Nine Months Ended September 30,
		2021				2020				2021				2020
Net revenues:
Products	$	36,850			$	35,775			$	107,295			$	98,121
Services		64,790				54,656				183,585				158,044
Total net revenues		101,640				90,431				290,880				256,165
Cost of revenues:
Products		20,468				20,957				60,044				58,873
Services		15,269				11,217				43,379				34,322
Total cost of revenues		35,737				32,174				103,423				93,195
Gross profit		65,903				58,257				187,457				162,970
Operating expenses:
Research and development		17,129				13,623				48,639				42,116
Marketing and selling		24,413				19,998				66,511				64,977
General and administrative		14,901				10,796				42,214				34,144
Restructuring costs, net		(88	)			723				1,001				1,008
Total operating expenses		56,355				45,140				158,365				142,245
Operating income		9,548				13,117				29,092				20,725
Interest expense, net		(1,646	)			(4,566	)			(5,547	)			(15,437	)
Other income, net		7,864				143				4,459				233
Income before income taxes		15,766				8,694				28,004				5,521
Provision for income taxes		991				707				1,832				1,546
Net income	$	14,775			$	7,987			$	26,172			$	3,975
Net income per common share - basic	$	0.32			$	0.18			$	0.58			$	0.09
Net income per common share - diluted	$	0.32			$	0.18			$	0.56			$	0.09
Weighted-average common shares outstanding - basic		45,564				44,019				45,115				43,665
Weighted-average common shares outstanding - diluted		46,428				44,758				46,449				44,498

AVID TECHNOLOGY, INC.
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures
(unaudited - in thousands)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2021				2020				2021				2020
GAAP Revenue
	GAAP Revenue	$	101,640			$	90,431			$	290,880			$	256,165
Non-GAAP Gross Profit
	GAAP Gross Profit		65,903				58,257				187,457				162,970
	Stock-based compensation		444				433				1,362				908
	Non-GAAP Gross Profit	$	66,347			$	58,690			$	188,819			$	163,878
	GAAP Gross Margin		64.8	%			64.4	%			64.4	%			63.6	%
	Non-GAAP Gross Margin		65.3	%			64.9	%			64.9	%			64.0	%
Non-GAAP Operating Expenses
	GAAP Operating Expenses		56,355				45,140				158,365				142,245
	Less Amortization of intangible assets		(105	)			(105	)			(315	)			(306	)
	Less Stock-based compensation		(3,337	)			(2,865	)			(9,473	)			(7,224	)
	Less Restructuring costs, net		88				(723	)			(1,001	)			(1,008	)
	Less Acquisition, integration and other costs		(876	)			-				(2,083	)			183
	Less Efficiency program costs		-				(79	)			(48	)			(445	)
	Less Digital Transformation costs		(808	)							(808	)			-
	Less COVID-19 related expenses						(3	)			(22	)			(251	)
	Non-GAAP Operating Expenses	$	51,317			$	41,365			$	144,615			$	133,194
Non-GAAP Operating Income and Adjusted EBITDA
	GAAP net income		14,775				7,987				26,172				3,975
	Interest and other expense		(6,218	)			4,423				1,088				15,204
	Provision for income taxes		991				707				1,832				1,546
	GAAP Operating Income		9,548				13,117				29,092				20,725
	Amortization of intangible assets		105				105				315				306
	Stock-based compensation		3,781				3,297				10,835				8,132
	Restructuring costs, net		(88	)			723				1,001				1,008
	Acquisition, integration and other costs		876				-				2,083				(183	)
	Efficiency program costs		-				79				48				445
	Digital Transformation costs		808								808				-
	COVID-19 related expenses		-				3				22				251
	Non-GAAP Operating Income	$	15,030			$	17,324			$	44,204			$	30,684
	Depreciation		2,002				2,004				6,323				6,317
	Adjusted EBITDA	$	17,032			$	19,328			$	50,527			$	37,001
	GAAP net income margin		14.5	%			8.8	%			9.0	%			1.6	%
	Adjusted EBITDA Margin		16.8	%			21.4	%			17.4	%			14.4	%
Non-GAAP Net Income
	GAAP net income		14,775				7,987				26,172				3,975
	Amortization of intangible assets		105				105				315				306
	Stock-based compensation		3,781				3,297				10,835				8,132
	Restructuring costs, net		(88	)			723				1,001				1,008
	Acquisition, integration and other costs		876				-				2,083				(183	)
	Efficiency program costs		-				79				48				445
	Digital Transformation costs		808								808				-
	Gain on forgiveness of PPP Loan		(7,800	)							(7,800	)			-
	COVID-19 related expenses		-				3				22				251
	Loss on Extinguishment of debt		-				-				3,748				-
	Tax impact of non-GAAP adjustments		(25	)			5				(184	)			(35	)
	Non-GAAP Net Income	$	12,432			$	12,199			$	37,048			$	13,899
	Weighted-average share count (Basic)		45,564				44,019				45,115				43,665
	Weighted-average share count (Diluted)		46,428				44,758				46,449				44,498
	Non-GAAP Earnings per Share (Basic)	$	0.27			$	0.28			$	0.82			$	0.32
	Non-GAAP Earnings per Share (Diluted)	$	0.27			$	0.27			$	0.80			$	0.31
Free Cash Flow
	Net cash provided by operating activities		16,521				17,955				35,418				8,843
	Capital expenditures		(2,475	)			(2,407	)			(4,750	)			(5,619	)
	Free Cash Flow	$	14,046			$	15,548			$	30,668			$	3,224
	Free Cash Flow conversion from Adjusted EBITDA		82.5	%			80.4	%			60.7	%			8.7	%

AVID TECHNOLOGY, INC.
Condensed Consolidated Balance Sheets
(unaudited - in thousands)
			September 30,				December 31,
				2021				2020
	Assets
Current Assets
	Cash and Cash Equivalents		$	50,485			$	79,899
	Restricted Cash			1,422				1,422
	Accounts receivable, net of allowances of $1,422 and $1,478
	at September 30, 2021 and December 31, 2020, respectively			58,125				78,614
	Inventories			22,215				26,568
	Prepaid Expenses			6,766				6,044
	Contract Assets			22,612				18,579
	Other Current Assets			2,335				2,366
Total Current Assets				163,960				213,492
	Property and Equipment, Net			15,211				16,814
	Goodwill			32,643				32,643
	Right of Use Assets			25,202				29,430
	Deferred Tax Assets, Net			5,413				6,801
	Other Long-Term Assets			6,462				5,958
Total Assets			$	248,891			$	305,138
	Liabilities and Stockholders' Deficit
Current Liabilities
	Accounts Payable		$	22,413			$	21,823
	Accrued Compensation and Benefits			26,320				29,105
	Accrued Expenses and Other Current Liabilities			34,511				42,264
	Income Taxes Payable			1,447				1,664
	Short-Term Debt			9,159				4,941
	Deferred Revenues			76,658				87,974
Total Current Liabilities				170,508				187,771
	Long-Term Debt			162,990				202,759
	Long-Term Deferred Revenues			10,109				11,284
	Long-Term Lease Liabilities			24,466				28,462
	Other Long-Term Liabilities			7,249				7,786
Total Liabilities				375,322				438,062
Stockholders' Deficit
	Common Stock			454				442
	Treasury Stock			(11,169	)			-
	APIC			1,030,116				1,036,658
	Accumulated Deficit			(1,142,175	)			(1,168,347	)
	Accumulated Other Comprehensive Loss			(3,657	)			(1,677	)
Total Stockholders' Deficit				(126,431	)			(132,924	)
Total Liabilities and Stockholders' Deficit			$	248,891			$	305,138

AVID TECHNOLOGY, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited - in thousands)
				Nine Months Ended September 30,
					2021				2020
Cash flows from operating activities:
	Net income			$	26,172			$	3,975
	Adjustments to reconcile net income to net cash provided by operating activities:
		Depreciation and amortization			6,323				6,317
		Provision for doubtful accounts			401				1,349
		Stock-based compensation expense			10,216				8,132
		Non-cash provision for restructuring			841				653
		Non-cash interest expense			386				3,408
		Loss on extinguishment of debt			2,579				-
		Gain on extinguishment of PPP loan			(7,800	)			-
		Unrealized foreign currency transaction (gains) loss			(1,400	)			219
		Benefit from (provision for) deferred taxes			1,388				997
		Changes in operating assets and liabilities:
			Accounts receivable		20,089				12,741
			Inventories		4,353				788
			Prepaid expenses and other assets		(1,343	)			1,390
			Accounts payable		590				(26,440	)
			Accrued expenses, compensation and benefits and other liabilities		(10,635	)			7,752
			Income taxes payable		(217	)			81
			Deferred revenue and contract assets		(16,525	)			(12,519	)
Net cash provided by operating activities					35,418				8,843
Cash flows from investing activities:
	Purchases of property and equipment				(4,750	)			(5,619	)
Net cash used in investing activities					(4,750	)			(5,619	)
Cash flows from financing activities:
	Proceeds from revolving line of credit				-				22,000
	Repayment from revolving line of credit				-				(22,000	)
	Proceeds from long-term debt				180,000				7,800
	Repayment of debt				(208,142	)			(1,474	)
	Payments for repurchase of common stock				(10,526	)			-
	Payments for repurchase of outstanding Notes				-				(28,867	)
	Proceeds from the issuance of common stock under employee stock plans				363				252
	Common stock repurchases for tax withholdings for net settlement of equity awards				(17,108	)			(2,610	)
	Prepayment penalty 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 by financing activities					(59,156	)			(24,313	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash					(927	)			1,394
Net decrease in cash, cash equivalents, and restricted cash					(29,415	)			(19,695	)
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				$	54,223			$	52,880
Supplemental information:
Cash and cash equivalents				$	50,485				49,142
Restricted cash					1,422				1,664
Restricted cash included in other long-term assets					2,316				2,074
Total cash, cash equivalents and restricted cash shown in the statement of cash flows				$	54,223			$	52,880

AVID TECHNOLOGY, INC.
Supplemental Revenue Information
(unaudited - in millions)
	Sep 30,		Jun 30,		Sep 30,
	2021		2021		2020
Revenue Backlog*
Deferred Revenue	$ 86.8		$ 91.6		$ 81.2
Other Backlog	315.0		309.4		321.7
Total Revenue Backlog	$ 401.8		$ 401.0		$ 402.9
The expected timing of recognition of revenue backlog as of September 30, 2021 is as follows:
	2021		2022		2023		Thereafter		Total
Deferred Revenue	$ 32.2		$ 46.4		$ 4.1		$ 4.1		$ 86.8
Other Backlog	35.7		120.5		75.7		83.1		$ 315.0
Total Revenue Backlog	$ 67.9		$ 166.9		$ 79.8		$ 87.2		$ 401.8
*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.

FAQ

What were Avid's revenue figures for Q3 2021?

Avid reported total revenue of $101.6 million for Q3 2021, a 12.4% increase year-over-year.

How much did Avid's subscription revenue grow in Q3 2021?

Avid's subscription revenue grew by 56.4% year-over-year to $28.0 million in Q3 2021.

What is Avid's updated revenue guidance for the full year 2021?

Avid updated its total revenue guidance for full-year 2021 to a range of $398 million to $404 million.

What is the Non-GAAP net income per share forecast for Avid in 2021?

Avid's revised Non-GAAP net income per share guidance for 2021 is between $1.18 and $1.26.

How did Avid's adjusted EBITDA change year-over-year in Q3 2021?

Avid's adjusted EBITDA decreased by 11.9% year-over-year in Q3 2021.