Welcome to our dedicated page for Avid Technology news (Ticker: AVID), a resource for investors and traders seeking the latest updates and insights on Avid Technology stock.
Avid Technology, Inc. (NASDAQ: AVID) is a globally recognized leader in technology solutions that power the media and entertainment industries. The company provides a comprehensive suite of tools for content creators to make, manage, store, distribute, and monetize their digital content. Established over three decades ago with the invention of nonlinear digital video editing, Avid has revolutionized the way individual artists, creative teams, and organizations produce media.
Avid’s core platform, MediaCentral, is an open, extensible, and customizable foundation that streamlines workflow across various media sectors. The platform is divided into four main suites: Artist, Media, Storage, and Studio. The Artist Suite offers trusted tools for audio, video, and graphics creation. The Media Suite focuses on managing, distributing, and monetizing media. The Storage Suite provides high-performance systems for capturing, storing, protecting, and playing media. Finally, the Studio Suite enhances in-studio and sports production environments with advanced tools.
Avid's latest innovation, Avid | Stream IO, is set to be featured at the IBC2023 Show. This next-generation media production platform offers unparalleled speed, flexible deployment options, and support for various media formats including IP streams and SDI streams. It enables seamless migration from legacy workflows to modern cloud and IP-based environments, making it ideal for live entertainment and multi-camera productions.
Recent strategic partnerships and product rollouts have positioned Avid as a key player in the media technology landscape. For instance, a multi-year subscription deal with ITV News underscores Avid’s commitment to modernizing news production workflows. Additionally, the launch of the Pro Tools Sketch iPad app and enhancements to the Pro Tools desktop software cater to musicians' growing needs, enabling them to capture and experiment with their ideas on-the-go.
Financially, Avid continues to demonstrate strong performance and strategic agility. Recently acquired by Symphony Technology Group (STG) in an all-cash transaction valued at approximately $1.4 billion, Avid has now transitioned to a privately-held company. This move is expected to accelerate innovation and enhance operational efficiency.
Beyond technology, Avid is committed to social responsibility. The company has partnered with the Edward R. Roybal Learning Center in Los Angeles to equip a post-production lab and offer industry-recognized certifications to underrepresented youth aspiring for careers in media production.
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Avid reported strong Q3 2022 financial results, with subscription revenue of $41.8 million, reflecting a 49.2% year-over-year increase, driven by a record 32,600 net paid subscription additions. Total revenue grew by 1.3% year-over-year to $103.0 million, despite supply chain challenges affecting order shipments. Net income decreased 18.6% to $12.0 million, impacted by a prior year loan forgiveness gain. Nevertheless, Non-GAAP EPS rose 40.7% to $0.38. Avid has adjusted its full-year 2022 revenue guidance due to foreign exchange headwinds.
Avid (NASDAQ: AVID) will announce its third-quarter 2022 earnings on Nov. 8, 2022, at 5:30 p.m. ET, followed by a conference call featuring CEO Jeff Rosica and CFO Ken Gayron. The earnings report will cover the period ending Sept. 30, 2022. Investors can register for the Zoom webinar through Avid's investor relations website. The company, known for its innovative technology solutions in media and entertainment, focuses on enhancing the creative capabilities of professionals across various sectors. A replay of the call will also be available.
Avid has launched the Pro Tools | Carbon Pre at AES Show 2022, enhancing audio production capabilities with 32-bit AD/DA conversion for superior dynamic range. This device allows for the expansion of studio setups, providing 24 channels of high-quality mic/line preamps and outputs, ideal for capturing large sessions. With remote control and instant session recall features, it integrates seamlessly into workflows. Priced at $2,999, the Carbon Pre aims to boost artist productivity and sound quality.
Avid has amended its secured credit facility with JPMorgan Chase, increasing its unfunded revolver availability by approximately $70 million while maintaining existing pricing and debt levels. The facility now includes $186.7 million in senior secured term loans and $120 million in an unfunded revolving line of credit. The financial flexibility gained from this arrangement is expected to support Avid's growth and capital deployment strategy, enhancing returns for shareholders. The maturity remains unchanged, set for February 2027.
Avid has launched Pro Tools Intro, a new free version of its acclaimed music production software, aimed at emerging music creators. This version allows users to easily produce professional-quality music with essential tools, MIDI capabilities, and a range of plugins. It fosters connectivity through the Avid Link app, enabling users to collaborate and share content within a broader community. With a legacy of supporting creators, Avid aims to expand its user base and enhance the Pro Tools ecosystem.
Avid has announced the release of Pro Tools 2022.9, enhancing its digital audio workstation with features aimed at boosting creativity and productivity for music creators. Key highlights include the integration of Celemony Melodyne via ARA 2 technology for efficient vocal tuning and harmonization, the Aux I/O feature for improved remote collaboration, and SoundFlow Cloud Avid Edition for workflow automation. This update is available to all subscribers, reflecting Avid's commitment to innovation in audio production.
Avid has launched its next-generation Maestro subscription software, which enhances broadcast graphics capabilities while ensuring backward compatibility. Available immediately, this innovative solution allows graphics teams to utilize existing hardware and cloud workflows, enabling flexibility for various live production needs. The subscription model promotes easier integration with Avid's MediaCentral platform, ensuring users access the latest features while optimizing their IT infrastructure. This upgrade aims to streamline collaboration and accelerate content production in demanding environments.
Avid has launched the Avid Learning Academy program, providing K-12 students free access to the Pro Tools Artist software, enhancing music creation capabilities. This transition from the previous Pro Tools First allows students to work with professional tools and gain skills aligned with U.S. National Core Arts Standards. The program supports music and audio education, enabling high school students to earn industry-recognized credentials while fostering creativity. The initiative aims to lower entry barriers for aspiring music creators.
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