Avid Technology, Inc. - AVID STOCK NEWS

Avid announced a significant upgrade for Arab Telemedia Group (ATG), an Emmy-winning media company, enhancing its content workflows. This transition includes a subscription agreement for the latest Media Composer I Ultimate editing software and the implementation of the Avid NEXIS | E4 storage platform. This modernizes ATG's capabilities, enabling real-time collaboration on content projects and supports high-resolution production, including 8K content, positioning ATG as a leader in the Levant region.

Avid announced a significant expansion of its managed cloud technology solutions aimed at enhancing production for Paramount Global. This new agreement allows Paramount’s creative teams worldwide to utilize Avid’s cloud subscription services, promoting a ‘Cloud First’ approach that simplifies operations and enables scalable resources. The partnership leverages Microsoft Azure to support video editing and collaborative workflows, crucial for large-scale content creation. Avid's cloud platform empowers teams to innovate and increase efficiency, marking a pivotal shift in media production.

Avid Technology has expanded its distribution agreement with Adistec Corp., venturing into the U.S. market for audio and video content production technologies. Following a successful collaboration in Latin America, this partnership aims to enhance logistics and operations to meet increasing demand for Avid's products across various sectors, including television, film, and education. The companies are co-hosting the annual LATAM Summit to showcase Avid's innovations, focusing on cloud-based content creation tools and integrated solutions. This collaboration signals Avid's commitment to growth in the U.S. market.

Avid reported Q4 2021 revenue of $119.1 million, a 14.2% increase year-over-year, fueled by subscription growth. Subscription revenue hit $34.1 million, up 38.8%, and total FY 2021 revenue reached $409.9 million, reflecting a 13.7% growth. Q4 net income per share rose to $0.33, marking a 106.3% increase. Non-GAAP EPS for Q4 was $0.46, a 39.4% rise. Strong cash flow included $27.1 million from operations. Avid aims for 2022 revenues between $430-$450 million and non-GAAP EPS between $1.40-$1.51, showing optimism despite inherent uncertainties.

Avid has been chosen by NBC Sports to provide media creation and storage solutions for the XXIV Olympic Winter Games in Beijing held from February 2 to 20, 2022. NBCUniversal will deliver a record 2,800+ hours of coverage across its platforms, continuing its history with Avid's technology, which has been utilized for over two decades. Avid’s MediaCentral platform and Media Composer editing software will be central to NBC's production workflows, allowing for innovative event coverage while delivering HDR and SDR content.

Avid (NASDAQ: AVID) will host a conference call on March 1, 2022, at 5:30 p.m. ET to discuss its fourth-quarter and full-year 2021 earnings. The earnings report will be released after the market closes on the same day. CEO Jeff Rosica and CFO Ken Gayron will lead the call, with a webcast available on Avid's investor relations website. A replay will also be accessible for a limited time. Avid continues to provide innovative solutions for the media and entertainment industry, enhancing creativity and collaboration for artists and organizations.

Avid has unveiled Avid NEXIS | EDGE, a new software option that enhances collaborative post-production capabilities by allowing teams to work remotely. This innovation supports secure access to media and metadata from anywhere, enabling video editors to collaborate in real-time without needing to be co-located. Avid NEXIS | EDGE integrates with existing Avid workflows and other tools like Adobe Premiere Pro. This solution is designed to adapt to the ongoing demands of the global pandemic and will be showcased at the HPA Tech Retreat starting February 21, 2022.

Avid, a leading technology provider in the media and entertainment industry, will participate in the 24th Annual Needham Virtual Growth Conference on January 12, 2022. The event will feature a group presentation from CEO Jeff Rosica and CFO Ken Gayron, starting at 8:30 AM ET. Investors can access the live webcast and a subsequent replay through Avid's Events & Presentations page. Avid's solutions, including Media Composer and Pro Tools, connect content creation with collaboration and distribution, serving a wide array of media productions.

Avid has announced that media production companies Black Spot Media Group and Luminosity Entertainment are utilizing its Edit On Demand SaaS solution for virtual post-production. This platform enables teams to collaborate seamlessly on film and TV projects remotely, leveraging Avid Media Composer and Avid NEXIS cloud storage. The service allows production teams to set up virtual editing systems in hours, enhancing collaboration and efficiency. Avid continues to enhance its offerings, ensuring that remote workflows remain effective and cost-efficient.