Avid Technology Announces Q1 2023 Results


Subscription ARR of $150 million, an increase of 30.1% year-over-year, and total Annual Recurring Revenue (ARR) of $247 million, an increase of 8.1% year-over-year

Subscription revenue of $39.4M, an increase of 19.5% year-over-year, driven by a net increase of 20,700 Active Paid Software Subscriptions in the quarter

Reaffirming 2023 annual guidance

BURLINGTON, Mass., May 04, 2023 (GLOBE NEWSWIRE) -- Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, today announced its financial results for the first quarter of 2023, which ended on March 31, 2023.

Total revenue decreased (2.8%) year-over-year in the first quarter, or (0.1%) at constant currency, largely resulting from a decline in perpetual software revenue, which is reported in integrated solutions and other revenue, partially offset by strong growth in subscription revenue. Active Paid Software Subscriptions reached 526,700 as of March 31, 2023, an increase of 22.0% year-over-year. At March 31, 2023, Subscription ARR was $150 million, an increase of 30.1% year-over-year, and total ARR was $247 million, an increase of 8.1% year-over-year. At constant currency, Subscription ARR increased 31.1% year-over-year and total ARR increased 9.2% year-over-year.

In the first quarter, subscription revenue was $39.4 million, up 19.5% year-over-year, or 21.2% at constant currency, and subscription & maintenance revenue was $62.0 million, up 1.2% year-over-year, or 4.1% at constant currency. Maintenance revenue was $22.6 million in the first quarter, down 20.0% year-over-year, primarily driven by enterprise customers continuing to transition to subscription. Maintenance revenue is expected to stabilize through the remainder of 2023, as a result of an expected increase in shipments from the integrated solutions backlog beginning in the second quarter of 2023, as well as modifications to maintenance pricing. Integrated solutions revenue was $28.7 million in the first quarter, up 1.8% year-over-year, as demand continued to be healthy. However, supply chain constraints continued to limit production capacity, resulting in $20 million of unshipped contractually committed backlog at the end of the quarter.

During the first quarter, Gross Margin was 63.6% and Non-GAAP Gross Margin was 64.0%, down 280 basis points year-over-year, as continuing supply chain challenges negatively impacted audio hardware gross margin due to temporary higher production costs as well as shipments from aged backlog at older prices that do not reflect price increases during 2022. These challenges in audio gross margin, which are expected to be temporary, had a flow through impact on net income (loss), Adjusted EBITDA and Free Cash Flow in the quarter. The Company is proactively managing the associated costs and pricing for its audio hardware and believes these measures will have a positive effect on gross margin in the audio hardware business and the Company’s overall gross margin for the remainder of 2023. Subscription and maintenance gross margin remained strong at 85.5% during the first quarter.

First Quarter 2023 Financial and Business Highlights

  • Active Paid Software Subscriptions increased by approximately 20,700 during the quarter to approximately 526,700 as of March 31, 2023, an increase of 22.0% year-over-year.
  • Subscription ARR was $150 million, an increase of 30.1% year-over-year. At constant currency, Subscription ARR increased 31.1% year-over-year.
  • Total ARR was $247 million, an increase of 8.1% year-over-year. At constant currency, ARR increased 9.2% year-over-year.
  • Subscription revenue was $39.4 million, an increase of 19.5% year-over-year. At constant currency, subscription revenue increased 21.2% year-over-year.
  • Subscription and maintenance revenue was $62.0 million, an increase of 1.2% year-over-year. At constant currency, subscription and maintenance revenue increased 4.1% year-over-year.
  • Total revenue was $97.8 million, a decrease of (2.8%) year-over-year. At constant-currency, total revenue decreased (0.1%) year-over-year.
  • Gross margin was 63.6%, a decrease of (270 basis points) year-over-year and Non-GAAP Gross Margin was 64.0%, a decrease of (280 basis points) year-over-year.
  • Subscription and maintenance gross margin was 85.5% in the first quarter, an increase of 330 basis points year-over-year. Non-GAAP Subscription and Maintenance Gross Margin was 85.9% in the first quarter, an increase of 320 basis points year-over-year.
  • Integrated solutions gross margin was 28.7% in the first quarter, a decrease of (1250 basis points) year-over-year. Non-GAAP Integrated Solutions Gross Margin was 29.2% in the first quarter, a decrease of (1240 basis points) year-over-year.
  • Operating expenses were $58.7 million, an increase of 9.7% year-over-year. Non-GAAP Operating Expenses were $52.2 million, an increase of 5.0% year-over-year.
  • Net loss was ($0.4 million), a decrease of ($11.0 million) year-over-year. Net loss was (0.4%) of revenue. Non-GAAP Net Income was $6.6 million, a decrease of ($8.2 million) year-over-year. Non-GAAP Net Income was 6.7% of revenue.
  • Adjusted EBITDA was $12.7 million, a decrease of (33.9%) year-over-year. At constant-currency, Adjusted EBITDA decreased (27.2%) year-over-year. Adjusted EBITDA Margin was 13.0%, a decrease of (620 basis points) year-over-year.
  • Net loss per common share was ($0.01), a decrease of ($0.24) year-over-year. Non-GAAP Earnings per Share was $0.15, a decrease of ($0.18) year-over-year.
  • Net cash (used in) operating activities was ($2.6) million in the quarter, a decrease of ($10.5) million compared to the first quarter of 2022.
  • Free Cash Flow was ($6.5) million in the quarter, a decrease of ($11.2) million compared to the first quarter of 2022.
  • LTM Recurring Revenue % was 85.0% of the Company’s revenue for the 12 months ended March 31, 2023, up from 79.1% for the 12 months ended March 31, 2022.
  • The Company repurchased 15,706 shares for $0.4 million during the first quarter.   Through March 31, 2023, the Company has repurchased 2.9 million shares for $78.4 million under the $115 million share repurchase authorization announced on September 9, 2021.

Jeff Rosica, Avid’s Chief Executive Officer and President, stated, “We ended the first quarter with continued strong subscription growth, as well as a continued favorable bookings trend, which gives us confidence in our full-year 2023 outlook. Our customers continue to adopt both our enterprise subscription and creative subscription offerings, resulting in strong growth in Subscription ARR, which we believe is a key metric in measuring the health of our business.   In addition, as we work through the resolution of the ongoing supply chain issues, we did face some specific challenges and additional costs in the quarter, related to our audio hardware products, that were more significant than expected.   This created substantial and unexpected gross margin headwinds for audio hardware, which impacted overall profitability and Free Cash Flow in the quarter.” Mr. Rosica added, “We remain confident in our growing subscription and SaaS business, which, combined with the actions we are taking to improve our audio hardware margins and proactively manage our cost structure, we believe, will enable us to meet our 2023 guidance.”

Ken Gayron, Executive Vice President and Chief Financial Officer of Avid, said, “As the media markets we serve continue to invest in technology solutions such as ours to gain efficiencies, we continue to focus our investments on our subscription and cloud offerings.” Mr. Gayron added, “We believe these investments will drive continued strong growth in our subscription business and ARR as we look forward. We believe ARR is a key metric for assessing the growth of our strategic recurring revenue and normalizes the impact of accounting methodologies in a given period. Additionally, the actions we are taking to realign our cost structure to support our expanding subscription business give me confidence in our 2023 guidance.”

Second Quarter and Full-Year 2023 Guidance

For the second quarter of 2023, Avid is providing guidance for ARR, Revenue, Non-GAAP Earnings per Share and Adjusted EBITDA. For the full year 2023, Avid is affirming its guidance for ARR, Revenue, Subscription & Maintenance Revenue, Non-GAAP Earnings per Share, Adjusted EBITDA and Free Cash Flow, as adjusted, that was issued on March 1, 2023.

      

($ in millions, except per share amounts) Q2 2023 Guidance
ARR, at end of period$246 - $251
Revenue$101 - $111
Non-GAAP Earnings per Share$0.15 - $0.30
Adjusted EBITDA$13 - $20

Q2 Non-GAAP Earnings per Share assumes 44.1 million shares outstanding.

($ in millions, except per share amounts) Full Year 2023 Guidance
ARR, at end of period$270 - $280
Revenue$447 - $472
Subscription & Maintenance Revenue$292 - $302
Non-GAAP Earnings per Share$1.53 - $1.75
Adjusted EBITDA$95 - $105
Free Cash Flow$50 - $60

2023 Non-GAAP Earnings per Share assumes 44.0 million shares outstanding. Free Cash Flow, as adjusted, excludes $7.0 million expected cash costs for restructuring.

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 Q1 2023 Earnings presentation posted on Avid’s Investor Relations website at ir.Avid.com.

Conference Call to Discuss First Quarter 2023 Results on May 4, 2023

Avid will host a conference call to discuss its financial results for the first quarter 2023 on Thursday, May 4, 2023, at 5:30 p.m. ET.   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 & Presentations tab at ir.Avid.com.   Please connect at least 5 minutes in advance to ensure a timely connection to the call.   A replay of the call will also be available for a limited time and can be accessed on the Events & Presentations tab of 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 Subscription and Maintenance Gross Margin, Non-GAAP Integrated Solutions Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Net Income, and Non-GAAP Earnings per Share. The Company also includes the operational metrics of Active Paid Software Subscriptions, Annual Recurring Revenue (or ARR), Subscription ARR, Recurring Revenue, and LTM Recurring Revenue % 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. Constant currency growth rates are calculated using the current period budget exchange rates as of January 2023 for both the historical and current periods. 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 Earnings per Share and Free Cash Flow, as adjusted, 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: the effect of the continuing worldwide macroeconomic uncertainty and its impacts, including inflation, market volatility and fluctuations in foreign currency exchange and interest rates on our business and results of operations, including impacts related to acts of war, armed conflict, and cyber conflict, such as for example, the Russian invasion of Ukraine, and related international sanctions and reprisals; risks related to the availability and prices of raw materials, including any negative effects caused by inflation, armed conflict and related sanctions, weather conditions, or health pandemics; disruptions, inefficiencies, and/or complications in our operations and/or dynamic and unpredictable global supply chain, including cost increases, interruptions, delays, complications, and other impacts related to armed conflict and/or cyber conflict and related international sanctions and reprisals; economic, social, and political instability, security concerns, and the risk of war, armed conflict and/or cyber conflict, particularly originating in, and complicated by, areas of heightened geopolitical tension and open conflict such as Ukraine, where we have outsourced research and development activities, Russia, and bordering territories; 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; the impact of changes in accounting treatment interpretations over time; our higher indebtedness and ability to service it and meet the obligations thereunder; our ability to mitigate and remediate material weaknesses in our internal controls; 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; seasonal factors; other adverse changes in external economic conditions; variances in our revenue backlog and the realization thereof; the costs, disruption, and diversion of management's attention due to armed conflict and/or cyber conflict and related international sanctions and reprisals; 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.

Avid Powers Greater Creators

People who create media for a living become greater creators with Avid’s award-winning technology solutions to make, manage and monetize today’s most celebrated video and audio content—from iconic movies and bingeworthy TV series, to network news and sports, to recorded music and the live stage. What began more than 35 years ago with our invention of nonlinear digital video editing has led to individual artists, creative teams and organizations everywhere subscribing to our powerful tools and collaborating securely in the cloud. We continue to re-imagine the many ways editors, musicians, producers, journalists and other content creators will bring their stories to life. Discover the possibilities at avid.com and join the conversation on social media with the multitude of brilliant creative people who choose Avid for a lifetime of success.

© 2023 Avid Technology, Inc., Avid and its logo are property of Avid. All rights reserved. Other trademarks are property of their respective owners.

  
Contacts 
  
Investor contact:   PR contact:
Whit RappoleJim Sheehan
Avid Avid
ir@Avid.com  jim.sheehan@Avid.com  

                                                                                                                                                                                                                     

 
AVID TECHNOLOGY, INC.
Consolidated Statements of Operations
(unaudited - in thousands except per share data)
 
 Three Months Ended
 March 31,
  2023   2022 
Net revenues:   
Subscription$39,385  $32,954 
Maintenance 22,650   28,327 
Integrated solutions & other 35,776   39,368 
Total net revenues 97,811   100,649 
    
Cost of revenues:   
Subscription 4,264   5,602 
Maintenance 4,747   5,277 
Integrated solutions & other 26,607   23,006 
Total cost of revenues 35,618   33,885 
Gross profit 62,193   66,764 
    
Operating expenses:   
Research and development 19,426   16,736 
Marketing and selling 22,657   21,927 
General and administrative 16,614   14,811 
Restructuring costs, net    15 
Total operating expenses 58,697   53,489 
    
Operating income 3,496   13,275 
    
Interest expense, net (3,715)  (1,476)
Other income (expense), net 147   (87)
(Loss) income before income taxes (72)  11,712 
Provision for income taxes 309   1,126 
Net (loss) income$(381) $10,586 
    
Net (loss) income per common share – basic$(0.01) $0.24 
Net (loss) income per common share – diluted$(0.01) $0.23 
    
Weighted-average common shares outstanding – basic 43,813   44,817 
Weighted-average common shares outstanding – diluted 43,813   45,408 


 
AVID TECHNOLOGY, INC.
Reconciliations of GAAP financial measures to Non-GAAP financial measures
(unaudited - in thousands except per share data)
 
 Three Months Ended
 March 31,
  2023   2022 
GAAP revenue   
GAAP revenue$97,811  $100,649 
    
Non-GAAP Gross Profit   
GAAP gross profit$62,193  $66,764 
Stock-based compensation 429   426 
Non-GAAP Gross Profit$62,622  $67,190 
GAAP Gross Margin 63.6%  66.3%
Non-GAAP Gross Margin 64.0%  66.8%
    
Non-GAAP Operating Expenses   
GAAP operating expenses$58,697  $53,489 
Less Amortization of intangible assets (37)  (58)
Less Stock-based compensation (4,664)  (2,996)
Less Restructuring costs, net    (15)
Less Early Retirement Program (1,202)   
Less Acquisition, integration and other costs (315)  (459)
Less Digital Transformation costs (297)  (243)
Non-GAAP Operating Expenses$52,182  $49,718 
    
Non-GAAP Operating Income and Adjusted EBITDA   
GAAP net (loss) income$(381) $10,586 
Interest and other expense 3,568   1,563 
Provision for income taxes 309   1,126 
GAAP operating income$3,496  $13,275 
Amortization of intangible assets 37   58 
Stock-based compensation 5,093   3,422 
Restructuring costs, net    15 
Early Retirement Program 1,202    
Acquisition, integration and other costs 315   459 
Digital Transformation costs 297   243 
Non-GAAP Operating Income$10,440  $17,472 
Depreciation 2,297   1,803 
Adjusted EBITDA$12,737  $19,275 
GAAP net income margin (0.4)%  10.5%
Adjusted EBITDA Margin 13.0%  19.2%
    
    
    
Non-GAAP Net Income   
GAAP net (loss) income$(381) $10,586 
Amortization of intangible assets 37   58 
Stock-based compensation 5,093   3,422 
Restructuring costs, net    15 
Early Retirement Program 1,202    
Acquisition, integration and other costs 315   459 
Digital Transformation costs 297   243 
Tax impact of non-GAAP adjustments    (3)
Non-GAAP Net Income$6,563  $14,780 
Weighted-average common shares outstanding - basic 43,813   44,817 
Weighted-average common shares outstanding - diluted 43,813   45,408 
GAAP net (loss) income Per Share - basic$(0.01) $0.24 
GAAP net (loss) income Per Share - diluted$(0.01) $0.23 
Non-GAAP Earnings Per Share - basic$0.15  $0.33 
Non-GAAP Earnings Per Share - diluted$0.15  $0.33 
    
Free Cash Flow   
GAAP net cash provided by operating activities$(2,556) $7,916 
Capital expenditures (3,931)  (3,244)
Free Cash Flow$(6,487) $4,672 
Free Cash Flow conversion of Adjusted EBITDA (50.9)%  24.2%
    
Non-GAAP Gross Profit by Revenue Type   
Subscription Revenue 39,385   32,954 
Maintenance Revenue 22,650   28,327 
Subscription & Maintenance Revenue 62,035   61,281 
    
Subscription Cost of Revenues 4,264   5,602 
Maintenance Cost of Revenues 4,747   5,277 
Subscription & Maintenance Cost of Revenues 9,011   10,879 
Subscription & Maintenance Stock-based compensation 295   301 
Non-GAAP Subscription & Maintenance Cost of Revenues 8,716   10,578 
Subscription & Maintenance Gross Margin 85.5%   82.2% 
Non-GAAP Subscription & Maintenance Gross Margin 85.9%   82.7% 
    
Integrated Solutions Revenue 28,710   28,210 
Integrated Solutions Cost of Revenues 20,457   16,599 
Integrated Solutions Stock-based compensation 135   125 
Non-GAAP Integrated Solutions Cost of Revenues 20,322   16,474 
Integrated Solutions Gross Margin 28.7%   41.2% 
Non-GAAP Integrated Solutions Gross Margin 29.2%   41.6% 
    

These non-GAAP measures reflect how Avid manages its businesses internally. Avid’s non-GAAP measures may vary from how other companies present non-GAAP measures. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. This non-GAAP information supplements, and is not intended to represent a measure of performance in accordance with, disclosures required by generally accepted accounting principles, or GAAP.  Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP.

 
AVID TECHNOLOGY, INC.
Consolidated Balance Sheets
(unaudited - in thousands, except per share data)
 
 March 31, December 31,
  2023   2022 
ASSETS   
Current assets:   
Cash and cash equivalents$20,855  $35,247 
Restricted cash 2,463   2,413 
Accounts receivable, net of allowances of $559 and $601 at March 31, 2023 and December 31, 2022, respectively 62,855   76,849 
Inventories 26,371   20,981 
Prepaid expenses 9,247   8,360 
Contract assets 31,966   32,295 
Other current assets 2,538   2,826 
Total current assets 156,295   178,971 
Property and equipment, net 25,586   23,684 
Goodwill 32,643   32,643 
Right of use assets 21,905   21,395 
Deferred tax assets, net 16,118   15,859 
Other long-term assets 21,364   14,901 
Total assets$273,911  $287,453 
    
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Current liabilities:   
Accounts payable$50,081  $45,904 
Accrued compensation and benefits 21,526   22,602 
Accrued expenses and other current liabilities 32,696   36,031 
Income taxes payable 217   62 
Short-term debt 9,716   9,710 
Deferred revenue 62,717   76,308 
Total current liabilities 176,953   190,617 
Long-term debt 170,690   172,958 
Long-term deferred revenue 19,734   17,842 
Long-term lease liabilities 21,025   20,470 
Other long-term liabilities 4,245   4,348 
Total liabilities 392,647   406,235 
    
Stockholders’ deficit:   
Common stock 464   462 
Treasury stock (78,353)  (77,933)
Additional paid-in capital 1,036,538   1,036,287 
Accumulated deficit (1,072,099)  (1,071,718)
Accumulated other comprehensive loss (5,286)  (5,880)
Total stockholders’ deficit (118,736)  (118,782)
Total liabilities and stockholders’ deficit$273,911  $287,453 


 
AVID TECHNOLOGY, INC.
Consolidated Statements of Cash Flows
(unaudited - in thousands)
 
 Three Months Ended
 March 31,
  2023   2022 
Cash flows from operating activities:   
Net (loss) income$(381) $10,586 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization 2,297   1,803 
Recovery for doubtful accounts (42)  (135)
Stock-based compensation expense 5,093   3,422 
Non-cash provision for restructuring    15 
Non-cash interest expense 149   126 
Loss on disposal of fixed assets    548 
Unrealized foreign currency transaction gains 675   (128)
(Provision for) benefit from deferred taxes (259)  1,055 
Changes in operating assets and liabilities:   
Accounts receivable 14,036   19,770 
Inventories (5,390)  2,105 
Prepaid expenses and other assets (3,688)  (2,067)
Accounts payable 4,177   (5,473)
Accrued expenses, compensation and benefits and other liabilities (4,570)  (9,993)
Income taxes payable 155   (723)
Deferred revenue and contract assets (14,808)  (12,995)
Net cash (used in) provided by operating activities (2,556)  7,916 
    
Cash flows from investing activities:   
Purchases of property and equipment (3,931)  (3,244)
Net cash used in investing activities (3,931)  (3,244)
    
Cash flows from financing activities:   
Repayment of debt principal (2,410)  (53)
Payments for repurchase of common stock (572)  (10,562)
Common stock repurchases for tax withholdings for net settlement of equity awards (4,840)  (8,936)
Payments for credit facility issuance costs    (440)
Net cash used in financing activities (7,822)  (19,991)
    
Effect of exchange rate changes on cash, cash equivalents and restricted cash (83)  (254)
Net decrease in cash, cash equivalents and restricted cash (14,392)  (15,573)
Cash, cash equivalents and restricted cash at beginning of period 38,852   60,556 
Cash, cash equivalents and restricted cash at end of period$24,460  $44,983 
Supplemental information:   
Cash and cash equivalents$20,855  $41,245 
Restricted cash$2,463  $2,013 
Restricted cash included in other long-term assets$1,142  $1,725 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$24,460  $44,983 


 
AVID TECHNOLOGY, INC.
Supplemental Revenue Information
(unaudited - in millions)
 
Backlog Disclosure for Quarter Ended March 31, 2023   
      
 March 31,December 31,March 31,  
  2023 2022 2022  
Revenue Backlog*     
      
Deferred Revenue$82.5$94.2$92.3  
Other Backlog 259.1 288.6 283.0  
Total Revenue Backlog$341.6$382.8$375.3  
      
The expected timing of recognition of revenue backlog as of March 31, 2023 is as follows: 
      
  2023 2024 2025ThereafterTotal
      
Deferred Revenue$62.7$8.9$7.0$3.9$82.5
Other Backlog 140.1 52.0 40.5 26.5 259.1
Total Revenue Backlog$202.8$60.9$47.5$30.4$341.6
      
*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.