Avid Technology Announces Q2 2023 Results


Total revenue of $108.5 million, an increase of 11.1% year-over-year or 13.0% at constant currency

Subscription Annual Recurring Revenue (ARR) of $154 million at quarter end, an increase of 27.0% year-over-year, and total ARR of $248 million, an increase of 7.1% year-over-year

Subscription revenue of $44.4M, an increase of 30.2% year-over-year, driven by a net increase of 17,700 Active Paid Software Subscriptions in the quarter, including continued growth in enterprise subscriptions

BURLINGTON, Mass., Aug. 09, 2023 (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 of 2023, which ended on June 30, 2023.

Total revenue increased 11.1% year-over-year in the second quarter, or 13.0% at constant currency, driven by strong growth in enterprise subscription revenue. Active Paid Software Subscriptions reached approximately 544,400 as of June 30, 2023, an increase of 20.9% year-over-year. At June 30, 2023, Subscription ARR was $154 million, an increase of 27.0% year-over-year, and total ARR was $248 million, an increase of 7.1% year-over-year. At constant currency, Subscription ARR increased 25.6% year-over-year and total ARR increased 4.6% year-over-year.

In the second quarter, subscription revenue was $44.4 million, up 30.2% year-over-year, or 30.5% at constant currency, and subscription & maintenance revenue was $67.9 million, up 9.7% year-over-year, or 11.8% at constant currency. Maintenance revenue was $23.5 million in the second quarter, down 15.5% year-over-year, primarily driven by enterprise customers continuing to transition to subscription. Maintenance revenue increased 3.6% sequentially from the first quarter. Maintenance revenue is currently expected to be stable through the second half of 2023, due primarily to increases in maintenance contract pricing that were implemented in the second quarter, and the sequential increase in integrated solutions shipments which generally include attached maintenance contracts. Integrated solutions revenue was $33.7 million in the second quarter, up 20.4% year-over-year, as demand continued to be healthy and the Company was able to reduce the unshipped contractually committed backlog in the quarter. At the end of the second quarter, the Company had approximately $11 million of unshipped contractually committed backlog for integrated solutions, as improved production volumes reduced the backlog by approximately $9 million from the prior quarter.

During the second quarter, Gross Margin was 61.1% and Non-GAAP Gross Margin was 62.0%. Subscription and maintenance gross margin remained strong at 84.4% during the second quarter, up 300 bps year-over-year. Integrated solutions gross margin was 25.8% in the second quarter, below the target gross margin due primarily to what are expected to be temporary higher production costs. These challenges in integrated solutions gross margin, which are expected to be temporary, had a flow through impact on net income (loss), Adjusted EBITDA Margin, net cash used in operating activities and Free Cash Flow in the quarter.

Second Quarter 2023 Financial and Business Highlights

  • Paid Cloud-enabled software subscriptions increased by approximately 17,700 during the quarter to approximately 544,400 as of June 30, 2023, an increase of 20.9% year-over-year.
  • Subscription ARR was $154 million at June 30, an increase of 27.0% year-over-year. At constant currency, Subscription ARR increased 25.6% year-over-year.
  • Total ARR was $248 million at June 30, an increase of 7.1% year-over-year. At constant currency, total ARR increased 4.6% year-over-year.
  • Subscription revenue for the quarter was $44.4 million, an increase of 30.2% year-over-year. At constant currency, subscription revenue increased 30.5% year-over-year.
  • Subscription and maintenance revenue was $67.9 million, an increase of 9.7% year-over-year. At constant currency, subscription and maintenance revenue increased 11.8% year-over-year.
  • Total revenue was $108.5 million, an increase of 11.1% year-over-year. At constant-currency, total revenue increased 13.0% year-over-year.
  • Gross margin was 61.1%, a decrease of (380 basis points) year-over-year and Non-GAAP Gross Margin was 62.0%, a decrease of (350 basis points) year-over-year.
  • Subscription and maintenance gross margin was 84.4%, an increase of 300 basis points year-over-year. Non-GAAP Subscription and Maintenance Gross Margin was 85.5%, an increase of 340 basis points year-over-year.
  • Integrated solutions gross margin was 25.8%, a decrease of (1310 basis points) year-over-year. Non-GAAP Integrated Solutions Gross Margin was 26.4%, a decrease of (1300 basis points) year-over-year.
  • Operating expenses were $66.9 million, an increase of 25.2% year-over-year. Operating expenses included $6.9 million in restructuring charges, primarily related to a reduction in employee headcount during the second quarter, and early retirement costs. Non-GAAP Operating Expenses were $53.0 million, an increase of 7.0% year-over-year.
  • Net loss was ($4.6 million) which included $6.9 million in restructuring charges and early retirement costs. Net loss was (4.2%) of revenue. Non-GAAP Net Income was $9.8 million and was 9.0% of revenue.
  • Adjusted EBITDA was $16.9 million, an increase of 2.4% year-over-year. At constant-currency, Adjusted EBITDA increased 14.2% year-over-year. Adjusted EBITDA Margin was 15.5%, a decrease of (140 basis points) year-over-year.
  • Net loss per common share was ($0.10), which included $0.16 in restructuring charges and early retirement costs. Non-GAAP Earnings per Share was $0.22.
  • Net cash (used in) operating activities was ($13.6) million, a decrease of ($20.9) million compared to the second quarter of 2022 due primarily to a greater use of cash in working capital in the second quarter of 2023 of $17.6 million compared to the prior year period.
  • Free Cash Flow was ($19.7) million, a decrease of ($22.9) million compared to the second quarter of 2022 due primarily to higher use of cash in working capital in the second quarter of 2023 compared to the prior year period.
  • LTM Recurring Revenue % was 83.3% of the Company’s revenue for the 12 months ended June 30, 2023, up from 79.7% for the 12 months ended June 30, 2022.
  • The Company did not repurchase any shares during the second quarter. Through June 30, 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.

Avid Enters into Definitive Agreement to Be Acquired by an Affiliate of STG for $1.4 Billion

Avid today also announced a definitive agreement to be acquired by an affiliate of STG for $27.05 per share in an all-cash transaction valuing Avid at approximately $1.4 billion, inclusive of Avid’s net debt. The cash purchase price represents a premium of 32.1% over the Company’s unaffected closing stock price on May 23, 2023, the last full trading day prior to media speculation regarding a potential sale of the Company.

The transaction is expected to close during the fourth quarter of 2023, subject to Avid stockholder approval, regulatory approvals and other customary closing conditions. A copy of the press release can be found by visiting the Investor Relations section of the Avid website: https://ir.Avid.com/.

In light of the announced transaction with STG, Avid is withdrawing the guidance for full year 2023 that it provided on May 4, 2023, and the Company is cancelling its previously scheduled conference call to discuss its second quarter earnings.

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.

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, the anticipated timing of the closing of the acquisition of the Company by an affiliate of STG, expected duration of challenges to audio gross margin, anticipated effects of cost management and pricing initiatives 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 risk that the proposed transaction may not be completed in a timely manner, or at all; the effect of the continuing worldwide macroeconomic uncertainty and its impacts, including inflation, market volatility, including the impact of the ongoing Writers Guild or Screen Actors Guild - American Federation of Television and Radio Artists strikes, 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
AvidAvid
ir@Avid.comjim.sheehan@Avid.com


AVID TECHNOLOGY, INC.
Consolidated Statements of Operations
(unaudited - in thousands except per share data)

 Three Months Ended Six Months Ended
 June 30, June 30,
  2023   2022   2023   2022 
Net revenues:       
Subscription$44,439  $34,142  $83,824  $67,096 
Maintenance 23,468   27,775   46,118   56,102 
Integrated solutions & other 40,635   35,763   76,411   75,131 
Total net revenues 108,542   97,680   206,353   198,329 
        
Cost of revenues:       
Subscription 5,522   6,292   9,786   11,894 
Maintenance 5,064   5,253   9,811   10,530 
Integrated solutions & other 31,611   22,769   58,218   45,775 
Total cost of revenues 42,197   34,314   77,815   68,199 
Gross profit 66,345   63,366   128,538   130,130 
        
Operating expenses:       
Research and development 20,000   16,023   39,426   32,759 
Marketing and selling 25,391   23,673   48,048   45,600 
General and administrative 16,020   13,364   32,634   28,175 
Restructuring costs, net 5,462   342   5,462   357 
Total operating expenses 66,873   53,402   125,570   106,891 
        
Operating (loss) income (528)  9,964   2,968   23,239 
        
Interest expense, net (4,214)  (1,944)  (7,929)  (3,420)
Other income (expense), net 20   79   167   (8)
(Loss) income before income taxes (4,722)  8,099   (4,794)  19,811 
(Benefit from) Provision for income taxes (126)  726   183   1,852 
Net (loss) income$(4,596) $7,373  $(4,977) $17,959 
        
Net (loss) income per common share – basic$(0.10) $0.16  $(0.11) $0.40 
Net (loss) income per common share – diluted$(0.10) $0.16  $(0.11) $0.40 
        
Weighted-average common shares outstanding – basic 44,099   44,740   43,957   44,778 
Weighted-average common shares outstanding – diluted 44,099   45,110   43,957   45,280 
                

AVID TECHNOLOGY, INC.
Reconciliations of GAAP financial measures to Non-GAAP financial measures
(unaudited - in thousands except per share data)

 Three Months Ended Six Months Ended
 June 30, June 30,
  2023   2022   2023   2022 
GAAP revenue       
GAAP revenue$108,542  $97,680  $206,353  $198,329 
        
Non-GAAP Gross Profit       
GAAP gross profit$66,345  $63,366  $128,538  $130,130 
Stock-based compensation 984   589   1,413   1,015 
Non-GAAP Gross Profit$67,329  $63,955  $129,951  $131,145 
GAAP Gross Margin 61.1%  64.9%  62.3%  65.6%
Non-GAAP Gross Margin 62.0%  65.5%  63.0%  66.1%
        
Non-GAAP Operating Expenses       
GAAP operating expenses$66,873  $53,402  $125,570  $106,891 
Less Amortization of intangible assets    (57)  (37)  (115)
Less Stock-based compensation (4,958)  (3,056)  (9,622)  (6,052)
Less Restructuring costs, net (5,462)  (342)  (5,462)  (357)
Less Early Retirement Program (1,473)     (2,675)  (409)
Less Acquisition, integration and other costs (1,597)  50   (1,912)   
Less Digital Transformation costs (363)  (445)  (660)  (688)
Non-GAAP Operating Expenses$53,020  $49,552  $105,202  $99,270 
        
Non-GAAP Operating Income and Adjusted EBITDA       
GAAP net (loss) income$(4,596) $7,373  $(4,977) $17,959 
Interest and other expense 4,194   1,865   7,762   3,428 
Provision for income taxes (126)  726   183   1,852 
GAAP operating (loss) income$(528) $9,964  $2,968  $23,239 
Amortization of intangible assets    57   37   115 
Stock-based compensation 5,942   3,645   11,035   7,067 
Restructuring costs, net 5,462   342   5,462   357 
Early Retirement Program 1,473      2,675   409 
Acquisition, integration and other costs 1,597   (50)  1,912    
Digital Transformation costs 363   445   660   688 
Non-GAAP Operating Income$14,309  $14,403  $24,749  $31,875 
Depreciation 2,555   2,066   4,852   3,869 
Adjusted EBITDA$16,864  $16,469  $29,601  $35,744 
GAAP net (loss) income margin(4.2)%  7.5% (2.4)%  9.1%
Adjusted EBITDA Margin 15.5%  16.9%  14.3%  18.0%
        
        
        
Non-GAAP Net Income       
GAAP net (loss) income$(4,596) $7,373  $(4,977) $17,959 
Amortization of intangible assets    57   37   115 
Stock-based compensation 5,942   3,645   11,035   7,067 
Restructuring costs, net 5,462   342   5,462   357 
Early Retirement Program 1,473      2,675   409 
Acquisition, integration and other costs 1,597   (50)  1,912    
Digital Transformation costs 363   445   660   688 
Tax impact of non-GAAP adjustments (455)     (455)  (3)
Non-GAAP Net Income$9,786  $11,812  $16,349  $26,592 
Weighted-average common shares outstanding - basic 44,099   44,740   43,957   44,778 
Weighted-average common shares outstanding - diluted 44,099   45,110   43,957   45,280 
GAAP net (loss) income per share - basic$(0.10) $0.16  $(0.11) $0.40 
GAAP net (loss) income per share - diluted$(0.10) $0.16  $(0.11) $0.40 
Non-GAAP Earnings Per Share - basic$0.22  $0.26  $0.37  $0.59 
Non-GAAP Earnings Per Share - diluted$0.22  $0.26  $0.37  $0.59 
        
Free Cash Flow       
GAAP net cash (used in) provided by operating activities$(13,621) $7,305  $(16,177) $15,221 
Capital expenditures (6,077)  (4,115)  (10,008)  (7,359)
Free Cash Flow$(19,698) $3,190  $(26,185) $7,862 
Free Cash Flow conversion of Adjusted EBITDA(116.8)%  19.4% (88.5)%  22.0%
        
Non-GAAP Gross Profit by Revenue Type       
Subscription Revenue 44,439   34,142   83,824   67,096 
Maintenance Revenue 23,468   27,775   46,118   56,102 
Subscription & Maintenance Revenue 67,907   61,917   129,942   123,198 
        
Subscription Cost of Revenues 5,522   6,292   9,786   11,894 
Maintenance Cost of Revenues 5,064   5,253   9,811   10,530 
Subscription & Maintenance Cost of Revenues 10,586   11,545   19,597   22,424 
Subscription & Maintenance Stock-based compensation 773   443   1,067   744 
Non-GAAP Subscription & Maintenance Cost of Revenues 9,813   11,102   18,530   21,680 
Subscription & Maintenance Gross Margin 84.4%  81.4%  84.9%  81.8%
Non-GAAP Subscription & Maintenance Gross Margin 85.5%  82.1%  85.7%  82.4%
        
Integrated Solutions Revenue 33,735   28,013   62,445   56,223 
Integrated Solutions Cost of Revenues 25,046   17,116   45,504   33,744 
Integrated Solutions Stock-based compensation 211   146   346   271 
Non-GAAP Integrated Solutions Cost of Revenues 24,835   16,970   45,158   33,473 
Integrated Solutions Gross Margin 25.8%  38.9%  27.1%  40.0%
Non-GAAP Integrated Solutions Gross Margin 26.4%  39.4%  27.7%  40.5%
        

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)

 June 30, December 31,
  2023   2022 
ASSETS   
Current assets:   
Cash and cash equivalents$33,502  $35,247 
Restricted cash 926   2,413 
Accounts receivable, net of allowances of $539 and $601 at June 30, 2023 and December 31, 2022, respectively 58,679   76,849 
Inventories 28,028   20,981 
Prepaid expenses 10,696   8,360 
Contract assets 38,487   32,295 
Other current assets 3,360   2,826 
Total current assets 173,678   178,971 
Property and equipment, net 29,613   23,684 
Goodwill 32,643   32,643 
Right of use assets 20,756   21,395 
Deferred tax assets, net 16,352   15,859 
Other long-term assets 20,775   14,901 
Total assets$293,817  $287,453 
    
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Current liabilities:   
Accounts payable$51,790  $45,904 
Accrued compensation and benefits 20,140   22,602 
Accrued expenses and other current liabilities 39,165   36,031 
Income taxes payable 142   62 
Short-term debt 10,912   9,710 
Deferred revenue 42,114   76,308 
Total current liabilities 164,263   190,617 
Long-term debt 202,213   172,958 
Long-term deferred revenue 22,367   17,842 
Long-term lease liabilities 19,884   20,470 
Other long-term liabilities 4,044   4,348 
Total liabilities 412,771   406,235 
    
Stockholders’ deficit:   
Common stock 465   462 
Treasury stock (78,353)  (77,933)
Additional paid-in capital 1,041,280   1,036,287 
Accumulated deficit (1,076,695)  (1,071,718)
Accumulated other comprehensive loss (5,651)  (5,880)
Total stockholders’ deficit (118,954)  (118,782)
Total liabilities and stockholders’ deficit$293,817  $287,453 
        

AVID TECHNOLOGY, INC.
Consolidated Statements of Cash Flows
(unaudited - in thousands)

 Six Months Ended
 June 30,
  2023   2022 
Cash flows from operating activities:   
Net (loss) income$(4,977) $17,959 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:   
Depreciation and amortization 4,852   3,869 
(Recovery from) allowance for doubtful accounts (30)  222 
Stock-based compensation expense 11,035   7,067 
Non-cash provision for restructuring 5,462   338 
Non-cash interest expense 298   247 
Loss on disposal of fixed assets    548 
Unrealized foreign currency transaction gains (losses) 874   (1,729)
(Provision for) Benefit from deferred taxes (498)  1,610 
Changes in operating assets and liabilities:   
Accounts receivable 18,200   22,945 
Inventories (7,047)  672 
Prepaid expenses and other assets (6,525)  (5,664)
Accounts payable 5,886   6,044 
Accrued expenses, compensation and benefits and other liabilities (5,559)  (16,105)
Income taxes payable 80   (776)
Deferred revenue and contract assets (38,228)  (22,026)
Net cash (used in) provided by operating activities (16,177)  15,221 
    
Cash flows from investing activities:   
Purchases of property and equipment (10,008)  (7,359)
Net cash used in investing activities (10,008)  (7,359)
    
Cash flows from financing activities:   
Proceeds from revolving credit facility 35,000   19,000 
Repayment of debt principal (4,841)  (2,288)
Payments for repurchase of common stock (572)  (25,262)
Proceeds from the issuance of common stock under employee stock plans 486   468 
Common stock repurchases for tax withholdings for net settlement of equity awards (6,525)  (10,885)
Prepayment penalty on extinguishment of debt     
Payments for credit facility issuance costs    (440)
Net cash (used in) provided by financing activities 23,548   (19,407)
    
Effect of exchange rate changes on cash, cash equivalents and restricted cash (645)  (941)
Net decrease in cash, cash equivalents and restricted cash (3,282)  (12,486)
Cash, cash equivalents and restricted cash at beginning of period 38,852   60,556 
Cash, cash equivalents and restricted cash at end of period$35,570  $48,070 
Supplemental information:   
Cash and cash equivalents$33,502  $44,332 
Restricted cash$926  $2,413 
Restricted cash included in other long-term assets$1,142  $1,325 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$35,570  $48,070 
        

AVID TECHNOLOGY, INC.
Supplemental Revenue Information
(unaudited - in millions)

Backlog Disclosure for Quarter Ended June 30, 2023   
      
 June 30,March 31,June 30, 2023  
  2023 2023 2022  
Revenue Backlog*     
      
Deferred Revenue$64.5$82.5$80.9  
Other Backlog 250.7 259.1 285.4  
Total Revenue Backlog$315.2$341.6$366.3  
      
The expected timing of recognition of revenue backlog as of June 30, 2023 is as follows: 
      
  2023 2024 2025ThereafterTotal
      
Deferred Revenue$25.9$23.3$9.2$6.1$64.5
Other Backlog 128.0 42.0 39.7 41.0 250.7
Total Revenue Backlog$153.9$65.3$48.9$47.1$315.2
      
*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.