Avid Announces Results for Third Quarter 2012

Mon Oct 29, 2012 4:10pm EDT

* Reuters is not responsible for the content in this press release.

Avid Announces Results for Third Quarter 2012

Divestment Largely Complete

Avid® (NASDAQ: AVID) today reported GAAP revenues of $127.2 million for the three-month period ended September 30, 2012, compared to $164.7 million for the same period in 2011. The GAAP net loss for the third quarter was $17.4 million, or $0.45 per share, compared to a GAAP net loss of $7.6 million, or $0.20 per share, in the third quarter of 2011.

Revenue for the ongoing business for the third quarter of 2012 was $123.0 million compared to $142.8 million of ongoing revenue for the same period in 2011.

The GAAP net loss for the third quarter of 2012 and 2011 included amortization of intangible assets, stock-based compensation, restructuring costs and costs and allowances related to divestitures, gain on asset sales, acquisition and other costs and related tax adjustments collectively totaling $14.4 million and $8.4 million, respectively. Excluding these items, the non-GAAP net loss for the third quarter of 2012 was $3.0 million, or $0.08 per share, compared to non-GAAP net income of $0.8 million, or $0.02 per share, for the third quarter of 2011.

The GAAP operating loss for the third quarter of 2012 was $16.4 million and excluding the items identified above, except tax adjustments, the non-GAAP operating loss for the third quarter was $2.2 million.

The company's balance sheet remains strong with cash of $71 million, up $12 million sequentially.

“During the third quarter we completed the majority of the changes we announced earlier this summer,” said Gary Greenfield, chairman and CEO of Avid. “Despite the transitional issues we experienced in the quarter, we remain focused on executing the business strategy we outlined in July as the path to returning the business to sustained profitability.”

Revenues for the nine-month period ended September 30, 2012 were $436.7 million, compared to revenues of $492.2 million for the same period in 2011. The GAAP net loss for the first nine months of 2012 was $69.6 million, or $1.80 per share, compared to a GAAP net loss of $23.5 million, or $0.61 per share, for the same period in 2011. The GAAP net loss for the nine-month period ended September 30, 2012 included $55.1 million of amortization of intangible assets, stock-based compensation, restructuring costs and costs and allowances related to divestitures, acquisition and other costs, loss on asset sales and related tax adjustments. Excluding these items, the non-GAAP net loss was $14.6 million, or $0.38 per share, for the first nine months of 2012. The GAAP net loss for the nine-month period ended September 30, 2011 included $21.6 million of amortization of intangible assets, stock-based compensation, restructuring costs, legal settlement, acquisition-related costs, loss on asset sales and related tax adjustments. Excluding these items, the non-GAAP net loss for the nine-month period ended September 30, 2011 was $1.9 million or $0.05 per share.

A reconciliation of GAAP to non-GAAP results and a reconciliation of ongoing revenue are included in the tables attached to this release.

Conference Call

A conference call to discuss Avid's third quarter 2012 financial results will be held today, October 29, 2012 at 4:15 p.m. ET. The call will be open to the public and can be accessed by dialing 719.457.2617 and referencing confirmation code 4569475. The call and subsequent replay will also be available on Avid's website.

To join the webcast and view the slides as well as listen to the call please go to events tab at http://ir.avid.com/ to sign in prior to the start of the conference call.

Use of Non-GAAP Financial Measures

This press release contains “non-GAAP financial measures” under the rules of the U.S. Securities and Exchange Commission. 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. The reconciliation of the GAAP to non-GAAP financial measures is in the tables attached to this press release.

Management considers both GAAP and non-GAAP financial results in managing our business. Non-GAAP financial measures are used internally, for example, in establishing annual operating budgets, in assessing operating performance and for measuring performance under incentive compensation plans. Non-GAAP financial measures are also used in operating and financial decision-making because we believe these measures reflect our ongoing business and allow meaningful period-to-period comparisons. We believe it is useful for investors and others to also review both GAAP and non-GAAP measures in order to understand and evaluate our current operating performance and future prospects in the same manner as management and to compare in a consistent manner the company's current financial results with past financial performance. The primary limitations associated with our use of non-GAAP financial measures are that they may not include all items of income and expense that affect our operations and that the non-GAAP financial measures we use may not be directly comparable to those reported by other companies. For example, terms referring to non-GAAP financial measures used in this press release, such as non-GAAP net loss, do not have standardized meanings. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for this limitation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures in the tables attached to this press release.

Use of Forward-Looking Statements

The financial results included in this release are preliminary and unaudited. The contents of this release are subject to the completion and filing of our Quarterly Report on Form 10-Q. This release may include forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995. Statements in this press release that relate to future results or events are forward-looking statements and are based on Avid's current estimates and assumptions. Forward-looking statements may be identified by the use of forward-looking words, such as “anticipate,” “believe,” “should,” “estimate,” “expect,” “intend,” “confidence,” “may,” “plan,” “feel,” “could,” “will,” and “would,” or similar expressions. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors, including: Avid's ability to execute its strategic plan and meet customer needs; Avid's ability to realize operational and financial benefits from the sale of its consumer audio and video product lines and the reduction in workforce announced last quarter; Avid's ability to sell its professional products through retail sales channels following the divestiture of consumer products sold through those sales channels; its ability to produce innovative products in response to changing market demand, particularly in the media industry; competitive factors; fluctuations in its revenue, based on, among other things, Avid's performance in particular geographies or markets, fluctuations in foreign currency exchange rates, and seasonal factors; adverse changes in economic conditions; Avid's liquidity; and other risk factors and uncertainties disclosed previously and from time to time in Avid's filings with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements contained herein represent Avid's estimates only as of today and should not be relied upon as representing the company's estimates as of any subsequent date. While Avid may elect to update these forward-looking statements at some point in the future, Avid specifically disclaims any obligation to do so, even if the estimates change.

About Avid

Avid creates the digital audio and video technology used to make the most listened to, most watched and most loved media in the world – from the most prestigious and award-winning feature films, music recordings, television shows, to live concert tours and news broadcasts. Some of Avid’s most influential and pioneering solutions include Media Composer®, Pro Tools®, Interplay®, ISIS®, VENUE, Sibelius®, and System 5. For more information about Avid solutions and services, visit www.avid.com, connect with Avid on Facebook, Twitter, YouTube, LinkedIn, Google+; or subscribe to Avid Buzz.

© 2012 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, Media Composer, Pro Tools, Interplay, ISIS, and Sibelius are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. The Interplay name is used with the permission of the Interplay Entertainment Corp. which bears no responsibility for Avid products. All other trademarks are the property of their respective owners.

 
AVID TECHNOLOGY, INC.
Condensed Consolidated Statements of Operations
(in thousands except per share data, unaudited)
         
Three Months Ended Nine Months Ended
September 30, September 30,
2011 2011
2012 (Revised) 2012 (Revised)
Net revenues:
Products $ 89,071 $ 131,655 $ 334,882 $ 397,889
Services 36,297 33,043 102,905 94,343
Allowances related to divestitures   1,807     -     (1,041 )   -  
Total net revenues   127,175     164,698     436,746     492,232  
 
Cost of revenues:
Products 43,784 60,064 171,633 187,951
Services 15,107 15,586 42,149 44,346
Amortization of intangible assets 634 684 1,928 2,036
Restructuring costs   741     -     3,374     -  
Total cost of revenues 60,266 76,334 219,084 234,333
       
Gross profit   66,909     88,364     217,662     257,899  
 
Operating expenses:
Research and development 23,099 28,960 77,474 89,386
Marketing and selling 36,672 45,395 126,055 136,312
General and administrative 10,499 13,518 39,300 42,737
Amortization of intangible assets 782 2,159 3,499 6,465
Restructuring costs, net 12,674 2,707 28,683 1,392
(Gain) Loss on sales of assets   (419 )   -     9,280     597  
Total operating expenses   83,307     92,739     284,291     276,889  
 
Operating loss (16,398 ) (4,375 ) (66,629 ) (18,990 )
 
Interest and other income (expense), net   (318 )   (503 )   (891 )   (1,448 )
Loss before income taxes (16,716 ) (4,878 ) (67,520 ) (20,438 )
 
Provision for income taxes, net   672     2,672     2,097     3,039  
 
Net loss $ (17,388 ) $ (7,550 ) $ (69,617 ) $ (23,477 )
 
Net loss per common share - basic and diluted $ (0.45 ) $ (0.20 ) $ (1.80 ) $ (0.61 )
 
Weighted-average common shares outstanding - basic and diluted 38,859 38,511 38,767 38,386
             
AVID TECHNOLOGY, INC.
(in thousands except per share data, unaudited)
 
Reconciliations of GAAP financial measures to Non-GAAP financial measures:
 

Three Months Ended September 30, 2012

 
Gross Operating Operating Tax Net
Revenues COGS Profit Expenses Loss Provision Loss
GAAP $ 127,175 $ 60,266 $ 66,909 $ 83,307 $ (16,399 ) $ 671 $ (17,388 )
Amortization of intangible assets (634 ) 634 (782 ) 1,416 1,416
Restructuring costs, and costs and allowances related to divestitures (1,807 ) (741 ) (1,066 ) (12,674 ) 11,608 11,608
Acquisition and other costs (benefits) (a) 100 (100 ) (100 )
Gain on sales of assets 419 (419 ) (419 )
Tax adjustment (166 ) 166
Stock-based compensation included in:
Cost of products revenues (79 ) 79 79 79
Cost of services revenues (129 ) 129 129 129
Research and development expenses (212 ) 212 212
Marketing and selling expenses (620 ) 620 620
General and administrative expenses         (659 )   659       659  
Non-GAAP $ 125,368 $ 58,683 $ 66,685 $ 68,879 $ (2,195 ) $ 505 $ (3,018 )
Weighted-average shares outstanding - diluted 38,859
Non-GAAP net loss per share - diluted $ (0.08 )
(a) Represents costs (benefits) included in general and administrative expenses
             

Three Months Ended September 30, 2011 (Revised)

 
Gross Operating Operating Tax Net
Revenues COGS Profit Expenses (Loss) Income Provision (Loss) Income
GAAP $ 164,698 $ 76,334 $ 88,364 $ 92,739 $ (4,375 ) $ 2,672 $ (7,550 )
Amortization of intangible assets (684 ) 684 (2,159 ) 2,843 2,843
Restructuring recoveries, net (2,707 ) 2,707 2,707
Legal settlement and acquisition related costs (a) (164 ) 164 164
Tax adjustment 1,009 (1,009 )
Stock-based compensation included in:
Cost of products revenues (167 ) 167 167 167
Cost of services revenues (64 ) 64 64 64
Research and development expenses (435 ) 435 435
Marketing and selling expenses (1,051 ) 1,051 1,051
General and administrative expenses         (1,970 )   1,970       1,970  
Non-GAAP $ 164,698 $ 75,419 $ 89,279 $ 84,253 $ 5,026 $ 3,681 $ 842
Weighted-average shares outstanding - diluted 38,511
Non-GAAP net income per share - diluted $ 0.02
(a) Represents costs included in general and administrative expenses
           
AVID TECHNOLOGY, INC.
(in thousands except per share data, unaudited)
 
Reconciliations of GAAP financial measures to Non-GAAP financial measures:
 

Nine Months Ended September 30, 2012

 
Gross Operating Operating Tax Net
Revenues COGS Profit Expenses Loss Provision Loss
GAAP $ 436,746 $ 219,084 $ 217,662 $ 284,291 $ (66,629 ) $ 2,097 $ (69,617 )
Amortization of intangible assets (1,928 ) 1,928 (3,499 ) 5,427 5,427
Restructuring costs, and costs and allowances related to divestitures 1,041 (3,374 ) 4,415 (28,683 ) 33,098 33,098
Acquisition and other costs (a) (938 ) 938 938
Loss on sales of assets (9,280 ) 9,280 9,280
Tax adjustment 760 (760 )
Stock-based compensation included in:
Cost of products revenues (283 ) 283 283 283
Cost of services revenues (436 ) 436 436 436
Research and development expenses (787 ) 787 787
Marketing and selling expenses (1,818 ) 1,818 1,818
General and administrative expenses         (3,750 )   3,750       3,750  
Non-GAAP $ 437,787 $ 213,063 $ 224,724 $ 235,536 $ (10,812 ) $ 2,857 $ (14,560 )
Weighted-average shares outstanding - diluted 38,767
Non-GAAP net loss per share - diluted $ (0.38 )
(a) Represents costs included in general and administrative expenses
             

Nine Months Ended September 30, 2011 (Revised)

 
Gross Operating Operating Tax Net
Revenues COGS Profit Expenses (Loss) Income Provision Loss
GAAP $ 492,232 $ 234,333 $ 257,899 $ 276,889 $ (18,990 ) $ 3,039 $ (23,477 )
Amortization of intangible assets (2,036 ) 2,036 (6,465 ) 8,501 8,501
Restructuring recoveries, net (1,392 ) 1,392 1,392
Legal settlement and acquisition-related costs (a) (556 ) 556 556
Loss on sales of assets

 

(597 )

 

597

 

597
Tax adjustment 1,309 (1,309 )
Stock-based compensation included in:
Cost of products revenues (417 ) 417 417 417
Cost of services revenues (608 ) 608 608 608
Research and development expenses (1,334 ) 1,334 1,334
Marketing and selling expenses (3,625 ) 3,625 3,625
General and administrative expenses         (5,853 )   5,853       5,853  
Non-GAAP $ 492,232 $ 231,272 $ 260,960 $ 257,067 $ 3,893 $ 4,348 $ (1,903 )
Weighted-average shares outstanding - diluted 38,323
Non-GAAP net loss per share - diluted $ (0.05 )
(a) Represents costs included in general and administrative expenses
       

Revenue Summary:

Three Months Ended Nine Months Ended
September 30, September 30,
2011 2011
  2012 (Revised)   2012   (Revised)
Video revenues $ 81,783 $ 99,434 $ 265,665 $ 289,065
Audio revenues 43,585 65,264 172,122 203,167
Allowances related to divestitures   1,807     (1,041 )  
Total net revenues $ 127,175 $ 164,698 $ 436,746   $ 492,232
 
AVID TECHNOLOGY, INC.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
   

September 30,

December 31,

2012

2011 (Revised)

ASSETS

Current assets:
Cash and cash equivalents $ 71,359 $ 32,855

Accounts receivable, net of allowances of $14,663 and $15,985 at September 30, 2012 and December 31, 2011, respectively

75,074 104,306
Inventories 80,435 111,397
Deferred tax assets, net 1,475 1,480
Prepaid expenses 7,616 7,652
Other current assets   16,303     14,405  
Total current assets 252,262 272,094
Property and equipment, net 45,285 53,487
Intangible assets, net 9,637 18,524
Goodwill 238,553 246,592
Other assets   9,689     11,568  
Total assets $ 555,426   $ 602,265  
 

LIABILITIES AND STOCKHOLDERS' EQUITY:

Current liabilities:
Accounts payable $ 36,307 $ 42,533
Accrued compensation and benefits 22,706 31,750
Accrued expenses and other current liabilities 42,752 35,108
Income taxes payable 8,972 8,950
Deferred revenues   58,180     45,768  
Total current liabilities 168,917 164,109
Long-term liabilities   37,186     27,885  
Total liabilities   206,103     191,994  
 
Stockholders' equity:
Common stock 423 423
Additional paid-in capital 1,025,640 1,019,200
Accumulated deficit (606,915 ) (532,477 )
Treasury stock at cost, net of reissuances (76,686 ) (82,301 )
Accumulated other comprehensive income   6,861     5,426  
Total stockholders' equity   349,323     410,271  
Total liabilities and stockholders' equity $ 555,426   $ 602,265  
           
AVID TECHNOLOGY, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
 
Three Months Ended Nine Months Ended

September 30,

September 30,
2011 2011
2012 (Revised) 2012 (Revised)
Cash flows from operating activities:
Net loss $ (17,388 ) $ (7,550 ) $ (69,617 ) $ (23,477 )
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization 5,484 7,663 20,903 23,384
(Recovery from) provision for doubtful accounts (39 ) 75 (101 ) 534
Non-cash provision for restructuring 259 133 3,628 258
Non-cash (recovery from) provision for allowances related to divestiture (1,807 ) 1,041
(Gain)/Loss on sales of assets (671 ) - 9,280 597
Gain on Disposal of Fixed Assets (1 ) (2 ) (257 ) (10 )
Compensation expense from stock grants and options 1,700 3,686 7,074 11,836
Non-cash interest expense 147 228 220 382
Foreign currency transaction losses (gains) 2,059 (2,502 ) 1,211 3,988
Changes in deferred tax assets and liabilities, excluding initial effects of acquisitions (13 ) - 823 (4 )
Changes in operating assets and liabilities, excluding initial effects of acquisitions:
Accounts receivable 15,884 5,853 28,201 8,636
Inventories (3,404 ) 3,574 17,563 (18,587 )
Prepaid expenses and other current assets (1,579 ) 1,133 (2,331 ) 1,275
Accounts payable (2,724 ) (9,637 ) (6,255 ) (12,026 )
Accrued expenses, compensation and benefits, and other liabilities (2,319 ) (7,743 ) 1,196 (25,400 )
Income taxes payable (2,086 ) 1,822 84 (146 )
Deferred revenues   3,111     4,291     16,282     15,701  
Net cash (used in ) provided by operating activities   (3,387 )   1,024     28,945     (13,059 )
 
Cash flows from investing activities:
Purchases of property and equipment, net (1,121 ) (2,784 ) (6,358 ) (8,862 )
Proceeds from sales of assets 13,009 13,009
Decrease (increase) in other long-term assets   2,361     (1,290 )   2,200     (1,466 )
Net cash provided by (used in) investing activities   14,249     (4,074 )   8,851     (10,328 )
 
Cash flows from financing activities:
Proceeds from the issuance of common stock under employee stock plans 80 404 160 1,753
Proceeds from revolving credit facilities 13,000 - 14,000 21,000
Payments on revolving credit facilities   (13,000 )   -     (14,000 )   (8,000 )
Net cash provided by financing activities   80     404     160     14,753  
 
Effect of exchange rate changes on cash and cash equivalents   1,034     (1,259 )   548     (495 )
Net increase (decrease) in cash and cash equivalents 11,976 (3,905 ) 38,504 (9,130 )
Cash and cash equivalents at beginning of period   59,383     37,557     32,855     42,782  
Cash and cash equivalents at end of period $ 71,359   $ 33,652   $ 71,359   $ 33,652  
           
AVID TECHNOLOGY, INC.
Supplemental Revenue Information*
(in thousands, unaudited)

Three Months
Ended Mar 31,
2012

Three Months
Ended Jun 30,
2012

Three Months
Ended Sep 30,
2012

Nine Months
Ended Sept 30,
2012

Revenue
Video
Product 53,422 65,017 48,044 166,483
Services 30,584 33,048 34,918 98,550
Sub-Total 84,006 98,065 82,962 265,033
Audio
Product 66,516 58,009 42,833 167,358
Services 1,617 1,358 1,380 4,355
Sub-Total 68,133 59,367 44,213 171,713
Total
Product 119,938 123,026 90,877 333,841
Services 32,201 34,405 36,298 102,905
Total 152,139 157,431 127,175 436,746
 
Divested Consumer Product Lines
Video
Product 4,369 2,310 1,938 8,617
Services - - - -
Sub-Total 4,369 2,310 1,938 8,617
Audio
Product 13,208 11,538 2,237 26,983
Services 67 37 6 110
Sub-Total 13,275 11,575 2,243 27,093
Total
Product 17,577 13,848 4,175 35,600
Services 67 37 6 110
Total 17,644 13,885 4,181 35,710
 
On-going Business
Video
Product 49,052 62,707 46,107 157,866
Services 30,584 33,048 34,918 98,550
Sub-Total 79,636 95,755 81,025 256,416
Audio
Product 53,308 46,471 40,595 140,374
Services 1,550 1,321 1,374 4,246
Sub-Total 54,858 47,792 41,969 144,619
Total
Product 102,360 109,178 86,702 298,240
Services 32,134 34,369 36,292 102,796
Total 134,494 143,547 122,994 401,035
*Certain amounts have been reclassified compared to previously published Supplemental Revenue Information
             
AVID TECHNOLOGY, INC.
Supplemental Revenue Information*
(in thousands, unaudited)

Three Months
Ended Mar 31,
2011

Three Months
Ended Jun 30,
2011

Three Months
Ended Sep 30,
2011

Three Months
Ended Dec 31,
2011

Twelve Months
Ended Dec 31,
2011

Revenue
Video
Product 66,493 64,486 67,653 79,811 278,443
Services 27,525 31,126 31,782 35,915 126,348
Sub-Total 94,018 95,612 99,435 115,726 404,791
Audio
Product 70,253 65,002 64,002 67,919 267,176
Services 1,480 1,169 1,261 1,156 5,066
Sub-Total 71,733 66,171 65,263 69,075 272,242
Total
Product 136,746 129,488 131,655 147,730 545,619
Services 29,005 32,295 33,043 37,071 131,414
Total 165,751 161,783 164,698 184,801 677,033
 
Divested Consumer Product Lines
Video
Product 8,779 7,533 6,097 5,565 27,974
Services - - - - -
Sub-Total 8,779 7,533 6,097 5,565 27,974
Audio
Product 16,612 17,842 15,711 15,182 65,347
Services 58 39 93 36 226
Sub-Total 16,670 17,881 15,804 15,218 65,573
Total
Product 25,391 25,375 21,808 20,747 93,321
Services 58 39 93 36 226
Total 25,449 25,414 21,901 20,783 93,547
 
On-going Business
Video
Product 57,714 56,953 61,556 74,246 250,469
Services 27,525 31,126 31,782 35,915 126,348
Sub-Total 85,239 88,079 93,338 110,161 376,817
Audio
Product 53,641 47,160 48,291 52,737 201,829
Services 1,422 1,130 1,168 1,120 4,840
Sub-Total 55,063 48,290 49,459 53,857 20,669
Total
Product 111,355 104,113 109,847 126,983 452,298
Services 28,947 32,256 32,950 37,035 131,188
Total 140,302 136,369 142,797 164,018 583,486
*Certain amounts have been reclassified compared to previously published Supplemental Revenue Information
             
AVID TECHNOLOGY, INC.
Supplemental Revenue Information*
(in thousands, unaudited)
 

Three Months
Ended Mar 31,
2010

Three Months
Ended Jun 30,
2010

Three Months
Ended Sep 30,
2010

Three Months
Ended Dec 31,
2010

Twelve Months
Ended Dec 31,
2010

Revenue
Video
Product 58,135 66,916 70,829 85,335 281,215
Services 26,219 26,604 29,343 31,969 114,135
Sub-Total 84,354 93,520 100,172 117,304 395,350
Audio
Product 70,544 67,218 63,402 78,222 279,386
Services 1,059 1,421 1,485 1,036 5,001
Sub-Total 71,603 68,639 64,887 79,258 284,387
Total
Product 128,679 134,134 134,231 163,557 560,601
Services 27,278 28,025 30,828 33,005 119,136
Total 155,957 162,159 165,059 196,562 679,737
 
Divested Consumer Product Lines
Video
Product 9,789 6,421 7,251 7,333 30,794
Services - 3 - - 3
Sub-Total 9,789 6,424 7,251 7,333 30,797
Audio
Product 21,355 19,292 18,275 18,746 77,668
Services 55 31 32 32 150
Sub-Total 21,410 19,323 18,307 18,778 77,818
Total
Product 31,144 25,713 25,526 26,079 108,462
Services 55 34 32 32 153
Total 31,199 25,747 25,558 26,111 108,615
 
On-going Business
Video
Product 48,346 60,495 63,578 78,002 250,421
Services 26,219 26,601 29,343 31,969 114,132
Sub-Total 74,565 87,096 92,921 109,971 364,553
Audio
Product 49,189 47,926 45,127 59,476 201,718
Services 1,004 1,390 1,453 1,004 4,851
Sub-Total 50,193 49,316 46,580 60,480 206,569
Total
Product 97,535 108,421 108,705 137,478 452,139
Services 27,223 27,991 30,796 32,973 118,983
Total 124,758 136,412 139,501 170,451 571,122
*Certain amounts have been reclassified compared to previously published Supplemental Revenue Information

Avid
PR Contact:
Lisa Kilborn, 978-640-3230
lisa.kilborn@avid.com
IR Contact:
Tom Fitzsimmons, 978-640-3346
tom.fitzsimmons@avid.com

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