AVID TECHNOLOGY, INC. (NASDAQ:AVID) Files An 8-K Regulation FD Disclosure

AVID TECHNOLOGY, INC. (NASDAQ:AVID) Files An 8-K Regulation FD Disclosure

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Item 7.01 Regulation FD Disclosure.

On March 23, 2017, the Company held a call with investors (the
Earnings Call), discussing its financial results for the fiscal
year and fiscal quarter ended December 31, 2016. The presentation
used by the Company during the Earnings Call, (the “Earnings
Release Presentation”) is furnished herewith as Exhibit 99.1.
Non-GAAP and Operational Measures. The attached Earnings Release
Presentation includes non-GAAP operating expenses, non-GAAP
revenue, non-GAAP gross margin, non-GAAP adjusted EBITDA, and
non-GAAP adjusted free cash flow. Non-GAAP operating income
(loss), non-GAAP operating expenses, non-GAAP gross margin and
non-GAAP net income per share exclude restructuring costs, stock
based compensation, amortization and impairment of intangibles as
well as other unusual items such as costs related to the
restatement, MA related activity, efficiency program and impact
of significant legal settlements. Avid defines non-GAAP revenue
as GAAP revenue plus revenue eliminated through the application
of purchase accounting which requires acquired deferred revenue
to be recorded at fair value rather than the amount paid by
customers. Avid defines adjusted EBITDA as non-GAAP operating
income (loss) excluding depreciation and all amortization
expense. Avid defines non-GAAP adjusted free cash flow as GAAP
operating cash flow less capital expenditures and excludes from
free cash flow payments or receipts related to MA, significant
legal settlements, restructuring, restatement or other
non-operational or non-recurring events. The attached Earnings
Release Presentation also includes forward-looking non-GAAP
financial measures, including Adjusted EBITDA, non-GAAP Operating
Expenses, non-GAAP Revenue and Adjusted Free Cash Flow.
Reconciliations of these forward-looking non-GAAP financial
measures were not included in the attached Earnings Release
Presentation due to the high variability and difficulty in making
accurate forecasts and projections of some of the excluded
information, together with some of the excluded information not
being ascertainable or accessible at this time. As a result, the
Company is unable to quantify certain amounts that would be
required to be included in the most directly comparable GAAP
financial measure without unreasonable efforts.
These non-GAAP measures reflect how Avid manages its businesses
internally. Avids 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.
The attached Earnings Release Presentation also includes
operational measures, such as bookings, recurring revenue
bookings and revenue backlog. Definitions of these measures are
included in the supplemental financial and operational data sheet
available on our investor relations webpage at ir.avid.com.
Limitation on Incorporation by Reference. The information
furnished in Item 7.01, including the Earnings Release
Presentation attached hereto as Exhibit 99.1, shall not be deemed
filed for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the Exchange Act), or otherwise subject to
the liabilities of that section, nor shall such information be
deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except
as expressly set forth by specific reference in such a filing.
Cautionary Note Regarding Forward-Looking Statements. Except for
historical information contained in this Form 8-K, and the
Earnings Release Presentation attached as Exhibit 99.1 hereto,
the Form 8-K and Earnings Release Presentation contains
forward-looking statements that involve certain risks and
uncertainties that could cause actual results to differ
materially from those expressed or implied by these statements.
Please refer to the cautionary notes in the Earnings Release
Presentation regarding these forward-looking statements.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number
Description
99.1
Earnings Release Presentation, dated March 23, 2017


About AVID TECHNOLOGY, INC. (NASDAQ:AVID)

Avid Technology, Inc. is a provider of an open and integrated technology platform, along with applications and services that enable the creation, distribution and monetization of audio and video content. The Company develops, markets, sells and supports software and hardware for digital media content production, management, secured content storage and distribution. The Company’s products are used in production and post-production facilities; film studios; network, affiliate, independent and cable television stations; recording studios; live-sound performance venues; advertising agencies; government and educational institutions; corporate communication departments, and by independent video and audio creative professionals, as well as aspiring professionals and enthusiasts. Projects produced using its products include feature films, television programs, live events, news broadcasts, commercials, music, video and other digital media content.

AVID TECHNOLOGY, INC. (NASDAQ:AVID) Recent Trading Information

AVID TECHNOLOGY, INC. (NASDAQ:AVID) closed its last trading session up +0.28 at 4.88 with 1,152,146 shares trading hands.

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