AVID TECHNOLOGY, INC. (NASDAQ:AVID) Files An 8-K Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure.
Earnings Call), discussing its financial results for the fiscal
year and fiscal quarter ended December 31, 2016. A transcript of
the Earnings Call (the Transcript) is furnished herewith as
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
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 Transcript 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
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.
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.
furnished in Item 7.01, including Transcript 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.
historical information contained in this Form 8-K and the
Transcript attached as Exhibit 99.1 hereto, the Form 8-K and the
Transcript contain 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
Transcript regarding these forward-looking statements.
Transcript of Earnings Call held on 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 down -0.22 at 4.66 with 1,152,146 shares trading hands.