AVID TECHNOLOGY, INC. (NASDAQ:AVID) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.
its financial results for the fiscal quarter ended March 31, 2017
(the Press Release). The full text of the Press Release is
furnished as Exhibit 99.1 to this Current Report on Form 8-K.
with investors, discussing its financial results for the fiscal
quarter ended March 31, 2017 available on its website (the
“Earnings Release Presentation”), furnished herewith as Exhibit
includes the following non-GAAP financial measures: non-GAAP
operating income (loss), non-GAAP operating expenses, non-GAAP
gross margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted
Free Cash Flow, and Adjusted Free Cash Flow conversion of
Adjusted EBITDA. Non-GAAP operating income (loss), non-GAAP
operating expenses, Adjusted EBITDA and Adjusted EBITDA margin
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
Adjusted EBITDA margin as Adjusted EBITDA divided by non-GAAP
revenue. Avid defines Adjusted Free Cash Flow conversion of
Adjusted EBITDA as Adjusted Free Cash Flow divided by Adjusted
EBITDA. Avid defines 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. Reconciliations of these non-GAAP
financial measures to their most comparable GAAP measures are
contained in the tables accompanying the Press Release. The
attached Press Release also includes forward-looking non-GAAP
financial measures, including Adjusted EBITDA, non-GAAP Operating
Expenses and Adjusted Free Cash Flow. Reconciliations of these
forward-looking non-GAAP financial measures were not included in
the attached Press Release 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.
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.
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.
furnished in Items 2.02 and 7.01, including the Press Release and
Earnings Release Presentation attached hereto as Exhibit 99.1 and
Exhibit 99.2, respectively, 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.
8-K, and the Press Release attached as Exhibit 99.1 and the
Earnings Release Presentation attached as Exhibit 99.2, 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 Press Release and the
Earnings Release Presentation regarding these forward-looking
Press Release announcing financial results, dated May
Earnings Release Presentation, dated May 10, 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 +0.10 at 5.47 with 411,512 shares trading hands.