AVID TECHNOLOGY, INC. (NASDAQ:AVID) Files An 8-K Results of Operations and Financial Condition

AVID TECHNOLOGY, INC. (NASDAQ:AVID) Files An 8-K Results of Operations and Financial Condition

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Item 2.02. Results of Operations and Financial Condition.

On March 23, 2017, the Company issued a press release announcing
its financial results for the fiscal year and fiscal quarter
ended December 31, 2016. The full text of the press release is
furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7.01 Regulation FD Disclosure.
The disclosure under item 2.02 of this report is incorporated by
reference herein.
Non-GAAP and Operational Measures. The attached press release
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 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.
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 press release 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 2.02 and 7.01, including the press release
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 press
release attached as Exhibit 99.1 hereto, the Form 8-K, and press
release 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
regarding these forward-looking statements.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number
Description
99.1
Press Release announcing financial results, 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 down -0.03 at 4.60 with 519,895 shares trading hands.

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